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A non custodial wallet is a crypto wallet where users retain complete control over their private keys and digital assets. This means the user is responsible for managing their security and backup procedures rather than relying on a third-party custodian to manage their assets.
The name (non custodial) comes from the fact that the wallet itself doesn't have custody of your crypto but rather serves as an interface that enables you to quickly and conveniently access it while also allowing third-party integrations.
Non custodial wallets are often preferred by users who prioritize privacy and security, as they eliminate the need for users to trust a third-party service with their private keys and funds. Users can manage their security measures with a non custodial wallet, such as using a strong password, enabling two-factor authentication, and keeping their backup or seed phrases secure.
Centralized exchanges are often asset custodians, which means they keep your crypto for you, and you do not hold private keys. If anything should happen to the exchange, your assets will be compromised. This is where one of the most famous sayings in the industry comes into play – "not your keys – not your coins."
Non custodial wallets are generally more secure than custodial wallets, but they require a bit higher knowledge and responsibility on the user's part. There are multiple types of crypto wallets, so researching them before you create one is essential.
Non custodial wallets are essential for several reasons, below we outline a few points that make them powerful and essential:
Public and Private Keys - Setting up a wallet generates a pair of public and private keys. The public key is like your wallet's address and is visible to anyone who wants to send you crypto. On the other hand, the private key is a secret you must keep secure since it grants access to the funds associated with the corresponding public key.
Accessing the Wallet - To access your it, you typically need a password or a passphrase, often called a "wallet seed" or "recovery phrase." This seed phrase is a series of words that can be used to recreate your private keys if you lose access to your wallet.
Storing - The private keys are stored securely within software, which can be a desktop application, mobile app, web-based, or a hardware wallet. It's important to note that the private keys never leave your wallet; they are not stored on any centralized server or controlled by a third party.
Transaction Execution - When you want to send crypto, the non custodial wallet software uses your private key to sign the transaction. This digital signature proves that you are the rightful owner of the funds and authorizes the transfer. The transaction is then broadcasted to the respective network for validation and inclusion in a block.
Confirmation - The transaction is verified and confirmed by the decentralized network of nodes on the blockchain. This process may take some time depending on the currency and network congestion. Once approved, the recipient's wallet balance is updated, and the transfer is complete.
Receiving Funds - To receive funds, you share your public wallet address with the sender. Once they initiate a transfer to your address, the transaction will be recorded on the blockchain, and your wallet will reflect the new balance once the transaction is confirmed.
It's essential to emphasize that while even the best non custodial wallets offer greater security and control over your funds, they also require a higher level of personal responsibility. Losing your private keys or seed phrase can permanently lose access to your funds, so it's crucial to back up your wallet securely and take appropriate precautions to protect your digital assets.
If you are not sure how to choose the wallet that best suits your needs, we prepared for you a list of top 10 Best non custodial wallets in the web3 space right now. We separated the list of best non custodial wallets into 2 categories: Business and Personal wallets.
Bizzllet is a self custody multisig business wallet that helps you manage day-to-day crypto operations. With multi-chain wallets, team collaboration features, and customizable role-based rules, Bizzllet simplifies crypto invoicing, payments, and expenses. It’s powered by Account Abstraction (AA) and Multi-Party Computation (MPC) to ensure that users retain complete control of their crypto assets while minimizing risk through key-sharing between users and Bizzllet.
Here’s a quick overview of how Bizzllet can help you in your everyday business:
Wallets - Users can create separate wallets for different projects or departments and give access to your team without passing private keys around.
Roles and rules - You can delegate tasks to your team while maintaining full control. Add team members, and set different roles & rules depending on their level and seniority.
Multisig approvals - Sign off important actions such as big transactions or organization changes anytime, anywhere. All with Bizzllet mobile app.
Monitoring and reporting - Easily track balances from your wallets, see and personalize transactions with categories, tags, notes, and attachments, and export the data to your preferred accounting software.
Transactions - Send and receive funds, save recipients in your contact list for future transactions, and share a link with your wallet details.
Bizzllet is truly, an all in one solution when it comes to managing your crypto finance operations.
