Most web-based crypto wallets are custodial wallets, and it’s very likely that the first time you purchase crypto, it will end up in a custodial crypto wallet. In this case, your custodian holds your keys and is tasked with securely storing your funds.
While a custodial wallet may be considered less secure than a non-custodial wallet, many prefer them because they don’t require as much responsibility and are usually more convenient. Losing your password to a non-custodial wallet could be financially devastating if you do not take sufficient precautions. However, if you forget your account password you’ll likely be able to reset it.
Q: What are Custodial Wallet?
A: Are wallets in which the private keys are held by a third party.
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