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.