Non Custodial Wallet: In a non-custodial wallet, you will have sole control of your private keys, no third party is involved and you are solely responsible for protecting your private keys and funds in your wallet.
Custodial Wallet: For all new users who are new to the crypto space, it’s very likely that the first time you purchase crypto, the purchased crypto will end up in a wallet like an exchange wallet or any other source of purchase wallet. In this case, the exchange or source of purchase is your custodian, which holds your keys and is responsible for securing your wallet and the funds in it.