Even if you have just spent a day researching cryptocurrencies, there is a good chance that you have encountered the concept of a crypto wallet. In this place, you can store your crypto assets for safekeeping and convenience purposes.
Indeed, if you plan to hold even the smallest of cryptocurrencies, a crypto wallet will be mandatory!
That being said, did you know that not all cryptocurrency wallets are the same? However, this is not in terms of visual appearance or functionality but in their way of managing your private keys and assets.
Yes, we have custodial and non-custodial crypto wallets.
A custodial crypto wallet commits the safety and security of your crypto assets, private keys, and data to the wallet’s creators or a third-party agent.
Although the best custodial wallet offers some benefits, always remember this phrase: “Not your keys, not your wallet.” That means your crypto asset in a custodial wallet is at the mercy of the third-party keeper until you are able to withdraw it.
However, a non-custodial crypto wallet allows you to take full ownership and control of your assets and private key. That means you are the only person who can access your crypto asset anytime, anywhere, any day.
Do you want to own your crypto assets fully? Here is a list of the top 8 best non custodial wallets for managing your keys and assets. Read on!
Top 5 Best Non Custodial Wallets
In this section, we will examine eight of the best non custodial wallets based on strong security, exceptional features, and excellent user experience.
Best Wallet
This wallet is the overall best non custodial wallet on our list, thanks to its strong security and DApp integration.
Best Wallet is a functional crypto wallet that combines the ability to store, trade, stake, and swap your digital assets, safeguard your NFTs, and analyze the cryptocurrency market, all in one mobile app.
The seamless DApp integration feature also makes it easy for users to swap tokens on Best Wallet.
This wallet uses 2FA, biometrics, and a four-digit PIN to ensure the safety of your crypto assets. That means you can activate fingerprints and face ID on your mobile device for added protection. Can you see why this wallet is the best self-custody wallet on our list?
What more?
Best Wallet is coming up with some cool and great updates soon. Imagine receiving free $BEST tokens for using the wallet consistently or for completing weekly tasks. The wallet will also have token analytics, crypto news, and market insights with price charts.
A browser extension for Best Wallet will also be available within a few months.
Pros
- Best Wallet supports over 60 blockchains
- It makes active users eligible for the $BEST token airdrop
- It has a NFT gallery
- It offers strong security like 2FA, PIN, and biometric security
Cons
- Buying crypto with a credit/debit card requires third-party fees
- No crypto wallet browser extension is available yet
MetaMask
MetaMask is one of the most user-friendly and accessible non-custodial wallets. It is available in both mobile and web browser versions.
This decentralized wallet does not support BTC, but you can use it to store, receive, stake, transfer, and exchange Ethereum and all ERC20-based tokens and NFTs.
It also supports the following network and their token: Avalanche, Optimism, Polygon, Arbitrum, and BNB Smart Chain, but you will need to add them manually.
Metamask requires users to input a PIN or password each time the wallet is opened, which makes you the keeper of your asset, except you give out your PIN/password.
This hot wallet gives you a 12-word passphrase during setup. This is your private key, which you must keep secret and safe. However, you will need this key when you forget your PIN/password or need to move your wallet onto a new device.
The passphrase should only be used when the password/PIN is forgotten or the user needs to access their wallet from a new device.
While MetaMask does not charge any fees to receive cryptocurrencies, you will have to pay gas fees for fund transfers. However, this wallet charges 0.875% of the transaction amount during swapping.
Lastly, Metamask can easily access DApps like UniSwap and PancakeSwap.
Pros
- Metamask is the best non custodial wallet for Ethereum and ERC20-based tokens
- It has a user-friendly interface
- It enables easy swapping of tokens
Cons
- Metamask is an Ethereum wallet; other networks must be installed manually
- It does not support BTC
Trust Wallet
Trust Wallet supports more than 70 networks and over 4.5M cryptocurrencies, making this wallet your go-to if you are into trading several different crypto assets.
Trust Wallet is also compatible with NFTs and is available as a mobile app or browser extension (available only for Chrome). This wallet is also suitable for accessing DApps as it enables you to connect easily to 1000+ DApps, including Compound, PancakeSwap, and UniSwap.
Just like MetaMask, this wallet provides you with your 12-word private key at setup and requires users to input a PIN or password to unlock the wallet.
You can also stake or swap your cryptocurrencies in Trust Wallet.
Using Trust Wallet is free, but you will need to pay the network’s GAS fees when transferring assets. Also, you will be charged up to 5% when depositing fiat via credit/debit card because a third-party agent, Simplex, facilitates this.
Pros
- Trust Wallet supports diversified portfolios – 4.5M+ tokens supported
- 12-word private key can be increased to a 24-word key to enhance security
- Easily integrates with DApps
Cons
- It charges up to 5% when depositing fiat via credit/debit card
- Slow response from customer support
- Browser extension is available only for Chrome
Electrum
This is the best non-custodial desktop wallet for Bitcoin. Although this wallet got its mobile app version recently, it’s nothing compared to the desktop version. So, stick to the desktop version if you really want to enjoy this wallet.
Electrum desktop wallet comes with a simple and basic design, but it is an ultra-secure, multi-sig wallet. That means you will have to authorize transactions with multiple private keys in this wallet.