Previously known as Gnosis Safe, Safe stands out as a premier non custodial wallet, firmly establishing itself as the industry standard for multisig wallets. Particularly favored by Web3 companies and startups, it excels in crypto treasury management. Nevertheless, newcomers may need help navigating due to the intricacies of Account Abstraction-based multisig wallets.
Using Account Abstraction on Ethereum, Safe also extends its support to various other networks, including Polygon, Binance Smart Chain, Avalanche, and Gnosis Chain. It offers a desktop version and an iOS app for added convenience, ensuring accessibility and usability across platforms. Currently, there are $58 billion in assets stored across 130 ecosystems on Safe.
Great thing about Safe is that it can be used on custom chains and not just EVM-compatible.
Fireblocks is a wallet and a blockchain security platform that provides infrastructure and tools for securing and managing digital assets for institutional investors and businesses in the crypto space.
Fireblocks offers a secure and scalable solution that allows institutions to store, transfer, and issue digital assets in a safe and compliant manner. It provides a range of security features, including Multi-Party Computation (MPC) technology, hardware security modules (HSMs), and various authentication layers to safeguard assets from potential cyber threats. While Fireblocks is not a wallet for individual users, it is a crucial infrastructure and custodial service provider for institutional players who need robust security measures to manage their digital assets.
The main features are Wallet-as-a-Service, Treasury, NFT support, and Crypto Payments.
Qredo presents an exceptional non custodial business wallet that utilizes cutting-edge MPC technology, providing a secure solution for storing and managing digital assets. With Qredo’s platform, users can effectively handle their treasury and engage in trading activities within the protected confines of its network, leveraging powerful tools such as Atomic Swap.
The wallet extends its support to popular services like Metamask Institutional and Wallet Connect, ensuring seamless connectivity and accessibility for users. Additionally, Qredo emphasizes governance, allowing users to have a say in decision-making.
Beyond its wallet features, Qredo operates as a cross-chain protocol tailored to asset managers and traders actively participating in digital asset markets. Offering an institution-grade layer two infrastructure, the platform facilitates the consolidation of all crypto assets in a single location, providing access to a diverse array of liquidity venues and opportunities within DeFi for yield generation.
MetaMask Institutional is an institution-compliant version of the world's leading web3 wallet, MetaMask. Organizations use it to manage their web3 access and engagement with institution-required security and operational efficiency. Your company can integrate with your chosen custody or self-custody provider to help manage key storage, facilitate multisig transaction approvals, and optimize trade flows. This can be done by connecting it to Qredo, Fireblocks, Safe, and many other solutions.
Some of the features it offers include portfolio management, digital asset monitoring, and transaction reporting. Like the original Metamask, you can use the company's funds for lending, borrowing, staking, and trading. One of the features that it offers and is vital for organizations is the multisig which you can use to authorize transactions with your partners on all EVM-compatible chains.
This wallet is subscription-based, and teams and organizations have to pay a monthly fee to use it.
Metamask is a renowned and widely embraced non custodial wallet, with a user base of approximately 30 million. This wallet supports various EVM-based coins and tokens, including Ethereum, Polygon, Binance Smart Chain, and Arbitrum. Installing and using Metamask is a breeze, as it automatically generates a 12-word phrase during installation to enhance security. Users can securely protect their wallets and access their private keys by setting a strong password.
It offers a browser extension and a mobile app for iOS and Android devices. As a hot wallet, users can import their wallets across multiple devices using their private keys, ensuring accessibility and convenience. Additionally, the wallet features a built-in staking platform that allows users to stake their ETH and MATIC and earn yield. Furthermore, Metamask also supports bridging, simplifying the process of interacting with various blockchains.
One of its advantages is its compatibility with hardware wallets, enhancing security even further. However, there are some drawbacks to consider. Specific tokens may need to be added manually, and the user interface could be more intuitive. Nevertheless, Metamask remains a reliable and popular choice.
Rabby is a browser extension developed by the DeBank team, offering a smooth user experience. As one of the best non custodial wallets in 2023, it provides an overview of essential DeFi functionalities, such as Gas Top-Up and transaction labeling.
