The biggest advantage of DeFi wallets is being non-custodial and that is the biggest reason why people move to a decentralized world. What does non-custodial means? It means that the only person that ever has any access to that wallet is only the owner, one person.
This brings a lot of responsibilities but at the same time it brings a lot of security as well. From the private keys to accessing it only one person can reach into a single wallet and this allows DeFi wallets to be the most secure ones in the world.
Obviously the ability to connect with other projects in order to participate with just one click also makes them incredibly easy to use. Which is another advantage point as well for people who spend a lot of time in the DeFi world. Most people use Metamask and MEW types of wallets for their DeFi investments, however there are also hardware wallets that can be used as DeFi wallets at the same time.
Ledger is probably the most known hardware wallet in the world, with Trezor they dominate the hardware market. They also provide the best services for people who want to make sure they have security layer on top of layer.
Ledger recently introduced their Ledger Live with swapping features which allows people to use their Ledger on DeFi whenever they want to and go offline when they are idle. This allows the security and easy swapping to meet at the highest level. Their own swap is called “ParaSwap” and they use it to reach into the DeFi world. With paraswap they enable people to use Ledger without connecting to anything else if they want to.
Ledger doesn’t stop with just their own swap and wallet neither, they also allow people to connect their Ledger into Metamask if they want to. Which we all know is one of the most used wallets in the world and adding Ledger protection into Metamask network will definitely allow people to reach places they could never imagine beforehand.
Rarely any project doesn’t have Metamask available and you get to keep your coins/tokens safe within Ledger and move them anywhere you want with you. This is a dream partnership for anyone who is interested in the DeFi investment world.
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Ledger doesn’t stop with just Metamask of course, they have you can connect your Ledger into your MathWallet app as well if you would like to, it is a bit harder to figure out for newbies since the configuration requires a bit of knowledge, but if you are using Math Wallet for your decentralized moves then it is certainly possible to connect Ledger into your already established system a lot easier.
Trezor is the duo that, combined with Ledger, conquers the hardware wallet world. They are specially known for their impeccable security system and it certainly makes for a great wallet for anyone. Best way to keep your coins safe while still having a quick reach to the crypto world. This includes a very easy Metamask partnership as well, just like Ledger you can connect your Trezor to Metamask without a problem.
All you have to do is connect to Metamask, login, go to my accounts and click the “connect hardware wallet” option. This will give you either Ledger or Trezor options and you could pick Trezor to continue, rest is very easy.
You want to invest into Uniswap and make some swaps? You can do it with Trezor with few clicks, you want to play on Axie infinity? You can do it with Trezor, anything you can do with Metamask, you can do it with your Trezor wallet the moment you connect them together. Definitely the best wallet for anyone who has a big budget and big portfolio, best protection for buck wallet in the world.
Ellipal is a newer generation of wallet that came after Trezor and Ledger and they came into the hardware wallet world with one promise, and that promise was the most secure air-gapped wallet in the world. The air-gapped is a fancy term for saying it’s offline and has zero connections to the online world.
This means someone needs to literally steal your phrases and your wallet and all the info together in order to steal something from you, otherwise your coins are %100 safe. They are definitely good on their word and it’s secure but it also makes things a little bit more difficult when using it.
They have their own software for DeFi world called “walletconnect” and this allows you to open a portal to the online world until you are done and then goes back to offline air-gapped mode. I would give 100/100 for their security system but the ease of use is not there to get them to the top spot.
In the DeFi world there are different blockchains, from ERC20 to BEP20 and into many other blockchains following them. Safepal is the hardware wallet promoted by Binance and connects into BEP20 very easily, they have their own software for all these potential.
Obviously just because it is great at BEP20 doesn’t mean they do not have connection to all others, they have partnerships with Uniswap, Polygon, Compound, Dash, Tron and obviously Binance itself. If you would like to keep your coins safe while using a product supported by worlds biggest crypto exchange platform, then you should definitely consider getting a Safepal, it is as trustworthy as Binance and has an immense potential for the future use case as well.
New hardware wallets that are also fully compatible with DeFi and easy to use are CoolWallet Pro and Coldcard.
- CoolWallet S Review – Awesome Design but How Secure is This Hardware Wallet?
- KeepKey Wallet Review 2021: Is This Safe and Legit Wallet?
- Cryptocurrencies Supported by Trezor Hardware Wallet – [2021 Updated]
- Trezor One vs. Ledger Nano S vs. KeepKey– The Battle of Hardware Wallets
- What happens if you lose or damage your hardware wallet?
- Archos Safe-T Mini Review – New Hardware Wallet From Archos
In the simplest terms, hardware wallets are more secure then software wallets, that much is certain and doesn’t matter which one, because all of them are providing what other wallets do not provide; a physical item that needs to be hacked which puts another layer of difficulty.
Plus most of them either have a connection to already existing established wallets like metamask or they have their own swaps as well for the DeFi world as well. For people who do not have a big portfolio they could be considered a luxury, but after a certain limit they are certainly bringing more pros than cons and it is a product that every person should consider if they are worried about the safety of their coins.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com