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Crypto.com DeFi Wallet Review 2024

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3.7/5

✔Available in 100+ countries
✔Supported 34+ blockchains

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Risk Warning

Using digital wallets involves risks such as security vulnerabilities, potential loss or theft of the device, and exposure to fraud. Additionally, technical issues and evolving regulatory environments can affect access and usage of your digital assets.

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    Millions of crypto investors prefer DeFi wallets because they give users complete control over their assets, security, and data. If you’d like to start using DeFi wallets and reap all the associated perks, get the Crypto.com Defi wallet. We recommend this solution from first-hand experience. Our team tested this product and was blown away by the outcomes.

    Our Crypto.com Defi wallet review will introduce you to the discoveries we made while testing this product. You should know that our review is solely focused on educating you. It’s unbiased and informative. We also perused through hundreds of user testimonials on Google Play, the App Store, and Trustpilot to ensure we capture everything you need to know.

    In This Guide

    Why Crypto.com DeFi Wallet

    At Finance Raters, we are committed to providing unbiased, factual information. Before recommending the Crypto.com DeFi wallet, we conducted extensive research and tests. Our team discovered that this is a fantastic solution that gives crypto investors complete control of and custody over their assets. But, we also encountered a few challenges while using the app.

    Let’s explore some of the pros and cons that we encountered while using and evaluating the Crypto.com DeFi wallet.

    Crypto.com DeFi Wallet

    ✔Available in 100+ countries
    ✔Supported 34+ blockchains

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    Pros & Cons

    Pros

    • Supports hundreds of tokens and over 34 blockchains
    • Provided by an exchange that’s licensed by multiple respected bodies, including the FCA, ASIC, and MAS
    • Enhances security with state-of-the-art technologies like TOTP two-factor authentication and biometric verification
    • Available in 100+ countries
    • Easy to set up and manage
    • Supports a broad range of activities, including crypto trading and swapping
    • Compatible with PCs, Android phones, and iPhones

    Cons

    • Limited customer support channels in most countries
    • Numerous charges, including gas, protocol, and bridge service fees

    Supported Assets

    crypto.com defi supported assets

    The Crypto.com DeFi wallet supports 700+ tokens. They range from popular assets like Bitcoin, Bitcoin Cash, and BNB to exotic tokens like Crodex, CATpay, and Chainbing. Get the full list from the Crypto.com official website or open your wallet and click “Receive.”

    However, Crypto.com frequently changes its list of supported assets. Keep checking the official website for accurate and up-to-date information. Also, some of the cryptos supported by this wallet have unique conditions.

    Let’s consider XRP and XLM as examples. If you have a new wallet, you can only activate it by receiving at least 10 XRP or XLM in your first transaction. On the other hand, although the Crypto.com wallet supports ERC20, you can’t load it with cryptos like WTC, BAND, or VET, even if you have these currencies in your Crypto.com app.

    Also, the Crypto.com DeFi wallet allows you to earn rebates, swap over 1000 tokens, and monitor your NFTs. What’s more, you can use this wallet to farm, swap, mine, and connect with the most popular DeFi protocols.

    Besides tokens, the Crypto.com wallet is compatible with diverse blockchains, including:

    • Ethereum
    • Blockchain
    • Cronos
    • Polkadot
    • BNB Smart Chain
    • Ripple
    • Stellar
    • Dogecoin

    Security

    You’re likely wondering, is Crypto.com DeFi wallet safe? The answer is this wallet is absolutely safe and secure.

    After evaluating and testing the Crypto.com DeFi wallet, we consider it one of the safest solutions today. That is because, first, this wallet gives the user complete control over their private keys. So, while using it, no one can gain unauthorized access to your assets. But you must keep your keys safe because bad actors can use them to steal your crypto.

    We also noticed that the Crypto.com DeFi wallet doesn’t ask new users to provide their identity. That means you can use it anonymously, which comes in handy when you want to protect your identity from getting into the wrong hands. Most importantly, in case of a data breach, you can rest assured that malicious actors won’t have access to any of your sensitive data.

    Additionally, we rank the Crypto.com DeFi wallet among the most secure solutions today since it supports two-factor authentication. Better yet, the 2FA system relies on a time-based one-time password (TOTP), a 6-digit code designed to be valid for a mere 30 seconds. Wallet users have to enter the TOTP and their password to gain access to assets.

    Fees

    Crypto.com DeFi Fees

    The Crypto.com DeFi wallet is free. You can get this product and start using it without paying a dime. Furthermore, you don’t need a Crypto.com account to enjoy the perks of using this wallet. Not to forget, the wallet charges zero network fees.

    With that in mind, we used this wallet and noticed a few things you should be aware of. For starters, any transaction you initiate using the Crypto.com DeFi wallet is submitted on-chain directly. As such, you have to cover a network fee whose sole purpose is to provide the incentive that the corresponding blockchain network needs to validate and confirm transaction requests. The fee goes to miners and validators who use their computational resources to process and secure network transactions.

