πΈ Spot is a self-custody wallet (also called non-custodial or unhosted wallet) which means that Spot does not have control over your crypto. YOU control your crypto.
π¦ Binance, Coinbase, Kraken, Robinhood, Cash App, Crypto.com ... are centralized exchanges that store and control your crypto. THEY control your crypto.
βοΈ You should never store your cryptocurrencies on centralized exchanges.
ποΈ Spot allows you to export your seed phrase (12-word recovery phrase) and use it in other wallets like Ledger or Metamask. So if Spot disappears tomorrow you will still be able to access your cryptos in other wallets!
π With Spot you are your own bank.
π With Spot you have control over your funds, 24 hours a day, 7 days a week.
π Spot is a perfect place to store your cryptocurrencies over time.
Differences between Spot and centralized exchanges:
βοΈ If a centralized exchange gets hacked, you could lose all your funds.
β Spot does not store your funds. Funds are secured in every users' encrypted wallet.
βοΈ If a centralized exchange goes bankrupt, you could lose all your funds.
β Spot does not store your funds and allows you to export your seed phrase (12-word recovery phrase) and use it in other wallets like Ledger or Metamask.
βοΈ A centralized exchange can block or seize your funds.
β Spot does not have control over your funds and therefore cannot block, move or do anything with your cryptos.
βοΈ If a centralized exchange's servers are down, you cannot access your funds.
β Funds are not locked by Spot and are always accessible.
You are always free to export your seed phrase π (also called 12-words recovery phrase or private key) anytime and use another wallet!
π "Not your keys, not your coins" π
πΈ Spot is a non-custodial wallet
β you control your keys π
β you control your funds!
π¦ Robinhood, Cash App, Coinbase, Crypto.com, PayPal, Binance, Gemini, Blockfolio, Kraken... are centralized exchanges
βοΈ you DO NOT control your keys π
βοΈ you DO NOT control your funds!