Sep 22, 2021 17:22 UTC
Oct 4, 2021 at 13:29 UTC
What are Custodial and Non-custodial Crypto Wallets?
What if you need to take permission to use your own money or make any cryptocurrency exchange in India? What will happen if you lose the keys to a locker after keeping your money in it? Let us find answers to both these questions! To begin with, you should first know what a crypto wallet is.
What are Crypto Wallets
Crypto wallets are used for keeping your private keys. These private keys are passwords that will allow you to access your cryptocurrencies after buying bitcoin or buying ether or any other cryptocurrency from the exchange. Crypto wallets also enable you to make any cryptocurrency exchange in India; for example, you can sell or buy Bitcoin or buy Ether, Binance Coin, Polygon, etc.
Are there any forms of Crypto wallets?
Crypto wallets have different forms like hardware wallets such as “ledger”, which is similar to a USB stick, or ‘mobile apps’ such as Zebpay to use crypto online. But you should remember that crypto wallets do not store cryptocurrencies; they only keep your private keys safe. You will lose access to all your crypto investments if you lose your private keys.
Are Custodian crypto wallets safer?
Now, while talking about custodian crypto wallets, you must agree that if you want to withdraw your own deposited money from your bank account, where banks are just service providers, you need to ask permission from your bank. You would even agree to the instances where banks might deny such permits for safety concerns. On the same grounds, a custodial cryptocurrency wallet also functions, where your crypto is detained in good faith by the exchange. They will keep your private keys safe and provide backup and security to your assets.
Why should I go for a non-Custodial crypto wallet?
Similarly, a non-custodial crypto wallet is a decentralised wallet that gives more power to the user’s hands. Here, you own the private keys. You will get a file with your private keys, and you need to write a phrase to restore your funds. You are free to do all the trading and exchange without taking any permission as you are the sole controller of your funds, but this also means that you are solely responsible for your funds or private keys.
How do I get the best of Custodial and Non-Custodial Crypto wallets?
A cryptocurrency exchange in India will allow you to trade in cryptocurrencies providing you with many different platforms to buy bitcoin or buy ether or even sell them in seconds. Now you must be thinking can’t we get the benefits of both worlds? The security of your crypto holdings as well as the freedom to trade. Yes, ZebPay gives the best of both worlds. Along with this, we also help you with the exchange rates for a cryptocurrency exchange in India, the credibility of the exchange, their transaction fees, customer support, etc.
Do you know that many Indians are undervalued compared to the capacity they can achieve? The power of decentralised digital finance can make that possible. What if you come to know that 98% of cryptos stored with ZebPay are in cold wallets. ZebPay comes with a proprietary security protocol and protection, using one of the safest platforms, Omnitrixx, which provides a world-class multi-chain security system.
The next concern would be choosing a platform that provides you with the freedom to trade across multiple crypto pairs, with an easy-to-use interface, one-click buy and sell option, facility of lightning payments, or even the options of doing trading across multiple devices without compromising on security. Correct?
You would be glad to know that Zebpay is certified by Information Security Management System (ISMS) and is also GDPR compliant. 2/3rd of Indians bought their first bitcoin on ZebPay, and you can start with as low as Rs 100. So what are you waiting for? Quickly visit us at https://zebpay.com/in/.