Guide

What Are Non-Custodial Crypto Wallets? A Beginner’s Guide

By Anthony Clarke

Last Updated: Jan 20, 2025

Co-author

By Manisha Mishra

Non-Custodial Crypto Wallets

Non-custodial crypto wallets are wallets that give you full control of your cryptocurrency by letting you manage your private keys. Unlike custodial wallets, where a third party keeps your keys for you, non-custodial wallets make sure only you have access to your funds. That’s why many crypto investors prefer them—they’re often seen as the best wallets for crypto if you want maximum security and independence.

The idea of self-custody wallets has been around since the beginning of Bitcoin. The first wallet, Bitcoin-Qt (now known as Bitcoin Core), was introduced by Satoshi Nakamoto. It gave users the power to hold their private keys and manage their Bitcoin without relying on anyone else. This approach became the gold standard for secure storage, earning these wallets a reputation as some of the safest crypto wallets available.

Over time, many people started storing their crypto on centralized exchanges because it was easy. But with convenience came risk—several exchanges were hacked, and users lost billions of dollars. These incidents reminded everyone why non-custodial crypto wallets are so important. They let you keep your private keys safe and out of reach from hackers targeting centralized platforms.

Today, self-custody wallets are essential for anyone serious about investing in crypto. They’re not just the safest crypto wallets; they also let you connect to DeFi apps and explore the exciting world of decentralized finance. If you value control and security, a non-custodial wallet is the way to go.

Non-Custodial Crypto Wallets: Summary

This guide will explain non-custodial wallets, a way to manage your cryptocurrency that also gives you full control over your funds. We’ll look at how non-custodial wallets solve common issues with centralized platforms, like security risks, lack of privacy, and limited control over your assets.

By letting you manage your private keys and connect directly to blockchain tools like DeFi apps, non-custodial wallets make crypto more secure, private, and flexible. We’ll also explore their benefits, challenges, and why they’re becoming an essential part of the crypto world.

Key Highlights

  • Non-custodial wallets let you control your private keys, so you’re in charge of managing and protecting your cryptocurrency. This makes them more secure because your private keys stay on your device, not on a server that could be hacked.
  • They also let you use DeFi apps and tools directly, so you can do things like swap tokens, lend, or stake your crypto without needing a middleman.
  • However, you need to be careful. If you lose your private keys, you lose access to your funds, and there’s no way to get them back.
  • Popular non-custodial wallets include MetaMask, Trust Wallet, Exodus, Ledger, and Trezor.

What are Non-Custodial Crypto Wallets?

Non-custodial wallets are like your personal safe for cryptocurrency. They let you store and manage your crypto without involving a middleman. With custodial wallets, a company holds your private keys (kind of like your password), but with non-custodial wallets, you hold the keys. This means only you can approve transactions, giving you total control over your money. Pretty cool, right?

What are the Benefits of Non-Custodial Wallets?

The biggest benefit of non-custodial wallets is control. When you use a non-custodial wallet, you’re in complete control of your own funds. Nobody else can touch them or freeze your account.

Non-Custodial Wallets
Source: Shutterstock

On top of that, these wallets are generally more secure since there’s no company or middleman involved that hackers can target. Plus, they don’t ask for personal info, so you get extra privacy—a nice bonus in today’s world.

A big problem with custodial wallets is trust. If the company managing your funds gets hacked, goes bankrupt, or makes a mistake, your money is at risk. Non-custodial wallets fix this by letting you keep complete control.

You also avoid issues like account freezes since no one else has access to your funds. And because these wallets don’t store your personal data, there’s less chance of getting caught up in a data breach.

While there are mostly benefits for users when it comes to using non-custodial wallets, there are a few minor drawbacks. The Wilson Center points out that custodial asset management comes with risks, much like traditional finance. A good example is the SVB crisis, the biggest bank run in history. On top of that, storing your crypto in a custodial wallet means you can’t use decentralized applications or explore their innovative features.

