Metavest
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Metavest

  • In a non-custodial wallet, only you have control of your private keys. No one but you accesses it and thus, it is your responsibility to store them safely.
  • A third party controls your private keys in a custodial wallet. For example, a crypto exchange, a CeFi company, takes custody of your wallet and protects your funds.
  • Both wallet types have pros and cons; with a non-custodial wallet if you fail to store your private keys safely you may lose all your funds. Meanwhile, you won’t have to worry about storing them while using a custodial wallet, so you will have less responsibility. Losing your password is less devastating than losing your private keys.
  • Another thing to keep in mind is limitations. CeFi services may suspend withdrawals for some time or limit your transactions. On the other hand, non-custodial wallets have no limitations as they operate on the DeFi ecosystem.

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