Non-custodial crypto exchanges are the preferred trading option for many investors. You will find out why these platforms are better than their custodial counterparts in this article.
What are Non-Custodial Crypto Exchanges?
Cryptocurrency has a short history. Nonetheless, it is full of strange twists. For example, according to CipherTrace, a cryptocurrency intelligence agency, more than $1 billion worth of Cryptocurrencies have been stolen from wallets during this short period. Reportedly, Binance, a popular custodial crypto exchange was hacked with 7000 BTC carted away!
Indeed, the company promised to compensate those affected. However, the incident should serve as a lesson to other investors in the market. Unlike custodial platforms, non-custodial exchanges enable the users to be in charge of securing their funds in their personal wallets. These platforms offer you total control over your funds.
Benefits Of Non-Custodial Exchanges
Choosing a non-custodial crypto exchange over a custodial platform offers the following benefits:
- Non-custodial exchanges are less targeted by hackers, because really there's usually nothing to steal.
- Regardless of the security in place, custodial platforms will always look attractive to hackers because of its centralized system.
- Easy and Fast Transactions
- Non-custodial platforms offer you complete access and control of your funds, therefore, trading is more seamless with these exchanges.
- Users will have to take more responsibility regarding the security of your assets with a non-custodial platform. Therefore, it makes you more vigilant and security conscious.
An example of a fast, easy to use non-custodial exchnage is ExchangeFast. This platform lives up to its brand name. It is indeed fast when it comes to trading cryptocurrencies. The entire process is seamless and the platform is designed to help users complete transactions in the simplest possible way.