Your crypto investment journey should include the storage of digital assets. Non-custodial wallets will become more popular as decentralized finance grows.
Non-custodial wallets enable users to fully own their assets. The name (non-custodial) comes from the fact that the wallet itself doesn’t have custody of your crypto but rather serves as an interface that enables you to easily conveniently access it while also allowing third-party integrations.
This is the main difference between custodial and non-custodial solutions – ownership. On the other hand – with custodial wallets – it is the company that offers the services that safeguards and keeps your crypto. In other words, custodians of centralized cryptocurrency exchanges often keep your crypto for the company, while you do not have access to your private keys.
This is where one of the most popular sayings in the industry comes into play – “not your keys – not your Bitcoin.” Of course, it can be extended to every other cryptocurrency.
You retain full control of your assets through non-custodial wallets. Your private keys are stored by you. This comes with risks and challenges. If you choose to use a non-custodial wallet, you’re solely responsible for protecting your private keys. If your keys are lost, you can’t access your funds. The wallet provider can’t help you.
For those who are unable to handle their own private keys, non-custodial crypto wallets may not be suitable.
Here are the top eight most trusted non-custodial cryptocurrency wallets in 2022.
MetaMask is a veteran in the browser extensions’ wallet field, and it was launched in 2016 by the market-leading blockchain technology company, ConsenSys. It has been the most popular non custodial wallet since then. It is the most popular non-custodial wallet because it was available in the DeFi boom of 2020. This later became known as the DeFi summer. MetaMask’s integration with OpenSea has been a major use over the past year. This allows for the purchase and sale of NFTs.
MetaMask can be used to create ERC-20-based token wallets. However, it can also function on other EVM networks like the Polygon, Optimism and BNB Chain. A browser extension allows users to interact and create decentralized apps (dApps), on Ethereum and other EVM compatible networks.
It also features an in-house Swap feature, which allows users to exchange tokens quickly without having access to a DEX.
MetaMask does not claim ownership or custody over your private keys and seed phrases. You have complete control over them.
MetaMask is limited to the Ethereum blockchain and networks that were built with the Ethereum Virtual Machines, (EVM). MetaMask is not able to store cryptocurrency like Bitcoin (BTC), Solana (SOL) or any other cryptocurrencies.
Coinbase Wallet is a wallet that was created by Coinbase, a top US cryptocurrency exchange.
First, Coinbase Wallet provides a familiar user interface to existing solutions. This makes the transition for self-custody wallet holders very simple. At the same time, however, it carries the reputation of the Coinbase brand, which – with almost 90 million users across the world – is a factor to consider.
The wallet was introduced in 2018 and is widely recognized as one the easiest-to-use self custody solutions on the market.
Coinbase Wallet supports Ethereum, all EVM-compatible Blockchains, and can be installed in Chrome extensions just like MetaMask. Coinbase Wallet extensions, unlike MetaMask, support Solana tokens and SPL tokens.
Coinbase Wallet comes with a fully developed mobile app that is easy to use, fast, and convenient. The mobile app provides seamless user experiences and supports holding major non-EVM tokens like Ripple, Dogecoins, Litecoins, Ripple, Ripple, etc.
Coinbase Wallet operates independently of its parent company in a way that it doesn’t require any sort of registration, KYC, or a Coinbase account. If you do wish, you have the option of connecting your Coinbase Wallet to a Coinbase custodial account, providing users of Coinbase’s centralized exchange with the option to quickly transfer assets from one to another. Again, this option is entirely optional.
Trust your wallet
Trust Wallet, an open-source, decentralized crypto wallet app, offers users a variety of options to store, buy, and sell digital assets.
Trust Wallet supports more than 35 blockchains and 160 digital assets. The wallet offers features such as buy, trade, and exchange that enable users to trade one cryptocurrency asset for another, or even buy crypto with fiat.
Without compromising security or privacy, users can also interact on Ethereum with dapps and 14 other EVM-compatible ecos. It is available for desktop, iOS, and Android devices.
