Lecture 5.0.0. Non-Custodial Wallets for Decentralised Exchanges
Decentralised Exchanges (Dex) do not provide wallets for your cryptos. They are interfaces where you simply exchange one crypto for another. Hence, you will need to have a non-custodial wallet to be able to use a Dex.
5.1.0. Popular Non-Custodial Wallets
The three most popular non-custodial wallets are:
(1). MyEtherWallet
This was founded in 2015 by Taylor Manahan and Kosala Hemachandra and is used by about 1.3 million people monthly as at August 2021.
MyEtherWallet is specifically for transactions on the Ethereum ecosystem. Hence, if you send any crypto that is not part of the Ethereum Ecosystem, the crypto will be lost.
MyEtherWallet can be installed on both your phone and personal computer from this website: myetherwallet.com.
(2). Metamask
MetaMask was created in 2016 by ConsenSys, a blockchain software company, originally structured for the Ethereum ecosystem. However, following the upgrade of 2020, you can reconfigure it for use on the Binance ecosystem.
This means that Metamask can be used to store cryptos on the Ethereum Ecosystem as well as on the Binance Ecosystem, which are the two most common blockchain ecosystems. All the cryptos on the Ethereum Ecosystem are known as ERC20 while the cryptos on the Binance Smartchain Ecosystem are known as BEP20.
Just like MyEtherWallet, Metamask can be installed on both your phone and personal computer from this website: metamask.io. As at August 2021, the number of active users of Metamask wallet have grown to about 10 million every month.
(3). Trust Wallet
This is a multi-coin cryptocurrency wallet founded in November 2017 by Viktor Radchenko and was acquired by Binance in July 2018. As at August 2021, there were more than 10 million people that were actively using Trust wallet every month.
Just like Metamask, Trust Wallet is built for both Ethereum and Binance ecosystems. However, unlike Metamask, you don’t need to do any reconfiguration in order to use Trust Wallet for crypto transactions on both Ethereum and Binance ecosystems.
As at the writing of this article, Trust Wallet can be installed only on phones. You can download and install Trust wallet from your phone’s Appstore or Play Store.