While a thread on BitcoinTalk mentions that custodial wallets have some perks—like easy recovery options, no-fee transfers within the platform, and backup funds for errors—these benefits sometimes come with trade-offs. For example, while a seed phrase makes wallet recovery easy, if you lose it then your wallet and the funds inside are lost forever.

To make things more complicated, Coin Center warns that the DOJ’s recent stance on non-custodial wallets could classify developers as money transmitters, threatening privacy and slowing down innovation in the crypto space.

Why are Non-Custodial Wallets Growing in Popularity?

It’s simple—people want security and freedom. A recent study found that 72% of crypto users prefer non-custodial wallets. As more people learn about crypto and how it works, they realize that non-custodial wallets give them peace of mind. In a world where hacks and privacy issues are becoming more common, having full control over your assets feels like the safest bet.

Non-custodial wallets are a great option if you want to stay in control of your crypto. They’re secure and private and give you the freedom to manage your assets without worrying about third-party risks. If you’re serious about crypto, it’s worth considering a non-custodial wallet to keep your funds safe and truly your own.

Features of Non-Custodial Wallets

Non-custodial wallets give users full control over their digital assets, offering many features that enhance security, privacy, and flexibility. Here’s a simpler breakdown:

  • Decentralized Management: You don’t need middlemen like banks or exchanges; you control your money directly.
  • Better Security: Your assets are protected by cryptographic keys, and only you can access them.
  • Privacy Protection: You usually don’t need to provide personal information, so your identity stays private.
  • Full Control: You hold the keys to your wallet, meaning no one else can manage or misuse your funds.
  • Supports Multiple Cryptos: These wallets work with many cryptocurrencies and decentralized apps (dApps), giving you more options.
  • Backup Options: If you lose your device, you can restore your wallet using a recovery phrase (a set of secret words).
  • No Third-Party Risks: You’re not dependent on exchanges or other services, so your funds remain secure from external breaches.
  • Enhanced Security: By avoiding centralized platforms, you reduce the risk of being hacked.
  • Works Across Blockchains: These wallets allow smooth transactions between different networks.
  • Easy to Use: Many have simple, user-friendly designs for managing your funds easily.
  • Extra Security with Multisig: Some wallets need approvals from multiple devices or people before completing a transaction, adding an extra layer of safety.
  • Built for DeFi: You can use them for decentralized finance tasks like lending or staking without needing separate accounts.
  • Transparent and Open Source: Many wallets let the community inspect their code, ensuring security and trust.

Non-custodial wallets are ideal if you want more control, better security, and greater privacy for managing your cryptocurrencies.

Best Non-Custodial Crypto Wallets in 2025

Non-custodial wallets put you in full control of your assets and private keys, giving you true ownership. To make things easier, we’ve picked the top 5 non-custodial wallets of 2025 just for you below:

Best Wallet: A Mobile Wallet With Multi-Blockchain Support

Best Wallet is a straightforward, mobile-focused app designed for managing digital assets. It supports a variety of blockchains and offers features like trading, storing, and staking cryptocurrencies—all accessible from your phone.

Best non-custodial crypto wallet
Source: Best Wallet

Best Wallet was created to simplify how users interact with crypto. The app allows you to buy, sell, store, swap, and stake digital assets in a secure and user-friendly way. Its mobile-first approach ensures you can manage your crypto anytime, anywhere.

Best Wallet Key Features

  • Multi-Blockchain Support: Manage over 50 blockchains within one app, making it easier to handle a diverse portfolio.
  • Built-In Crypto Swaps: Trade cryptocurrencies directly in the app without needing third-party platforms.
  • Staking & Rewards: Earn rewards by staking assets or participating in airdrop events.
  • Educational Resources: Access guides and tips to help you navigate the app and learn more about the crypto world.

Best Wallet Pros and Cons

Pros

  • Easy to Use: The clean, intuitive design suits both beginners and experienced users.
  • Wide Asset Support: Compatible with a variety of cryptocurrencies for seamless portfolio management.
  • Frequent Updates: The app’s roadmap highlights upcoming features, showing ongoing development.

