Vent Africa is Non-custodial (What that Means)
One of the key features of the Vent Africa platform is that we operate as a non-custodial exchange. Yes, we know some of you might wonder, “what does that even mean?” If you fall in this category, you’re in luck! This post will give a brief and easy-to-understand breakdown of what “non-custodial” means, how it works on our platform, and the advantages of this system. Enjoy!
What is a Non-custodial Exchange?
A non-custodial exchange is one where users cannot store their crypto on the platform. Instead, users hold their coins in their personal wallets, allowing them to be fully responsible for managing their assets rather than relying on the exchange. Whenever they want to buy, sell, or otherwise transact with their crypto assets, they may then send the tokens to an address provided by the exchange or link their wallets to the platform, depending on the system in place.
At Vent Africa, we provide our users with a designated address to deposit the coins they want to sell. They would then receive the equivalent fiat amount in the bank account they have provided. The process is smooth, automated, and efficient.
What are the Benefits of this System?
There are a number of benefits attached to this system. These include:
Control
Using a custodial exchange means having more control over your crypto since you keep the private keys and can freely choose how and when you want to access your coins. Custodial exchanges do not offer this level of freedom. For instance, the exchange may lower the maximum amount you can withdraw within a given timeframe. Also, you could find yourself being unable to access your funds if the exchange is temporarily down.
Security and Reduction of Third-Party Risk
The general saying is, “not your keys, not your coins.” Since users of non-custodial exchanges like Vent Africa hold and manage their assets alone, they have complete control over the private keys required for access. This means that a user is responsible for his own security. Thus, the risks that come with entrusting assets to an exchange (e.g., the exchange getting hacked by malicious actors or users’ funds being stolen or mismanaged by the owners, etc.) are eliminated.
VENT AFRICA: CRYPTO-TO-CASH MADE EASY
Vent Africa is a non-custodial off-ramp platform that makes crypto-to-cash transactions more effortless than ever. With the best rates at no fees and your security guaranteed, there’s no better choice for transacting crypto smoothly than Vent Africa.
Read more: 5 Reasons to Trade with Vent Africa.
