Is private keys enough to call wallet non custodial?

[notocactus]

Interesting! So the person that claimed that the reason people use Trust wallet is that they believe that if anything happens to their funds, Binance will likely step in is not totally wrong.
There's actually a lot of money in this industry.

They can have such belief based on what Binance have done so far in that exchange history since 2017 but we know that many things can change with a company. Binance have very good reputation in the cryptocurrency industry and if you have to find a most trusted one, perhaps it's Binance and many people will agree with your choice.

Nevertheless, it's not reason and guarantee that Binance will maintain its good operation and fairness to their users. I am not talking about hacks, compensations after hacks but you can see what has changed since Changpeng Zao stepped down as Binance CEO, then Richard Teng took over that position. In the latest market cycle, Binance loosened their criteria and listed many shitcoins and shit tokens. They even delisted coins and tokens just listed by their exchange several months ago, it did not happened with two and three previous market cycles.

It's a signal of their quality decline but maybe not yet enough to trigger their exchange collapse and death. Anyway as said, you will never know about the future as well as Binance future.

[Dunamisx]

Your private key is what mainly differentiates a custodial wallet from a non-custodial wallet, while we can still make a distinction between a non-custodial wallet based on whether it is an open-source non-custodial wallet or a closed-source non-custodial wallet.

Imagine using an exchange where you will not be given access to your private keys; the exchange does, and this is one of the major criteria you will use in distinguishing between a platform that is custodial storage and another way of handling your coins under non-custodial storage using wallets.

[AprilioMP]

Even though I’m a bit late to the conversation, I want to reiterate that Trust Wallet is not a good wallet for storage. There’s no guarantee that your private keys are secure there. If a wallet offers trading features, it’s better to use a platform whose primary function is trading—that is, an exchange—rather than the wallet itself.
There are many factors to consider when using Trust Wallet. Remember, I’m not trying to say that Trust Wallet is bad, but many users have shared their experiences with it.

Personally I will not say Trust Wallet is bad since I have been using it for more than six years but of course it should be totally avoided as cold storage.

[edited out]

You've been using Trust Wallet for six years without any issues with your coins. If I may mention this, it's because there have been no issues with it for six years, but that doesn't mean it's safe. Trust Wallet isn't cold storage.

You can find sources that show the advantages of open-source wallets over closed-source ones. There are differences between open-source and closed-source wallets. Considering hacking cases, I can't say open-source wallets are safe either, as security lies in the user's hands.
I won't elaborate here, lest I be wrong and negatively impact the beginners here. My message to you: be careful.

[MisFoxie]

You've been using Trust Wallet for six years without any issues with your coins. If I may mention this, it's because there have been no issues with it for six years, but that doesn't mean it's safe. Trust Wallet isn't cold storage.

....

I may have been using trust wallet for about six years but I have never kept funds in this wallet for more than a day. Since their latest update came I don’t use trust wallet anymore.

I am not calling trust wallet a cold storage what I meant was that it should not be considered as a cold storage. It is better to use a reputed hardware wallet. It was my mistake.

[Tungbulu]

You've been using Trust Wallet for six years without any issues with your coins. If I may mention this, it's because there have been no issues with it for six years, but that doesn't mean it's safe. Trust Wallet isn't cold storage.

You can find sources that show the advantages of open-source wallets over closed-source ones. There are differences between open-source and closed-source wallets. Considering hacking cases, I can't say open-source wallets are safe either, as security lies in the user's hands.
I won't elaborate here, lest I be wrong and negatively impact the beginners here. My message to you: be careful.

The real problem with some people is that they tend to judge a wallet by its history rather that really matters, which is how much control they actually have over their keys.  I agree that 6 years without complaints is actually reassuring, but that’s never a guarantee of what may happen in the coming years. I used to love Trust, because I didn’t know then about what open source is, but the moment I learned about Open Source wallets and that Trust wasn’t one, I literally lost the trust, I still use it once in a while but it’s not something I will use as a storage option.

[sunsilk]

Imagine using an exchange where you will not be given access to your private keys; the exchange does, and this is one of the major criteria you will use in distinguishing between a platform that is custodial storage and another way of handling your coins under non-custodial storage using wallets.

