While exploring the crypto world, you may have heard of the term ‘seed phrase’.
However, not all platforms may give you one, so how can you determine when you’ll need a seed phrase?
Here’s a guide to show you the different scenarios when a seed phrase is needed, and when it isn’t.
Contents
- 1 Which crypto platforms have a seed phrase?
- 2 Does Metamask have a seed phrase?
- 3 Does Binance have a seed phrase?
- 4 Does Trust Wallet have a seed phrase?
- 5 Does Yoroi have a seed phrase?
- 6 Does Coinbase have a seed phrase?
- 7 Does Crypto.com have a seed phrase?
- 8 Does Celsius have a seed phrase?
- 9 Does Gemini have a seed phrase?
- 10 Does KuCoin have a seed phrase?
- 11 Conclusion
- 12 👉🏻 Referral Deals
Which crypto platforms have a seed phrase?
As a general rule, all non-custodial wallets like Metamask or Trust Wallet will provide you with a seed phrase, as you are in full control of your funds. Meanwhile, centralised exchanges like Binance or KuCoin do not provide you with a seed phrase, as your funds are under their custody.
A seed phrase acts as a master password, and it is used to restore your wallet on another platform.
Non-custodial wallets like Metamask or Ledger will issue you a seed phrase when you create a new wallet with them.
This means that you are in full control of your funds, which also means you’ll have to take full responsibility for them!
In the event that someone knows your seed phrase, they will be able to gain full access to your funds!
In contrast, a centralised exchange like Binance or Crypto.com has custody of your funds. They will have a seed phrase for their wallet, but they will not share it with you.
As such, you are entrusting the centralised exchange with the safety of your funds. If the exchange gets hacked, your funds may be stolen!
Some centralised exchanges have their own non-custodial wallet
What may be confusing is that some of these well-known exchanges have their own non-custodial wallet as well.
Here are some examples of these wallets:
While these wallets have the exchanges’ names, they are actually non-custodial, which are similar to other wallets like Metamask and Trust Wallet.
As such, these non-custodial wallets will issue a seed phrase!
Does Metamask have a seed phrase?
Metamask is a non-custodial wallet, and you will be issued a seed phrase when you create a new wallet.
To find your seed phrase, you will need to go to ‘Settings → Security and Privacy’,
You will be given the option to reveal your ‘Secret Recovery Phrase’, which will be your wallet’s seed phrase.
Does Binance have a seed phrase?
You do not have a seed phrase when you create a Binance account. This is because Binance is a centralised exchange, and your funds are under their custody. Binance controls your private keys, and you will be relying on the security of the exchange to protect your funds.
As a centralised exchange, Binance uses a custodial approach to manage your funds. This means that only Binance has your private keys, and you will not have a seed phrase.
However, Binance also has its own Binance Wallet, which is a non-custodial wallet on the BNB Beacon Chain (BEP2), BNB Smart Chain (BEP20) and Ethereum Network.
As a non-custodial wallet, you will be issued a seed phrase when you create a Binance Wallet.
However, as a centralised exchange, you do not have a seed phrase with Binance.
Does Trust Wallet have a seed phrase?
Trust Wallet is a non-custodial wallet, and you will be issued a seed phrase when you create a new wallet.
To access your seed phrase, you will need to go to ‘Settings > Wallets’.
After clicking on ‘Wallets’, you will need to click on ‘Options’,
after which your ‘Secret Recovery Phrase’, will be revealed to you, which will be your wallet’s seed phrase.
Does Yoroi have a seed phrase?
Yoroi is a non-custodial wallet, and you will be issued a seed phrase when you create a new wallet.
To view your seed phrase on Yoroi, you will need to go to ‘Settings → Wallet‘, and select the option ‘Export Wallet’.
However, you will be shown a private key, and not your seed phrase.
The seed phrase is a user-friendly version of the private key which is easier to write down, but the wallet will read your seed phrase and interpret it as a private key.
The only time where you’ll be able to view your seed phrase will be when you create your wallet.
If you delete or lose your wallet carefully without saving your seed phrase, you will not be able to access your wallet, and your funds may be permanently lost!
Does Coinbase have a seed phrase?
You do not have a seed phrase when you create a Coinbase account. This is because Coinbase is a centralised exchange, and your funds are under their custody. Coinbase controls your private keys, and you will be relying on the security of the exchange to protect your funds.
As a centralised exchange, Coinbase uses a custodial approach to manage your funds. This means that only Coinbase has your private keys, and you will not have a seed phrase.
However, Coinbase also has its own Coinbase Wallet, which is a non-custodial wallet via which you can send and receive your crypto assets.
As a non-custodial wallet, you will be issued a seed phrase when you create a Coinbase wallet.
However, as a centralised exchange, you do not have a seed phrase with Coinbase.
Does Crypto.com have a seed phrase?
You do not have a seed phrase when you create a Crypto.com account. This is because Crypto.com is a centralised exchange, and your funds are under their custody. Crypto.com controls your private keys, and you will be relying on the security of the exchange to protect your funds.
As a centralised exchange, Crypto.com uses a custodial approach to manage your funds. This means that only Crypto.com has your private keys, and you will not have a seed phrase.
However, Crypto.com also has its own Crypto.com DeFi Wallet, which is a non-custodial wallet via which you can send and receive your crypto assets.
As a non-custodial wallet, you will be issued a seed phrase when you create a Crypto.com DeFi Wallet.
However, as a centralised exchange, you do not have a seed phrase with Crypto.com.
Does Celsius have a seed phrase?
You do not have a seed phrase when you create a Celsius account. This is because Celsius is a centralised crypto platform, and your funds are under their custody. Celsius controls your private keys, and you will be relying on the security of the platform to protect your funds.
As a centralised crypto platform, Celsius uses a custodial approach to manage your funds. This means that only Celsius has your private keys, and you will not have a seed phrase.
Does Gemini have a seed phrase?
You do not have a seed phrase when you create a Gemini account. This is because Gemini is a centralised exchange, and your funds are under their custody. Gemini controls your private keys, and you will be relying on the security of the exchange to protect your funds.
As a centralised exchange, Gemini uses a custodial approach to manage your funds. This means that only Gemini has your private keys, and you will not have a seed phrase.
Moreover, Gemini does not have its own non-custodial wallet via which you can send and receive your assets.
Does KuCoin have a seed phrase?
You do not have a seed phrase when you create a KuCoin account. This is because KuCoin is a centralised exchange, and your funds are under their custody. KuCoin controls your private keys, and you will be relying on the security of the exchange to protect your funds.
As a centralised exchange, KuCoin uses a custodial approach to manage your funds. This means that only KuCoin has your private keys, and you will not have a seed phrase.
Conclusion
You will only have a seed phrase when you are creating a non-custodial wallet. If you create an account with a centralised exchange, your funds will be under the exchange’s custody, and you will not be given a seed phrase.
When you have control over your seed phrase, you will be taking full responsibility for your funds!
It will be good for you to ensure that you keep this seed phrase in a secure place, and away from any hackers who may steal your funds.
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