What's the Difference between LYOWALLET and LYOTRADE WALLET?
LYOWALLET puts you in complete control of your crypto. Non-custodial wallets don’t rely on a third party — or a custodian — to keep your crypto safe. While they provide the software necessary to store your crypto, the responsibility of remembering and safeguarding your password falls entirely on you. If you lose or forget your password — often referred to as a private key or seed phrase — there’s no way to access your crypto. And if someone else discovers your private key, they’ll get full access to your assets. Unlike a hosted wallet, you don’t need to share any personal info to create a non-custodial wallet. Not even an email address.
If you’re a LYOTRADE customer, you already know that there you buy and sell crypto, and is a hosted wallet and centralized exchange. A way to understand easily if an app or a platform is centralized or decentralized, is the verification of the identity: if the KYC is requested, it is certainly centralized. In LYOTRADE, in fact, identity verification is required for individuals (KYC) and companies (KYB) who open an account. This information is shared with the platform administration, who will also see the activity. The platform will know wallets amounts and users trading activity. Sharing information has the advantage that users receive assistance when needed: if a user has doubts about the status of a transaction, or cannot access their account, they can contact LYOTRADE support. The team checks the account and solves the issue.
On the contrary, in LYOWALLET as well as on any decentralized application and platform, the user alone is the owner and responsible for their information and activities, and no one else besides them can view them. Then, the customer service could not help in keys recovery or transactions management.
A benefit of of decentralized app, aside of total privacy, is that in LYOWALLET are no maximum limits on transaction volumes. If, for example, there are verification levels on LYOTRADE that allow user to access higher limits of funds, in LYOWALLET people can store and trade them without limits on the funds.