In This Article
With support for 36 blockchains and thousands of tokens, Crypto.com’s standalone wallet app provides users with a convenient way to manage their digital assets across various chains and decentralized applications. In this Crypto.com DeFi Wallet review, we’ll explore the wallet app’s features, security measures, and usability to help you determine whether it’s the right fit for your crypto storage needs.
Recently rebranded from Crypto.com DeFi Wallet to Crypto.com Onchain, this non-custodial wallet is designed to offer flexibility and control through both a mobile app and a browser extension for Chromium-based browsers. However, its suitability depends on individual preferences and needs. In the sections that follow, we’ll take a closer look at what the wallet has to offer and how it stacks up in terms of functionality, security, and user experience.
Key Takeaways
- Crypto.com DeFi Wallet, now rebranded as Crypto.com Onchain, supports 36 blockchains and offers both a mobile app and a Chrome browser extension for accessibility.
- The digital wallet is non-custodial, meaning users have full control over their private keys and funds, but its DeFi and NFT support is limited compared to competitors.
- Security features include multi-layer encryption, biometric authentication, two-factor authentication (2FA), and optional hardware wallet support on desktop.
- The wallet allows in-app swaps, staking, and integration with the Crypto.com exchange, but fees for purchases within the app can be high.
- Alternatives like Best Wallet offer broader blockchain support, a built-in DEX, enhanced security, and better overall user experience for crypto investors.
Our Verdict on Crypto.com DeFi Wallet
While Crypto.com Onchain has some strengths, such as its support for multiple blockchains and user-friendly interface, it also has some limitations, including incomplete DeFi support and restricted NFT functionality.
In our test of the wallet, we found the app generally easy to use but perhaps better suited to Crypto.com users who manage a single wallet address. Users who need broad blockchain support or a comprehensive overview of their DeFi holdings may want to consider other options.
Later in our Crypto.com wallet review, we’ll compare the app to its alternatives, but for now, let’s take a look at the app’s pros and cons.
Pros
- Supports 36 chains, including Bitcoin, Ethereum, and Solana.
- Gives users full control over their private keys.
- Supports thousands of tokens on the most popular chains.
- Available on mobile and desktop devices.
- Allows users to earn passive income within the app.
- Seamless integration with other Crypto.com services.
Cons
- Advanced features may be confusing for some users.
- Customer support may be unresponsive or limited.
- In-app purchases rely on Crypto.com as a provider.
- Top-ups purchased within the wallet app can be pricey.
What is Crypto.com DeFi Wallet?
Crypto.com DeFi Wallet, now known as Crypto.com Onchain, is a non-custodial wallet app that allows users to store, manage, and interact with various digital assets on multiple blockchain networks.
At its core, the app provides a platform for users to access decentralized finance (DeFi) applications and services. DeFi refers to a range of financial services and systems that operate on blockchain technology. This structure allows for peer-to-peer transactions, lending, borrowing, and other financial activities without the need for traditional intermediaries.
The company behind the app, Crypto.com, has a rich history in the crypto market. Founded in 2016, Crypto.com is a mobile-centric exchange that expanded its services to include a range of products, including the Crypto.com DeFi Wallet, in 2021, which was later rebranded as Crypto.com Onchain.
This mobile-centric approach is evident in the way users interact with the platform, such as the need to use the mobile app to authorize logins to the web app. The rebranding reflects the company’s evolution and commitment to providing a more comprehensive platform for DeFi enthusiasts.
What Type of Wallet is Crypto.com DeFi Wallet?
The Crypto.com DeFi Wallet app is a non-custodial wallet. This means that users have full control over their private keys and digital assets, and the wallet does not store or manage users’ funds on their behalf. By contrast, custodial crypto wallets, such as those offered by most other exchanges, hold and manage users’ private keys and funds, providing a more traditional banking-like experience.
To understand the importance of private keys, consider a safe deposit box at a bank. The box has a unique key that only the owner possesses, and this key is required to access the box’s contents. In the world of cryptocurrency, a private key serves a similar purpose. It’s a unique code that unlocks your digital assets on the blockchain. Just as you wouldn’t want to share your safe deposit box key with anyone, you shouldn’t share your private key with anyone either, as it grants access to your valuable digital assets.
As a non-custodial wallet, Crypto.com DeFi Wallet uses a recovery phrase, also known as a seed phrase, that follows the standard BIP39 protocol. The seed phrase consists of a series of words drawn from a standardized list, which is easier to remember or write down on paper than a raw string of characters that comprise a private key. Using a standardized BIP39 seed phrase enables users to export their private keys to a compatible app if needed.
Supported Chains & Cryptocurrencies
Crypto.com DeFi Wallet supports a wide range of blockchain networks, including Crypto.com’s own Cronos chain. This allows users to interact with various decentralized applications (dApps) and manage their digital assets across multiple chains.
