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In the digital world of cryptocurrency, security, privacy, and control are the most important things a user should look for when creating a wallet. With so many options, how can you choose the best fit for you? One of the best ways to ensure your assets are safe and you are in control is by using a non-custodial wallet. But what exactly is a non-custodial wallet, and why is it the best fit for you? In this guide, we’ll explore everything you need to know about non-custodial wallets,and guide you through the process of setting up. By the end, you’ll be able to safely manage your assets while also being fully in control of them.
A non-custodial wallet is a type of cryptocurrency wallet where only you control the private keys to your assets. Unlike custodial wallets, where a third party (such as an exchange or a wallet service) holds your private keys, non-custodial wallets give you full control over your funds. This means that no one but you can access your crypto, unless you choose to share your private keys, (which is something you should never do).
In a custodial wallet, a third-party service like an exchange manages your private keys. This setup can be convenient, but it also introduces risks such as hacks or loss of access if the third party goes down. With a non-custodial wallet, you are the sole custodian of your keys, meaning you are in full control of your assets at all times.
Think of it like saving your money in a safe at home, or at a bank. When you keep it at home, you and you alone can manage it and are reliable for it, but once you place it in a bank, you are liable to bank service hours, possible theft or even losing your money if the bank goes bankrupt.
When you use a non-custodial wallet, you have complete control over your cryptocurrency. No middleman has access to your funds, and you aren’t dependent on third-party services. You are the sole owner of your private keys, ensuring that only you can make transactions or access your crypto. This independence means you’re not vulnerable to platform outages or general issues from third-party services.
Non-custodial wallets are typically more secure than custodial wallets because they reduce the risk of hacks. Since your private keys are stored on your device (and not on an exchange’s server), there’s no centralized point of failure that hackers can target.
A non-custodial wallet protects your privacy. Since you control the keys, there’s no need to provide personal information or undergo identity verification, which is common with custodial wallets. This means you can remain anonymous when transacting in cryptocurrencies.
You can store various types of cryptocurrencies at the same time, and can manage them all in a single place.
Non-custodial wallets provide an easy way to back up your wallet. Most wallets generate a seed phrase or recovery phrase when you first create the wallet. This phrase is yours and can be used to restore your wallet if you lose access to your device.
You have cross-platform access, meaning you can access your wallet on multiple devices whether it’s a smartphone or a desktop so you can manage your funds no matter where you are.
Beginner-friendly non-custodial wallets typically offer a simple, intuitive user interface and support a wide range of cryptocurrencies. These wallets prioritize ease of use, making them ideal for users who are new to crypto and prefer straightforward functionality without complex features.
Advanced non-custodial wallets provide more control and customization options, such as adjustable transaction fees and enhanced security features. These wallets are suitable for experienced users who require more control over their private keys, want additional customization options, and seek advanced security measures for managing their crypto assets.
There are many non-custodial wallets available, ranging from mobile apps to desktop software. Research to find one that suits your needs in terms of supported currencies, features, and user friendly interface.
Once you’ve chosen a wallet, download it from the official website or app store. Make sure you’re downloading from a legitimate source to avoid potential phishing scams.
If you’re setting up a new wallet, follow the app’s instructions to create your wallet. You’ll be given a seed phrase—make sure to write this down and store it in a secure place. If you’re restoring a previous wallet, simply enter your recovery phrase to regain access to your funds.
After setting up your wallet, back up your seed phrase. It’s critical to store it safely, as losing it means you could lose access to your crypto forever. Consider using a hardware wallet or encrypted backup for added security.
To start using your wallet, you’ll need to transfer some cryptocurrency into it. You can do this by transfering funds from an exchange or another wallet. Ensure you follow the correct address format to avoid losing your funds
Bleap is a non-custodial wallet, meaning that you can have full control over your private keys and funds so you don’t have to worry about a third party managing or storing your crypto assets. It's a great option for beginners entering the world of cryptocurrency. It offers a simple design and easy-to-use interface, making it straightforward to store, send, and receive digital assets. For some geographies, you can even get a debit card with 2% cashback on eligible purchases, (check our card) so Bleap is a solid choice if you’re new to non-custodial wallets.
1. What is Bleap?
Bleap is a non-custodial fintech. With Bleap you can connect any wallet and use it as your current account:
Funds are always in your own connected wallet, meaning you control your private keys and your funds at all times. Bleap takes care of the conversion between FIAT and crypto as you need it, without any fees.
Learn more about Bleap here.
2. Can I use Bleap on mobile and desktop?
Yes, Bleap is available on both mobile and desktop platforms, allowing you to manage your crypto assets on multiple devices with ease.
3. Is Bleap safe?
When you sign up for Bleap, we use PortalHQ to generate an MPC (Multi-Party Computation) key. This wallet consists of two parts—one stored on your device (parent) and the other on PortalHQ’s side. Each time you sign a transaction, the two parts are temporarily assembled. If your device’s key is stolen, it remains unusable on its own.
4. What cryptocurrencies can I store in Bleap?
Bleap supports a wide range of cryptocurrencies, including popular coins and tokens. The wallet supports multi-currency and allows you to store different types of assets in one place. You can see more information about allowed assets here: What tokens and chains does Bleap offer when buying?
5. How do I back up my Bleap wallet?
A randomly generated password encrypts your key, but Bleap does not store it. Instead, it is saved only by you on your email and cloud or offline. This password is not your actual key; it simply encrypts your key, which is stored securely on a dedicated server. Only you can access and decrypt it, so as long as you save your key somewhere safe your wallet can be recovered.
6. Can I recover my Bleap wallet if I lose my phone or computer?
Yes, if you lose your device, you can restore your wallet using the password you were sent when creating your account (point 5). This ensures that you don’t lose access to your funds.
7. Is Bleap suitable for beginners?
Yes, Bleap is designed to be beginner-friendly, with an intuitive interface that makes it easy for new users to manage their cryptocurrency without the need for technical knowledge.
8. Does Bleap charge any fees?
Bleap does not charge any fees for using the wallet itself, but fees may apply in specific transactions.
Risk Disclaimer: DeFi Investing
Investing in DeFi protocols carries significant risks, including:
Volatility: Prices can fluctuate rapidly, leading to potential gains or losses.
Smart Contract Risks: Vulnerabilities in smart contracts may result in financial losses.
Regulatory Uncertainty: Changing regulations may impact the legality and value of DeFi assets.
Impermanent Loss: Providing liquidity exposes investors to temporary losses.
Market and Platform Risks: External factors and platform issues can disrupt trading activities.
Loss of Funds: There’s a risk of partial or total loss of invested funds.
Information Risks: Misinformation may lead to suboptimal investment decisions.
This information is provided for educational purposes only and should not be construed as financial advice. Investors should conduct their own research (DYOR) and seek professional advice if necessary before making investment decisions.
