Two different jobs
A non-custodial wallet is where you keep crypto. You hold the keys, so you control the funds. It stores, sends and receives.
A non-custodial exchange is how you convert one asset into another. It does not keep a balance for you. It takes a deposit for one swap and pays the result to an address you give it.
Side by side
- Purpose. A wallet stores. An exchange converts.
- Keys. In a wallet, you hold them. At a non-custodial exchange, you never hand them over.
- Balance. A wallet shows your holdings. A non-custodial exchange keeps none.
- Typical use. Hold and send with a wallet, swap with an exchange.
How they work together
A common flow is to send from the wallet you already use, swap, and receive into a wallet you control. The exchange sits in the middle for a few minutes and never holds a lasting balance.
A deposit-address exchange needs no wallet connection: you copy an address and send from your wallet as you would to anyone.
Which do you need?
You need a wallet to hold crypto yourself. You need an exchange when you want a different asset or chain. Sense Swap is the second kind. It is not a wallet, and it never asks for a seed phrase.
Questions
- Which is better, a custodial or non-custodial wallet?
- A non-custodial wallet gives you control of your keys, and with it, responsibility for backing them up. A custodial wallet is easier to recover but relies on the company holding your funds.
- Can I lose my crypto with a non-custodial wallet?
- Yes. If you lose your recovery phrase, or share it with someone, the funds can be lost or stolen, and nobody can reset it for you.
- Is Sense Swap a wallet?
- No. Sense Swap is a swap aggregator. You send from your own wallet and receive to an address you control.