Custodial Exchange (Custodial vs. Non-custodial)

The PIT is a custodial platform. When you deposit funds onto any custodial platform, you are trusting them to help safeguard your assets. You are not 100% in control of your crypto when you are on the platform. That said, it’s also important for you to do your part to safeguard your account. You’ll want to make sure that you have a secure password and two factor authentication. You can read more about account security practices HERE.

The Blockchain Wallet is a non-custodial digital wallet. With the Blockchain Wallet, you are 100% in control of your crypto at all times because only you maintain your private keys. It is important to note that your trading account on The PIT and your Blockchain Wallet have separate login credentials. This also means trading accounts are not backed up by the 12-word backup phrase of any wallets you have created. Instead, your custodial account on the PIT has a password recovery flow.

For convenience, and to encourage our users to promote best practices for security, we have enabled a link between your trading account and your Blockchain Wallet. This will allow you to deposit funds to The Pit from your Blockchain Wallet and withdraw assets to your non-custodial Blockchain Wallet at the end of your trading session for safekeeping.

 

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