Onchain Supported Chains
| Bitcoin Ethereum Binance Smart Chain Solana Litecoin Bitcoin Cash Dogecoin Shiba Inu Polygon Fantom Harmony Oasis KuCoin Community Chain NEAR Protocol Terra Classic Klaytn Flow Tron |
Cronos Cosmos Polkadot Avalanche Terra Ethereum Classic Cardano Stellar Algorand ICON Cosmos (ATOM) Secret Network ONTology IoTeX Celo Nervos Theta TomoChain |
In addition to supporting these chains, Crypto.com DeFi Wallet also supports a wide range of tokens, including popular stablecoins like USDC, USDT, and WBTC.
The Chrome extension offered by Crypto.com DeFi Wallet provides similar blockchain coverage, although its emphasis on Web3 connectivity may leave some coverage gaps. Notably, Bitcoin. Litecoin and Dogecoin are all supported on mobile and desktop platforms.
Crypto.com DeFi Wallet Features & Tools
The Crypto.com DeFi Wallet offers several features and tools, some of which offer a better experience than others. Key features include in-app swaps, connectivity with the Crypto.com exchange, NFT support, and staking opportunities. Let’s explore each of these in more detail:
In-app Swaps
The digital wallet app allows users to swap cryptocurrencies directly within the app, using cross-chain swaps or swaps on decentralized exchanges (DEXs). Some regions are excluded from this feature, including those sanctioned by the US Office of Foreign Assets Control (OFAC).
Crypto.com Exchange Connectivity
As an option, you can connect your wallet to the Crypto.com Exchange to buy supported cryptocurrencies. We’ll discuss fees and other related costs in a later section of our Crypto.com DeFi Wallet review.
NFT Gallery
Use the wallet to view and manage non-fungible tokens (NFTs). However, support for some chains remains spotty, and some of our NFTs did not appear in the gallery.
In-App Staking
Crypto.com DeFi Wallet also offers staking opportunities. Options include on-chain staking for specific assets like ETH and CRO (Crypto.com’s own token) and easy access to DeFi yield vaults.
Security Features
The Crypto.com DeFi Wallet prioritizes security, incorporating features such as multi-layer encryption, secure password protection, biometric authentication, and two-factor authentication (2FA). It can also be paired with offline hardware wallets, such as the Ledger Nano X, to provide an additional layer of protection for users’ digital assets. However, this feature is limited to the desktop browser extension, which connects via USB.
In-app dApp Browser
Onchain also features an in-app dApp browser, which provides a curated selection of decentralized applications directly within the wallet. Categories include DeFi, Gaming, NFTs, and more. If you need to connect to an app that isn’t listed, the wallet supports WalletConnect, which allows easy connections to popular dApps in an external browser.
Additional Tools & Features
Like similar wallet apps, the Crypto.com DeFi Wallet lets you view your balances, manage address books, and send or receive crypto. However, some of our tokens did not appear in the app, nor were some DeFi positions held on popular dApps such as Balancer. This can make it difficult to get a complete overview of your holdings, which impacts the overall user experience – a topic we’ll discuss in more detail later.
Security – Is Crypto.com DeFi Wallet Safe to Use?
The Crypto.com DeFi Wallet has several security features, including multi-layer encryption, secure password protection, biometric authentication, and two-factor authentication (2FA). It also supports pairing with offline hardware wallets, such as the Ledger Nano X. However, hardware wallet support is limited to the desktop Chrome extension.
Crypto.com has obtained several security certifications, including ISO 27001, ISO 27017, ISO 27018, and PCI: DSS. The company also has a bug bounty program that applies to its software, including the Onchain wallet. As a caveat, the Crypto.com DeFi Wallet’s code is not entirely open source, meaning users can’t view the code themselves.
It’s worth noting that while we didn’t find reports of any major breaches of the Crypto.com DeFi Wallet itself, the Crypto.com exchange suffered a breach in 2022. In the incident, hackers stole $30 million worth of Bitcoin and Ethereum.
Crypto.com DeFi Wallet Fees
To buy crypto within the Crypto.com DeFi Wallet, users can use Crypto.com Pay, which supports Google Pay and credit/debit card, or link a Crypto.com account to use a bank account or debit/credit card.
The fees associated with buying crypto through the digital wallet vary depending on the payment method and the cryptocurrency being purchased.
For example, when using Google Pay or Debit/Credit Card (Crypto.com Pay) to buy Bitcoin, the user is charged an exchange rate plus a fee.
Here is a breakdown of the costs:
- Exchange rate: 1 BTC = $82,330.66
- Transaction fee: $3.99
- Network fee: $13.14 (to cover mining costs)
When a user buys $100 worth of Bitcoin, they receive 0.0012114 BTC (at current prices). Fees vary depending on the purchase method, however.
