Custodians are entrusted with the care of something; say caretakers. These are what custodial wallets are. They take the burden of asset protection off users, however, they may or may not bear the full brunt for the misplacement of the asset. Think Mt. Gox or FTX.
This is the reason the crypto market has evolved in the last few years to be more personal, truly decentralized and non-custodial. This has birthed a plethora of decentralized and non-custodial services that facilitate borderless and trustless transactions. These services, especially wallets, literally give users the keys – and magic words – to their assets. Here, we explore five of such wallets.
1. NOW Wallet
Supporting over 70 blockchains, 1500+ tokens, including coins like Bitcoin (BTC), Dogecoin (DOGE), and Monero (XMR), NOW Wallet enables a range of transactions: storing, sending, receiving, buying, selling, exchanging, and staking. Speaking of staking, users can stake Tron (TRX), Binance Coin (BNB), Cardano (ADA) and several other tokens. They also enjoy the flexibility of personalizing their asset management and transactions by adding custom tokens that run on supported EVM-compatible and Tron networks, and connecting to favorite dApps through WalletConnect.
Furthermore, NOW Wallet’s user-friendly interface and fiat-to-crypto function provide newbies with an easy pathway to the crypto market. This functionality allows the conversion of 60+ fiat currencies to crypto using Mastercard, Visa, Apple/Google Pay, or bank transfers. Though users do not need to go through KYC verification for crypto-to-crypto transfers with the wallet, its partner services require KYC for fiat-to-crypto and crypto-to-fiat transactions.
Powered by the instant crypto exchange ChangeNOW, NOW Wallet also features free and paid Pro plans including a cashback of up to 0.2% for every swap made. Users also do not need to worry about shady transactions since they can run AML checks on their transactions.
Other Pro features include unique domain names for receiving crypto payments and unlimited access to crypto loans. NOW Wallet is accessible on Google Play and App Store and macOS, Windows, and Linux devices. There’s also an efficient 24/7 customer support with a 99% resolution rate to attend to the diverse needs of users.
MetaMask is one of the most popular non-custodial wallets, boasting over 30 million monthly active users. It is not just a secure wallet for storing funds, but a way through which users connect to several blockchain-based applications.
One of its key features is its portfolio platform that provides users with detailed insights about the performance of their assets across all networks. Thus, users can track price movements, know the total value of their portfolio, and monitor trends. With this data, they can make informed investment decisions.
While Metamask supports a myriad of assets, they are all Ethereum- or EVM-based. This means that the wallet is not an option for users who have only non-Ethereum or non-EVM assets like Cardano (ADA) and Solana (SOL).
3. Coinbase Wallet
Launched by Coinbase, US leading exchange, Coinbase Wallet offers users the opportunity to buy, swap, and stake their assets. The wallet supports thousands of digital assets, including NFTs.
Furthermore, Coinbase Onramp makes it easy to purchase crypto. It gives users access to over 60 fiat currencies and more than 100 cryptocurrencies with a single integration. Recently, it added Apple Pay to this Onramp service, making fiat-to-crypto conversions even more convenient by allowing users to fund their wallet with 100+ tokens, enjoy no fees on USDC, and access to a range of fiat currencies.
However, a downside to the wallet is that it has the tendency to accumulate transaction fees, particularly for smaller transactions. Also, its strict vetting policy makes it support a limited number of crypto assets and dApps.
4. Trust Wallet
Supporting more than one million assets and 100+ blockchain networks, this is a great choice for users whose portfolios are a diversity of assets. Like other non-custodial wallets, Trust Wallet gives users total autonomy over their assets.
Like NOW and Coinbase Wallet, users can also buy crypto with their local fiat currency. This service is managed by Trust’s global partners like MoonPay, Ramp Network, and Transak. They allow the wallet to handle over 100 different currencies and facilitate the easy purchase of cryptocurrencies with only a few clicks directly from the app.
While Trust Wallet’s capacity to accommodate millions of assets makes it a powerhouse, it also indicates a significant security risk, especially for new users who are yet to differentiate between fake and legitimate assets. Also, its lack of two-factor authentication is a significant flaw in its security design.
5. Zerion Wallet
Zerion is a perfect fit for DeFi users. It supports 60+ DeFi protocols and comes with an interface that allows its 200,000 monthly users to invest, lend, borrow, and swap their assets.
While many non-custodial wallets that have integrated DeFi protocols give users a chance to earn passive income through staking, Zerion offers an alternative opportunity whereby users earn interest by lending tokens. Users can also access yield farming protocols and liquidity pools to earn rewards.
This unique function is, however, constrained since the supported blockchains on Zerion are quite limited.
Summary
Non-custodial wallets are essential tools for secure, autonomous, and effective management of crypto assets. NOW Wallet, Metamask, Coinbase, Zerion and Trust Wallet are some of the most reliable non-custodial wallets designed to cater to crypto needs.
NOW Wallet offers a truly personalized experience by allowing the addition of custom tokens and favorite dApps, the creation of unique domain names for receiving payments, while AML checks, cashback rewards, and access to unlimited crypto loans just add to the appeal.
These functionalities easily make NOW Wallet a trendsetter for others. However, this doesn’t mean that other wallets fall short, because they all empower crypto users to easily navigate the dynamic crypto market, irrespective of their features or offerings. And since they are non-custodial, they enable users to flex their power of choice and unlock the full potential of their crypto journey.
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