Cons

  • Limited Advanced Features: Features like limit orders, NFT support, and browser extensions are not yet available.
  • Customer Support Options: While the help hub provides useful information, live chat or phone support is not offered.
  • Gamification Elements: These could lead to impulsive decisions for some users.

Best Wallet is a solid choice for anyone seeking a mobile-centric cryptocurrency wallet with multi-blockchain support. While it doesn’t yet include advanced trading tools, the app’s ease of use and ongoing updates make it a reliable option for managing digital assets.

For a closer look at its features and performance, check out our detailed Best Wallet Review: Best Wallet Review 2025: Is It a Safe Crypto Wallet?

Download Best Wallet

Ledger Nano X: Supports Over 5,500 Cryptocurrencies

The Ledger Nano X is a top-tier hardware wallet designed to securely store and manage lots of cryptocurrencies. It’s an upgrade from the Nano S, with extra features that focus on both security and ease of use.

Top non-custodial crypto wallet
Source: Ledger

If you’re looking for a reliable way to protect your crypto, it’s a solid choice.

Ledger Nano X Key Features

  • Bluetooth Connectivity: Manage crypto assets wirelessly using the Ledger Live app on your phone or tablet, making it highly portable.
  • Expanded Storage: Install up to 100 cryptocurrency apps at once, ideal for users with diverse portfolios.
  • Larger Screen: An upgraded display simplifies navigation and makes transaction verification easier.
  • Certified Security: Uses a secure element (CC EAL5+) to protect private keys, ensuring strong defense against unauthorized access.
  • Cross-Platform Support: Works with Windows, macOS, Linux, Android, and iOS through the Ledger Live app.

Ledger Nano X Pros and Cons

Pros

  • All-in-One Management: Supports an impressive range of cryptocurrencies and NFTs, ideal for users with diversified holdings.
  • On-the-Go Convenience: With Bluetooth and a built-in battery, managing your assets from virtually anywhere is hassle-free.
  • Secure and Reliable: Employs cutting-edge encryption technology to maintain the integrity of your private keys.

Cons

  • Higher Price: At $149, it’s pricier than some other hardware wallets, which may deter budget-conscious users.
  • Bluetooth Concerns: While encrypted, some users may worry about potential risks with wireless connections.
  • App Storage Limits: Although it supports many cryptocurrencies, the ability to store only 100 apps at once could be restrictive for users with extensive holdings.

The Ledger Nano X is a safe and easy-to-use hardware wallet. It supports thousands of cryptocurrencies and has Bluetooth, making it super flexible for both beginners and pros. It’s a bit pricey, and some people might worry about Bluetooth security, but overall, it’s a great choice if you want a secure and convenient way to manage your crypto.

Check out our Ledger Nano X Review for a complete look at how the wallet works: Ledger Nano X Review and Comparison – Wallets

Buy Ledger Nano X

Trezor Safe 5: Best Non-Custodial Wallet for Beginners

The Trezor Safe 5 is a cutting-edge hardware wallet designed for crypto users who value both security and ease of use.

Non-custodial hardware wallet
Source: Trezor Safe 5

Building on the strengths of previous Trezor models, it introduces advanced features tailored to meet the needs of beginners and experienced users alike.

Trezor Safe 5 Key Features

  • 1.54-Inch Color Touchscreen: Offers a simple and intuitive interface for navigating the device and verifying transactions.
  • Secure Element EAL6+ Chip: Provides top-tier protection for private keys, guarding against unauthorized access.
  • MicroSD Card Slot: Adds an extra layer of security with encrypted storage capabilities.
  • Support for 7,000+ Cryptocurrencies: Manage a wide variety of digital assets, making it ideal for diverse portfolios.
  • Multi-Platform Compatibility: Works seamlessly with Windows, macOS, Linux, and Android devices.

