ChangeNOW Pro Custody: Secure and Easy Storage of Cryptocurrencies
Key Takeaways
- Secure and Convenient Custody: ChangeNOW Pro offers a safe, cost-effective way to store crypto with enhanced security, instant access to funds, and lower exchange fees.
- Types of Custody: There are different types of custody options—self-custody, partial custody (like multisig and MPC), and third-party custody. ChangeNOW Pro provides a balance of security and accessibility.
- Multi-Asset Support & Passive Income: Over 900 cryptocurrencies can be stored, and you can even earn passive income through staking while benefiting from ChangeNOW Pro’s low fees and top-grade security.
- Simple Setup: Creating a ChangeNOW Pro account is easy, and once verified, you can start managing your crypto assets securely with 24/7 multilingual support.
What is ChangeNOW Pro Custody?
ChangeNOW has never been custodial, and we always allowed users to swap crypto without keeping their funds on a centralized platform. But we are aware that there are users who prefer the convenience of custodial storage. That's why we offer Custody in ChangeNOW Pro — a safe, convenient, and cost-effective way of storing and managing your crypto assets in your ChangeNOW Pro account.
Custody in ChangeNOW Pro is a hot wallet where users can store several cryptocurrencies, keep their money handy at all times, and pay lower exchange fees while maintaining industry-best security protocols.
Types of Crypto Custody
There are three general types of cryptocurrency custody services, each with advantages and disadvantages:
1. Self-Custody
Self-custody gives users complete control of their crypto assets. By having their own private keys, users are completely financially independent. But they also have complete responsibility — losing a private key can result in irreversible loss of funds. There is no recovery mechanism or insurance in case of mistakes or security breach.
2. Partial Custody
Partial custody arrangements divide control between multiple parties, reducing risk while still providing some level of control.
Multisignature (Multisig) requires multiple signatures to authorize a transaction. This adds an extra layer of security, preventing any single party from having full control over the funds. For example, in a 2-of-3 multisig setup, two out of three participants must sign a transaction for it to be valid, providing enhanced protection against unauthorized access.
Secure Multiparty Computation (MPC) splits the management of private keys among multiple parties, without revealing any individual party’s share of the key. This ensures that no single party has access to the full key, allowing for secure collaboration in transaction authorization. Three parties can jointly manage a private key, but none of them know the entire key. When a transaction is needed, they collaborate without exposing their individual parts of the key.
3. Third-Party Custody
A third-party custodian, such as an exchange, keeps and safeguards private keys for users. While this is convenient and can be backed by insurance and other security, users must leave their funds to the custodian to manage.
Why Use Custody in ChangeNOW Pro?
1. Secure and Compliant Storage
Your funds are protected against fraud and hacks with top-grade security. We follow best practices for storing cryptocurrencies so that your funds remain secure.
2. Immediate Access to Your Crypto
No more waiting periods from wallet-to-wallet transfers. Your cryptocurrency is available at all times when you want to exchange or withdraw.
3. Reduced Exchange Fees
With Custody, you benefit from better exchange rates on crypto exchanges within ChangeNOW Pro, saving you money for frequent transactions.
4. Multi-Asset Support & Passive Income
Store and keep over 900 cryptocurrencies in a convenient way. And with staking functionality at your fingertips, you can even gain passive income on assets you keep.
5. 24/7 Support in 16 Languages
Have a question? Our support team is always available to assist you 24/7 in English and 15 additional languages for seamless user experience.
How to Get Started with Custody
It's easy to get started:
- Create a free ChangeNOW Pro account.
- Complete verification for enhanced security and the unlocking of Custody benefits.
- Fund your Custody balance and start managing your crypto in a snap.
Custody vs Wallet
Look at the table below to see how using a wallet differs from using ChangeNOW Pro Custody service:
| Feature | James (Wallet) | Dave (Custody) |
|---|---|---|
| Storage | Uses a non-custodial wallet to store crypto on his personal device | Stores crypto directly in ChangeNOW Pro Custody for convenience |
| Access | Manages private keys himself, ensuring full control | Relies on ChangeNOW Pro’s secure storage without handling private keys |
| Transactions | Transfers funds to ChangeNOW Pro each time he wants to exchange crypto | Has instant access to funds without additional transfers |
| Security | Responsible for securing his private keys and preventing hacks | Benefits from ChangeNOW Pro’s industry-leading security measures |
| Fees | May incur higher fees due to frequent wallet transfers | Enjoys lower exchange fees by using Custody |
How Custody Compares to Cold Storage
Others may wonder: How does Custody differ from cold wallets? Cold storage wallets (e.g., hardware wallets) do have offline security but entail manual transactions for every trade or transfer. Custody within ChangeNOW Pro, on the other hand, offers hot wallet convenience with higher security so that you can keep control of your funds without losing safety.
Trusted by Thousands of Users
ChangeNOW Pro Custody is already employed by thousands of traders, businesses, and crypto enthusiasts around the world. Being in partnerships with top trading platforms, we provide an easy and secure storage solution optimized for individuals and businesses.
Ready to experience the benefits of Custody?
Sign up for a ChangeNOW Pro account today and have complete control over your cryptocurrency assets with added security, convenience, and lower fees.