Let’s look at a comparison table that highlights the Crypto.com wallet fees:
| Payment Method | Amount of Bitcoin Received | Total Cost | Fees | Additional Cost vs Spot Price |
| Debit Card (Google Pay) | 0.001214 BTC | $117.13 | $3.99 + $13.14 | $17.96 |
| Debit/Credit Card (Crypto.com Pay) | 0.001214 BTC | $117.13 | $3.99 + $13.14 | $17.96 |
| Debit Card (Crypto.com Exchange) | 0.001214 BTC | $103.95 | 2.99% | $3.95 |
Note: The additional cost vs spot price is calculated by comparing the total cost paid by the user to the spot price of the amount of Bitcoin received, based on the external spot price of $81,822. As an option, you can use advanced trading on Crypto.com or another exchange to buy crypto with lower trading fees and then send the crypto you purchased to your Onchain wallet.
The platform’s debit card fees and spread versus the market spot price are similar to those on other crypto platforms. However, the mining fee is concerning and high enough to consider other options despite the convenience of buying within the wallet app.
Crypto.com DeFi Wallet App User Experience
The user experience of the Crypto.com DeFi Wallet app is a crucial aspect of its overall functionality and usability. In this section, we’ll delve into how the app performs in various areas, including onboarding, user interface, asset management, security features, dApp integration, and customer support.
Onboarding
The onboarding process for the Crypto.com DeFi Wallet app is straightforward and relatively quick. Upon launching the app, users are prompted to create a new wallet or restore an existing one using a recovery phrase.
The app guides users through setting up their wallet, including creating a password, enabling biometric authentication, and reviewing the terms of service. Note that users are not required to complete a Know-Your-Customer (KYC) process during onboarding unless they choose to connect their wallet to a Crypto.com account.
Wallet User Interface
The Crypto.com DeFi Wallet app offers a clean dashboard that provides an overview of the user’s wallet balance. Transaction history and chain token settings are a click or two away.
However, when importing a seed phrase, we were only able to view the first address associated with it. After digging through the settings for a way to reveal multiple wallets and other addresses without success, we abandoned the effort. Additionally, there was no way to add a single wallet key.
Asset Management
Token detection was better than expected, with most of our tokens displayed alongside their USD value. Users can choose any token to swap or bridge to another chain without leaving the app. If a token isn’t automatically detected from curated lists, users can also add it manually.
However, DeFi support is spotty. While many modern wallet apps can detect assets deployed in DeFi positions, the Onchain wallet did not show our existing positions. Similarly, NFT support also has gaps. It shows Ethereum NFTs but not those on Polygon, Arbitrum, or Base.
Security Features
The wallet comes with a range of security features to protect user assets and data. These include multi-layer encryption, secure password protection, biometric authentication, and two-factor authentication (2FA).
The app also supports hardware wallets (desktop only) such as Ledger Nano X to provide an additional layer of security for users’ assets.
In-App dApp Integration
Tap the Browse Web3 button to explore a curated selection of decentralized applications, including gaming, staking, and lending protocols. For advanced users, the app offers perpetual futures trading, although some features (and tokens) may be restricted based on location.
The Onchain wallet sorts these dApps by category, with the Popular category spotlighting many of today’s most visited dApps. Oddly, the search field opens a Google search rather than searching for apps within the app wallet. The Onchain wallet also supports WalletConnect, allowing you to connect to dApps in a separate browser.
Customer Support
Support resources include a knowledge base, FAQ section, and support ticket system. Users can also contact the Crypto.com support team directly using the app’s built-in support chat feature, with typical response response times of three hours.
How to Setup a Crypto.com DeFi Wallet Account
Setting up a Crypto.com DeFi Wallet account is a straightforward process that can be completed in a few minutes. To get started, download the Crypto.com DeFi Wallet app from the App Store or Google Play Store. You can find the direct download link on Crypto.com’s download page.
Here’s a step-by-step guide to help you create a new wallet:
1. Download the App
Depending on your device, download the Crypto.com DeFi Wallet app from the App Store or Google Play Store. Make sure to download the official app to avoid potential scams or phishing attempts.
2. Create a New Wallet
To create a new wallet, you first need to agree to the terms and conditions. At this step, you can also import an existing wallet.
3. Set a PIN
Set a PIN to secure your wallet. You can also enable biometric authentication, such as fingerprint scanning.
4. Back Up Your Wallet
Choose a backup method, such as Google Drive or manual seed phrase backup, to ensure you can restore your wallet if you ever lose access to it.
5. Verify Your Recovery Phrase
Confirm specific words from your recovery phrase to verify its accuracy. This step is crucial to ensure that your backup is correct and can be used to restore your wallet.
