A Non-Custodial Wallet: What Is It?
The term “non-custodial” refers to the fact that the wallet provider just acts as an interface that lets you access your cryptocurrency with ease and convenience and permits third-party integrations; it does not have custody of your cryptocurrency.
The primary distinction between non-custodial and custodial alternatives is this. With custodial wallets, which are frequently centralized as well, your cryptocurrency is kept safe and secure by the firm providing the service. For example, centralized cryptocurrency exchanges are often custodians, meaning you do not own the private keys; instead, they hold your Bitcoin for you.
This is where “not your keys – not your Bitcoin,” one of the most well-known sayings in the field, becomes relevant.
You are the one who must keep your private keys in non-custodial wallets, which lets you keep complete ownership of your assets. This is not without its hazards and difficulties, of course.
If you decide to utilize a non-custodial wallet, you are the only one who has to keep your private keys safe. Remember that this is only an interface, so if you lose access to them for any reason, you also lose access to your money, and the wallet provider is unable to assist you in getting them back. Anyone who cannot take on the duty of keeping their private keys safe should not use a non-custodial crypto wallet.
That being stated, here are the top non-custodial bitcoin wallets for 2019 to take into account.
Best Hot Non-Custodial Wallets
In general, hot wallets are thought of as software solutions lacking accompanying hardware. You must maintain an internet connection to utilize them.
MetaMask Non-custodial wallet
It has now expanded to become the most widely used non-custodial wallet. This is mostly because during the enormous DeFi surge in the summer of 2020—later dubbed the DeFi summer—it was one of the few alternatives accessible. Aside from DeFi, however, another primary application of MetaMask is its integration with well-known NFT marketplaces like OpenSea. In addition to storing ERC-20-based tokens, MetaMask may be linked to work on additional EVM networks, including Optimism, Polygon, BNB Chain, and Arbitrum. The cryptocurrency wallet acts as a browser plugin that lets users engage with Ethereum-based and other EVM-compatible network decentralized programs or dApps.
Electrum
Electrum is a non-custodial wallet that is exclusive to Bitcoin and has surely withstood the test of time. It is among the most established hot wallets in the sector.
It’s an open-source program that works with Android smartphones, Linux, Macs, and PCs. Hardware wallets, multi-signature, and other features are supported. Established in 2011, the wallet was made available under the MIT License. This implies that other programmers can clone and utilize the source code to build apps that are comparable to yours. As many people have already done, it’s crucial to click the official link. Electrum’s primary characteristic that sets it apart from other non-custodial wallets is its unwavering concentration on Bitcoin. It takes the multi-signature security feature of the Bitcoin protocol and makes it simpler to use.
The Best Non-Custodial Wallet for Solana Is Phantom Wallet
The Phantom Wallet is without a doubt the most widely used self-custody wallet among Solana network users. Its excellent performance, multipurpose design, and all-around user-friendliness are major factors in its appeal.
Similar to MetaMask, it is accessible as a browser extension. Additionally, a fully functional and user-friendly mobile version for iOS and Android devices is available. Customers can check their NFTs, finances, settings, and much more by swiftly switching between tabs on the mobile version, which is straightforward.
Phantom has a plethora of functionality, so don’t be fooled by its straightforward user interface. These features include:
- Investing
- Change
- Integration of cold wallet
- extras like self-custody storage.
- Because of this, it is now not only the greatest non-custodial wallet overall but also the best Solana wallet.
MyEtherWallet
An industry veteran, MyEtherWallet (MEW) caters mostly to individuals with technological experience. It is a client-side, free interface made to assist users in interacting with the Ethereum blockchain. Though a little more technical than the other items on the list, it is still fairly simple to use. Its complete open-source nature is another factor to take into account. Similar to several other wallets on our list, MEW is also interoperable with other Ethereum-compatible networks. These consist of the BNB Chain, Polygon, Ethereum Classic (ETC), and so on.
With its cross-chain swapping capabilities, users will be able to switch between Ether and Bitcoin, Litecoin, or Dogecoin. If you choose to switch, it integrates with a few decentralized exchange aggregators, like 1inch, to provide the best pricing.
Atomic Wallet
Another well-known non-custodial option for anyone looking to keep their money on-chain is Atomic Wallet. Numerous networks are supported by it, including Avalanche, Polygon, Fantom, Ethereum, Solana, and the BNB Chain.
On the many supported blockchains, users may engage with a variety of decentralized apps, from lending protocols to non-fungible token exchanges and much more.
It’s important to note that the wallet has incorporated an internal swap feature thanks to its collaboration with Simplex. The latter is a fiat platform with a centralized on-ramp. This implies that to withdraw currency, you would need to quickly complete a KYC verification process. These transactions come with additional fees:
- 5% fixed cost for purchasing cryptocurrency through Simplex, with a $10 minimum.
Coinomi
Another well-liked option with a lengthy history is Oinomi. Launched in 2014, this multi-currency wallet is among the oldest non-custodial wallets available.
More than 1,770 digital assets are supported, some of which may be transferred using SegWit to lighten transaction loads. It supports around 125 networks. Direct access to dApps, several Web3 projects, its internal exchange, and direct token exchanges are all offered by Coinomi to its users.
Along with its strong security measures, Coinomi is accessible to a broad user base across several platforms and operating systems, including as Windows, macOS, Linux, iOS, Android, and iOS. Additionally, it is offered in eight other languages.
