Self-custody wallet
A wallet where only you hold the private keys or recovery phrase, unlike a balance held by an exchange or casino.
With a self-custody, or non-custodial, wallet, the private keys are yours. Without those keys nobody can freeze or move the coins. A casino balance or exchange account is custodial: the company controls the keys and simply owes you an amount.
Reducing counterparty risk
Coins left on a casino balance are exactly as safe as that casino. Withdrawing to a wallet you control removes that exposure, and it leaves a clean on-chain record showing precisely when the funds arrived.
The trade-offs
- Backups are your job. Lose the recovery phrase and the coins are lost with it.
- Choosing the correct network and paying network fees is up to you.
- Some exchanges and casinos run travel rule checks on transfers to self-custody addresses, which can mean proving the wallet belongs to you.
Handling the recovery phrase
Write it down on paper or metal and keep it somewhere secure. Do not photograph it and do not type it into any website. No genuine casino or support agent will ever request it.