Is private keys enough to call wallet non custodial?

[tabas]

Trust wallet isn't a close source wallet as I know it but open source, although it's not completely open source wallet just like electrum wallet, and it's claimed privacy is questionable.

It is considered as a closed source wallet despite that they claim that they are a self custody wallet. That's a different definition from an actual open source and they have no claims about it. And that description even became stronger when it's bought and controlled now by binance.

[khaled0111]

I used to use TrustWallet but never used its built-in exchange, to be honest.
As it has been said above, TrustWallet is non-custodial as it gives you access to your private keys but, as a closed-source wallet, there is no guarantee that you are the only one who has access to them.
Regarding the built-in exchange, as I said, I didn’t use it so I don’t know how it works but if in order to complete a trade, you need to send your coins to a third-party service then the moment you do that, those coins are no longer under your custody.

[MusaMohamed]

I used to use TrustWallet but never used its built-in exchange, to be honest.
As it has been said above, TrustWallet is non-custodial as it gives you access to your private keys but, as a closed-source wallet, there is no guarantee that you are the only one who has access to them.
Regarding the built-in exchange, as I said, I didn’t use it so I don’t know how it works but if in order to complete a trade, you need to send your coins to a third-party service then the moment you do that, those coins are no longer under your custody.

Even you don't use the built-in exchange in Trust wallet, you don't exclude all risks if you already used Trust wallet. Since a time of creating your wallet with Trust, using that wallet to store your cryptocurrency, you already accepted risk and actually had risks.

If the wallet has backdoors to give the Trust wallet developers access to your wallet private keys/ mnemonic seeds, all your cryptocurrencies can be stolen anytime in the future.

Using the built-in exchange only escalates risk by requiring you to approve smart contract access. With other wallets, a same principle is applied, revoke a smart contract approval when you finished a trade.

How to revoke token approval.
https://etherscan.io/tokenapprovalchecker
https://revoke.cash/
https://app.unrekt.net/

[Muba20]

I want to know because their are some non custodial wallet they have features like exchange. In trust wallet they have the buy and sell options. Does private keys completely makes a wallet as non custodial or their is more to this.

A simple answer to understand whether a wallet is non-custodial or not is who controls the private key. If a wallet has complete control over itself when it comes to transferring funds, it is called a non-custodial wallet. Even if there is an opportunity to buy and sell, if the user has complete control over the funds, then it will definitely be a non-custodial wallet. But if someone else somehow finds a way to transfer funds despite having control over the user's wallet, then it is never a non-custodial wallet. A trust wallet is definitely a non-custodial wallet. Since a trust wallet is closed source, its reliability will not be as good as open source wallets. And since its source code is private, there is no enough opportunity to verify how they keep the private key or seed phrase secret. This is why a user has to trust the company.

 

[Rockstarguy]

Trust Wallet is considered to be a non-custodial wallet but is closed source. Because of this, you can't really dig deeper to find out more about the wallet, which is why an open-source wallet is recommended for investors. I believe that the fact you have questions about Trust Wallet indicates you are not confident in it, based on what you have noticed or discovered about the wallet. I have heard some people complain about this particular wallet, which is something that can't be explained. A wallet performing in ways that can't be explained seems to be risky. With Trust Wallet, you have access and control over your keys, but since it is closed source, you don't have access to review the wallet.

[Plutomanian]

I want to know because their are some non custodial wallet they have features like exchange. In trust wallet they have the buy and sell options. Does private keys completely makes a wallet as non custodial or their is more to this.

When do we say a wallet is non-custodial? It's simple because when we're fully in charge and can control our transactions by ourselves without having to involve third party. I know it's going to be a long ride but there are things we just have to put in place if we're aiming to becoming very solid in the market.

On the records, buying and selling and swapping doesn't necessarily making it custodial because the third party is involved and at the same time, you're fully informed of the control of your funds in your portfolio, it's just shared into two sectors. However private keys is enough reason to call a wallet non-custodial because private keys are fully controlled by the owner of the wallet.

[SatsPH]

Trust Wallet is considered to be a non-custodial wallet but is closed source. Because of this, you can't really dig deeper to find out more about the wallet, which is why an open-source wallet is recommended for investors. I believe that the fact you have questions about Trust Wallet indicates you are not confident in it, based on what you have noticed or discovered about the wallet. I have heard some people complain about this particular wallet, which is something that can't be explained. A wallet performing in ways that can't be explained seems to be risky. With Trust Wallet, you have access and control over your keys, but since it is closed source, you don't have access to review the wallet.

