What is the difference between a custodial wallet and a non-custodian wallet?

The foremost factor to consider when comparing the Custodial vs non-custodial wallets is who holds the private key. In case of Custodial wallets, the third party manages the private key. Whereas, in the case of Non-Custodial wallets, all the blockchain custodian services reside with users.

What is a non-custodial Crypto Wallet?

A non-custodial crypto wallet is a wallet where only the holder possesses and controls the private keys. For users who want full control over their funds, non-custodial wallets are the best option. Since there are no intermediaries, you can trade crypto directly from your wallets.

What is a self custodial Crypto Wallet?

When it comes to backup and recovery possibilities, self custodial wallets or non-Custodial crypto wallets lag behind the Custodial one. The Custodial wallets keep the private key with themselves. So, even if you lose the access to data, you can regain the access by requesting the third party.

What is the best non-custodial wallet 2021?

Some examples of best Non-custodial wallet 2021 are: Electrum, Exodus, Ledger Nano X, Trezor One, Zengo, Wasabi, among others. While the aforementioned ‘Custodial vs. Non-Custodial wallets’ comparative factors will help you in picking the right Blockchain wallet, we highly recommend Non-Custodial Wallets.