#Wallets with no moneymoney free#

The Zumo wallet is protected by a seed phrase, also known as a backup phrase or private key. Try that with a traditional bank and you’ll probably have the fraud prevention team on the phone asking why’ve you suddenly emptied the account – if you’re even able to do so due to withdrawal limits. The responsibility is yours and yours alone. If you want to take all your crypto out in the middle of the night, that’s no problem. Neither do we store data which would allow us or anyone else access to wallets. Our wallet is non-custodial, which means that we have no way of interfering with users’ funds.

#Wallets with no moneymoney free#

Free Yourself With A Non-Custodial Wallet If attackers manage to gain access to many people’s crypto wallet private keys, they can escape with stratospheric sums of money. When a wallet company stores vast numbers of its users’ private keys, the database is an obvious target for hackers. This may sound like an advantage, but the sense of security granted by a wallet administrator’s ability to recall this information is fleeting at best. Wallets can also impose arbitrary fees or freeze users’ accounts.Ĭustodial wallet solutions will usually step in to save the day when users’ lose the private keys which control access to their accounts. They may have to prove their identity, which strips them of the relative anonymity offered by crypto. Users of these wallets surrender control for security (or so they think).Ī custodial wallet sets rules on how its users can access funds. Many of the world’s top wallets are custodial and therefore impose limitations on their customers. Some cryptocurrency wallets have similar constraints, requiring users to obey their rules and follow strict procedures. Want to withdraw it? You’ll have to jump through hoops and obey limits on the amount you can take out at one time, not to mention going through onerous security checks. But you don’t control it, because your cash is governed according to rules and regulations set by politicians or financial institutions. You own the money stored inside a financial institution’s coffers. To illustrate the difference between custodial and non-custodial wallets, just think about the limitations of a traditional bank account.