Dharma Wallet Review & Tutorial 2021: Get a $50 ETH Sign-up Bonus

Dharma is an open-source and non-custodial wallet built on Compound and giving users a gateway to DeFi. From investing in crypto-assets to using lending pools and providing liquidity on DEXs to staking your tokens. With Dharma you can do it all, directly from your bank account.

In this review, I take you through Dharma Smart Wallet app, we’ll look at their smart wallet, supported tokens, referral programs and fees.

What is Dharma Smart Wallet?

The Dharma Smart Wallet, is an open-source and non-custodial wallet built on Compound and allows users to deposit and earn interest, trade and send funds easily. Launched by Dharma Labs in April 2019, the wallet was originally created to help people lend and borrow at fixed rates and durations.

Dharma Labs was founded by Brendan Forster and Nadav Hollander with backgrounds in tech, working at Microsoft, Uber Eats, Coinbase, and Google in the past. Plus Dharma has been funded by some top crypto-based venture capital firms including Polychain, YCombinator and Coinbase Ventures.

dharma wallet review

With the wallet, you start to earn interest on your crypto assets, as soon as you make a deposit into your Dharma account. Or if you live in a supported region (like the US) you can deposit FIAT from a debit card. Interest is withdrawable at any time with no minimum or maximum deposits, withdrawals, and no lock-ins.

Dharma was the first mobile wallet with native support for UniSwap V2. So if you ever want to make a trade on the go, Dharma allows you to trade and seamlessly swap 2000+ DEFI assets on your mobile device.

Sign-up to Dharma & Use Referral Code NZPRJC to Earn $50 of ETH Bonus

Dharma Referral Code: $50 ETH Sign-up Bonus

If you’re new to Dharma you can easily earn $50 of ETH for free. Just download Dharma wallet and use referral code NZPRJC you will earn $50 of ETH for free

Dharma Wallet Referral Code $50 ETH

How to Sign-up to Dharma & Earn $50 ETH

  1. Download Dharma Wallet for with Apple iOS & Android
  2. Go to ‘Settings‘, then ‘Promotions‘ & Enter Referral Code NZPRJC
  3. Connect your Bank Account & Buy $500 worth of Crypto
  4. Share your Dharma Promo Code with Friends & Family & both earn $50 of Ethereum

DeFi Apps on Dharma Wallet

Dharma Smart Wallet currently supports a number of DeFi application which include some of the most popular DEX’s and platforms for earning interest:

  • UniSwap – Easily swap any ERC20 tokens using UniSwap decentralised exchange
  • Compound Finance – A decentralized service for lending and borrowing crypto assets
  • Aave – DeFi lending protocol for lending and borrowing a diverse range of cryptocurrencies
  • Yearn Finance -DeFi yield aggregator 
  • PoolTogether – Deposit to PoolTogether for no-loss prize games on Ethereum
Dharma Wallet DeFi Apps

What Tokens Does Dharma Support?

Dharma smart wallet supports Ethereum and all ERC20 tokens. When you deposit FIAT into Dharma it will be converted into USDC, you can then swap this for Ethereum or another ERC20 based tokens using the likes of UniSwap with the app.

How to use Dharma wallet

Dharma Wallet Fees

Previously, Dharma offered zero gas fees, however with the rise of Ethereum Gas, this was no longer possible. However, Dharma do offer some services fee-free, including governance actions, claiming rewards and transfers.

  • Dharma Fees is how Dharma makes money. There fee schedule can be seen below;
  • Buying/Selling via Bank — Max Fee = 1%
  • Crypto Swaps — Max Fee = 1%
  • Stablecoin Curve — Max Fee = 0.25%
  • Lending Pools (eg. Aave, Compound, Yearn) — Max Fee = 0.25%
  • Liquidity Providing (eg. Uniswap, Sushi) — Max Fee = 0.25%
  • Governance Actions (Delegation, Voting) — Free
  • Claiming Rewards — Free
  • Transfers — Free

Is Dharma Wallet Safe

The wallet is non custodial, meaning you are your own custodian. Essentially, when you are your own custodian, your money is your own and no one else can move it (or take it away) without your consent. However, just be aware of this as if someone takes control over your funds, they will have full possession and theres no way to get your money back. This is why it’s important to enable all of the security features offered by the Dharma wallet.

is Dharma Smart Wallet Safe

Dharma Support

Unfortunately, Dharma dont have support inbuilt into their smart wallet. However, they do have chat support available on their website. They also offer a good FAQ section from inside the app to answer any pre-answered questions.

Dharma vs Argent Wallet

Another wallet similar to Dharma is the Argent wallet. Argent is an Ethereum based mobile wallet where you can store, send, and save; borrow, earn interest, and invest.  With the ability to enjoy decentralized apps in just a few taps including the likes of AavePoolTogetherCompound Finance,and Uniswap.

Argent initially launched their wallet providing fee-free transactions, however, due to the increase in gas fees it no longer became feasible for them to do so. There are still a few free features available, and if you’re interested in checking out the Argent wallet check out my review here.


Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future. After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.

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