Binance purchased Trust Wallet, a leading cryptocurrency exchange in July 2018.
MyEtherWallet – MEW is a veteran in the space, and it’s geared more towards users with a technical background.It’s a free, client-side interface that’s designed to help users with the Ethereum blockchain. It’s very easy to use, albeit a bit more technical compared to the rest in the list.
Another thing to consider is that it’s entirely open source. MEW supports other Ethereum-compatible networks, much like many of the wallets on this list. These include Ethereum Classic, the BNB Chain and Polygon, as well as Ethereum Classic (ETC).
MEW also offers cross-chain swaps, where users can exchange Ether, Bitcoin, Litecoin or Dogecoin. It can be used with certain decentralized exchange brokers such as 1inch, to offer the best rates for swaps made directly from the interface.
MyEtherWallet also offers an app version of their web wallet. You can find a detailed guide here.
Coinomi, another popular option with a rich past, is also a popular choice. This multi-currency wallet is one of the oldest in the market.
It supports approximately 125 networks and over 1,770 digital assets. Some of these can be transferred via SegWit to simplify transactions. Coinomi allows users to access dApps, Web3 projects, the in-house exchange and token swaps.
Coinomi is secure and available for all operating systems and devices. This includes Android, iOS, Windows and macOS. It is also available for eight languages.
Exodus, a multi-currency and non-custodial cryptocurrency wallet, is compatible with Windows, Linux, Mac, Android, iOS, and other operating systems. This wallet is designed to be used by people who have never dealt with crypto before. It offers a simple, intuitive interface that makes it easy for them to use.
Exodus was designed to offer portfolio management and cryptocurrency exchange services. It allows users to store, manage and trade cryptocurrencies through a single interface. It supports over 130 different cryptocurrencies including BTC and ETH as well as BNB, SOL and DOGE.
The wallet also offers users a risk-free method to make money with crypto. Exodus pays a portion of the profits to users who make crypto-tocrypto transactions. The reward is sent directly to users’ accounts.
BRD is a firm believer in simplicity.
Formerly known as BreadWallet, BRD’s design is intuitive and suitable for new investors. The wallet even has a tutorial built in for new investors just starting out in crypto.
BRD supports all the major cryptocurrencies, including BTC (ETH), BCH (XRP), and all ERC-20 tokens. You can also pay for crypto purchases using over 35 fiat currencies.
Despite applying a simple design to its interface, BRD’s security measures are all but simple. It employs a host of advanced security features that are geared toward protecting users’ assets and private information.
BRD uses the Simplified Payment Verification, (SPV) in addition to its non-custodial functions, which permit only wallet owners to manage their funds. SPV allows users to connect directly to the Bitcoin network. This speeds up transactions and enhances security as there are no servers that can be hacked.
The wallet includes other security features such as AES hardware encryption, code signatures and touch ID. It also has a 6-digit pin for added security.
What non-Custodial crypto wallet is best for you?
It can be difficult to choose the right non-custodial cryptocurrency wallet for you. There are many options. It is important to take into account certain factors before you decide which wallet is right for you.
Are you a beginner or an expert in crypto? Are you looking for a wallet that has an in-house Swap feature and a dapp Browser? Are you looking for a wallet that can be used on desktop, mobile, or both? What kind of cryptocurrencies would you like to invest and store?
These questions will help you choose the right crypto wallet for you. Remember, though, that with non-custodial wallets, you’re solely responsible for the safety of your funds, so security should always be at the top of your priority to ensure that you safeguard your assets at all times.
Our extensive guide to crypto security is a must-read.
The Pros and Cons of Non Custodial Cryptocurrency Wallets
Self-custody wallets come with a host of benefits that a lot of cryptocurrency-native users prefer, but they also have their disadvantages. All of these are entirely subjective and depend on the user’s preferences, as well as technical background.
- You have complete control over your private keys
- Ability to interact native DeFi applications
- There is no KYC or other verification.
- This is a lot more difficult than custodial options.
- Greater risk: If you lose or misrecord your seed phrase, your funds will not be accessible again.