Trezor Safe 5 Pros and Cons

Pros

  • Advanced Security: Combines a high-security chip and microSD support for robust asset protection.
  • User-Friendly Design: The color touchscreen makes setup and transaction management straightforward.
  • Wide Cryptocurrency Support: Handles over 7,000 cryptocurrencies, accommodating diverse needs.
  • Durable Build: High-quality construction ensures longevity and reliability.

Cons

  • No iOS Compatibility: Does not support iPhone users, limiting its appeal for some.
  • Higher Price Point: Positioned as a premium product, which may deter budget-conscious buyers.

The Trezor Safe 5 is a hardware wallet that offers top-notch security with a simple, user-friendly design. It supports thousands of cryptocurrencies and has a sturdy build, making it a reliable option for managing digital assets. On the downside, it doesn’t work with iOS, and its higher price might be something to think about before buying.

For a deeper dive into its features, read our detailed Trezor Safe 5 Review: Trezor Safe 5 Review 2025: The Best Way to Secure Crypto?

Buy Trezor Safe 5

Exodus: Supports Trezor Integration and In-Wallet Trading

Exodus is a cryptocurrency wallet that’s easy to use and packed with features. It’s designed for people who want a simple way to manage their digital assets.

Non-custodial software wallet
Source: Exodus

Plus, it works with Trezor hardware wallets, giving you the option to add extra security with cold storage while keeping everything user-friendly.

Exodus Key Features

  • In-Wallet Crypto Swaps: Trade your cryptocurrencies instantly without needing an external exchange.
  • Use It Anywhere: Exodus is available as a desktop app, mobile app, and browser extension, so you can access it from your favorite device.
  • Track Your Investments: Get real-time updates and insights on your portfolio’s performance.
  • Earn While You Hold: Stake certain cryptocurrencies directly in the wallet and earn rewards.
  • Supports Tons of Cryptos: Manage a wide variety of cryptocurrencies to keep your portfolio organized.

Exodus Pros and Cons

Pros:

  • Easy to Use: The clean and stylish design makes it simple to navigate, even for beginners.
  • All-in-One Tool: Trade, stake, and track your assets all in one place—no need for extra apps.
  • Trezor Integration: Works seamlessly with Trezor hardware wallets for added security.

Cons:

  • Not Open Source: The code isn’t fully transparent, which might concern privacy-focused users.
  • Missing Advanced Security Options: It doesn’t offer features like multi-signature wallets or two-factor authentication.
  • No Standalone Cold Storage: For cold storage, you’ll need to pair it with a Trezor wallet.

Exodus is a great option if you’re looking for an easy-to-use wallet that offers trading, staking, and portfolio tracking all in one place. It’s especially handy if you’re just starting out or prefer a wallet that works across multiple devices. However, if you’re focused on advanced security features or prefer open-source options, you might want to explore other wallets.

Want to know more? Check out our Exodus Review: Exodus Wallet Review – A Beginner’s Guide

Download Exodus Wallet

Metamask: Best Non-Custodial Wallet for Ethereum

MetaMask is a popular non-custodial wallet designed for Ethereum and Ethereum-compatible networks.

Non-custodial wallet for Ethereum
Source: MetaMask

It allows users to manage digital assets and interact with decentralized applications (dApps) through an intuitive browser extension and mobile app, making it a go-to choice for navigating the decentralized web.

Metamask Key Features

  • dApp Integration: Easily connect and interact with decentralized applications, streamlining your experience in the Ethereum ecosystem.
  • Customizable Transaction Fees: Adjust gas fees to suit your preferences, balancing cost and transaction speed.
  • Hardware Wallet Compatibility: Integrates with hardware wallets like Ledger and Trezor for enhanced security when managing private keys.

Metamask Pros and Cons

Pros

  • Open-Source Design: The transparent codebase fosters trust and allows for community-driven audits and improvements.
  • Cross-Platform Accessibility: Available as a browser extension and mobile app, ensuring flexibility across devices.
  • Strong Community Support: A large user base and extensive documentation provide resources for troubleshooting and learning.

Cons

  • Phishing Risks: Users need to exercise caution to avoid phishing attacks from malicious websites or fake extensions.
  • No Dedicated Customer Support: Relies on community forums and self-help guides instead of direct support services.

