Overview of Self-Custody Wallets
DeFi wallets make decentralization of funds possible which means funds are not controlled by central authority. Users have full control over their private keys and manage their funds. Unlike custodial wallet which is integrated into crypto exchange and do not give access to private keys, self-custody wallet is not integrated into any trading platform. You can use such wallet on any DeFi platform like NFT marketplaces, and DEXs.
In the recent years, multi-chain functionality has also become popular feature of crypto wallets. Multi-chain wallets allow users to manage cryptocurrencies from different blockchains in a single interface. In this review, we explore features and reliability of top 5 multi-chain wallets.
Choosing the Best Wallet
The DeFi wallets are web-based wallets connected to internet. Without robust security measures, they can be hacked. That’s why researching about security measures like encryption technologies, multi-signature support and network security of wallet providers is necessary to ensure you choose a reliable wallet. The supported crypto assets, multi-chain functionality, user-friendliness, DeFi integration and reputation are other important factors to consider when choosing a crypto wallet. Here are the top 5 multi-chain wallets:
- Trust Wallet
Trust wallet is one of the most popular crypto wallets with multi-chain access. Mobile app is also available so users can manage their assets from their smartphone. The reason we consider this as the top wallet is its vast blockchain support. Trust wallet supports 250,000 cryptocurrencies across 65 blockchains. Its user-friendly interface makes it easy to use for beginners. Users can manage their assets through a single interface.
You can send, receive, swap and stake wide range of coins and tokens. Another interesting feature is the ability to view and manage NFTs. Initially, this wallet was developed by Trust Wallet B.V but later acquired by Binance. Company utilizes strong encryption, security audits, monitoring systems, and bug bounty program to maintain the wallet security. Overall, it is a very good option for new and experienced traders.
- MetaMask
It is a popular multi-chain wallet used to manage crypto assets. It mainly supports EVM-compatible blockchains like Ethereum, Binance Smart Chain and other networks. It is available as browser extension and mobile app. It provides access to wide range of Ethereum-based tokens and staking service. Its user-interface is more technical than beginner-friendly.
Metamask has also publicly revealed the security audit reports by security experts which proves its dedication to the security of platform. Moreover, it can also be integrated with hardware wallets which can further enhance security. Metamask is a good option for those who want to manage Ethereum-based tokens.
- Coinbase wallet
It is a reliable crypto wallet developed by Coinbase company. It supports wide range of cryptocurrencies and provides access to decentralized applications. Its user-friendly interface makes it a good option for beginners. Its industry-leading security also makes it a reliable wallet. The prominent feature is its integration with Coinbase exchange which allows users to transfer funds to the exchange for trading. Beginners can also use the educational material provided by the Coinbase specifically about the wallet’s functionality.
For transactions, users pay the network fees which can vary depending on network congestion. Moreover, despite being self-custodial wallet allowing users the full control over their private keys, its still managed by centralized company which may be subject to regulatory compliance.
- Crypto.com wallet
It is another popular wallet developed by crypto.com. Users who trade crypto on crypto.com can use this wallet for storing and transferring assets. This wallet also provides access to many decentralized applications and support NFTs. It supports 36 blockchains and 700 tokens. It can be considered one of the top wallets with diverse blockchain support. Being integrated with crypto.com exchange, users can easily transfer funds between exchange and wallet allowing them to benefit from centralized services of the exchange.
When using this wallet, you have the option to choose preferred network fee and confirmation speed. If you are a crypto.com trader, this wallet would be a good option.
- Gemini wallet
It is a beginner-friendly crypto wallet that enables users to manage their assets. Users can store, withdraw and swap coins easily. This wallet was developed by Gemini which also operates crypto exchange. It supports over 100 cryptocurrencies and provides staking service. Users can stake coins to earn rewards while also having the ability to manage these assets. This wallet supports 8 blockchains and is considered very secure. Gemini traders can use this wallet for trading crypto while also taking advantage of high-security standards of Gemini. The intuitive user interface makes it very easy to use which is its top feature.