A non-custodial crypto trading platform is designed so that users retain control of their wallet keys rather than handing those keys to the platform. That does not mean every asset remains untouched in the wallet while trading takes place.
Wallet control and collateral are separate
A trading application may require collateral to be deposited into protocol infrastructure and may need specific permissions to perform authorized actions. A token approval, for example, can allow a contract to transfer a defined amount of a token. The permission and its limits matter.
This is why the question “Who controls my keys?” should be followed by “Where is the collateral, and what can each authorized component do?” Neither question can be answered by a custody label alone.
Non-custodial does not mean risk-free
Market losses, protocol failures, unsafe approvals and compromised interfaces can still affect funds. A system can preserve key ownership while exposing trading collateral to financial and operational risk.
AlphaNet describes its model as non-custodial, while its user guide also documents deposits. These statements address different layers: wallet ownership and the use of capital within trading infrastructure.
A complete assessment therefore looks at permissions, collateral accounting and withdrawal conditions together, rather than assuming that “non-custodial” guarantees unrestricted access under every circumstance.