Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your research before making any investment decisions. For more information, please read our full disclaimer.
If you're serious about crypto, whether trading, yield farming, flipping NFTs, or just trying to get involved with some of the newest memes in the space, you need a DeFi wallet.
Without one, you’re only scratching the surface of crypto.
Crypto wallets are your digital vaults for managing and accessing your crypto assets.
They allow you to send, receive, swap and store cryptocurrencies securely.
// Why You Need a DeFi Wallet
So why bother with a DeFi wallet?
Well, unless you enjoy the warm embrace of centralized control, you need one for:
-
Full control of your funds – no middlemen, no excuses, just you and your assets.
-
Access to DeFi protocols – dApps, DEXs, lending, staking, and much more.
-
Extra Security – Assuming you don’t YOLO your seed phrase into a Google Doc.
-
Privacy – You’re your own bank, and there’s no KYC breathing down your neck.
Over the years, we've seen a rise of many new DeFi wallets as many try to tackle the infamous user experience problems that plague crypto. You're even reading this guide; doesn't that speak volumes?
Some of the most commonly used DeFi Wallets;
In this guide, I will help you set up Rabby, which we believe is best for newcomers and has the best security.
So, let's crack on, shall we?
// DeFi Wallet Set Up - Rabby
Rabby Wallet is available on desktops for Windows and Mac, as well as Android and iOS devices. It is also available as a Chrome Web Browser extension, which we will use for this tutorial. Most of the steps below work for browser extensions and mobile apps; however, the style might vary.
1. Download & Install
-
Go to Rabby’s official site and download the Chrome/FireFox/Brave browser extension.
-
If you're on Mobile, you must download the app from the Android or iOS App Store. This guide will focus on extensions, but a lot of information can also apply to apps.
2. Setting up a new Rabby Wallet
- Click "Create a New Address"
- Click Show Seed Phrase
- Carefully copy and save the phrase (ideally offline and in a very safe location), then click "I’ve Saved the Phrase" to continue.
NOTE: DO NOT, UNDER ANY CIRCUMSTANCES, GIVE ANYONE YOUR SEED PHRASE!
THIS IS YOUR SECRET KEYS TO YOUR WALLET AND ONLY YOU SHOULD KNOW THIS.
- Create a password for your wallet. This password will be used whenever you open the wallet extension or app.
- You've successfully created your first wallet. Click "Get Started" to continue, or if you wish to create more than one wallet, you can add more addresses, as highlighted by the green arrow. For this guide, we will stick with one wallet for now; you can always add more later.
- Congratulations! Rabby is now available to use, a big step into DeFi! Now, we'll need to open Rabby. Some browsers allow you to "Pin" extensions for ease of access.
// Getting Familiar with Rabby Wallet
This section will walk you through essential features to navigate the wallet like a pro. Not all of these will make sense at the start, so you can always come back to this guide in the future once you've become familiar with crypto.
1. Copying Your Wallet Address
Your wallet address is like your crypto bank account number; you’ll need it to receive funds, connect to dApps, or check your balances.Steps:
- Open Rabby Wallet by clicking the extension in your browser.
- You'll see your wallet address at the top of the wallet (a long string of letters and numbers).
- Click the copy icon next to the address; this automatically copies it to your clipboard.
- Paste it wherever it is needed (e.g., sending it to someone, withdrawing from an exchange, or saving it for reference).
🔹Tip: Rabby masks the middle of your address for security, but clicking on it will reveal the full version.
A typical wallet address looks like this; 0xC7804E660e4cF281e9E6721117527553d9A05CC7
2. Switching Between Networks (Auto & Manual Mode)
Unlike some other DeFi wallets, Rabby automatically detects the network of the dApp you’re using and switches for you. However, you can still switch manually if needed.
FYI- A dApp (decentralized application) is a blockchain-based app that runs on a decentralized network, eliminating the need for intermediaries and ensuring transparency, security, and censorship resistance.Steps:
-
Auto-Switching:
-
Manual Switching:
- Click on the network name at the top of Rabby Wallet.
- Select a different network from the list (Ethereum, Arbitrum, Optimism, Polygon, etc.).
- The wallet will switch instantly, allowing you to interact with that blockchain.
🔹 Tip: You can enable/disable Auto-Switching in Settings > General > Auto-Switch Network.
3. Checking & Managing Token Balances
It’s essential to know what tokens you hold and which chain, especially if you’re active in DeFi.Steps:
- Open Rabby Wallet.
- You’ll see a portfolio view displaying your token balances across different chains.
- Click on any token to view details, send, or swap it.
🔹 Tip: If a token isn’t showing up, click “Manage Tokens” to manually add it using the contract address.
4. Sending Crypto to Another Wallet
You’ll often need to send funds to an exchange, another wallet, or a friend.Steps:
- Open Rabby Wallet and click “Send”.
- Paste the recipient’s wallet address (or select from your saved contacts).
- Enter the amount and select the correct network.
- Click “Confirm” and sign the transaction.
🔹 Tip: Double-check the recipient’s address before sending—transactions can’t be reversed.
5. Viewing and Cancelling Pending Transactions
Sometimes, transactions get stuck due to low gas fees. Rabby lets you speed up or cancel pending transactions.
Steps:
- Click “Activity” in the Rabby Wallet interface.
- Find the pending transaction.
- Click “Speed Up” to increase gas or “Cancel” to stop it.
🔹 Tip: If a transaction is stuck for too long, you may need to manually set a higher gas fee before resubmitting.
// CONCLUSION
By now, you’ve set up Rabby Wallet, learned how to navigate it, and hopefully haven’t copy-pasted your seed phrase into a Google Doc (seriously, don’t do that).
Getting comfortable with a DeFi wallet isn’t just about sending and receiving tokens, it’s about stepping into real crypto. The side where you’re in control, there’s no customer support to bail you out, and every transaction is final. It’s a little terrifying initially, but that makes it worth it.
So what’s next?
Well, that’s up to you.
Maybe you’ll jump into DeFi trading, stake some assets, or explore new dApps.
Whatever you do, just remember: you own your keys, you own your crypto.