Yes, upon checking, not all of their codes are open, so they are closed source. So we really don't know the functionally in the background. Although they might claim that there are no backdoors whatsoever, still we can't trust that kind of wallet.

Same with other hardware too, some of their codes are open, but some like the firmware and hardware wallet are closed and can't be validated by us. So we should avoid this kind of wallet as all cost.

[Bitcoin Smith]

~
Since there are non-custodial wallets like the trust wallet that are not trustworthy, it is better for this to be preached just the way the custodial wallet is being talked about. If anything happens in the future with non-custodial wallet like Trustwallet that is not trustworthy, it can affect the reputation of other non-custodial wallet. This can make people not to trust self-custody.

That is a big stretch, only people who are not even aware of basics will blame the wallet if Trust Wallet leaks the private keys and assuming every trust wallet users were hacked. The thing is we don't have many alternatives to trust wallet, that are convenient for holding tons of shitcoins, and that is one of the reasons people are still using it after knowing it is closed source.

[Ronsbit]

Trust Wallet is a non-custodial wallet, since you alone take control over your private key.

It's true that Trustwallet is a non-custodial wallet and it gives you control over your private keys, but there is no proof that you are the only owner of those private keys.
Trustwallet is a close-source wallet, and as I said in my previous post we don't know how the keys are generated.

Trust wallet can no longer be trusted. I am wondering if it is now a mini exchange wallet or what because the rate at which they upgrade with new trading features is becoming inconveniencing. They have buy and sell features and have gone as far as having a prediction market on the app which gives me thought if truly holders of such wallet really have their assets well secured because as far as I know they having such numerous features speaks of volume because they possibly have access to key's and wallet information.

[Mr Reporter]

Trust Wallet is a non-custodial wallet, since you alone take control over your private key.

It's true that Trustwallet is a non-custodial wallet and it gives you control over your private keys, but there is no proof that you are the only owner of those private keys.
Trustwallet is a close-source wallet, and as I said in my previous post we don't know how the keys are generated.

The part where is got me shocked the most you said there is no proof that you are the only owners of your seedphrase that should be a good worry for user that are using rust wallet….now it so interesting that trust wallet calls itself non-custodial and now your seed stays on your phone that part can not be correct… well i really don’t no such much about wallet but from my little knowledge a good wallet should make use of open source, audited not just your kind of random generations

In my head I could not even want to think of such by trusting the company not to copy, leak, or weaken your keys.

[notocactus]

The part where is got me shocked the most you said there is no proof that you are the only owners of your seedphrase that should be a good worry for user that are using rust wallet….now it so interesting that trust wallet calls itself non-custodial and now your seed stays on your phone that part can not be correct… well i really don’t no such much about wallet but from my little knowledge a good wallet should make use of open source, audited not just your kind of random generations

In my head I could not even want to think of such by trusting the company not to copy, leak, or weaken your keys.

You can simply write like: I learn a new thing, rather than prolong your post but it does not change your post content and its quality. 

[Tetu100]

As it has been said above, TrustWallet is non-custodial as it gives you access to your private keys but, as a closed-source wallet, there is no guarantee that you are the only one who has access to them.

For this reason I consider such wallet not to be 100% guaranteed or saved to be honest since I can't be certain of being the only person that has access to the private keys. However, i don't use trust wallet right from time because of this issue. Electrum has been my choice since I came into the space and I have never regret using it, not even in a day.

[YellowSwap]

I want to know because their are some non custodial wallet they have features like exchange. In trust wallet they have the buy and sell options. Does private keys completely makes a wallet as non custodial or their is more to this.

Those inbuilt exchanges aren't the wallets own, they are third-party swap services integrated in the wallet for users to easily swap their coins and tokens in the wallet without having to move into a centralised exchange wallet address.

I've used them to buy Bitcoin before, they always come in handy but the problem is you will likely stay connected to the swap services after your transaction is completed, and. If anyone hack is carried out on the swap it can lead to draining of your wallet too.

Many newbies don't even know this, always revoke your wallet connected to Dex services and swap platforms, don't leave them connected to avoid draining.

