What types of wallets are there?
Last updated
Last updated
Crypto wallets come in two primary types: custodial (CeFi) and non-custodial (DeFi). The key difference lies in who controls the private keysβthe unique set of characters that grant access to your assets and are used to sign transactions.
Let's break down the differences between these two types and see where MyTonWallet fits in:
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.
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 provide users with full control over their assets. The private keys are stored exclusively by the wallet owner, and access is secured through a βa unique set of 12 or 24 words.
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 perfect fit for those who value security and complete control over their funds.
MyTonWallet is a non-custodial (DeFi) wallet. Users manage their assets independently, without intermediaries, and access is secured by a . There is no need for KYC verification, making the process completely decentralized and anonymous.