Home Crypto Education Cryptocurrencies Dharma Smart Wallet Review: How Smart Is The Defi-Focused Dharma Wallet?

Dharma Smart Wallet Review: How Smart Is The Defi-Focused Dharma Wallet?


Dharma smart wallet website refers to this crypto vault as ‘Your portal to DeFi’ and the ‘easiest and most secure way to invest and manage your money in DeFi.’ This mobile-based crypto wallet was created by Dharma Labs, a San Francisco based crypto technology company, and launched in April 2017. At the time of going public, Dharma was not a fully-fledged crypto wallet but an income-generating platform created on the compound protocol that individuals used to borrow and lend crypto.

In the months that followed, the protocol was subjected to numerous upgrades that saw it grow into a mobile crypto wallet that integrates such additional features as a Dapp browser. Similarly, this period saw the wallet onboard more DeFi programs, increase the number of supported tokens, and integrate advanced security measures.

This Dharma smart wallet review will help you understand how this mobile crypto vault works by detailing its key operational and security features, the step-by-step guide on how to activate the wallet, and highlighting its pros and cons. We also compare it with other mobile crypto wallets before telling you if Dharma is the safest DeFi wallet.

Key features

Mobile wallet: Dharma smart wallet is mobile-based and available in Android and iOS versions. Both have a highly intuitive and beginner-friendly user interface.

Auto upgrades: Unlike most other crypto wallets that require you to download and install their software or firmware upgrades manually, Dharma smart wallet upgrades are automatic and instantaneous. This ensures that a bug or vulnerability is patched at the same time for all wallet users.

Integrates DeFi apps: Note that Dharma smart wallet started as a Compound (a DeFi app) protocol before its eventual upgrade into a smart wallet app. During the upgrade, Dharma labs increased the number of supported DeFi apps, which effectively increased the revenue-generating screams.

Earn interest: The integration of numerous DeFi apps within the wallet makes Dharma an income-generating wallet. You start earning fixed interest as soon as you deposit your fiat or cryptocurrencies into the Dharma wallet. And the longer you let your cash sit in there, the higher the earnings.

Inbuilt exchange: Dharma mobile wallet features an in-built crypto exchange – Uniswap – where users can exchange and trade 2000+tokens seamlessly.

Deposit FIAT: Dharma processes both crypto deposits and is one of the few wallets that accept debit card deposits. You can, however, only deposit a maximum of $1000 via a debit card. You nevertheless are free to set up an automated recurrent deposit scheme.

Integrated Dapp browser: In addition to the income-generating apps, Dharma wallet also integrates Dapp browsers. This comes in handy to wallet users as they can use it to search and explore the Ethereum blockchain.

Automated updates: Dharma allows you to automate wallet notifications. These include notifications for token price changes as well as blockchain news.

Security features

Password: When installing Dharma smart wallet app and creating a user account, you will be required to set a unique password. It deters unauthorized access to your mobile wallet vault and serves as its encryption tool.

Open source: Dharma smart wallet is built on an open-sourced technology. This makes Dharma highly transparent and auditable by both the wallet users and crypto security experts.

Non-custodial wallet: Dharma is a non-custodial wallet in that it doesn’t store your private keys in their servers. Instead, the encrypted private keys are stored within your device, giving you absolute control over your private keys.

Multisig: Dharma wallet has enabled multi-signature functionality that, in turn, gives it multi-user capabilities whereby a transaction has to be verified by several parties before it is executed.

How to set and activate the Dharma Smart wallet

Step 1: Start by downloading the Dharma Smart wallet from either Google play store or Apple App Store.

Step 2: Install the app and click on the ‘Create a new wallet’ tab.

Step 3: Create a unique password for the wallet

Step 4: The wallet will now present you with a 24-word backup and recovery seed. Write it down on a piece of paper and keep it safe offline.

Step 5: You will want to verify your identity if you hope to deposit fiat or buy crypto with a debit card

Step 6: Your Dharma smart wallet app is now active and ready for use

How to add/receive crypto into your Dharma Smart wallet 

Step 1: Log in to your Dharma smart wallet and click ‘Receive” in the user dashboard.

Step 2: On the deposit window, copy the wallet’s address or QR code and send it to the party sending you coins

Step 3: Wait for the coins to reflect in your wallet.

How to send crypto from your Dharma Smart wallet

Step 1: Log in to your Dharma smart wallet app and click ‘Send’ on the user dashboard.

Step 2: If you have multiple digital assets stored therein, select the coin or token you wish to send

Step 3: On the transfer window, enter the receiver’s wallet address or QR code and the number of coins/tokens you wish to send

Step 4: Confirm that the transaction details are okay and hit send.

How does Dharma Smart wallet work?

Dharma smart wallet is a DeFi focused crypto platform that allows you to earn interest on your crypto or FIAT deposits. You start by creating a user account on the Dharma smart wallet app and depositing either fiat or cryptocurrencies.

You can then choose to stake it all or a part of it in one of the income-generating DeFi protocols, such as Compound. In here, you will find numerous other DeFi apps that present you with numerous other ways of earning from your deposits, like lending your crypto to other Dharma wallet or compound protocol users.

Dharma smart wallet ease of use

Dharma Smart Wallet’s dashboard stands out because of its simplicity and ease of use. Creating a user account for Dharma smart wallet is easy and quite straightforward. The highly intuitive and relatively clean user interface makes in-app navigation easy for both experienced and beginner crypto traders.

The processes of depositing and sending cryptos or cash in and out of the wallet and moving crypto and accumulated interests in and out of the income-generating platforms are also easy and straightforward.

Dharma Smart wallet supported currencies and countries

According to Dharma labs, the Dharma Smart Wallet app can support Ethereum, Ethereum classic, and 2000+ eth-based tokens.

The mobile wallet app is also available to residents of 100+ crypto-friendly countries.

Dharma Smart wallet cost and fees

One of Dharma Smart Wallet’s most interesting features is the Zero-fee policy for in-app transactions. You will not be charged any fees to swap tokens, send or withdraw crypto in and out of the DeFi apps. You will only have to pay GAS fees when you send crypto tokens to another wallet or exchange.

Dharma Smart wallet customer support

You can contact Dharma Smart wallet’s customer support team via the Live Chat button on the website and mobile app. Alternatively, send them an email or engage them on such social media platforms as Twitter or Discord.

What are the pros and cons of using the Dharma Smart Wallet?


  • It provides you with multiple income-generating opportunities
  • It supports both fiat and crypto deposits
  • Dharma smart wallet is quite beginner-friendly
  • Dharma is highly secure as it embraces some highly effective security features
  • It is open-sourced and beginner-friendly


  • Dharma will only support Eth-based cryptos and tokens
  • It is not immune to the inherent limitation facing online-based crypto wallets

Verdict: Is Dharma Smart wallet safe?

The smart wallet app has embraced several security measures to make the mobile crypto app the safest DeFi focused platform. Key among them is the password that locks and encrypts wallet contents, a recovery seed for backup, smart contracts that secure all crypto transactions, and the multi-signature functionality. However, we must mention that the fact that Dharma Smart wallet is online-based exposes you to inherent threats facing the mobile crypto apps like hacking and malicious virus.


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