[moneystery]

In general, yes, if a wallet provides you with a private key, it can be considered a non-custodial wallet. However, not all wallets are trustworthy. If I were to put it simply, Trust Wallet is simply untrustworthy. Even though they claim to be non-custodial, they are under Binance and have undergone significant changes in terms of functionality and features. No matter what they claim, they are still unreliable.
In my opinion, the most reliable self-custody wallets are Blue Wallet and Electrum. These two wallets are widely used and recommended if you're looking for a reliable self-custody wallet to store your Bitcoin.

[Tamaperdana]

I want to know because their are some non custodial wallet they have features like exchange. In trust wallet they have the buy and sell options. Does private keys completely makes a wallet as non custodial or their is more to this.

As far as I know, a Trust Wallet is clearly a non-custodial wallet, but it's not a cold wallet, but a hot wallet. That's why you can buy and sell coins in a Trust Wallet. So, if you're curious about whether a wallet is non-custodial, it definitely is. So, you don't need to worry about that. However, if you want to invest in Bitcoin and store it in a wallet like a Trust Wallet, I suggest not doing so. As we all know, Trust Wallets are hot wallets, making them vulnerable to hacking. So, my advice is to write down the wallet phrase, then write it down on a piece of paper or something secure. Then, after double-checking the wallet phrase, if it's correct, save it. Then, delete the Trust Wallet. Your Bitcoin assets in your private wallet will be located off the internet. I think that's definitely safer.

[hosemary]

So, my advice is to write down the wallet phrase, then write it down on a piece of paper or something secure. Then, after double-checking the wallet phrase, if it's correct, save it. Then, delete the Trust Wallet. Your Bitcoin assets in your private wallet will be located off the internet. I think that's definitely safer.

This is a very bad suggestion.
You don't make your wallet cold just by deleting it from your device. To have a cold storage, you must create your wallet on an air-gapped device, and your keys should never be connected to the internet.

And as already mentioned in this thread several times, Trustwallet is also close-source, which is another reason why you should avoid it.

[5W-KILO]

I want to know because their are some non custodial wallet they have features like exchange. In trust wallet they have the buy and sell options. Does private keys completely makes a wallet as non custodial or their is more to this.

A crypto wallet that has exchange features in them can be non-custodial too, it makes no difference, I think what's far more important is their source code, you need to make sure that it's open source.

You named Trust wallet, that creepy wallet used to be one of the best hot wallet in crypto space, that was in 2019 into the COVID period and all of a sudden things changed for worse, today trust wallet is something I can't recommend to anyone.

Their source codes aren't even open source, and their wallet is full of junks and meme shitcoins, the interface is tiresome to scroll through, they ruined it, now I believe unstoppable wallet is my best hot wallet.

[arwin100]

So, my advice is to write down the wallet phrase, then write it down on a piece of paper or something secure. Then, after double-checking the wallet phrase, if it's correct, save it. Then, delete the Trust Wallet. Your Bitcoin assets in your private wallet will be located off the internet. I think that's definitely safer.

This is a very bad suggestion.
You don't make your wallet cold just by deleting it from your device. To have a cold storage, you must create your wallet on an air-gapped device, and your keys should never be connected to the internet.

And as already mentioned in this thread several times, Trustwallet is also close-source, which is another reason why you should avoid it.

Also for the hacking issue they experience before, this one is a great indicator that people should erase the thoughts for making it as their cold wallets. Because they might just going to waste their funds if they might get compromised by another hacking issue again.

If their goal is to create a cold storage much ideal thing to use are the air gapped wallet since aside that they can personally protect it, they can also isolate their keys for possible online attack.

So they must careful choosing the right wallet. Since its hard to trust those wallet saying they are non custodial, while the fact their current state is questionable.

[Queen Julie]

I want to know because their are some non custodial wallet they have features like exchange. In trust wallet they have the buy and sell options. Does private keys completely makes a wallet as non custodial or their is more to this.

Trust Wallet has a DApp feature. More like a built-in browser that allows decentralized exchanges to connect with the wallet for people to buy and sell coins listed on those exchanges. The BUY and SELL feature includes buying through a credit or debit card.

What makes a custodian wallet is not the spot trading and buy-sell feature. It is the fact that they control your keys for you. In a non-custodial wallet, you have full ownership of your private keys.

Any wallet that provides a private key for you is a non-custodial wallet. It is up to you to do your research if it is closed-source or open-source. I recommend an open-source wallet like Electrum because how the keys are generated is on GitHub.