Safeguarding your digital assets is one of the most important aspects of decentralized finance and banking. One way to protect your crypto investments is by having full control of your private keys. This guarantees that no third-party organizations will interfere with the security of your cryptocurrencies. This is where non-custodial wallets come into play. But with a massive list of wallets available, not to mention the added variable of hot and cold wallet options, you might be wondering, which non-custodial wallet is the best? Keep reading to find out our top list of the 5 best non-custodial wallets for 2024.
Non-Custodial VS Custodial Wallets
Before we dig further into the best non-custodial wallets of 2024, here is a quick explanation of what is a non-custodial wallet versus a custodial wallet.
To make things simple, it is all about OWNERSHIP. A custodial wallet is where a third party, like an exchange, will store and manage your keys.
These types of wallets are susceptible to hacking and fraud. On the flip side, non-custodial wallets give you, and only you, access to your private keys, meaning that hackers pretty much have it impossible to gain access to your investments.
Optimal security is achieved with the winning combination of a non-custodial exchange and a cold hardware wallet, providing enhanced key protection and control compared to traditional banks, although the inherent internet connectivity of these exchanges may still pose some security risks.
What Are the Best Non-Custodial Wallets of 2024?
After searching high and low, and taking into consideration many different aspects and features of non-custodial wallets on the market, we have gathered a list of some of the best – along with their pros and cons, of course.
Material Bitcoin
Undoubtedly, Material Bitcoin makes the list as it is a cold wallet that can hold Ethereum, Bitcoin, and USDT, resulting in a highly secure non-custodial wallet as your data and private keys are not connected to the internet. Additionally, it is physically made out of AISI 304L stainless steel making it pretty much indestructible.
👍Pros: It is both virtually and physically secure, strong and protected, giving complete ownership to you and you alone.
👎Cons: Although they are the most common and stable cryptocurrencies on the market, Material Bitcoin only holds Ethereum, Bitcoin, and USDT currencies.
Trust Wallet
A popular non-custodial wallet option, Trust Wallet offers a wide range of cryptocurrencies to be held, as it supports over 70 blockchains, translating to about 4.5 million different cryptocurrencies and NFTs.
👍Pros: User-friendly, even for beginners. Available to connect to a variety of dApps.
👎Cons: Trust Wallet does not have cold storage, therefore it is connected to the internet and can be susceptible to hacking. 
MetaMask
MetaMask allows you to store your private keys and Ethereum-based cryptocurrencies. Perhaps one of the more popular wallets available, MetaMask allows you to buy, trade, and sell your crypto directly from your wallet.
👍Pros: Conveniently accessible through mobile app or web browser.
👎Cons: Browser extensions have been linked to security breaches and leaks. 
Blockchain.com
Blockchain.com is another popular option among crypto investors and traders. It is a reputable non-custodial wallet that allows you to manage a variety of cryptocurrencies.
👍Pros: Offers a two-wallet option. One allows for storing your crypto and keeping it private, while the other wallet option allows you to trade different currencies and markets, supporting USD, EURO, British Pound, and Turkish Lira.
👎Cons: Customer service is almost non-existent. 
Guarda Wallet
Known as a multiplatform, decentralized wallet, Guarda Wallet offers investors many features including storing, trading, and exchanging a variety of cryptocurrencies.
👍Pros: Guarda Wallet is notorious for its customer support and service – which was a highly valued aspect to many users.
👎Cons: Guarda is a hot wallet, which means that it relies on the internet (apps, webpages, etc) to manage and store your cryptocurrencies, making it vulnerable to hacking and scammers. 
As you can see from our list of non-custodial wallets, there are many options out there to choose from. Some offer hardware options, like paper wallets or non-electronic wallets while others are hot wallets, relying on the internet for storing keys and investments. Regardless of which one you pick, make sure that you are fully informed of all the options and features that each wallet gives you.
Commonly Asked Questions About Non-Custodial Wallets
Whether you are a seasoned investor or new to the crypto world, you might find yourself pondering a few key questions. Here are some common queries related to non-custodial wallets that will help you make the right choice for your investments:
Why Choose a Non-Custodial Wallet?
Opting for a non-custodial wallet is at the heart of decentralization in the cryptocurrency space. By holding your private keys, you eliminate the need to trust a third party with your assets. This approach enhances your security and ensures that you have direct ownership and access to your funds.
How do I get a non-custodial wallet?
Depending on which non-custodial wallet you choose, you can order your hardware or paper wallet online or download an app with many hot wallets.
Are non-custodial wallets hackable?
Yes…and no. This is a tricky question as a big variable to this question is if the non-custodial wallet is a hot wallet or a cold wallet. Material Bitcoin does not need an app or any electronic component, which means there is nothing that hackers or scammers can get into to steal your private information or crypto. Other non-custodial wallets may still be open to hacking if they are hot wallets.
What is the most secure non-custodial wallet?
Simply because this wallet is non-custodial and a cold wallet, Material Bitcoin is the most secure wallet you can rely on for safeguarding your cryptocurrency.
What is the best self-custody hardware wallet?
Material Bitcoin not only offers a cold wallet that lets you store Ethereum, Bitcoin, and USDT, but it is virtually indestructible as a 100% stainless steel plate.
Take-Away for 2024 Non-Custodial Wallets
As the world of decentralized banking continues to grow and the vast variety of cryptocurrencies evolve, the notion of security remains on everyone’s minds. So, what are the main points for you to remember when picking a non-custodial wallet for your crypto investments?
- Consider your preference for a cold or hot wallet.
- Do you want access via mobile apps or web browser pages?
- Take note of which cryptocurrencies you will be investing and trading, as not one non-custodial wallet offers ALL cryptocurrencies. According to Statista.com, in December of 2023, about 9,000 different cryptocurrencies were in existence.
Safeguarding your money and investments is the most important when buying, storing, and exchanging crypto, and we hope that our top 5 list of best non-custodial wallets has given you some insight.
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