How to set up a custodial Crypto Wallet?

I'm curious about how one can effectively set up a custodial crypto wallet. Could you provide a step-by-step guide on the process? Specifically, I'd like to know about the initial requirements, the types of wallets available, and any security measures that should be taken. Additionally, I'm interested in understanding the advantages and disadvantages of using a custodial wallet versus a non-custodial one. Could you elaborate on those points as well? Any insights or recommendations you have on selecting a reputable wallet service provider would also be greatly appreciated.