This article will guide you through the benefits and usage of Custodial Wallets. Read on to understand how they work and when to use them effectively.
1. Accessing Your Custodial Wallets
Once you've set up your account for trading, you gain access to the Wallets provided by Striga. To find your Wallets login to the Bitwala app, and navigate to Cards at the bottom.
2. Benefits of Custodial Wallets
Our wallets for Bitcoin and Ether offer you a seamless way to instantly trade, and store your funds. Here's how they work:
- Buying and Receiving: When you buy Bitcoin or Ether, the purchased amount is automatically credited to your Wallets, ready for further use.
- Selling: If you're looking to sell Bitcoin or Ether, you can conveniently do so using the funds within your Wallets.
- Storage Flexibility: While you can use your Wallets for trading and short-term storage, for longer-term security, we recommend using the Vaults (Non Custodial Wallets).
- Vault to Wallet Transfers: If your funds are stored in your Vault, you'll need to transfer the amount you wish to sell from your Vault to your Custodial Wallet before initiating a sale.
3. Custodial Wallets vs. Vaults: Key Differences
The core distinction between Custodial Wallets and Vaults (Non Custodial Wallets) lies in ownership and responsibility:
- Custodial Wallets: regarding the wallets, Striga holds your private keys. This means you're not responsible for safeguarding your keys, providing added convenience for your trading activities.
- Vaults: Vaults grants you exclusive ownership of the private keys, placing you in complete control of your funds' security. Vaults can be used for secure, and responsible long-term storage.
4. Effective Usage Recommendations
- Wallets: Use these for short-term storage and active trading due to their easy accessibility and trading-friendly features.
- Vaults: Opt for Vaults when you require the highest level of security for long-term storage of your crypto assets. Remember: You are responsible for the secure storage of your backup.
Thank you for choosing the Bitwala app for your crypto needs. For more detailed assistance or further inquiries, explore our comprehensive Support Centre or reach out to our support team. Happy trading and hodling!