MetaMask is a great pick if you want to dive into Ethereum and its ecosystem. It’s open-source, works seamlessly with dApps, and supports hardware wallets, giving you a good mix of features and security.

Just keep an eye out for phishing scams, and know that customer support is limited, so you’ll need to be a bit self-reliant. That said, its easy-to-use design and powerful features make it a solid choice for beginners and seasoned users alike.

Pros and Cons of Non-Custodial Wallets

Here’s a quick breakdown of the pros and cons to help you decide if they’re the right choice for you:

Pros of Non-Custodial Wallets Cons of Non-Custodial Wallets
You’re in Control: You own your private keys, so no one can freeze or mess with your assets. Can Be Confusing: Managing private keys and using wallets can feel tricky if you’re new to crypto.
Safer from Hacks: Without third parties involved, there’s less risk of big hacks or breaches. All on You: If you lose your private keys, your assets are gone for good—no way to recover them.
More Privacy: You don’t have to share personal details, so your transactions stay more anonymous. No Backup Options: If you lose access to your wallet, there’s no “forgot password” option to help you out.
Quick Transactions: You can send and receive money right away without waiting for approvals. Less Support: If something goes wrong, you’re on your own to figure it out—no customer service hotline.

What Can You Do With a Non-Custodial Wallet?

Non-custodial wallets aren’t just for storing your crypto, here’s what you can do with a non-custodial wallet:

  • Store Your Crypto Safely: Keep your digital assets secure, knowing that only you have access to your private keys and funds.
  • Swap Cryptocurrencies: Many wallets let you exchange one type of cryptocurrency for another right inside the app, thanks to decentralized exchanges.
  • Buy and Sell Crypto: Some wallets make it easy to buy or sell crypto using your local currency, often through trusted third-party services.
  • Send and Receive Crypto: Send money to anyone, anywhere in the world, and receive payments directly—no intermediaries needed.
  • Make Payments: Use your wallet to pay for goods and services, both online and in-store, for fast and secure transactions.

Non-custodial wallets are a great option for managing your crypto holdings in general, as well as engaging with decentralized applications (apps).

Types of Self-Custody Wallets

There are many types of wallets out there because people use crypto in different ways. Some need quick and easy access through a wallet app on a mobile device, while others prefer offline options for extra security.

Types of Self-Custody Wallets
Source: Shutterstock

These different types of crypto wallets are designed to give users the flexibility to manage their funds based on their specific needs.

The choice of wallet type often depends on factors like how much crypto you hold, how often you use it, and your comfort level with security. For example, some self custodial wallets require an internet connection for accessibility, while others operate completely offline to keep your funds safe.

An important part of self-custody is that you control your private keys, unlike wallets managed by a wallet provider. This means you’re fully in charge of your funds, but it also comes with the responsibility of keeping your keys secure. Understanding the types of crypto wallets available can help you find the right balance of convenience and security for managing your assets.

Let’s explore the options!

Mobile Wallets

These smartphone apps are perfect for managing crypto on the go. They’re convenient for frequent transactions or accessing decentralized apps (dApps), but you’ll need to keep your phone secure for maximum safety.

Examples:

  • Best Wallet: Supports a wide range of cryptocurrencies in one place and has a built-in decentralized exchange (DEX)
  • Rainbow Wallet: Designed for Ethereum users, with a clean and colorful interface.
  • Zengo: A keyless wallet using biometrics for added security.

Hardware Wallets

If security is your main concern, hardware wallets are the way to go. These physical devices keep your private keys offline, making them nearly impossible to hack. They’re best for long-term storage but aren’t as convenient for everyday use.

  • Ledger Nano X: Easy to use with Bluetooth and support for thousands of cryptos.
  • Trezor Safe 5: Offers a touchscreen and advanced security features.
  • SafePal S1: Budget-friendly with QR code support for secure transactions.

