What are non custodial wallets?

In this guide, we explain what non-custodial wallets are

A non-custodial wallet is a type of cryptocurrency wallet that is fully decentralized, and only you have access to it. 

When using a non-custodial wallet, you can connect to any DEX platform, authenticate on an NFT selling platform, as well as on an exchange. 

Mechanism of non-custodial wallets:

The mechanism of non-custodial wallets is that the owner controls the private keys to their account! In other words, nobody, not even developers, can freeze the funds or control them in any other way. 

Private keys and SEED phrase:

SEED phrase – a private key consisting of 12 or 24 words, arranged in a specific order.

If lost, you won't be able to access your wallet.

Private keys sign transactions, and they can also be used to import your wallet onto any other device. 

Advantages and disadvantages of non-custodial wallets.

Non-custodial cryptocurrency wallets do not have additional services, but they provide a much higher level of security compared to centralized alternatives.