Compare the best DeFi platforms in 2022

DeFi platforms let you access financial services operating on public blockchains. This guide compares the best DeFi platforms in 2022
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Updated: Jul 6, 2022

This page helps you choose the best DeFi platform. We compare the top platforms around and explore what you can do on each one. Read on to learn more and find out what the best DeFi platforms for 2022 are. 

What are the best DeFi platforms?

The table below shows the best DeFi platforms around. They’ve all been selected by our crypto experts and you can get started in just a few minutes. Click on any of the links to register right now or keep scrolling to find out more about each one.

1
Min. Deposit
$10
Promotion
User Score
10
Accepts customers from the USA
Deposit $100 and get a $10 bonus!* Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.
Trade on the world's leading social trading and investing platform
Start Trading
Description:
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.
2
Min. Deposit
$0
Promotion
User Score
9.3
No Hidden Fees
Instant Trading
Secure & Transparent
Start Trading
Description:
World's longest-standing crypto exchange. Since 2011 Bitstamp has been providing a secure and reliable trading venue to over four million individuals and a range of institutional partners.
Payment Methods
Full regulations list:
3
Min. Deposit
$1
Promotion
User Score
8.7
0% deposit fees, 0% withdrawal fees, 0% trading commissions
Set up automated trades and up to 50 limit orders with ease
Buy and sell 90+ cryptos and utility tokens, precious metals and national currencies with as little as $1
Start Trading
Description:
Create your account in minutes and start trading 90+ cryptos and other assets on the most flexible trading platform.
Payment Methods
Full regulations list:
4
Min. Deposit
$1
Promotion
User Score
8.5
The world's largest cryptocurrency exchange with over 2bn daily users
Innovative trading platform offering enormous range of crypto coins
Supports over 60 methods of payment including PayPal
Start Trading
Description:
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
Payment Methods
1Pay, 2C2P, 3d Secure Credit Card, ACH, ANELIK, Abaqoos, AdvCash, AlertPay, Alfa-Click
Algocharge, AliPay, American Express, Apple Pay, AstroPay, BPAY, Bank Link, Bank Transfer, Bank Wire, Baofoo, BitGold, BitPay, Bitcoin, Boleto, Bonds, Borneo Exchanger, Bradesco, CEX.io Mobile App, CFDs, CSS System, CUPS, CartaSi, Carte Bleu, Carte Bleue, Cash, CashU, Cashier Order, Check, Check (UK only), China UinonPay, China Union Pay, China UnionPay, ClickandBuy, Commodities, Contact, Contact Z, Credit Card, Cryptocurrencies, Currencies, DCPay, DIXIPAY, Dankort, Debit Card, Dengi Online, DineroMail, DirectPay, Dotpay, E-dinar, ELV, ENets, EPS, ETFs, EXCARD, Easy2Pay, EcoPayz, Ecommpay, Ecurrencyzone, EgoPay, Emerchant Pay, Eprotections, EstroPay, Ethereum, Euro Bank Account, Euteller, Express Dotpay, Express Polish Post Office 24/7, Express Zabka Market, Ezeebill, Ezybonds, FasaPay, Fastapay, Fastbank, Faster Payments, FilsPay, Forex, GTBank, Gate2Shop, Giropay, GlobalCollect, GlobalPAY, GlobePay, Gluepay, Google Pay, Halcash, I-Account, IPS, Ideal, Indices, Individual US State License(s), Indonesia Exchanger, InstaBill, Instadebit, IntellectMoney, Interswitch, Investmate, Investmate, Itukar, KNET, Klarna, LaoForexBoard, LavaPay, Lion Payment, LiqPay, Litecoin, Lobanet, MOTO, MT4, MT5, Mailing Cash, Market Maker, Masari, Mastercard, MegaTransfer, Mister Cash, Mobile Trading App, Mobile Trading Platform, Moneta, Money Bookers, Money Order, MoneyBookers, MoneyGram, MoneyPolo, Multibanco, NETBANX, Nab, Namecoin, Neosurf, NetPay, OKPAY, OMT, OmahPoin, OnPay.ru, Online Naira, OrangePay, PAYSEC, POLi, POLi & BPay, PYEER, PagoEfectivo, Paxum, Pay Nova, PayCo, PayPal, PayRetailers, PayWeb, Payeer, Payoneer, Payonline, Payvision, Payza, Perfect Money, PocketMoni, Postbank, Powercash 21, Prepaid MasterCard, Prepaid MasterCard (I-Account), Prepaid MasterCard (Intercash), Prepaid MasterCard (Payoneer), Privat 24, Przelewy24, QIWI, RBK Money, Rapid Transfer, RegularPay, SEPA, Safecharge, SafetyPay, SahibExchange, Shilling, SmartPay, Sofort, SolidTrust Pay, SorexPay, Sporopay, Stock Certificate, Stocks, Swish, Teleingreso, Thailand Exchanger, Ticketsurf, Todito Cash, Trade Interceptor, Transact Europe Payment, Trazus, TrustPay, Trustly, UAE Exchange, UPayCard, USD, Ukash, Unet, UnionPay, Unistream, Uphold, Verve, Vietnam Exchanger, Visa, VixiPay, VoguePay, Vouchers, Wallet One, WeChat, Web Based Trading Platform, WebMoney, WebPay, Webtrader, Western Union, Wire Transfer, Wirecard, Yandex, Yandex Money, Yemadai, YuuPay, Z-Payment, Zenith, cTrader, dinpay, eCard, eCheck, eKonto, ePay bg, ePayments Transfer, eToro Mobile Trading Platform, eToro Trading Platform, eTranzact, iPay, mPay, neteller, paysafecard, postepay, skrill, unichange.me
Full regulations list:
5
Min. Deposit
$0
Promotion
User Score
7.9
Earn up to 3.5% back in crypto on every purchase
No hidden fees or minimum balance
Immediate Trade Execution
Start Trading
Description:
BlockFi was created to provide credit services to markets with limited access to simple financial products. BlockFi sets itself apart from other crypto service providers by pairing competitive rates with institutional-quality benefits. BlockFi is the only independent lender with institutional backing from investors that include Valar Ventures, Galaxy Digital, Fidelity, Akuna Capital, SoFi, and Coinbase Ventures.
Payment Methods
Full regulations list:

