What types of wallets are there?

Crypto wallets come in two primary types: custodial (CeFi) and non-custodial (DeFi). The key difference lies in who controls the private keys—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:

Custodial Wallets

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

Key features of custodial wallets

• Simplified Access Quickly log in using a username and password.

• KYC Verification To use all features, identity verification is required.

• 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 full control over their assets. The private keys are stored exclusively by the wallet owner, and access is secured through a seed phrase—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 is required.

• Decentralization Manage your assets without intermediaries.

One of the limitations: limited fiat functionality. For example, direct bank withdrawals may not be supported.

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MyTonWallet is a non-custodial (DeFi) wallet. Users manage their assets independently, without intermediates, and access is secured by a seed phrase. There is no need for KYC verification, making the process completely decentralized and anonymous.

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