6. Explore Your Wallet
Once you’ve completed the setup, you can start exploring your wallet and its features. If you don’t have any crypto yet, you can buy your first assets from within the Crypto.com wallet app. Before you get started, consider enabling two-factor authentication – you’ll find the setting for 2FA in the settings menu.
Is Crypto.com DeFi Wallet the Best Choice?
While Crypto.com DeFi Wallet provides exceptional integration with the Cronos chain, its support for some other chains is less impressive. Some may find the app’s limitations, including incomplete DeFi selection and restricted NFT functionality, to be significant drawbacks.
In contrast, alternatives like Best Wallet may offer a better overall experience. This mobile app, available for Android and iOS devices, supports an extensive range of blockchains, has a clean, user-friendly interface, and offers a range of other features and tools. Here’s a short list of what you can expect to find in Best Wallet:
- Comprehensive blockchain support covering over 60 networks
- A built-in decentralized exchange (DEX) that automatically identifies the best swap values
- A dedicated NFT gallery for easy management and display of digital assets
- Advanced security protocols featuring multi-party computation (MPC) and robust encryption
- Exclusive access to new token launches, providing opportunities to invest in emerging projects
- Seamless cross-chain swaps, enabling easy crypto portfolio adjustments
- Enhanced anti-fraud protection, ensuring user safety and security
- Integrated scam token detection, to help prevent potential losses
Best Wallet’s blend of power and usability makes it an attractive option for users of all experience levels. With an expanding suite of tools and features, including upcoming features like advanced trading, derivatives, and staking, Best Wallet is a powerhouse app that’s still easy to use.
Get Best WalletCrypto.com DeFi Wallet Customer Support
The Crypto.com DeFi Wallet’s customer support is a crucial aspect of the user experience. In this regard, however, Crypto.com falls somewhat short, with a 1.5-star overall rating on Trustpilot. This rating is based on feedback from more than 8,700 users, including reviews of Crypto.com and Crypto.com DeFi Wallet reviews.
The DeFi Wallet’s support team likely faces similar challenges in providing timely and effective support as the broader Crypto.com platform. In fairness, some of the biggest crypto exchanges in the world struggle with user reviews, with the complexity of the industry contributing to user issues.
To get in touch with Crypto.com DeFi Wallet’s support team, users can try the following options:
- Live chat: Crypto.com offers live chat support, which allows users to get instant help with their queries.
- Email support: Users can also email Crypto.com support for more complex issues or queries that require a more detailed response.
- FAQ section: Crypto.com has an extensive FAQ section that covers a wide range of topics, including wallet-specific issues.
The Verdict
In our Crypto.com DeFi Wallet review, we found a range of standard features that users have come to expect from online wallets, including support for multiple blockchains and a user-friendly interface. However, its limitations, such as spotty DeFi support and restricted NFT functionality, may make it less than ideal for some crypto investors.
Alternatives like Best Wallet offer access to blockchains, with over 60 chains supported. Best Wallet also features MPC security, an integrated DEX that automatically finds the best value, and a user-friendly interface.
Ultimately, while the Crypto.com DeFi Wallet has its strengths, Best Wallet may be a better choice for crypto investors who value ease of use, uncompromising security, and powerful features.
Get Best WalletCrypto.com DeFi Wallet
Pros
- Multi-chain support
- Non-custodial
- Good for Crypto.com ecosystem
- Ease of use
Cons
- Very high fees
- Can be complex for newbies
- Limited customer support
FAQs
Is Crypto.com DeFi wallet safe?
How do I get my money out of Crypto com DeFi wallet?
Does Crypto.com.DeFi wallet report to IRS?
What is the difference between Crypto.com and Crypto.com DeFi wallet?
Is Crypto.com legal in the US?
References:
- Cronos Chain (Cronos)
- Security First, Always (Crypto.com)
- Crypto.com Bug Bounty Program Policy (HackerOne)
- Crypto.com says hackers stole more than $30 million in bitcoin and ethereum (CBS News)
- Manage crypto on your terms (Crypto.com)
- Crypto.com reviews (Trustpilot)
- Welcome to our Help Center (Crypto.com)
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
Free Bitcoin Crash Course
- Enjoyed by over 100,000 students.
- One email a day, 7 days in a row.
- Short and educational, guaranteed!
In This Article
Maximize Your Trading With Margex’s 20% Deposit Bonus
Hottest Meme Coins to Buy in April? Retail Target Latest Crypto For Mega Gains
AR.IO Brings The Permanent Cloud to AI Storage Crisis
10 Best Crypto Bonuses in 2025 – Top Exchange Offers & Promotions
4 Days Left For Early Investors in World’s First Meme Coin Index: Meme Coin Mcap Hits $56Bn
