What are the differences between the Crypto.com App and Crypto.com DeFi Wallet? | Crypto.com Help Center (2024)

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What are the differences between the Crypto.com App and Crypto.com DeFi Wallet? | Crypto.com Help Center? ›

The Crypto.com DeFi wallet is a non-custodial digital wallet that lets you store, swap, and earn interest on tokens or transact with decentralized apps (dApps). It's different from the custodial Crypto.com app wallet in that you get full access and control over your private keys.

Crypto.com DeFi Wallet is a user-custodied wallet where you are the custodian. This means you get full access and control of your crypto private keys. Unlike a centralized custodian on the Crypto.com App, you have complete ownership of your crypto when they are stored in the Crypto.com Wallet.

While the Crypto.com App is only available on mobile, the Crypto.com Exchange offers both an app and a desktop platform. To start trading on the Crypto.com Exchange, users sign up for a Crypto.com Exchange account and complete the 'know-your-customer' (KYC) procedures.

The Crypto.com wallet provides private keys that are encrypted locally on the user's device. With Coinbase, the trading account does not allow you to manage your private keys, but the stand-alone wallet does let you manage them and have them on your device.

Pros: Available on desktop, mobile and browser; security upgrades such as two-factor authentication. Cons: Limited education and analysis tools; Crypto.com charges fees for DeFi rewards.

The DeFi wallet from Crypto.com is a non-custodial wallet. In this type of wallet, you control the private keys to your account for full access to your cryptocurrency. Your private key is a unique code that allows you to prove your crypto ownership and make transactions.

While your Blockchain.com Account and Rewards Accounts are custodial, meaning that Blockchain.com securely store the private keys for you, the DeFi Wallet is non-custodial, meaning you own your private keys and funds at all times. This is the definition of "Your keys - your crypto."

The Crypto.com DeFi Wallet is designed to give you full control and secured custody of your crypto. With the Crypto.com DeFi Wallet (a non-custodial wallet), you can send crypto to anyone around the world at your preferred confirmation speed and the network fee.

OPTION FOR DIRECT WITHDRAWAL

Processing of the transaction could take several days. You will be able to withdraw money once you're done with this. You must first exchange the coins removed from your DeFi wallet into the fiat currency of your choice using the exchange option on your offramp.

Crypto.com DeFi Wallet is the best crypto wallet to store, earn and grow your crypto assets like Bitcoin - a non-custodial DeFi wallet where you own your crypto and your private keys. You can safely store your crypto in a highly secure environment.

Is DeFi wallet a crypto wallet? ›

What is a DeFi wallet? A DeFi wallet is a non-custodial wallet that stores your cryptocurrency assets.

Another major disadvantage of DeFi is the high number of risks associated with it. These include market volatility, smart contract failures, and hacking threats. Moreover, unlike traditional banking systems which offer insurance and consumer protection mechanisms, such safeguards are typically absent in the DeFi space.

The DeFi wallet is non-custodial, meaning you have full control of your private keys and are responsible for securing your deposits. If the worst happens, like Crypto.com goes bankrupt, your funds are still safe. On the other hand, a non-DeFi wallet means you're reliant on a third-party to safeguard your funds.

The two terms, DeFi and crypto, have been commonly used side by side so much that many people think both are the same thing. But no, they are different from one another. The main goal of this article is to highlight the differences between the two, as well as providing you with an understanding of both.