Desktop Wallets

Installed on your computer, desktop wallets offer a good mix of security and usability. They’re perfect for managing crypto at home but require extra caution against malware or hacks.

Examples:

  • Electrum: A simple but powerful wallet for Bitcoin with multi-signature support.
  • Exodus Desktop: Easy to navigate with built-in portfolio tracking.
  • Bitcoin Core: A full-node wallet for Bitcoin that enhances decentralization but uses lots of storage.

Paper Wallets

Paper wallets are as simple as it gets: your keys are printed on paper. They’re immune to hacking but need careful handling to avoid physical damage or loss.

Examples:

  • Bitcoinpaperwallet.com: Prints Bitcoin wallets with tamper-evident designs.
  • MyEtherWallet (MEW): This lets you create Ethereum paper wallets securely.
  • MoneroAddress: Generates offline wallets for Monero.

Smart Contract Wallets

These wallets go beyond storage, integrating blockchain-powered features like programmable transactions, social recovery, and multi-signature support. They’re especially handy for DeFi users managing complex tasks.

Examples:

  • Loopring Wallet: Uses zkRollups for low-cost Ethereum transactions.
  • SafePal Wallet: Combines DeFi features with hardware-level security.
  • Argent: Streamlines Ethereum DeFi access with built-in recovery tools.

The right wallet for you depends on what you need—whether it’s portability, security, or advanced tools. Taking the time to understand these options can make managing your crypto easier and more secure.

How Does a Self-Custodial Wallet Work?

A self-custodial wallet is a type of wallet that gives users complete control over their cryptocurrency. Unlike a custodial wallet provider, which manages your private keys and funds on your behalf, a self-custodial wallet ensures that you alone are responsible for securing and accessing your assets.

How Self-Custodial Wallet Works
Source: Shutterstock

The main difference is that with a self-custodial wallet, there’s no middleman—the user’s funds are entirely in their hands.

When setting up this type of wallet, you’ll be provided with a mnemonic phrase (usually 12–24 words). This phrase acts as a backup to recover your wallet if you lose access to your device. It’s an important security measure, and keeping it safe is essential, as anyone with access to your mnemonic phrase can take control of your funds.

Self-custodial wallets allow users to manage tokens, send and receive cryptocurrency, and interact with decentralized applications directly. They also provide a higher level of privacy and reduce the risk of hacks since there’s no custodial wallet provider storing your private keys.

However, this autonomy comes with responsibility—losing your private key or mnemonic phrase can result in the permanent loss of your user’s funds.

In short, a self-custodial wallet is an ideal choice for users who prioritize control, security measures, and direct access to their tokens. It’s a matter-of-fact approach to crypto ownership, ensuring you have full authority over your digital assets.

Custodial Wallet vs. Non-Custodial Wallet

When choosing a cryptocurrency wallet, the decision often comes down to custodial vs. non-custodial wallets. The main difference lies in control and responsibility—third-party providers manage custodial wallets, while non-custodial wallets give you complete ownership of your private keys.

Custodial Wallet vs. Non-Custodial Wallet
Source: Shutterstock

Both have unique advantages and drawbacks, making them suitable for different types of users. The following chart provides a side-by-side comparison based on key metrics to help you decide which type of wallet aligns with your needs.

Metric Custodial Wallet Non-Custodial Wallet
Cost Often free but may include withdrawal fees. Free, though hardware wallets require an upfront purchase.
User-Friendliness Simple and beginner-friendly with customer support. Requires more technical knowledge and manual management.
Experience Level Ideal for beginners. Better suited for intermediate to advanced users.
Risks Vulnerable to platform hacks or mismanagement. Users are responsible for safeguarding private keys.
Privacy Limited; may require personal information (KYC). High; typically no KYC required, offering greater anonymity.
Security Depends on the custodial wallet provider’s protocols. High; private keys remain offline in non-custodial wallets.
Private Key Ownership Owned and managed by the provider. Fully controlled by the user.
Transaction Cost May include hidden fees from the provider. Transparent, with only network fees applied.
Transaction Time Can vary depending on the provider’s processes. Directly dependent on blockchain confirmation times.
Recovery Recoverable through customer support if access is lost. Dependent on the user’s mnemonic phrase or private keys.
Features Often includes staking, trading, and integrated services. Offers advanced features like DeFi integration and dApps.
Example Coinbase, Binance Wallet. MetaMask, Trust Wallet, Ledger Nano X.

