If you’ve just begun investing in crypto, you must first consider storing your cryptocurrencies securely. With the booming of DeFi, the role of non-custodial wallets cannot be emphasized enough. Are you someone who wishes to take custody of your crypto? Then, the best crypto wallet for you would be a non-custodial wallet.
These digital wallets allow users to take full ownership of their assets. The name (non-custodial) refers to the fact that the wallet does not hold custody of your cryptocurrency but acts as an interface allowing you to access it while permitting third-party integrations readily.
The main difference between custodial and non-custodial crypto wallets is ownership. On the contrary, there is a company that safeguards and keeps your crypto assets in a custodial wallet. One example could be centralized crypto exchanges. They have your private keys and store your cryptos.
There is a popular saying in the crypto industry, ?not your keys?not your Bitcoin.? This holds for every cryptocurrency.
When you store your digital assets in non-custodial Bitcoin wallets, it gives you the liberty to retain full ownership of your cryptos. You are the one who needs to store your private keys. Naturally, it will unfold a plethora of risks and challenges. And, as you’re solely responsible for keeping your private keys safe in these wallets, you cannot rely on anyone else to help you retrieve them if lost or hacked. You will simply lose complete access to your funds.
This blog will discuss the top non-custodial cryptocurrency wallets you can choose to keep your cryptos safe. ImmuneBytes hosts a professional team of experts providing smart contract auditing who wouldn’t let any of your queries go unanswered. So, let us begin.
How To Create A Non-Custodial Wallet?
Table of Contents
- 1 How To Create A Non-Custodial Wallet?
- 2 Top 10 Non-Custodial Crypto Wallets and Their Features
- 2.1 MetaMask
- 2.2 Coinbase Wallet
- 2.3 Trust Wallet
- 2.4 MyEtherWallet (MEW)
- 2.5 Coinomi
- 2.6 Exodus
- 2.7 BRD
- 2.8 Ledger
- 2.9 Trezor
- 2.10 Atomic Wallet
- 3 The Bottom Line
Before going into the detailed list of these wallets, it would be helpful to know the process behind creating a non-custodial crypto wallet.
You must take two groups of actions to create a wallet. These are
The Registration Process of New Users in the Application
All the steps that you have to take during the registration phase. Blockchain wallets and ledger accounts must be generated when new users register for the program. Each user should have his or her blockchain wallet. Every account should be created with the customer’s external ID. This allows you to get a list of all accounts for a specific customer.
When you create accounts, you should also generate blockchain addresses and link them to the ledger accounts. This initiates the automatic synchronization of new blockchain transactions.
User Application Journey
All the actions users take while in the application. A list of the user’s accounts should be presented when they sign into the program. Typically, the most recent accounts’ transactions are also displayed.
The user can only access the account data and transactions associated with this account. It is usually a good idea to show the blockchain addresses associated with this account when sending a blockchain transaction.
Finally, the option to transmit the transaction from the account to a blockchain address should be available.
So, that’s all you got to do. There are many more things you can improve in your app and features you can add, but this should be a good starting point for you and your wallet.
Now, we’re all set to get straight to the non-custodial wallet list.
Top 10 Non-Custodial Crypto Wallets and Their Features
You can pick these top wallets to store your digital assets.
Launched in the year 2016 by ConsenSys, MetaMask is a veteran among all other crypto wallets. It is considered one of the most widely used and the best non-custodial crypto wallets because it was the only wallet available when DeFi boomed back in the DeFi summer (2020 summer). Since then, it has integrated with OpenSea to purchase and sell NFTs.
Features of MetaMask:
- Users can easily create their own ERC-20-based wallet tokens that they can also integrate to function on a wide range of EVM networks like Arbitrum, BNB Chain, Optimism, Polygon, and more.
- It can act as a browser extension so that users can interact with dApps built on Ethereum and other EVM-compatible networks.
- You can even enjoy an in-house swap feature in the wallet that helps users exchange quickly without the need to access a DEX.
- MetaMask doesn’t take any ownership of your private keys or seed phrase, providing you with complete custody of your assets.
On the flip side, it only supports the Ethereum blockchain and networks that have been built using the Ethereum Virtual Machine (EVM). So, you cannot use it to store other cryptocurrencies like BTC, SOL, etc.
Coinbase is the leading US-based crypto exchange that created its Coinbase Wallet in the year 2018. People prefer it for multiple reasons’the wallet offers a familiar user experience to all the already available solutions. This makes it easier for the users to transition from their previous self-custody wallets. It holds a strong reputation for the brand that is being used by approximately 90M users worldwide.
Features of Coinbase Wallet:
- The wallet supports Ethereum and all the blockchains that are EVM-compatible.
- Just like the MetaMask, you can easily install it as a chrome extension.
