A decentralized wallet, also known as a non-custodial wallet, is one where you maintain complete control over your private keys. No third party stores or has access to your keys, which means no one can access your funds without your authorization. With fomo, you can recover your wallet by signing in with your email or Apple ID, which makes it more secure over a decentralized wallet.
The primary benefit of a decentralized wallet is sovereignty. Your assets cannot be frozen, seized, or restricted by any company or government because there is no central point of control.
However, this freedom comes with responsibility. If you lose your seed phrase and cannot access your wallet, there is no customer support line to call. You alone are responsible for your security.
Custodial wallets, by contrast, involve a third party (usually an exchange) holding your private keys on your behalf. While this can be more convenient, especially for beginners, it introduces counterparty risk.
If the custodian is hacked, goes bankrupt, or freezes accounts, you may lose access to your assets. History has shown numerous examples of exchanges failing and users losing their funds.
For maximum security and true ownership of your assets, a decentralized wallet is the better choice. However, modern platforms have made non-custodial wallets much easier to use.
fomo gives you the benefits of self-custody without dealing with the technical complexities. You can set up an account in seconds using email or Apple ID, while still maintaining control over your assets.
Experience self-custody made simple. Download fomo and take control of your crypto today.
