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🚨 Why you need a wallet
🚨 Why you need a wallet

Spot = self-custody wallet = YOU control your crypto. Centralized exchanges = THEY control your crypto.

Ned avatar
Written by Ned
Updated over a week ago

πŸ’Έ 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.

🏦 Binance, Coinbase, Kraken, Robinhood, Cash App, Crypto.com ... are centralized exchanges that store and control your crypto. THEY control your crypto.

⛔️ You should never store your cryptocurrencies on centralized exchanges.

πŸ•ŠοΈ 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!

πŸ‘‰ With Spot you are your own bank.

πŸ‘‰ With Spot you have control over your funds, 24 hours a day, 7 days a week.

πŸ” Spot is a perfect place to store your cryptocurrencies over time.


Differences between Spot and centralized exchanges:

⛔️ If a centralized exchange gets hacked, you could lose all your funds.

βœ… Spot does not store your funds. Funds are secured in every users' encrypted wallet.

⛔️ If a centralized exchange goes bankrupt, you could lose all your funds.

βœ… 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.

⛔️ A centralized exchange can block or seize your funds.

βœ… Spot does not have control over your funds and therefore cannot block, move or do anything with your cryptos.

⛔️ If a centralized exchange's servers are down, you cannot access your funds.

βœ… Funds are not locked by Spot and are always accessible.

You are always free to export your seed phrase πŸ”‘ (also called 12-words recovery phrase or private key) anytime and use another wallet!


πŸ”‘ "Not your keys, not your coins" πŸ”‘

πŸ’Έ Spot is a non-custodial wallet

βœ… you control your keys πŸ”‘

βœ… you control your funds!

🏦 Robinhood, Cash App, Coinbase, Crypto.com, PayPal, Binance, Gemini, Blockfolio, Kraken... are centralized exchanges

⛔️ you DO NOT control your keys πŸ”‘

⛔️ you DO NOT control your funds!

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