Top DeFi platforms

1. Coinbase: Best for beginners

Coinbase is the best DeFi platform for beginners. Its one of the best known crypto exchanges around and its easy to use platform makes it a top choice for anyone just starting out with DeFi. On Coinbase you can trade over 100 cryptocurrencies and earn rewards through yield farming. 

Its DeFi Yield feature lets you lend your crypto to third-party DeFi protocols in exchange for rewards. You can earn interest on a select number of currencies and the yields range between 2% – 10%. One thing to note is that DeFi Yield is not available in all regions – for example USA based users can’t access the feature.

Sign up with Coinbase >

Pros

  • User friendly platform 
  • Over 100 cryptocurrencies available to trade
  • Can deposit and withdraw using fiat
  • Built in wallet

Cons

2. Binance: Best for trading DeFi coins

Binance is our experts’ pick as the best DeFi coins trading platform. It is one of the largest crypto exchanges in the world and billions of dollars worth of transactions take place on the platform every day. You’ll find hundreds of coins available including a wide range of DeFi tokens. When it comes to trading you have lots of options including spot, P2P, and margin. 

The platform is an excellent choice for traders with its advanced charting, technical indicators, and low transaction fees. Binance also offers a number of DeFi features including liquidity farming, crypto loans, and staking. Many of these tools are available through the Binance Earn section within the platform.

Sign up with Binance >

Pros

  • Hundreds of coins to trade
  • Low transaction fees
  • Lots of DeFi features and tools 
  • Advanced price charts and indicators

Cons

3. Nexo: Best for earning interest

Nexo is a top rated DeFi platform and is the best place to earn interest on your cryptocurrency and fiat currency savings. On Nexo you can access over 300 crypto pairs to trade, you can also earn interest on over 30 coins and 3 fiat currencies. The platform’s straightforward design makes it easy to start earning interest in just a few clicks. 

You can generate up to 17% APY paid out daily on some of the biggest coins like Bitcoin and Ethereum and up to 12% on the likes of GBP, USD, and EUR. Nexo is best known for its interest payments but users can access a host of other DeFi products on the platform. You can access instant crypto loans as well as trade a range of DeFi coins.

Sign up with Nexo >

Pros

  • Interest on over 30 cryptocurrencies
  • Interest on 3 fiat currencies
  • Daily payouts 
  • Over 300 coins available to trade
  • Instant crypto loans

Cons

4. OKX: Best for experienced users

OKX is a leading cryptocurrency exchange and offers a number of advanced decentralised financial services. To buy, sell, and trade any of the hundreds of coins available you can use spot trading, futures trading, and margin trading. OKX has a complicated trading fee structure that ranges depending on your tier or loyalty level, 

When using the platform you’ll have access to a range of DeFi features from staking to borrowing and everything in between. You can earn interest on over 100 coins by staking for a fixed or variable period. You can also borrow against your crypto through peer-to-peer lending or traditional DeFi methods.

