Self-Custodial Wallet and Benefits of Choosing a Trust Wallet

What is a Self-Custodial Wallet?

A Self-Custodial Wallet is a Wallet where anyone can store digital money like cryptocurrencies and other digital assets. A Self-Custodial Wallet is also known as a decentralized wallet or non-custodial wallet which is compelled to transact with blockchain-based financial applications, such as the Compound Liquidity Pool and other DeFi applications. A Self-Custodial Wallet is a Cryptocurrency wallet that gives users full control of their funds and private keys. Third parties will not have access to users’ private keys.

Are Self-Custodial Wallets Secured?

Self-Custodial wallets are more secure because you will be responsible for your funds. But the big thing is you want to store your recovery phrase strongly to keep your funds safe and if you lose the recovery phrase no one will be there to help you. The main thing is that you need to trust yourself when you use a self-custodial wallet.

Types of Self-Custodial Wallet

• Mobile wallet
• Smart contract wallet
• Hardware wallet
• Desktop wallet
• Paper wallet

Custodial Wallet Vs Self-Custodial Wallet: Which is Best?

Self-Custodial Wallets are more popular than Custodial Wallets but still, there were many companies choosing the Custodial Wallet as a better option.

So, you need to choose which one of the two is suitable for you.

Custodial Wallets

Custodial Wallets are pretty much easy to use for newcomers. It functions like an ordinary online account which only needs a username and password to access. The second most important thing is users need not bother about their funds if they lose the private keys or recovery phrase because the company itself manages the private keys. Users can recover their accounts even if they forget the passwords.

Self-custodial wallets

Moreover in Sef-custodial wallets, you can keep your funds in a highly secure manner because in these wallets the funds and private keys were completely controlled only by the users. But the most important thing is you need to keep your private keys or recovery phrases safe and secure. There will be no one to help you if you lose the recovery phase.

One of the examples for Self-custodial wallet is Trust Wallet

Trust Wallet is a multi-chain wallet that supports 68+ blockchain networks and also millions of various assets in this trust wallet the users will only have the access to their private keys so that users can store their funds very securely and advantage of a trust wallet is that it does not charge any transaction fees.

Choosing the best type of wallet to store your funds is important.

It is better if you choose a Self-Custodial wallet, especially a Trust wallet because everybody will have trust in themselves, especially in money matters. If you have digital assets and want to store them securely or if you have your own exchange and want to add a self-custodial wallet like a trust wallet you can build it instantly by reaching any cryptocurrency wallet development company that can provide you the Trust Wallet Clone App.

Source: Medium