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An important part of your crypto journey is finding a safe and secure place to store your digital assets. One option that’s gaining traction in the crypto market is the non-custodial wallets. But which one is the best one for you?
There are plenty of non-custodial wallets on the market, but some are better than others. Additionally, you may be more comfortable with one type of wallet versus another. So, as the sun sets on 2022, we’re going to look forward to the coming year and tell you the five best non-custodial wallets for 2023.
A non-custodial wallet gives you control over your crypto. You hold and store the private keys so no one else has access to your digital assets.
Many Bitcoin holders believe that keeping their crypto in a non-custodial wallet means that’s where their Bitcoin is stored. However, that’s not the case. The wallet keeps your private keys, which tell the Bitcoin network how much Bitcoin you own. Any Bitcoin you own resides on the blockchain itself.
How do you know if your wallet is non-custodial? If you were asked to write down or store a 12 to 24-word seed phrase when you were setting your wallet up, then it’s a non-custodial wallet. With a seed phrase, you can recover your wallet if you lose it or need to add your wallet to a new device.
Now that you know what a non-custodial is, let’s take a look at some of the more popular options available.
We’re going to be self-serving for a moment and tell you all about the non-custodial wallet built into the Bitcoin Depot mobile app. For starters, our non-custodial wallet is perfect if you visit Bitcoin ATMs on a regular basis. Our app will show you the closest Bitcoin Depot ATM so you can spend more time buying up Bitcoin.
Plus, the Bitcoin Depot app lets you add funds without visiting a Bitcoin ATM. You can use the Bitcoin Depot app to load your wallet, then visit a local retailer like Walgreens or GameStop to have the Bitcoin sent to your non-custodial wallet. Or you can use the app to add Bitcoin via a credit or debit card.
With the Bitcoin Depot mobile app, you have multiple ways to add Bitcoin to your non-custodial wallet.
If you’re new to the world of Bitcoin, Exodus might be the non-custodial wallet for you. This well-known wallet offers a desktop version and a mobile app. It’s known for its easy-to-use platform, long list of supported cryptocurrencies, and fast transaction speeds. Plus, Exodus is known for regularly providing updates to its software, so it remains safe and secure for all users.
The desktop version also includes a built-in exchange, along with other features like staking and an NFT gallery and marketplace. Recently, Exodus added the ability to purchase crypto in-app using fiat currencies like the USD, GBP, EUR, and others. It’s essentially a one-stop shop for all things crypto-unless you want to use cash.
Crypto hardware wallets are physical devices that are used to store digital assets. Most of these devices look like USB thumb drives, while others have their own unique designs. The Ledger Nano X falls into the former category and is considered by some to be the best hardware wallet on the market.
The device itself supports more than 1,500 cryptocurrencies and can connect to your PC, Android, or iOS device via Bluetooth. Additionally, the Ledger Nano X offers an intuitive interface, so you can get into your wallet and start using it immediately.
Some users prefer not to access their Bitcoin on a mobile device. If that’s you, take a look at what Atomic Wallet has to offer. This non-custodial wallet is ideal for those who have been in the crypto market for a while but no longer consider themselves beginners. For example, Atomic lets users stake some of their digital assets, a feature those new to the industry may not be comfortable using.
Atomic Wallets supports a wide range of cryptocurrencies, plus certain NFTs. The desktop wallet also includes an in-app exchange, but the options aren’t as extensive as what you’ll find with Exodus. However, the wallet is known for its security, as evidenced by the fact that all the private keys it distributes are encrypted.
Last on our list of best non-custodial wallets is Trust Wallet, which is the ideal wallet if you prefer to take your crypto with you on the go. Trust Wallet has been around since 2017, making a name for itself as a decentralized wallet that supports nearly any legitimate cryptocurrency in the market.
The advantage of using Trust Wallet is that it’s portable, lightweight, and simple. It’s versatile and offers a simple user interface perfect for both novice and experienced crypto users. While there aren’t as many features available with Trust Wallet as you’ll find with other wallets, you can buy, sell, and trade your cryptocurrencies within the app.
There are several advantages and disadvantages to using a non-custodial wallet. Here are some points to consider as you decide whether or not you should store your Bitcoin in a non-custodial wallet.
Pros
Cons
As you make a decision regarding which wallet to use to store your Bitcoin, you should consider the features of each and select the one that works best for you and your needs. For example, if you’re going to spend time visiting Bitcoin ATMs, then the Bitcoin Depot non-custodial wallet would be an excellent choice.
No matter which wallet you choose, you can rest easy knowing that they’re safe and secure in a top-of-the-line non-custodial wallet.