They will advertise it as a non custodial wallet but reading more about them will give you an understanding an idea that you shouldn't be wholly trusting them with your funds if you're going to use them for safe keeping.

While we're free in using their features for specific transactions that are not that big.

But if it's the other use that we can do with it, it's best to make sure that you will still use those wallets that have reputation in the community and have been tested for a long time.

[Cookdata]

Imagine using an exchange where you will not be given access to your private keys; the exchange does, and this is one of the major criteria you will use in distinguishing between a platform that is custodial storage and another way of handling your coins under non-custodial storage using wallets.

If centralized exchanges should provide a system where private key will be required to withdraw money from the exchanges, it will make no difference and not even safe. Private keys are meant to be off cloud. The day the hackers will get access to the cloud storage, it's going to be a massive withdrawal from the exchange. This is why I dislike wallets that back up seed phrase to cloud storage, not a good option for wallet back.

I am not calling trust wallet a cold storage what I meant was that it should not be considered as a cold storage. It is better to use a reputed hardware wallet. It was my mistake.

Trust wallet is not a cold storage, it's a hot wallet. Cold wallet are considered as wallet with private keys offline, they are not connected to the internet while hot wallet private keys are online. Trust wallet fall in the hot wallet category.

Aside the fact that trust wallet is a closed source, I wouldn't use it because of the frequent verified and unverified complaint from people and the poor features on the wallet. How do people used a wallet without fee estimation and coin control, that's the least features a wallet is supposed to have and they have none.

[Nanga Parbat]

It's not a good wallet to use, not only for storage because saying like you did can make people thinking like if they only use Trust wallet for swaps, it's good. It's only bad and not recommended for long term storage, and if people think this way, they're wrong and will make terrible practice.

Storage starts immediately at a time you fund a wallet, risk appears since that wallet topping up time. If you store your fund in a wallet a longer time, it has bigger risk especially with Trust wallet.

I agreed with you  about this because I also never been recommended anyone to use trust wallet for bitcoin accumulation its never been going to be good for holding or accumulation due to its features which are never been reliable but peoples those are always looking for swap they can use this but never store your coins in this wallet for better security and safety.

Having any good wallet like Electrum or hardware is always working well for just Bitcoin, while if someone is interested in more coins, then it needs to be worked out, and always prefer your safety; never compromise on this, otherwise it could be a problem and a great chance of losing your funds. In the current era, the safety of your wallet and having enough knowledge about your wallet are some of the tough challenges. People need to never have any weak points if they want to live securely.

[PX-Z]

...
Aside the fact that trust wallet is a closed source, I wouldn't use it because of the frequent verified and unverified complaint from people and the poor features on the wallet. How do people used a wallet without fee estimation and coin control, that's the least features a wallet is supposed to have and they have none.

To be fair, trustwallet is good web3 wallet aside from metamask who has shitty blocked list and doesnt want to double check if its legitimate or not or phishing site and doesnt want to hear if you request for whitelist, but that's different issue.
Its just that, trustwallet is a very bad bitcoin wallet, its the very last option when considering a bitcoin wallet. If im one of the developer i'll drop the support of bitcoin on its wallet. That's why its still popular wallet despite of the recent hack and so many complaints, because of lots of features for tokens and web3 and very convenient for the type of usage.

[notocactus]

To be fair, trustwallet is good web3 wallet aside from metamask who has shitty blocked list and doesnt want to double check if its legitimate or not or phishing site and doesnt want to hear if you request for whitelist, but that's different issue.
Its just that, trustwallet is a very bad bitcoin wallet, its the very last option when considering a bitcoin wallet. If im one of the developer i'll drop the support of bitcoin on its wallet. That's why its still popular wallet despite of the recent hack and so many complaints, because of lots of features for tokens and web3 and very convenient for the type of usage.

Cryptocurrency exchanges, cryptocurrency accepted casinos, cryptocurrency wallets and even scammers know that Bitcoin is a biggest cryptocurrency and has biggest communities as well as adoption, so they always try to use Bitcoin as a hook to attract people to their platforms or scams.

If it is possible to add Bitcoin to a cryptocurrency wallet, I am quite sure that developers will not hesitate to do that and will never consider of idea to remove Bitcoin from a wallet.