Choosing between these wallets depends on your priorities. Custodial wallets offer convenience and ease for beginners, while non-custodial wallets are ideal for those seeking full control and heightened security.

How to Keep Your Funds Safe in Non-Custodial Wallets?

Keeping your funds secure in a non-custodial wallet doesn’t have to be complicated, but it does take some extra care. Since you’re in full control of your crypto, it’s up to you to protect it from hackers, scams, and mistakes.

Non-custodial wallets security
Source: Shutterstock

Here are some practical tips to help you keep your wallet safe-

Safeguard Your Private Keys and Seed Phrases

Your private keys and seed phrase are the most important part of your wallet—lose them, and you lose access to your funds. Write your seed phrase on paper and keep it in a safe spot, like a locked drawer or a fireproof safe.

Avoid saving it digitally, as hackers and malware could target it. For added protection, use multiple secure locations. And remember, never share your private keys or seed phrase with anyone—no exceptions!

Enable Two-Factor Authentication (2FA)

If your wallet offers 2FA, enable it right away. It adds an extra layer of security by requiring a second step to log in, like entering a code from an app or using a physical security key. Even if someone somehow gets your password, 2FA stops them from accessing your wallet without that extra confirmation.

Use a Hardware Wallet for Large Holdings

If you’re holding a lot of crypto, consider a hardware wallet. These devices keep your private keys offline, making them immune to online attacks. Popular options like Ledger Nano X and Trezor Safe 5 are great for long-term storage. Pairing a hardware wallet with your non-custodial wallet gives you even more peace of mind.

Beware of Phishing Scams and Fake Wallets

Phishing scams and fake wallets are everywhere, so stay cautious. Always download wallets from official websites or verified app stores. Double-check URLs before entering any sensitive information, and don’t click on random links from emails or messages. If anyone asks for your private keys or seed phrase, it’s 100% a scam—don’t fall for it.

Step-by-Step Guide to Using a Non-Custodial Wallet

Setting up and using a non-custodial wallet is straightforward. In this guide, we’ll use Best Wallet as an example:

Step 1: Download and Install a Trusted Non-Custodial Wallet

You can get started in two ways:

  1. Visit bestwallet.com and click on “Download Best Wallet” which will show you a QR code that you can scan with your camera app, taking you to your respective app store based on your mobile device.
  2. Go to your app store (App Store for iOS devices and Google Play for Android users) – Then search for “Best Wallet” and download the app.
Best Wallet - App Store
Source: Best Wallet

Step 2: Create a New Wallet and Secure Your Seed Phrase

After downloading the app, you need to log in or sign up. You can log in or create a new account by using an email address, your Apple ID or Google account.

Best Wallet - Log in
Source: Best Wallet

Next, you’ll be prompted to set up two-factor authentication (2FA), so finish setting that up, and you’ll need to create and confirm a passcode for login. In iOS, users can also choose to enable Face ID (biometric authentication) to log in.

Best Wallet Authentication
Souce: Best Wallet

You may also be prompted to create a secret recovery phrase for your wallet, which is important for recovering your funds if something happens to your device. Make sure to store the seed phrase offline in a safe and secure location.

Best Wallet - Recovery Phrase
Source: Best Wallet

Step 3: Fund Your Wallet

Next you need to fund your wallet, so click on “Buy”, then choose your fiat currency to deposit as well as the amount. Then choose the cryptocurrency you want to buy.

Best Wallet - Buy Crypto
Source: Best Wallet

You’ll also have to choose an onramp which is basically a service that enables the exchange of fiat currency for cryptocurrency. Each onramp will have different prices (sometimes fees are built into the exchange prices), but Best Wallet will highlight the best price for you. So choose an onramp and the best price, and you’re ready to go!

