Non-custodial is a term used to refer to a type of cryptocurrency wallet which allows its user to control the private key. Such non-custodial crypto wallets are censorship-resistant, and their users do not need to trust or rely on a third-party institution to manage the storage of their cryptocurrencies.
Non-custodial wallets offer higher levels of privacy; however, they also come with a heightened sense of responsibility. If a user loses their private keys, they are forever locked out of their non-custodial wallets and cannot access these funds without them.
Users of non-custodial crypto wallets enjoy complete control over their private keys, thereby being entirely responsible for their crypto funds. Non-custodial wallets are web-based, requiring you to download a browser extension or can be the software you can install on your desktop or smartphone. Some non-custodial wallets are also hardware wallets, requiring you to carry around a physical device to store and access your digital assets.