Custodial and a non-custodial wallets — which one to choose?
Everyone wants to get privacy when they are online. And one of the important thing is cryptocurrencies. But not all crypto wallets can afford to provide crypto services with privacy option. For example, generate and save your wallet private and public keys in their databases. Well, what we can do ?
We have to know about different types of crypto wallet. There are two types wallet: custodial wallet and a non-custodial.
A custodial wallet maintains is the same solution as traditional finance. They have full control of your private keys, and through them your funds. Using a custodial wallet is simple for the average user and removes the responsibility of memorizing a seed phrase or having to keep it safe. However, it also leaves users exposed to large-scale hacks or data breaches if something goes wrong for the custodian
A non-custodial wallet is the most secure form of crypto wallet. Only users get complete control over private keys of their wallets. Also you don`t need send information for KYC to create wallet.
Lets see most popular free non-custodial wallets:
1. Trust wallet — trustwallet.com — Multicurrency wallet with multiwallet and DApps options
2. Electrum — electrum.org — Oldest bitcoin wallet
3. Jaxx — jaxxwallet.io — Nice multicurrency without multiwallet options
4. Bitcoinox — bitcoinox.com — Useful multicurrency wallet with multiwallet options and NFT support
5. Coinomi — coinomi.com — One of oldest multicurrency wallet too.
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