Sign up with OKX >

Pros

  • You can use Fiat currency for deposit and withdrawals
  • Varios DeFi features 
  • High APY available 
  • Easy to use trading platform

Cons

5. eToro: Best DeFi platform for ease of use 

eToro is a multi-asset broker and the easiest DeFi platform to use. It has a lot of tools and features and its simple design means anyone can quickly start using the DeFi applications it has available. One of its best features is its social trading tools, which allows you to copy the DeFi coin trades of experienced users. 

Another benefit of using eToro is its smart portfolios. Using these you can invest quickly and easily into read made portfolios consisting of assets selected by eToro expert analysts. It has a decentralised finance portfolio which includes some of the biggest names in the space like Ethereum and Matic.

Sign up with eToro >

*68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Pros

  • Can deposit using fiat currency
  • Low fees and zero commissions
  • Social trading and copy features
  • Ready made portfolios including DeFI

Cons

What are DeFi platforms?

DeFi platforms, also called decentralised finance platforms let you access financial services operating on public blockchains. DeFi allows you to do most things that you can do with a traditional bank – earn, borrow, and lend among many others. When using DeFi all of these functions are much more efficient, faster, and do not require interference from a centralised authority. 

DeFi platforms facilitate financial transactions, allowing anyone to participate. Platforms are offered by exchanges or brokers who usually operate other cryptocurrency services. Each platform ranges in the types of functions, services, and features it has available 

How do DeFi platforms work?

DeFi platforms are pieces of software that allows users to make use of a wide range of decentralised financial services and applications. These platforms usually belong to an exchange or broker and are similar to many traditional trading platforms. It is helpful to view a DeFi platform as the ‘tool’ that connects you to the decentralised finance space. 

DeFi platforms facilitate a wide range of applications including earning interest, borrowing, lending, and trading among others. Some platforms will require you to use a wallet to make transactions while others accept fiat currency. 

How should I choose a DeFi platform?

Choosing a DeFi platform is much like choosing any other type of financial platform and there is a range of factors to consider. Below you will find the key features to look out for when choosing a DeFi platform:

  • Fees. All DeFi platforms charge fees for various services and sometimes the charges can quickly add up. Before selecting a platform you should check the fee schedule for a specific service you require. 
  • Services. Not all platforms offer the same services – some may focus only on lending while others will incorporate a wide range of decentralised services. Before using a platform you should make sure that it offers the services you’re after. 
  • Choice of crypto available. If you want to use a DeFi platform to trade then you’ll need to check what coins are available. Some brokers or exchanges are limited in what is available so it’s a good idea to find out before you register. 
  • Payment methods. When using some DeFi platforms you can connect your wallet and deposit any crypto you hold. Others accept fiat deposits but may charge a fee. The payments page for any platform will give you the answers you require. 
  • Security. Hacks are a worry for many users and platform operators and while they are not a frequent occurrence as they used to be, malicious attacks can still happen. It’s a good idea to go with a platform that takes security seriously. 
  • Supported wallets. Some DeFi platforms, especially those operating as a DEX, require you to connect a wallet before using one. Not all platforms accept the same wallets so you should check before hand. 

Should I use a DeFi platform?

It depends on your level of experience and what you want out of your crypto activities. If you want to generate yield or interest from your idle assets then using a DeFi platform is your only choice. On the other hand if you just want to buy Bitcoin, you don’t necessarily need to use one. Before you start you should have a clear idea and understanding of your requirements. 

What are the risks of using a DeFi platform?

Using a DeFi platform comes with a lot of benefits but there are a few risks you need to take into account too. Here’s a few of the benefits and risks of using a DeFi platform:

Benefits

  • Access to decentralised financial services
  • You can start with very little initial deposit
  • Ability to earn interest and take loans at good interest rates
  • Buy, sell, and trade lots of crypto coins

Risks

What are the fees for using a DeFi platform?

There is no one size fits all when it comes to fees for using a DeFi platform. Each platform will have its own charges and will depend on the service you’re using. For example you may have a transaction fee for trading, depositing, and withdrawing funds. There will also be fees involved for staking, yield farming, and similar services. 

Methodology: How did we choose the best DeFi platform?

We followed a strict process when evaluating each DeFi platform listed on this page. Our cryptocurrency experts searched the market and selected the best platforms based on a range of features. This included registering an account, depositing funds, making transactions, exploring other features and tools available. 

When comparing each platform we used a combination of our own research as well as online reviews. Our rankings have not been influenced by any platform. However on occasion we may make an affiliate commission if you click on a link and use a service. You Can learn more about our review process here.

FAQs

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Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.