With scammers, they have other reasons to do that: Bitcoin has very strong survivability and is able to not only maintain its price but make new all time highs. Scammers know that if they successfully scam victims, get bitcoins, they can hold bitcoins a long time for making their scam funds bigger.

[AprilioMP]

You've been using Trust Wallet for six years without any issues with your coins. If I may mention this, it's because there have been no issues with it for six years, but that doesn't mean it's safe. Trust Wallet isn't cold storage.

....

I may have been using trust wallet for about six years but I have never kept funds in this wallet for more than a day. Since their latest update came I don’t use trust wallet anymore.

[edited out]

The real problem with some people is that they tend to judge a wallet by its history rather that really matters, which is how much control they actually have over their keys.  I agree that 6 years without complaints is actually reassuring, but that’s never a guarantee of what may happen in the coming years. I used to love Trust, because I didn’t know then about what open source is, but the moment I learned about Open Source wallets and that Trust wasn’t one, I literally lost the trust, I still use it once in a while but it’s not something I will use as a storage option.

Unlucky days aren't written on the calendar. Six years without any issues doesn't guarantee it will remain secure.

Just to find out how unproblematic Trust Wallet is, but using it as asset storage is the beginning of the problems that will arise. There are already many excellent software wallets available for storage. The availability of many good wallets actually makes it easier for users to choose, avoiding having to settle for a wallet that has received poor reviews from long-time users.

[Peanutswar]

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.

I never tried with the trust wallet storing of my funds most of the time the non-custodial I used is Metamask, Phantom, and Electrum as long as you have your private keys of course is this is a non-custodial other than that those wallets does not have the keys will consider as a custodial which you dont have the fully authorization or control with your wallet. But if you have a budget why not take into a hardware wallet?

[goldkingcoiner]

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 is closed source garbage. Stay away from it.

Also the only way for a wallet to be non custodial is to keep access away from everybody and everything else other than yourself. This also includes not giving programs the ability to access your wallet.

So long story short: It only matters who controls  the wallet and who can authorize transactions. And the only one should be you.

[hd49728]

Trust Wallet is closed source garbage. Stay away from it.[/color]

There are many other non custodial wallets but are open source and better than Trust wallet.

Also the only way for a wallet to be non custodial is to keep access away from everybody and everything else other than yourself. This also includes not giving programs the ability to access your wallet.

With non custodial wallets, people have to create their wallets offline, and never store their wallet backups online from wallet files to wallet mnemonic seed phrase. Avoid to make terrible security mistake like storing wallet backups (files or seed phrase) in emails, cloud storage accounts, and any other online tools like chat messengers. Such online storage of wallet backups is like opening chances for hackers and companies that provide such services to access your very sensitive information and you might lose your coins.

[FinneysTrueVision]

Trust Wallet integrates many features to generate revenue from their users and so do many other wallets, especially the multi-chain ones. You can choose to send your coins to those services or keep them in an address you fully control. That is the key difference between a custodial and non-custodial wallet. Personally, I don’t care for all the extra bloat that is added into wallet applications and prefer using something that has a more minimalist interface. I just need a wallet for accessing my funds. I don’t need it to be an exchange and a prediction market.

[The Cryptovator]

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 non custodial wallet offer swap service through the third party. It doesn’t mean they aren’t non custodial, but the fact is either it’s open source or closed source. Open source could be trusted, but for closed source we can’t read codes. We don’t know if there is back door.

However, private keys wallet are also noncustodial. But it’s matter how the key have been generating. And remember, always need to secure your private keys otherwise you may lose your funds for your mistakes.

[Taskford]

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 non custodial wallet offer swap service through the third party. It doesn’t mean they aren’t non custodial, but the fact is either it’s open source or closed source. Open source could be trusted, but for closed source we can’t read codes. We don’t know if there is back door.

However, private keys wallet are also noncustodial. But it’s matter how the key have been generating. And remember, always need to secure your private keys otherwise you may lose your funds for your mistakes.

What actually most often overlook by people are the popularity of the wallet they are using. Since even if we say they are non custodial, if there's questionable or risky updates happened  it can still possibly compromised their users.

