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January 06, 2023

Custodial vs Self-Custodial Wallets

Custodial Wallet - With a custodial wallet, another party controls your private keys. In other words, you’re trusting a third party to secure your funds and return them if you want to trade or send them somewhere else. While a custodial wallet lessens personal responsibility, it requires trust in the custodian that holds your funds, which is usually a cryptocurrency exchange.

Examples of Custodial Wallets: Wyre, Coinbase, Binance, Bittrex, etc

Self-Custody Wallet - Non-custodial crypto wallets give you complete control of your keys and therefore your funds. While some people store large amounts of crypto on exchange accounts, many feel more comfortable with a non-custodial wallet, which eliminates a third party between you and your crypto.

Examples of Self-Custody Wallets: Ember, Metamask, Ledger, Trezor

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