- This non-custodial wallet coinbase also supports Solana and SPL tokens.
- It is readily available in the form of a mobile application that users can easily download, and it is convenient and very quick.
- It also supports Bitcoin, Ripple, Dogecoin, and Litecoin, which aren’t EVM-compatible.
- Operates independently? No KYC or Coinbase account required.
It is an open-source, decentralized, non-custodial wallet app that provides unmatchable prospects for buying, selling, and storing digital currencies.
Features of Trust Wallet:
- It supports more than 35 blockchains and over 160 cryptocurrencies.
- In-house buy, swap, and exchange features with which users can easily trade one crypto asset for some other or purchase crypto with fiat.
- With this, it is also possible interacting with dApps on Ethereum and other 14 EVM-compatible ecosystems without the fear of compromising privacy and security.
Did you know Binance purchased Trust Wallet in July 2018?
Additioanl Read: Binance launchpad what it is?
A veteran in the space, MEW is more geared toward users with a technical background. It helps users with the Ethereum blockchain.
Features of MyEtherWallet:
- It is open-source
- Supports additional EVM-compatible networks such as Ethereum Classic (ETC), Polygon, the BNB Chain, and so on.
- Delivers cross-chain swap features
- Works with DEX aggregators like 1inch
This is one of the most popular choices of people that has a rich history. Considered to be one of the best multi-cryptocurrency wallets, this is also one of the oldest non-custodial wallets in the market, launched in the year 2014.
Features of Coinomi:
- Supports 125 networks with over 1,770 digital assets.
- Users can directly access dApps, direct token swaps, Web3 projects, in-house exchanges, and more through the wallet.
- Possess tight security features
- Widely available to users from Linux, Android, Windows, and iOS
- Available in eight different languages
Exodus is designed to run on iOS, Android, Windows, Mac, and Linux. As this wallet primarily focuses on the newbies who haven’t interacted much in the crypto world, it encompasses a user-friendly interface.
Features of Exodus:
- This wallet provides crypto exchange and portfolio management services. So, it becomes users to make everything from a single interface’store, trade, and manage the cryptos.
- Supports over 130 different crypto currencies
- Offers a risk-free way to users
Amidst the other wallets that are riddled with complicated onboarding processes and complex user interfaces, BRD comes as a relief as it believes in simplicity. It was formerly known as BreadWallet, and the design of this wallet is appropriate for new investors. It also has tutorials for new investors in the crypto space.
Features of BRD:
- BRD accepts the majority of the market’s main cryptocurrencies, including BTC, ETH, BCH, XRP, and all ERC-20 standard tokens.
- It also allows payments in over 35 different fiat currencies for crypto purchases.
- It incorporates a slew of sophisticated security mechanisms aimed at safeguarding users’ assets and personal information.
- BRD employs Simplified Payment Verification (SPV) which links users directly to the Bitcoin network, increasing transaction speed and security because there are no servers to attack.
- There are several notable features like a 6-digit PIN, AES hardware encryption, Touch ID, and code signatures.
The advanced technology of this wallet ensures the highest level of security for storing, buying, and selling crypto assets?everything using a single app.
Features of Ledger:
- Supports more than 1500 tokens and 27 coins
- Their solutions integrate a unique operating system and a Secure Element to protect your assets.
It is a dependable solution with a hardware wallet to let you manage and trade your cryptos rather than relying on web services that may disappear or be hacked at any time. It safeguards your assets with transparent security that includes assessments by qualified security researchers and verification through their track records.
Features of Trezor wallet:
- It is user-friendly and provides convenience in managing the transfer of funds.
- It also has an offline backup that helps users to access and recover their assets instantly.
- Supports over 1000 coins
- Has many security features like encryption via GPG, encrypted cloud storage, Bitcoin-only firmware, U2F authentication, and more.
There are several brilliant functionalities in the Atomic wallet associated with top-notch security.
Features of Atomic Wallet:
- It is available for iOS, Windows, Android, Mac, and Linux.
- You don’t need any verification to get registered.
The Bottom Line
Given the numerous alternatives available, selecting the best non-custodial crypto wallet that is suited for you might be difficult. However, several things must be considered before determining which wallet is most suited to your demands and degree of knowledge.
Are you a crypto specialist or a beginner? Do you want a wallet that has an in-house swap capability as well as a dapp browser? Do you want a wallet that works well on mobile devices, desktop computers, or both? What kinds of cryptocurrency do you want to keep and invest in?
However, keep in mind that with non-custodial wallets, you are completely responsible for the protection of your accounts, therefore security should always be your first concern to guarantee that you preserve your assets.
If you’re still confused about choosing the best non-custodial crypto wallet, then you can come to us. We, at ImmuneBytes will do our best to help you select the perfect choice for you!