It already happened with them before https://trustwallet.com/blog/company/trust-wallet-browser-extension-v268-incident-community-update and with this I really find them so crappy, also not advisable to use.

Seed generating is important, create proper keys and have strong entropy, because it can help them to make their funds more safer in their wallets.

[SilverCryptoBullet]

What actually most often overlook by people are the popularity of the wallet they are using. Since even if we say they are non custodial, if there's questionable or risky updates happened  it can still possibly compromised their users.

It already happened with them before https://trustwallet.com/blog/company/trust-wallet-browser-extension-v268-incident-community-update and with this I really find them so crappy, also not advisable to use.

Even without that incident, Trust wallet was already not recommended. It's close source.
It's more shady when their team tried to deny that that their wallet is close source.

Trust wallet is not open source.

Here is their blog post announcing they are becoming closed source about 4.5 years ago: https://trustwallet.medium.com/why-open-sourcing-android-app-could-be-a-harm-to-the-crypto-community-fb3ae1707dc6

Here are the links to their Github repositories which show they are both archived and have had no updates in 4 years:
https://github.com/trustwallet/trust-wallet-android-source
https://github.com/trustwallet/trust-wallet-ios

They outright lie on their website when they claim to be open source. If being closed source isn't enough to convince you to stay away, then them outright lying to you should be. They are also owned and operated by Binance, so you can guarantee you will have absolutely zero privacy when using Trust wallet.

Avoid it.

Seed generating is important, create proper keys and have strong entropy, because it can help them to make their funds more safer in their wallets.

After the Coldcard incident and massive hack, having a wallet that can create private keys with strong entropy is very mandatory for our fund.

[Sobz]

What actually most often overlook by people are the popularity of the wallet they are using. Since even if we say they are non custodial, if there's questionable or risky updates happened  it can still possibly compromised their users.

It already happened with them before https://trustwallet.com/blog/company/trust-wallet-browser-extension-v268-incident-community-update and with this I really find them so crappy, also not advisable to use.

Seed generating is important, create proper keys and have strong entropy, because it can help them to make their funds more safer in their wallets.

Trust wallet is very popular and used by many and because of this a lot of persons sees it as one of the best wallet in keep bitcoin and others. I wonder how they managed to gained such popularity and people that use this wallet dont have any idea of what the security of the wallet is. Their are other wallets like this one that people decides to use it just because it is popular and this is just a wrong way to use wallet. If a wallet is not open source it is risky to use such a wallet.

[Cookdata]

...
Aside the fact that trust wallet is a closed source, I wouldn't use it because of the frequent verified and unverified complaint from people and the poor features on the wallet. How do people used a wallet without fee estimation and coin control, that's the least features a wallet is supposed to have and they have none.

To be fair, trustwallet is good web3 wallet aside from metamask who has shitty blocked list and doesnt want to double check if its legitimate or not or phishing site and doesnt want to hear if you request for whitelist, but that's different issue.
Its just that, trustwallet is a very bad bitcoin wallet, its the very last option when considering a bitcoin wallet. If im one of the developer i'll drop the support of bitcoin on its wallet. That's why its still popular wallet despite of the recent hack and so many complaints, because of lots of features for tokens and web3 and very convenient for the type of usage.

There is nothing that will change my mind about Trust wallet. It may good for some people but it doesn't sit well with me, I don't even have a reason to use it.
I expect Metamask to have upgrade all this while for web3 but it's laggy most of the time, transaction window do lag too even if you use a system with big ram. However, Trust wallet extension doesn't fix this too. If you want to use web3, Rabby is better experience. One of the advantages of Rabby wallet is that it also scan website before it makes any connection and check if the website is listed on Defi Lama. That website track most Defi, if they are safe or dangerous.

I never tried with the trust wallet storing of my funds most of the time the non-custodial I used is Metamask, Phantom, and Electrum as long as you have your private keys of course is this is a non-custodial other than that those wallets does not have the keys will consider as a custodial which you dont have the fully authorization or control with your wallet. But if you have a budget why not take into a hardware wallet?

I was using Phantom one time until they started the follow feature where you can follow someone with username. Everything was going well but that feature kills the privacy. Some features are better off without any uses. I was thinking they were going to launch an exchange using that feature, I don't know how it ended.