Home Crypto Education Cryptocurrencies  DexWallet Review: How Safe Is This Defi-Focused Wallet?

 DexWallet Review: How Safe Is This Defi-Focused Wallet?

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DexWallet - Best DeFi wallet

The DexWallet website describes this crypto vault as “the Mobile wallet for decentralized finance.” A platform where anyone can grow a passive income through borrowing, lending, exchanging, and staking cryptocurrencies and tokens.

Created and introduced to the crypto industry by DexLabs in 2018, Dexwallet is a multi-chain mobile wallet and a gateway for the decentralized economy specially designed to appeal to anyone regardless of their crypto experience. Over time, the wallet has incorporated several innovative operational and security measures to make it the most user-friendly, secure, and passive earning crypto project.

But how achievable is this vision? What steps has DexWallet made towards making it a reality? More importantly, is DexWallet safe?

We answer both these questions and tell you everything you need to know about the crypto wallet in this review. We look at the passive income and user-focused features, security measures in place, and tell you how to set up a DeXwallet and its pros and cons.

DexWallet key features

Earn interest on saved funds: DexWallet is a mobile wallet that lets you stake different cryptocurrencies or tokens and earn an annual interest. The wallet has also oversimplified this process and made it as easy as saving as operating an online savings account. Plus, it promises earnings as high as three times what is offered by the traditional bank.

Inbuilt exchange: The mobile wallet has an inbuilt exchange that allows you to exchange different eth-based cryptos. The fact that you don’t need to leave the wallet or send your Crypto to a third-party exchange and back not only speeds up the crypto swap process but also makes it relatively affordable.

Buy Crypto with card: You can also buy any of the cryptocurrencies and tokens supported by DexWallet using virtually any debit or credit card. This purchase is processed by MoonPay fiat-to-crypto exchange that’s integrated into the DexWallet.

Monitor crypto portfolio: The DexWallet lets you view and track your crypto portfolio in real-time via the balance and history tabs. And in instances where the transaction confirmation speeds on the blockchain are slow, it will outline all your pending transactions to help you avoid double-payments.

Integrate Defi apps: DexWallet describes itself as the wallet for Defi apps. It features all the popular Defi apps like Compound, Fulcrum, MakerDAO, and Uniswap. You also have the option of searching for and integrating similar apps from the Dapp browser. These are geared towards helping you stake/lend a portion of/entire portfolio and earn interest in return.

DexPay: You no longer have to go through the laborious process of converting your eth-based tokens to cash or other Crypto when paying for goods or services in Crypto friendly stores. Simply use DexPAY that has DAI as its bass currency but can convert any other token automatically when making a payment.

Import Eth wallets: DexWallet is a highly versatile crypto vault compatible with virtually all other eth-based wallets. This means that you can easily import your MyEtherWallet, MetaMask, and even Jaxx wallets to the DexWallet and view all these balances on a single unified platform.

DexWallet security features

Password + encryption: DexWallet is secured with a password that not only secures your private keys but also serves as the encryption tool.

Open source: DexWallet is built on an open-sourced blockchain technology. Wallet users and others, therefore, can view and audit its source code and seek out possible security loopholes or malicious lines of code.

Hierarchically deterministic: This implies that DexWallet auto-generates a new wallet address for every new transaction. This masks your real wallet address, effectively throwing off crypto trackers and third parties who might want to check your crypto activity and view and monitor your past or future crypto transactions.

Watch only mode: You have the option of activating the watch-only wallet mode that allows you to access your wallet over insecure internet connections. During a watch-only mode session, anyone with access to the wallet can view balances and accept incoming crypto coins but can’t access or alter your app settings, private keys, passphrase, or send Crypto.

Non-custodial: DexWallet does not store cryptos and tokens on behalf of its clients. Rather, it encrypts them and stores them in the root memory of your mobile phone.

Ethereum Name Service (ENS) supportive: DexWallet lets you choose a unique username that serves as your wallet address. This helps eliminate the common and often costly mistakes associated with getting your recipient’s wallet address wrong.

