Is CoW Swap custodial? Who holds your funds?
No. CoW Swap is listed as non-custodial: your funds stay in a wallet you control, not with the venue.
Checked 2026-10-20 · 3 sources- The Terms say the interface and the protocol are non-custodial and never take custody of your assets; you trade from your own wallet.
- Non-custodial does not mean risk-free. Smart-contract bugs, phishing and malicious approvals can still lose funds.
- We list 3 reported incidents for CoW Swap on its legit check.
Sources: CoW Protocol Docs: Fees (volume, quote improvement and surplus fees) · CoW Protocol Docs: Partner Fee · CoW Protocol Docs: Affiliate Program. The venue's own page wins if it disagrees with ours.
CoW Swap
DEX aggregator · 0.04% round trip. CoW Swap is the main web interface for CoW Protocol, an intent-based DEX aggregator. You sign an order instead of sending a swap, and bonded solvers compete in batch auctions to fill it, matching traders directly where they can and routing the rest through onchain liquidity. It runs on Ethereum and nine other EVM chains.
Full CoW Swap sheet: fees, custody, incidents →