Skip to content
More support
Contact us
  • There are no suggestions because the search field is empty.

Understanding Self-Custodial (Non-Custodial) Wallets: What You Need to Know

What does self-custodial mean?

A self-custodial (or non-custodial) wallet means you - and only you - hold the keys to your crypto.

Unlike custodial wallets (where a third party like an exchange manages your private keys), self-custodial wallets give you full control over your digital assets. RockWallet does not store, access, or manage your wallet or funds in any way.

Think of it like a digital version of cash in your physical wallet - no one else can access it unless you hand them the key.

Why would I want a self-custodial wallet?

Self-custody means:

  • Maximum privacy and security: Only you have access to your wallet and assets.

  • Decentralized control: You're not relying on a third party that could be hacked, shut down, or freeze your funds.

  • True ownership: Your crypto is 100% yours - no middleman, no gatekeeper.

This is a great option for people who value independence, control, and long-term asset management.

What’s the catch?

With great power comes great responsibility.

Since RockWallet does not have access to your wallet, we also can’t help you recover it if:

  • You lose your phone and haven’t backed up your wallet

  • You delete the app and forget your Recovery Phrase

  • You forget your password and didn’t save your Recovery Phrase

Once your wallet is gone and the phrase is lost, your crypto is permanently inaccessible. There’s no password reset, no recovery button, and no “forgot my wallet” support.

What is a Recovery Phrase?

When you first create your wallet, you’re shown a 12-word Recovery Phrase (also known as a seed phrase). This is your master key.

It’s the only way to restore access to your wallet and funds if you switch devices, uninstall the app, or forget your login.

Do not skip saving this.

Write it down on paper. Store it offline. Never share it. Never save it in your email, Notes app, or cloud storage.

Can RockWallet recover my wallet or crypto?

No. That’s the point of a self-custodial wallet.

RockWallet does not store your Recovery Phrase, private keys, PIN, or any login information. We never touch your funds, so we can’t freeze, reverse, or recover anything - even if we wanted to.

Can someone steal my crypto if they get my Recovery Phrase?

Yes - instantly.

If anyone gets access to your 12-word Recovery Phrase, they can restore your wallet on any device and drain your funds.

Never share it. Ever.

Common Myths About Self-Custody

  • “I can just call support if I lose my phrase.”
    → Nope. There’s no backup unless you create one.

  • “I saved a screenshot - I’m good.”
    → Screenshots can be hacked, exposed, or automatically uploaded to the cloud.

  • “I’ll remember it.”
    → You won’t. Write it down and store it safely.

Tips for Keeping Your Wallet Safe

  • Back up your Recovery Phrase in multiple secure locations (but not digitally).

  • Use strong phone security (PIN, Face ID, etc.).

  • Avoid sharing your screen or phrase with anyone - even support agents or friends.

  • Treat your wallet like a physical safe - not like a login account.

Still have questions?

We’re always happy to help. Please email us at Support@Rockwallet.com