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Know your Wallet!
What Types of Crypto Wallets are There?
To start working with cryptocurrency, you first need to understand what crypto wallet is right for you. But when reading about them, many understand that the choice is not as simple as it might seem. So, let's take a closer look at what kinds of wallets are there and which one is right for you.
In general, the first thing you find when reading about cryptocurrency wallets is that there are two types of them: custodial and non-custodial:
With a non-custodial wallet, all “private keys” — a string of letters and numbers like a password that allows you to access and manage your crypto funds — require a user to remember them and be fully responsible for their safety.
As for a custodial one, wallet storage companies help an owner keep the private keys safe — even if they are lost, the company help restore them back.
Both types of wallets provide users with a wide range of benefits:
- Complete control of private keys;
- Various forms, even a USB storage device;
- Self-control of all transactions.
- No need to worry about losing private keys;
- If they are lost, you are always helped to restore them back;
- Usually needed for trading on the most popular crypto exchanges;
- Accessibility on all devices (mobile, PC) and browsers;
- Designed by specialists to make its interface intuitive — send, receive, and exchange crypto in a matter of seconds.
Many large companies provide wallet services to their users. In each of the types, many well-known names can be called: for non-custodial ones, for example, MetaMask, Coinbase Wallet, and others. As for custodial wallets, we can name Binance, BitMex, and, of course — NC Wallet.
So, the question is: How to choose what wallet to use?
More and more people nowadays want to join the crypto industry and start working with currency themselves. Though reading about and dealing with private keys may be way too complicated, especially for beginners. That is why custodial crypto wallets are particularly common and popular — they help make interactions with wallets simple and accessible for users of all experiences so that everyone can keep funds as well as make any kind of transactions with them at ease.
Connecting wallet to social media accounts helps you forget about any kinds of worries — no matter what you are able to regain your access to the assets.
However, if you decide to try another type of wallet, you can always do that. After all, it all comes to what suits you the most!