Choosing the appropriate wallet based on your needs is crucial for secure and seamless transactions in the crypto world. Seed Phrase Wallet, Keyless Wallet, and Cloud Wallet offer you various options.
Here are the key differences of each wallet type:
|
Seed Phrase Wallet |
Keyless Wallet |
Cloud Wallet | |
|
Requires Identity Verification |
No |
No |
No |
|
Custody Method |
Users maintain full control over their seed phrases and private keys. |
Private keys are secured through a two (2) key-shares system and a recovery password. Share 1: Secured by Bybit. Share 2: Stored on the user's cloud drive, encrypted with a recovery password set by the user, and backed up to the user’s cloud drive. |
Third-party (Bybit) managing private keys on behalf of users. |
|
App & Web Support |
App: Create a Seed Phrase Wallet Web: Connect via Bybit wallet extension |
App: Create Keyless Wallet Web: Connect via WalletConnect |
Both supported. |
|
Supports Bybit Wallet Events |
All features and projects on Bybit Wallet |
No longer supported on Bybit Wallet. For more details, please refer to this FAQ. | |
|
Security Measures |
Encrypted storage on iCloud or Google Drive cloud disk. |
Multi-point private key storage. |
Standard security protocols. |
|
Ease of Operation |
May require more technical understanding for safekeeping of the seed phrase. |
Relatively easier as private keys are managed by the user. |
User convenience with Bybit managing private keys. |
|
Safety Level |
High |
Medium |
Low |
|
Supported Chains |
Please connect to the appropriate wallet and review the supported chains on the wallet's page. Alternatively, you can view it on this page. | ||
|
Compatibility |
Cross-platform compatibility for importing seed phrases or private keys from other wallets. Can import seed phrases or private keys to other platforms. |
No longer supported on Bybit Wallet. For more details, please refer to this FAQ. | |