A non-custodial swap moves crypto from your wallet to your wallet, with no balance held in between
A non-custodial swap service converts crypto without keeping a balance for you: you send from a wallet you control and receive in a wallet you control, in one order. SimpleSwap works only this way. ChangeNOW works this way for standard swaps and also offers an optional custodial account, ChangeNOW Pro.
A conversion from one crypto asset to another where the service never holds a balance for you. You keep the private keys to both the sending and the receiving wallet, and the swap is one order with one ID.
What does custody mean in crypto?
Crypto custody is about how the private keys that control a wallet are stored and protected, as Kraken Learn puts it. Whoever holds the keys controls the funds.
That is the origin of the phrase "not your keys, not your coins", a well-known mantra of the self-custody movement.
Custodial
- A company keeps the private keys on your behalf.
- You log in to an account and see a balance.
- You rely on that company to safeguard the coins and honor withdrawals.
Non-custodial
- You hold the private keys yourself.
- The wallet app is a window to see and manage your assets, not a vault.
- Nobody else can move your funds, and nobody else can restore them.
- 12 to 24words in a typical seed phrase, the wallet's core security mechanismkraken.com
- 0legitimate services that will ever ask for your recovery phraseethereum.org
- 1order ID per swap on a wallet-to-wallet service, from deposit to deliverysimpleswap.io
How does a non-custodial swap work?
one model- Your walletyou hold the keys
- Routed swapone order ID, one time-bounded order
- Your walletfunds arrive directly
two models- Your walletyou hold the keys
- Standard swapnon-custodial, no account
- Your walletfunds arrive directly
- Depositfrom your wallet
- Pro balanceheld on the platform
- Convert or transferinternally
- Withdrawback to your wallet
- Choose the pair
For example BTC to USDC. The service shows an estimate of what you receive.
- Paste your receiving address
It comes from your own wallet, on the network the order shows.
- Send the deposit
From a wallet you control to the deposit address in the order.
- The service converts
It routes the order to liquidity and sends the result out.
- Receive in your wallet
The funds land at the address you gave. Nothing stays on the platform.
- Your wallet to your wallet. Crypto leaves a wallet you control, is converted in one time-bounded order and lands in a wallet you control.
- One order ID. There is nothing to fund before the swap and nothing to withdraw after it.
- No mode to choose on SimpleSwap. It holds no long-term user balances, so every swap carries the same risk profile.
What changes with a custodial account?
ChangeNOW Pro is an account-based environment: you deposit funds, hold them on the platform, convert internally and withdraw later.
- What you gain: a stored balance, internal transfers, cashback and account tools.
- What you accept: a third party holds your funds between trades.
Ethereum.org notes the general trade-off: keeping funds on an exchange means trusting it with custody, and if the exchange runs into financial trouble, those funds are at risk.
Neither approach is wrong; they serve different needs. Custody on both services in detail.
Is non-custodial the same as self-custody?
A wallet app holds my coins.
Self-custody wallet providers do not hold your funds. They give you a window to see and manage assets that live on the blockchain (ethereum.org).
My wallet password is my key.
The app password only unlocks the app on your device. The private key and seed phrase are what control the funds (Kraken Learn).
Support can restore a lost seed phrase.
If access to a self-custodied wallet is permanently lost, no developer, wallet provider or exchange can recover the funds (bitcoin.org).
Non-custodial means no checks at all.
Custody and verification are separate questions. Both SimpleSwap and ChangeNOW may request verification in defined compliance cases.
What stays your responsibility?
Self-custody on either service still means shared responsibility. You confirm the receiving address, you pick the right network, you keep your seed phrase.
No swap service can reverse a confirmed blockchain transaction, and neither SimpleSwap nor ChangeNOW will ever ask for your private keys.
- Receiving addressCheck it character by character before you confirm.
- NetworkSend and receive on the network the order shows.
- Seed phrase and keysKeep them private. Neither service will ever ask for them.
- FinalityNo swap service can reverse a confirmed blockchain transaction.
Non-custodial is not verification-free
Neither service asks for an account on most crypto-to-crypto swaps, and both may request verification in defined compliance cases. When KYC can apply and what "no KYC" means.
Questions
What is the difference between a custodial and a non-custodial wallet?
With a custodial wallet, a company keeps the private keys on your behalf. A non-custodial wallet gives you complete control of your funds, because you hold the keys yourself.
What does "not your keys, not your coins" mean?
Whoever has access to a wallet's private keys controls its funds. If a third party holds the keys, you rely on it to safeguard the coins and honor withdrawals.
What is a seed phrase and how should I store it?
A seed phrase, or recovery phrase, is a list of words, usually 12 to 24, that you receive when you create a wallet. Write it down and keep it somewhere safe.
Anyone who obtains it can access all your accounts, and no legitimate service will ever ask for it.
Can I recover crypto if I lose my private key or seed phrase?
No. If access to a self-custodied wallet is permanently lost, no developer, wallet provider or exchange can recover the funds.
Does SimpleSwap hold my funds during a swap?
SimpleSwap runs one model: wallet to wallet, with no long-term user balances. Your crypto is converted in one time-bounded order and sent to the address you provide.