Best Wallet - Choose Onramp
Source: Best Wallet

Once that is all done, confirm your purchasee and the funds should be in your wallet now.

Step 4: Send, Receive, or Manage Your Crypto

Sending, receiving, or managing crypto is easy within the app; just go to the home page, choose the wallet you want to manage, and click on “Buy,” “Send,” “Swap,” or “Receive,” depending on what you want to do.

Best Wallet - Manage Crypto
Source: Best Wallet

When you scroll down, you’ll see that you also have a list of all the different supported tokens as well as your token balance for each one (i.e., 0 ETH if you hold no ETH and 0.15 BTC if you hold 0.15 BTC).

There is also an additional tab labeled “Upcoming Tokens,” where you can see and invest in prelaunch tokens, including Wall Street Pepe, Catslap, and Solaxy.

Best Wallet - Upcoming Tokens

That’s it! You’re all good to go now, ready to invest in and manage your cryptocurrency holdings.

Do Crypto Users Like Using Non-Custodial Wallets?

Judging by social media sentiment, non-custodial wallets are still a popular choice, but opinions differ based on anecdotal experiences and different brands. A MetaMask user going by the name u/Dakjo_Novotan on Reddit says, “MM is the best universal Wallet for all situations. If you are only on a specific chain, or have a specific usecase, their are other/better.”

metamask review on reddit 1
Source: Reddit

On that same Reddit thread, u/jeruksari agreed that MetaMask was a good wallet, they said they prefer hardware wallets, saying, “MetaMask is solid for convenience, especially with DeFi, but I prefer a hardware wallet for extra security. Software wallets like MetaMask can be vulnerable to hacks or phishing attacks.”

Over in the Trezor community, user u/_Piratical_ shared their thoughts: “Just wanted to shout out to Trezor for making such a nice and well thought out device,” they said. “Coming from the Trezor One and later the Model T, the Safe 5 is a logical refinement of the line.”

trezor safe 5 review reddit
Source: Reddit

They seemed to be really happy with the features, too. “Knowing that the secure elements within are more robust has also helped give me even better peace of mind storing my coins and keys,” they added. “Overall I feel like this is a well designed and thought out device that will make a lot of people happy.”

These comments show that while non-custodial wallets aren’t perfect, they’re still well-received by users in the crypto community.

Conclusion: Non-Custodial Wallets for Crypto

Non-custodial wallets are a simple and secure way to manage your cryptocurrency. They give you full control over your private keys, meaning your money is always in your hands and safe from risks like hacks or platform failures. These wallets aren’t just for storing crypto—they let you explore decentralized finance, connect to apps, stake your assets, and much more.

Having a non-custodial wallet means you’re in charge, but it’s important to keep your private keys safe. If you lose them, you lose access to your funds. By understanding how these wallets work and taking steps to protect your keys, you can confidently manage your crypto and enjoy the benefits of full control. Remember, not your keys, not your crypto!

See Also:

Frequently Asked Questions

Why should I choose a non-custodial wallet over a custodial one?

How do I recover my non-custodial wallet if I lose my device?

How do non-custodial wallets work?

Are all cryptocurrency wallets self-custodial?

Can a self-custodial wallet be hacked?

Is a self-custodial wallet safe?

What is an example of a self-custodial wallet?

Is MetaMask a self-custodial wallet?

Is Binance a self-custodial wallet?

What are the disadvantages of a non-custodial wallet?

How do I set up a non-custodial wallet?

Can I store NFTs in a non-custodial wallet?

Are non-custodial wallets safe from hacks?

References

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Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital. 99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
Anthony Clarke
Anthony Clarke
Crypto Writer

Anthony Clarke's crypto journey began in 2017, sparked by a discovery on Quora. After purchasing Bitcoin and Verge as his first cryptocurrencies, he developed a deep interest in the emerging world of blockchain technology. This led him to begin writing... Read More

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