How to set and activate the DexWallet app

Step 1: Start by downloading and installing the DexWalet app from the Google play store, Apple App Store, or the official DexWallet website.

Step 2: Launch DexWallet and chose to “Create a New Wallet.”

Step 3: Create a new and unique username for the wallet.

Step 4: Create a wallet password

Step 5: Copy the mnemonic phrase provided by the wallet and keep it safe offline.

Step 6: Your wallet is now ready to use

How to add/receive Crypto into your DexWallet

Step 1: Log in to your DexWallet, and on the user dashboard, click ‘Receive.’

Step 2: Copy your DexWallet public address or its QR code and forward either to the party sending you cryptos/tokens.

Alternatively:

Step 3: If you have several digital assets, click on the swap tab and exchange them for eth-based altcoins and tokens

Step 4: Wait for the funds to reflect in your account.

How to send Crypto from your DexWallet:

Step 1: Log in to your DexWallet, and on the user dashboard, click “Send.”

Step 2: If you have multiple crypto assets stored therein, select the wallet from which you would like to send cryptos

Step 3: Enter the recipient’s username (for eth-network transfers) or their wallet address for (non-Ethereum network transfers)

Step 4: Enter the amount of altcoins/tokens you want to send

Step 5: Chose the transaction charge.

Step 6: Verify the accuracy of these transaction details and send

DexWallet ease of use

DexWallet is highly intuitive, and most of the integrated features easy to use. It maintains a highly decongested interface and has a smooth onboarding process. It has also simplified sending and receiving altcoins/tokens by introducing the Ethereum Name Service (ENS).

DexWallet is also multilingual and is currently available in four international languages – English, Chinese, Japanese, and Italian.

DexWallet supported currencies and countries

DexWallet is a multicurrency crypto mobile vault that currently supports 2000+ altcoins and tokens built on the Ethereum blockchain network, including Ethereum, Ethereum classic, and ERC-20, ERC-233, ERC-721 tokens.

DexWallet cost and fees

You will incur transaction charges or GAS – charged by the Ethereum network – whenever you send Crypto and tokens to other exchanges and wallets. GAS is, however, dynamic and gives you the option to choose the fee range depending on the urgency with which you want the transaction confirmed.

Pay low transaction fees for non-urgent transactions and the highest charges for the transactions you want to be confirmed instantaneously.

DexWallet customer support

DexWallet’s customer support is available online and ready to help 24/7. You can reach out to them by raising a support ticket on the wallet’s website, email, or direct messaging them on social networks such as Twitter, Telegram, or Discord.

What are the pros and cons of using DexWallet?

Pros:

  • The wallet provides you with a platform to keep your digital assets and earn interest while at it.
  • DexWallet embraces a user-focused and highly intuitive design.
  • It also supports a wide range of Ethereum blockchain-based altcoins and tokens.
  • The exchange embraces a dynamic fee structure.

Cons:

  • It will only support eth-based tokens.
  • DexWallet ignores such solid security measures as two-factor authentication and multi-signature signing.

Comparing DexWallet with other Eth-based wallets

DexWallet vs. MyEtherWallet

Both DexWallet and MyEthereumWallet are highly intuitive eth-based wallets that will only support altcoins and tokens built on the network. They have also made significant strides in making the crypto wallet as beginner-friendly as possible without compromising their security.

DexWallet, however, carries the day when it comes to the number of integrated features and security measures put in place. For instance, the mobile wallet supports 2000+ altcoins and tokens and features premium privacy features as a watch-only mode.

Verdict: Is DexWallet safe?

DexWallet has put in place some of the most sophisticated security and privacy measures around the mobile wallet. The most visible is the replacement of the complicated wallet address system with a memorable username. It does not require you to provide such personal information as name, phone, or address. Not to mention that it is open-sourced and hierarchically deterministic. The only downside to using DexWallet is that it is a hot wallet that doesn’t support two-factor authentication, exposing you to the risk of remote hacks.

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