Why are Non-Custodial Wallets Becoming More Popular?

3 min readJan 24, 2023

Even though many crypto users store their digital assets on crypto exchanges, they come with dozens of shortcomings. Besides posing a risk to your digital assets, custodial wallets give a third-party total control over your private keys and, hence, your funds.

Therefore, if you are looking for a more secure and better way of managing your digital assets, a non-custodial wallet provides a perfect solution. Besides giving you the sole responsibility of protecting your holdings, a non-custodial wallet shields your crypto holdings from hackers.

So why are non-custodial wallets becoming popular among crypto users? Here are some of the reasons why.

Control over Digital Assets

Unlike custodial wallets where your private keys are stored on an exchange, a non-custodial wallet like DeFiX gives you control over your private keys. This means you have the sole responsibility to manage your funds without having to seek approval from a third party.

However, it is important to note that while a non-custodial wallet gives you full control over your holdings, you have to secure your private keys. This is because, should anything happen to your wallet or you forget your password, you may find it challenging to regain access to your account.

You should therefore keep your password private since someone may access your funds without your knowledge. Alternatively, you can use the seed phrase to regain access to your funds.

Better Security

If you are looking for a highly secure crypto storage platform, then it's high time you consider using the DeFiX wallet. Besides recovery features, non-custodial wallets give you sole control over your digital assets. This provides a tamper-proof storage solution for your digital assets.

Easy To Execute Trades

A non-custodial wallet makes it easy for crypto users to execute trades in real-time. This is because you do not need to seek permission from a third party to make transactions. As such, you can buy, convert, and sell digital currencies without having to seek approval.

With the DeFiX wallet, you can store and control how you use your digital assets. We, therefore, encourage you to install the DeFiX wallet and experience the difference.

Flexibility

Unlike custodial wallets that are mainly restricted to an exchange, non-custodial wallets make it easy for users to manage their digital assets straight from their mobile devices. To get started, you simply need to download and install an app on your mobile device from the google app store.

The good news about mobile wallets is that they enable you to trade on the go. This not only saves time but also enables you to trade and generate profit from your crypto holdings.

Conclusions

Non-custodial wallets come with many benefits. While exchanges accommodate a high number of crypto users, it comes with many risks. Besides hefty charges, custodial wallets deny users the opportunity to own their private keys.

To have full control over your digital assets, we encourage you to use non-custodial wallets like DeFiX to secure and manage your crypto portfolio.