Retain Control Of Your Crypto: These Are The Top 5 Non-Custodial Wallets
Not your keys, not your crypto. It’s a mantra that’s been repeated time and again by cryptocurrency users over the years, and the reasons for doing so became explicitly clear with the stunning collapse of the FTX cryptocurrency exchange late last year.
FTX showed exactly why centralized storage of cryptocurrency cannot be trusted. As the lights went out at FTX, so too did the ability of thousands of its users to access their crypto funds. The bad news is that, for many users, it’s unlikely they’ll ever see that money again, as FTX later filed for bankruptcy owing millions of dollars to its users, and there simply isn’t enough money left over to pay everyone back due to its mismanagement of customer funds.
With FTX, users stored their crypto in what’s called a “custodial wallet”, where the exchange has full control over them. Custodial wallets offer more convenience, allowing users to make instant swaps. However, that convenience is only useful so long as you can access your funds, and the unfortunate truth is that being able to do so is never sure. With custodial wallets, the exchange controls the private keys that allow the corresponding funds on the blockchain to be accessed, and if it doesn’t want to give them up, it doesn’t have to.
That’s why it makes absolute sense for anyone who’s seriously invested in crypto to store their funds in an alternative, “non-custodial wallet” instead. A non-custodial wallet is not an exchange, but rather a separate wallet app that’s fully controlled by the user. When you buy crypto from an exchange, those funds should be transferred immediately into a non-custodial wallet. Once done, no one can prevent you from accessing your crypto because you control the private keys. Okay, it’s a little less convenient, but the extra hassle is worth it for the peace of mind it brings
When it comes to non-custodial wallets, there are plenty of options to choose from. Indeed, the choice can sometimes seem overwhelming to new users. So, we’ve narrowed it down to what we believe are the five best non-custodial crypto wallets around.
1. MetaMask
If you’re going to be interacting with your crypto from a PC more often than not, there are few better options than MetaMask. One of the oldest and most recognizable browser extension-based wallets around, MetaMask was launched back in 2016 and has since become one of the most popular of all.
The MetaMask wallet is ideal for DeFi users especially, integrating with all manner of decentralized finance applications and also NFT marketplaces such as OpenSea.
One of the main reasons for MetaMask’s popularity is its widespread support for hundreds of different tokens. Users can create a wallet address for any EC-20 token, as well as tokens on other blockchains such as Arbitrum, BNB Chain, Polygon, Optimism, and others. Moreover, it is extremely convenient. As a browser extension, users can switch between various DeFi web apps and immediately access their funds.
MetaMask also offers its own token swap functionality, allowing users to swap ETH for MATIC, for example, in seconds, without needing to visit a decentralized exchange. Because it’s a non-custodial wallet, MetaMask never takes custody of users’ assets or private keys, ensuring they will always have full control of their funds.
The biggest disadvantage with MetaMask is that, because it only supports EVM-compatible blockchains, it cannot be used to store Bitcoin and tokens on other types of network, like Solana.
2. Trust Wallet
As an open-souce and fully decentralized cryptocurrency wallet app, Trust Wallet supports numerous different tokens and provides an extensive range of options for those who want to store a large portfolio of digital assets and buy and sell with convenience.
The extensive support for more than 35 blockchains is one of the best features of Trust Wallet. Altogether, it supports more than 160 different kinds of cryptocurrency. Moreover, within the app, it has its own built-in swapping mechanism that allows users to quickly trade one cryptocurrency for another. Alternatively, it also supports credit cards and bank transfers, allowing users to buy crypto with their fiat savings.
Trust Wallet is a good option for DeFi users too, thanks to its ability to interact with dApps on Ethereum and 14 other EVM-compatible blockchains. The app can be downloaded on Android and iOS smartphones and tablets, and there’s also a Web-based version, making it a good choice for those who want to be able to access their funds from multiple devices.
3. Klever Wallet
For those looking to do more with their crypto, it’s hard to find a more useful non-custodial wallet than Klever Wallet. It’s a mobile app available on Android and iOS that likes to call itself the “gateway to DeFi”, with simple onboarding for new users and a heap of security features.
Klever Wallet is compatible with multiple types of cryptocurrency, and together with this widespread support, it offers an ecosystem of built-in DeFi services. From directly within the app, users can buy, send and receive crypto, swap assets, and stake different tokens. It even has integrations that allow users to spend their crypto funds on hotel bookings, online shopping sites, and more. The built-in block explorer enables users to study their transaction histories.
Other features include the built-in Klever Spot Exchange, which gives users more advanced trading features than the simple swap feature. One of the key advantages is that Klever simplifies the user experience while providing advanced functionality.
Enhanced security is another bonus. For convenience, users can store their funds in the so-called “hot wallet”, using just the app to access their funds quickly, whenever they require. For longer-term storage though, users can utilize Klever’s unique “cold wallet” functionality. To do this, users must purchase the KleverSafe device separately in order to store their funds offline. Because KleverSafe is no bigger than a typical thumb drive, it is extremely portable, meaning users can keep their funds safe in cold storage, disconnected from the Web, and still access them at any time.
4. Coinomi
Another highly recognizable name in the crypto wallet world is Coinomi. The app dates back to 2014 and is therefore one of the oldest non-custodial wallet apps in the world.
Coinomi lays claims to millions of users, and one of the main reasons for that is its incredible support. It’s compatible with more than 125 blockchain networks, and supports a total of 1,770 digital tokens, many of which can be transferred using the SegWit protocol to ensure they’re verified and confirmed faster.
It provides extensive functionality too, offering in-app token swaps, a built-in decentralized exchange for more comprehensive trades, and access to a range of useful DeFi applications and services. Users can spend crypto within the app too, on things such as Gift Cards, Web3 domains and NFTs, there’s a block explorer for exploring transactions, and of course it can be used to purchase crypto using a credit or debit card.
Perhaps the best reason to use Coinomi is its accessibility, with the app available in eight different languages on just about any kind of device, including Android, iOS, Windows, Linux and macOS.
5. Exodus
User-friendliness is the name of the game for Exodus, which works on Windows, Mac and Linux PCs as well as most mobile devices. Exodus is targeted at beginners who have never previously interacted with crypto, and offers an intuitive user interface and extensive knowledge base.
Like most other wallets, Exodus provides easy access to crypto exchange services, allowing users to build up a portfolio and swap and trade crypto from within a single app. More than 130 tokens are currently supported, including major ones like BTC, ETH, DOGE, BNB and SOL.
Exodus also provides users with a unique way to earn money. Whenever users make a crypto-to-crypto transaction, they’re entitled to receive a small percentage of the profit, which is deposited directly into their wallet balance.
Which Wallet Should I Use?
The above wallets are all excellent, providing comprehensive functionality that allows users to build and manage a portfolio of digital assets and keep them safe. Ultimately, each user will have their own preference for a specific type of wallet based on its unique features and the design of the UI, but there should be something for everyone in the above selection. Just remember the reason why it pays to keep your funds in a non-custodial wallet. By controlling your own private keys, you control access to your funds and no-one, not even the government, can prevent you from accessing them.
***
DISCLAIMER
The views, the opinions and the positions expressed in this article are those of the author alone and do not necessarily represent those of https://www.cryptowisser.com/ or any company or individual affiliated with https://www.cryptowisser.com/. We do not guarantee the accuracy, completeness or validity of any statements made within this article. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author. Any liability with regards to infringement of intellectual property rights also remains with them.