The right choice of a non-custodial wallet ensures a high degree of security and convenient cryptocurrency management. These wallets give the user full control over their assets, excluding third-party involvement and reducing risks associated with hacking or fraud.
It is worth taking a closer look at the best non-custodial wallets by analyzing their functional capabilities, security level, ease of use, and compatibility with various cryptocurrencies to make the optimal choice in the future.
- What is a non-custodial wallet
- Top 5 browser-based non-custodial wallets
- Top 3 hardware non-custodial wallets
- Conclusion
What is a non-custodial wallet
A non-custodial wallet is a cryptocurrency wallet that gives the user full control over their funds, excluding third-party involvement. Unlike custodial wallets, non-custodial wallets allow the user to manage private keys independently, providing a higher level of security and privacy.
The main advantages of non-custodial wallets include:
| No. | Advantages |
|---|---|
| 1 | Full control over your assets |
| 2 | Maximum security and protection from software failures on the software provider’s side — if one platform fails, another can be used |
| 3 | Access to various non-storage-related functions |
However, their use requires a responsible approach: you need to store private keys and seed phrases securely and use reliable software.
Top 5 browser-based non-custodial wallets
- MetaMask
MetaMask, launched in 2016, quickly became one of the most popular non-custodial cryptocurrency wallets. It gained significant traction during the "DeFi Summer" of 2020 when it was one of the few wallets providing access to multiple smart contract blockchains. MetaMask supports non-fungible tokens (NFTs) and integrates with the world’s largest NFT marketplace, OpenSea.
However, MetaMask has a limitation: it only works with Ethereum or Ethereum Virtual Machine (EVM) compatible networks. This means users cannot add networks such as Bitcoin, Solana, and others to the wallet.
- MyEtherWallet
MyEtherWallet, known as MEW, was launched in 2016 and, like MetaMask, primarily targets the Ethereum network.
MEW interacts with numerous Ethereum/EVM-based DApps, supports NFTs, and allows for Bitcoin swapping. However, unlike MetaMask, its compatibility with non-Ethereum/EVM altcoins is quite limited.
- Coinbase Wallet
Coinbase released its non-custodial wallet in 2018. Unlike MetaMask and MEW, Coinbase Wallet supports more networks, such as Bitcoin, Ethereum, Solana, and many others.
Although Coinbase Wallet is owned by a centralized exchange, it does not require users to undergo KYC. Additionally, the wallet can be linked to a Coinbase exchange account to facilitate cryptocurrency transfers.
- Trust Wallet
Trust Wallet is compatible with many blockchains, various DApps, and NFTs. Users can also stake some cryptocurrencies directly within the app.
Trust Wallet provides additional security layers, including optional biometric scanning and PIN code use. Like MetaMask and MyEtherWallet, Trust Wallet is open-source.
- Crypto.com DeFi Wallet
The DeFi Wallet from Crypto.com offers users a simple way to transfer their assets to a non-custodial wallet and access various DeFi applications and products.
This wallet allows you to store digital assets across multiple blockchains and ecosystems, supports NFTs, and has a swap feature for easy buying and selling of cryptocurrencies.
Top 3 hardware non-custodial wallets
Hardware wallets store private keys on their hard drive and only connect to the internet to transmit information that a transaction has been signed with private keys. This makes them the most secure tool for storing cryptocurrency, as the only way to get private keys is to physically steal and hack the wallet.
The process of confirming a transaction is also more complicated compared to browser wallets.
Today, there are three leading hardware wallet manufacturers on the market, which we will discuss below.
- Ledger Nano S
Ledger, known for its high reputation in security, released its first wallet in 2016. The Nano S supports over 1,100 cryptocurrencies, and its ease of use makes it suitable even for beginners. The main drawback of the Nano S is its small memory capacity, which may limit users who want to store many cryptocurrencies on one device.
- Trezor Model One
Trezor Model One was released in 2014 and, like the Ledger Nano S, is very user-friendly and suitable for beginners. Model One users can buy cryptocurrency directly in the wallet via the Trezor Wallet app. The main drawback of Model One is its build quality. For the same price, the Ledger Nano S looks much more elegant and sleek.
- SafePal S1
The SafePal S1 went on sale in January 2019 and supports 20 blockchains and over 10,000 tokens, including NFTs. This wallet has a self-destruct feature to prevent malware attacks. SafePal S1 is supported by the venture arm of the Binance exchange — Binance Labs, which adds an extra layer of reliability and support.
Each of these wallets offers unique advantages and features, making them leaders in the field of hardware cryptocurrency storage.
Conclusion
When choosing a cryptocurrency wallet, it is important to remember that, regardless of its level of security and reliability, it cannot completely protect you from hacker attacks if you do not follow basic internet hygiene rules. Store the private key in a secure and protected place, install a quality antivirus, avoid visiting suspicious websites, and prefer cold storage for long-term investments.
Statistics show that following these simple rules significantly reduces the risk of hacker attacks. Regardless of the type of wallet, whether it is browser-based or hardware, your vigilance and caution play a key role in ensuring the security of your funds.
Do not forget to regularly update the wallet software and operating system, use complex and unique passwords for each account, and activate two-factor authentication (2FA) wherever possible. It is also recommended to periodically check your devices for malware and use only official websites and applications for working with cryptocurrency.
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