As the DeFi tokens craze continues to accelerate, storing funds securely becomes all the more important. Finding the right wallet can make the difference between peace of mind or having to worry every day. Below are some options worth checking out.
The All-rounder: Trust Wallet
When it comes to storing different types of DeFi tokens – as well as other crypto assets, Trust Wallet checks a lot of the right boxes. It is a mobile solution available on both Android and iOS. As more and more users explore markets on their smartphone and tablet, having a mobile wallet makes a lot of sense.
Under the hood, Trust Wallet supports all major DeFi assets. Whether it is an ERC-20 and ERC-721 token on Ethereum, storing it is possible. The same applies to storing Bitcoin and Ethereum in the wallet. Any asset not created on these blockchains is difficult to store in any wallet, although more functionality is expected to be added in the future,
Multiple Web Wallet Solutions
For users who are comfortable using web wallets for DeFi tokens, there are a few options. MetaMask is the best-known option for storing anything Ethereum-related in a convenient manner. This wallet also supports both the ERC-20 and ERC-721 standards.
Brave is another web wallet, although the wallet portion is only part of the browser experience as a whole. It has support for both Ethereum and Basic Attention Token right now, making it somewhat limited in functionality. Even so, it still is a great way to introduce novice users to cryptocurrency in general.
InstaDapp is another web application for managing DeFi tokens. With support for Ethereum, ERC-20, and ERC-721 tokens, it is somewhat similar to what MetaMask has to offer. That being said, InstaDapp is not an extension, but rather a platform that interacts with extensions such as MetaMask. It does provide direct exposure to decentralized finance services, however, which makes it valuable.
Hardware Wallet Support
It is always advised to store DeFi tokens on a hardware wallet whenever possible. Interacting with one’s hardware wallet can often be a bit of a hassle. Thankfully, there are several solutions to access one’s tokens through a more convenient interface.
The first option is MyEtherWallet, or MEW. It provides support for Ethereum and ERC-20 tokens as of right now. It is a good solution with plenty of functionality for both novice and advanced users.
Another option is MyCrypto, which supports the exact same assets and DeFi tokens. MyCrypto is a web browser with hardware wallet support, and it can also be accessed through the native mobile app.
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