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  1. In the forum I am seeing a lot of people having confusion between custodial and non custodial wallets and some doubts. In this topic I am going to cover what is exact difference between custodial and non custodial wallets. Custodial Wallets: Custodial wallets are those centralised wallets that do not provide the private keys to the user. It means when you deposit certain amount of cryptocurrency in the wallet you need to trust the company of wallet you are choosing and if the company get attacks and the private keys get affected your fund will be in danger. You will be signned up through Email Adress and Password. For more security you can use 2FA or Google Authenticator. The best example of custodial wallets is Blockchain wallet. For centralised exchanges they also do provide the same custodial service for our funds. PS- I see a lot of people are referring Coinbase Exchange as an wallet. Please keep in mind Coinbase has a non-custodial wallet but "Coinbase" is an Exchange. Non- Custodial Wallets: These are actually Decentralized wallets and they do provide the private keys before sign-up. Non - Custodial Wallets includes: Hardware Wallets: These Wallets are very secured as they have minimalistic feature and they aren't connected to Computer or Mobile when not in use. You will get your keys and your funds will be accessible when you connect hardware wallets directly to mobile phone (Via Usb A to C/B cable) or PC. Ledger and Trezor are most famous Hardware wallets. Software Wallets: These wallets are software applications available for almost all OS either Desktop, Ios or Android. They do provide Private Keys and Keys are stored locally in Mobile phone so we don't need to worry about security measures until our keys are with us safe and secured. Nowadays Both Hardware wallets and Software Wallet provide mnemonic phrase and we can use it for generating the Private Keys easily. I hope you get idea about types of wallets and can choose the wallet which will provide the security you need. And Please Vote the poll about your choice ☺️. Note:. Private Keys (Mnemonic Phrases also) are only way for accessing Non- Custodial Wallets so please keep them safely and I suggest them to store in piece of Paper or in a Diary. Don't store them in Platforms connected to Internet. If you loose them there is no way to recover your funds.
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