Another safety feature of Electrum is cold storage. This wallet is a cold wallet, allowing you to store your private keys offline, where they are safe from malware and cyberattacks. You only need to come online to make transfers.
As said earlier, Electrum wallet supports only BTC; it does not integrate with DApps, and you can’t swap or stake tokens on this wallet. While using this wallet is free, GAS fees are required for transfers.
Pros
- One of the best non-custodial desktop wallets for Bitcoin
- It is a multi-sig wallet for increased security
- It indexes the BTC network for faster transactions
- It is a cold wallet
Cons
- It only supports Bitcoin. It cannot be used to store ERC-20 or BSC tokens
- Its mobile app version is unintuitive and only available on Android devices
- It does not offer token staking or swapping
Zengo
Zengo wallet is a user-friendly and very secure non-custodial wallet. Unlike most other crypto wallets, this wallet is the only self-custodial wallet that does not use a private key or seed phrase but uses MPC cryptography, which offers top-notch security against hacks and thefts.
Zengo wallet claimed that it had never been hacked. What an assurance for the safety of your crypto asset.
It supports 120+ tokens and allows the buying, selling, and trading of assets through an inbuilt DApp marketplace. It can also be used to store and view their NFTs
Zengo basic wallet is free to use with all the features above, but there is also a Pro version with additional features for $9.99/month or $69.99/year. In case you need any assistance, this wallet offers a 24/7 support system to users.
Pros
- Zengo does not use seed phrases
- It relies on MPC cryptography for security
- It has an inbuilt DApp marketplace
- It supports 120+ tokens
Cons
- Added features require a Pro version
- It does not offer staking or swapping option
BitAddress
BitAddress is a unique non-custodial wallet on this list. It is a paper wallet for BTC and a free alternative to hardware wallets.
This BTC wallet displays your BTC wallet address and its seed phrases as QR codes. You only need to print the QR codes on a piece of paper and keep it safe. With BitAddress, your wallet is never at risk of being hacked.
Transferring your BTC from the paper wallet into a software wallet may be a bit inconvenient as you would need to scan the QR codes to perform transactions. BitAddress is great for the safety of your token but it is available only for BTC.
Pros
- It allows you to store your BTC in cold storage
- It offers great safety for assets
Cons
- BitAddress is not suitable for crypto beginners and active investors
- It supports only BTC
- BTC can’t be recovered if the paper wallet is damaged or lost
- It does not offer staking or swapping option
Coinbase Wallet
While Coinbase is a centralized exchange, Coinbase Wallet is completely decentralized and independent of the Coinbase exchange. That said, this wallet does not share any of your data with the Coinbase exchange, and the exchange cannot access your wallet.
It supports 1000+ tokens and is available as a mobile app for Android and iOS. At setup, this wallet gives you your encrypted private key, which you must keep safe.
This wallet allows you to seamlessly access DeFi apps, such as Yearn.finance and UniSwap. You can use it to buy and store NFTs, and you can also swap your tokens right on the app. However, you will be charged 1.49% per trade.
Pros
- Coinbase Wallet has a user-friendly interface
- Available for both Android and iOS devices
- It easily connects to DApps
- It does not share users’ data with the Coinbase exchange
Cons
- This wallet offers no support for Bitcoin Cash (BCH), Ripple XRP, and Stellar
- It does not have a browser extension
OKX Wallet
The last best non-custodial crypto wallet on this list is OKX Wallet. It keeps your assets safe and secure using MPC cryptography, and it is available for both Android and iOS devices.
Although OKX operates as a centralized exchange, this wallet is completely decentralized, even though you can connect it to the OKX desktop website.
This wallet connects to 15+ networks and 200+ DEx through a bridge aggregator. This makes swapping your token seamless on the app.
OKX wallet allows yield farming, swapping, savings, and staking but charges a variable fee for swapping, which you need to confirm before the swap.
Pros
- This wallet swaps tokens at an affordable rate
- It acts as a bridge aggregator connecting 200+ DEx
- It secures high rates of interest on 1000+ tokens
Cons
This wallet does not support BTC
Conclusion
Non-custodial crypto wallets give you full ownership and control of your assets and private keys. That said, the safety and security of your assets lie majorly in your hands, and you need not worry anymore about cyberattacks, malware, or exchange incompetence.
Best Wallet tops the list of our best non custodial wallets. It is functional and supports multiple Blockchains. 2FA, PIN, and biometric security also secure this wallet.
Frequently Asked Questions (FAQs)
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Non-custodial wallet meaning
Non-custodial crypto wallets allow you to store your assets and private key away from third parties. This means you are the only person who can access and control your private key; nobody else can.
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What is the most secure non-custodial crypto wallet?
There are several non-custodial wallets, such as Best Wallet and Zengo, that claim to be the most secure. Best Wallet offers 2-factor Authentication, password, and biometrics security, while Zengo uses the MPC cryptograph. Hardware crypto wallets, such as Trezor and Ledger Nano, are also considered the most secure.
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Are non-custodial crypto wallets safe?
Non-custodial crypto wallets are considered safer than custodial wallets, as you are fully responsible for keeping the wallet and private key safe. However, the safety of your non-custodial wallet depends on how safe your private key is. Your assets can be stolen if your private key is taken.
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Can non-custodial crypto wallets be hacked?
Yes, a non-custodial crypto wallet can be hacked remotely. This can happen if your private key or seed phrase is compromised.
