# What types of wallets are there?

Crypto wallets come in two primary types: **custodial** (**CeFi**) and **non-custodial** (**DeFi**). The key difference is **who controls the private keys**—the secret used to access funds and **sign transactions**.

Let's break down the differences between these two types and see where **MyTonWallet** fits in:

## 🌐 Custodial Wallets

In **custodial wallets**, private keys are managed by a **third party**, such as a cryptocurrency exchange. This means that users delegate the storage and management of their assets to a trusted entity.

### Key Features of Custodial Wallets

* **Simplified Access**\
  Quick login using a username and password.
* **KYC Verification**\
  Identity verification required for full feature access.
* **AML Compliance**\
  All transactions are screened for anti-money laundering compliance.
* **Fiat Support**\
  Seamless interaction with fiat currencies, without intermediaries.

**Popular examples**: Telegram Wallet, Crypto Bot, and others

## 🔐 Non-Custodial Wallets

**Non-custodial wallets** provide users with **full control** over their assets. The private keys are stored exclusively by the wallet owner, and access is secured through a [**seed phrase**](/intro/security-and-access-recovery/what-is-a-seed-phrase-how-to-store-a-seed-phrase.md)—a unique set of 12 or 24 words.

### Features of Non-Custodial Wallets

* **Full Control**\
  You are entirely responsible for your assets, including the security of your private keys and recovery phrase.
* **Anonymity**\
  No identity verification required.
* **Decentralization**\
  Manage your assets without intermediaries.

**Limitations**: Limited fiat functionality (e.g., direct bank withdrawals may not be supported)

***

**MyTonWallet** is a **non-custodial** (**DeFi**) wallet. You manage your assets without intermediaries, and access is protected by a [**seed phrase**](/intro/security-and-access-recovery/what-is-a-seed-phrase-how-to-store-a-seed-phrase.md). No KYC is required to use the wallet, so you keep more privacy and control.

**MyTonWallet** is a perfect choice for those who value security and complete control over their funds.


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