CUSTODIAL and NON-CUSTODIAL WALLETS: which one to choose? While some try to choose between
cold and hot wallets, others focus on choosing the wallet as per custody of private key. Something about which we will discuss in detail in this post.
CUSTODIAL WALLET
Simple and easy to use for beginners
Easily accessible
Possible to reset password to regain access to digital assets
Extensible
Third party password storage
Wallet fee
Extra effort to identify secure & reputable wallet
NON-CUSTODIAL WALLET
Only accessible by holders
Decision to share lies with holder
Inaccessibility
Dependence on connected device
More technical knowhow needed to use advanced features
Impossible to recover digital assets if users lose private keys and/or recovery phrases
Both wallet types are good to store your digital assets. It's up yo you to decide which features in a wallet are most important to you
Do you remember those cases when people lost their password to a crypto-wallet and there was no way to recover it? It's a common situation, that occurs with people who use non-custodial wallet.
That's why we recommend to use
custodial wallets (as
ECOS wallet), that are generally preferred by newcomers and those who value the set-and-forget nature of managing their crypto through an exchange or other centralized wallet provider. Remind you,
ECOS Wallet has high level security and 24/7 support.
What type of cryptocurrency wallet do you have or would like to have?