Rabby's notable features are its ability to pre-scan transactions for potential risks, ensuring asset protection. Additionally, it supports multiple chains and automatically selects the appropriate chain for different platforms.
This is one of those wallets that stands out because of its great dashboard and overview of all features, erasing the confusion.
Rainbow, founded in 2018, is an Ethereum-based mobile app wallet that has rapidly gained popularity among cryptocurrency enthusiasts, with over 30 million active users. It supports Android and iOS platforms, making it accessible to a broad audience.
The app caters to beginners and advanced users with its funky design and user-friendly interface. It offers various features, including support for NFTs and marketplaces, portfolio tracking, and compatibility with multiple networks. Users can enjoy the flexibility of canceling transactions, speeding up transactions when needed, and even setting custom gas fees when sending a transaction. This is a feature that really shines when the network is congested.
Additionally, the app provides warning prompts to prevent accidental transactions to contracts, ensuring the safety of funds. Its seamless integration of essential functionalities has made it a go-to choice for crypto enthusiasts seeking a reliable and efficient mobile solution.
Zerion is an innovative social wallet that provides an excellent overview of your crypto portfolio. It is great for DeFi and holding NFTs. However, its killer feature is following any wallet address, ENS handle, or NFT collection to stay on top of the latest trends. Many wallets started implementing this feature as well. Supports 10+ networks.
It also supports EVM-compatible networks and scans bridges and DEX fees to give you the best deal whenever you want to trade crypto. Zerion currently has over 200k users and around $1.2 billion processed in transaction volume.
You can download Zerion as a web extension or an iOS app. One of the best hot non custodial wallets if you want to track all your assets in one place when trading.
Argent made its way on the list of the best non custodial wallets, and it stands out as a highly versatile platform, providing users with an all-in-one solution for securely storing Ethereum tokens and accessing a range of DeFi features. As an open-source project, Argent encourages developers to explore its codebase and even create personalized versions of the wallet.
One of Argent's standout features is its support for hardware wallets, streamlining the recovery process and bolstering security. Whether accessed through its mobile app (GooglePlay & AppStore) or web extensions, Argent ensures a user-friendly experience.
Additionally, Argent introduces innovative recovery options, enabling friends and family to assist in wallet recovery. Furthermore, users receive a human-readable blockchain address, enhancing user-friendliness and simplifying transactions.
For users in the US, there are feeless USDC deposits.
Overall, Argent Wallet offers a feature-rich and user-centric experience, making it a top choice for individuals seeking a robust and secure Ethereum wallet with access to DeFi opportunities.
We gave you our top 10 list of best non custodial wallets. While they are all fantastic, there are slight differences in them that make them unique, so choosing can be challenging. Here are five questions to ask yourself when choosing one.
What crypto does it support? Ensure that the wallet supports the digital assets you want to store. Some wallets are multi-chain and support various crypt, while others are designed for specific blockchains.
Is it easy to use? Look for a wallet with a user-friendly interface that suits your level of experience with cryptocurrencies. Some wallets prioritize simplicity, while others offer more advanced features for experienced users.
How secure is it? Check if the wallet offers features like two-factor authentication (2FA), hardware wallet integration, or seed phrase backup to protect your funds.
Is it compatible with other devices/tools I use? Consider the devices you plan to use the wallet on (e.g., desktop, mobile, or hardware wallet) and choose a wallet that supports those platforms.
What is the one feature that I really need? Research the wallet's features and look for exciting features that differentiate it from other wallets.
In conclusion, best non custodial wallets are a crucial tool for anyone involved in the crypto world, especially the individuals and organizations that deal with crypto treasury management. They offer numerous benefits, such as enhanced security, control over private keys, financial privacy, and alignment with the decentralized nature of blockchain networks. Non custodial wallets empower users to take charge of their digital assets and protect themselves from potential hacking and theft.
Here are the key takeaways:
If you're looking for a self custody business wallet to manage your day-to-day crypto operations, try Bizzllet today. Start taking control of your financial future!