    The network fee you’ll incur at any given period will depend on various factors, including the involved blockchain network’s consensus mechanism. Additionally, charges may rise or dip depending on how much traffic a network is receiving. Network fees often increase when the corresponding network is congested.

    Not to forget, if you trade with the Crypto.com DeFi wallet, you will be exposed to numerous charges. For starters, you will incur protocol and bridge service fees which are charged by the underlying protocol and the Crypto.com App, respectively. The Crypto.com DeFi wallet also charges service fees to traders.

    Privacy and Anonymity

    Before engaging with the Crypto.com DeFi wallet, we read the attached privacy policy. You should follow suit since this document explains how the wallet collects, stores, uses, and transfers your data. Here’s what we discovered.

    Although the Crypto.com wallet prioritizes privacy and anonymity, it may collect a certain amount of sensitive data from new users. That includes identity data, financial data, contact data, and transactional data. But this wallet only asks for such data when it’s a prerequisite to using certain services. Also, it treats your information with utmost respect and security, which is required by multiple regulatory bodies.

    Customer Service

    Do you have any questions or concerns? You can use the support channels we’ve discussed in our Crypto.com wallet review to seek answers or assistance from Crypto.com’s representatives. But, before doing that, visit the company’s help page and explore the articles published there. They cover indispensable topics regarding the Crypto.com DeFi wallet, including onboarding, wallet management, withdrawals, and deposits.

    If you don’t find an article addressing your issue, try emailing Crypto.com’s support team. A representative will get back to you as soon as possible. We tried this channel and liked it since it allowed us to seek exhaustive explanations by asking detailed questions. If you have an urgent issue, call Crypto.com’s service number. You will get prompt assistance.

    How to Start With Crypto.com DeFi Wallet

    We downloaded and set up our Crypto.com DeFi wallet in a few minutes, so we don’t expect you to spend too much time or face any crippling hurdles. If you follow the proper steps, getting started with this incredible solution will be a breeze. Just do the following:

    Step 1: Download the Crypto.com DeFi Wallet
    Step 2: Specify your wallet creation method
    Step 3: Secure your wallet
    Step 4: Start using your wallet

    Visit Crypto.com’s official site and navigate to the bottom of the page. You’ll see a bunch of options in the left corner. Click “DEFI WALLET.” You will be taken to a page that lists different ways to download the Crypto.com wallet. You can choose either the App Store or Google Play, depending on your mobile device. If you want to access your wallet via your PC, run the desktop wallet version.

    If you use the App Store or Google, read user reviews before installing the wallet. This will give you a rough idea of what to expect from the app.

    Install the Crypto.com DeFi wallet and open it. Then, select your preferred wallet creation method. If you have a ready crypto wallet on an application like MetaMask, you can import it. But if you want something fresh, create a new Crypto.com DeFi wallet. Remember to read Crypto.com’s Privacy Notice and Terms of Service before committing to a Crypto.com DeFi wallet.

    Crypto.com requires you to secure your DeFi wallet with a 6-digit passcode. Do not use details that cybercriminals can guess, like your date of birth. Set a unique passcode that’s unguessable. And don’t worry about forgetting it. You can always use your recovery phrase to reset your password. Also, you can elevate security by activating 2FA and biometric ID verification.

    Once your Crypto.com DeFi wallet is ready, you can use it to store and manage your crypto. This platform also allows you to trade and swap different tokens. Furthermore, you can use it to receive/ send cryptoassets, manage NFTs, and browse dapps. Just remember to back up your recovery phrase and keep it somewhere safe because if anything adverse happens, you’ll need the recovery phrase to regain access to your wallet.

    Final Thoughts

    We highly recommend the Crypto.com DeFi wallet because it’s secure and gives users total control over their assets. Plus, it supports many unique aspects, including swapping tokens and managing popular NFTs. But don’t use our review alone to decide if using this wallet is a good idea. Do some additional research and read the opinions of other people who’ve used this product. 

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    Thadeus Geodfrey

    Thadeus Geodfrey is a leading voice in the financial industry. You’ll appreciate the expert ease with which he does this. He deciphers the intricate link between emotions and behavior in trading and investment. With extensive experience as a senior trading writer, Thadeus imparts his knowledge and confidence to guide your trading boat. He’ll make you conquer your fears, break barriers, and capitalize on every potential opportunity. Follow his pieces and develop your knack for trading.

    Finance Raters Rating:

    ✔Available in 100+ countries
    ✔Supported 34+ blockchains

    Visit site
    Risk Warning

    Using digital wallets involves risks such as security vulnerabilities, potential loss or theft of the device, and exposure to fraud. Additionally, technical issues and evolving regulatory environments can affect access and usage of your digital assets.

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