The Blockchain.com DeFi Wallet is a non-custodial, web-based cryptocurrency wallet that gives you full control over your crypto. Unlike traditional wallets where a company manages security for you, a DeFi Wallet puts you in charge—meaning only you can access your funds.
✔ Non-custodial – You own your private keys and funds.
✔ Decentralized – No third party (including Blockchain.com) can access your wallet.
✔ Open-source – View the code on GitHub.
✔ Supports multiple blockchains – Store and transact across networks like Ethereum & Polygon.
📌 If you’re new to crypto, think of a DeFi Wallet like a personal safe—you have the key, and no one else can open it.
Why Choose a DeFi Wallet?
A DeFi Wallet is ideal if you want:
- Full Ownership & Control – Only you can access your funds—there’s no company or third party managing them.
- Greater Privacy – No identity verification required, and no one can track your funds through a centralized platform.
- Decentralization – Your crypto stays on the blockchain rather than being stored in a centralized exchange.
- Security from Exchange Risks – Since you hold your own keys, your funds cannot be frozen, seized, or lost due to an exchange failure.
- Access to DeFi & DEX Trading – Swap tokens directly using decentralized exchanges (DEXs) like Blockchain.com DEX without needing a middleman.
Who might prefer a custodial wallet instead?
If you value convenience over full control, need easy recovery options, or want fiat transactions (buying/selling with bank accounts and cards), a Blockchain.com Account may be a better fit.
💡 Customers can also use both wallets! Many users store their long-term holdings in a DeFi Wallet while using a Blockchain.com Account for buying, selling, and quick transactions.
👉 Still unsure? Compare the DeFi Wallet vs. Blockchain.com Account here.
How Does the Blockchain.com DeFi Wallet Work?
When you create a DeFi Wallet, an encrypted file is generated. This file contains:
- Your private keys (which prove you own your funds)
- Your cryptocurrency addresses (where funds are received)
- Your 12-word Recovery Phrase (your backup key)
What This Means for You:
- You are in full control—no one else can access your wallet.
- You can store, send, and receive crypto without relying on a third party.
- You are responsible for securing your private keys and Recovery Phrase.
DeFi Wallet vs. Blockchain.com Account: Side-by-Side Comparison
| Feature | DeFi Wallet (Non-Custodial) | Blockchain.com Account (Custodial) |
|---|---|---|
| Who Controls Funds? | You control everything | Blockchain.com secures your funds |
| Private Keys | You hold them | Blockchain.com holds them |
| Recovery Method | 12-word Recovery Phrase | Password reset & identity verification |
| Privacy | No identity verification required | Linked to your verified account |
| Fiat Support | Crypto-only | Supports buying/selling with fiat |
| Swaps & Trades | Decentralized swaps via Blockchain.com DEX | Instant swaps within your account |
How to Keep Your DeFi Wallet Safe
A DeFi Wallet gives you full control, but with that comes responsibility. Here’s how to keep your funds secure:
- Write down your 12-word Recovery Phrase and store it securely.
- Never share your Recovery Phrase with anyone. Blockchain.com will never ask for it.
- Use strong passwords and avoid using the same password across multiple services.
- Be cautious of phishing scams—always verify you're on the official Blockchain.com site before entering your credentials.
📌 We highly recommend reading our guide on Common Crypto Scams.
🚨 Critical Warning:
If you lose both your password and your Recovery Phrase, your wallet cannot be recovered, and your funds will be lost.
What Happens If I Lose the Password to My DeFi Wallet?
Because Blockchain.com does not store passwords for DeFi Wallets, we cannot reset or recover them for you.
However, if you forget your password, you can still access your wallet using your 12-word Recovery Phrase.
How to Restore Your Wallet:
- Go to this link and click "Recover via Recovery Phrase".
- Enter your 12-word Recovery Phrase exactly as written.
- Create a new password to restore your wallet.
⚠️ If you lose both your password and Recovery Phrase, your wallet cannot be recovered.
Final Thoughts
A DeFi Wallet gives you total control of your crypto, but with that freedom comes personal responsibility. Always secure your Recovery Phrase, and if you ever need to restore your wallet, follow the recovery steps carefully, which can be located in our Account Recovery Guide.
For more on non-custodial wallets, check out this video: