Trust Wallet is a wallet app that makes it easy to use. It supports both major cryptocurrencies and smaller tokens. Although some wallets are only for crypto storage, this one offers many other features such as the ability to stake and earn crypto rewards. To learn more about the wallet and to find out if it is right for you, read our complete review.
What is Trust Wallet?
Trust Wallet is an open source, decentralized mobile crypto wallet. It is a great choice for investors and new users. This wallet supports more than 160K+ assets, blockchains, and allows traders and traders to stake crypto coins to earn interest. Although the wallet was initially designed to store ERC20 tokens and ERC223 tokens, it has been extended to include other major cryptocurrencies such as Bitcoin. It has a Web3 browser built in that allows users to purchase cryptocurrencies via the Kyber Network’s native DEX (decentralized exchange). You can also access various DApps (decentralized apps) that were built on Ethereum via the Trust Wallet app.
You can download the Trust Wallet app free of charge from either the Apple Store, or the Google Play Store. It’s compatible with Android devices because its code is written using the native languages of both iOS Swift and Android Java. It runs on iOS 10.0 or higher versions and Android 5.0 or greater.
How Trust Wallet works
These are the ways that Trust Wallet’s mobile app works:
- It serves as a bridge between individual blockchain networks via their nodes. Each blockchain network has its own set public addresses, also known as the public key. These addresses are used to store and encrypt crypto assets.
- Trust Wallet doesn’t hold any cryptocurrencies on its servers. It only allows users to access its wallet.
- It’s a free app that users can use without any cost. All gas fees (transaction processing fee) are paid to validators and miners.
- Trust Wallet allows users to manage their public addresses and send and receive cryptocurrencies. It also lets users execute crypto transactions such as trading or crypto staking.
How to use Trust Wallet mobile
Trust Wallet can be accessed on Apple M1 Macs, but the wallet was primarily designed for smartphones. It is available in the Apple App Store as well as Google Play Store. The app is billed by Binance as the official crypto wallet.
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Cryptocurrency assets are volatile in nature. Buy and trade at your own risk.
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Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Both app stores have negative reviews that highlight how easy it is to lose cryptocurrency because of a social engineering attack and difficulty sending tokens across correct blockchains. There are also glitches when trying to send cryptocurrency to an exchange wallet for fiat conversion or withdrawal to a bank account.
How to use your desktop
The App Store offers Trust Wallet for Apple Mac desktops and laptops with the Apple M1 chip. The app can be downloaded directly to users’ computers by searching for it in the App Store. The interface works exactly as the mobile app except that you can connect to decentralized apps (DApps), using your browser. Mac users will need to use the Trust DApp Browser in the app.
Trust Wallet supports cryptocurrencies
Trust Wallet supports more than 1,000,000 cryptocurrencies and 53 distinct blockchains. This wallet is a great choice for anyone with a varied crypto portfolio.
Trust Wallet can store many of the most popular cryptocurrencies, including Bitcoin (BTC), Ethereum(ETH), Binance Coins (BNB), as well as many other stablecoins. Cardano (ADA) is the most prominent cryptocurrency that is not compatible with Trust Wallet.
Trust Wallet Features
Trust Wallet’s key feature is its flexibility across different blockchains. Users can download Trust Wallet to their smartphone and send and receive Bitcoin, Ethereum coins, and non-fungible tokens. They also have the ability to access cryptocurrency and NFTs on BNB Chain (previously known as Binance Smart Chain). The wallet supports more than 1,000,000 tokens and allows users to buy many different cryptocurrencies via third-party providers Mercuryo. MoonPay. Ramp Network. Simplex. Transak.
Trust Wallet allows users to make interest on their cryptocurrency through staking from their wallet. There are currently 12 tokens available for staking: Cosmos, Tezos, BNB and Cosmos.
Users can also migrate existing wallets to this account. MetaMask and MyEtherWallet users can backup their wallets, import them using their keystore file or secret recovery phrase, or import with a public key to view the balance.
Built-in Staking
You can earn rewards for your crypto assets by stake. When you allow your cryptocurrency to be used for the validation of blockchain transactions, this is called staking. Trust Wallet allows you to stake with many different cryptocurrencies. It’s easy and quick to get started.
NFT Storage
Trust Wallet also allows you to store cryptocurrencies. You can also store non-fungible tokens, NFTs, that have been minted on Ethereum (ETH), or the Binance Smart Chain.
dApp Browser
Trust Wallet provides a browser that you can use for any decentralized apps (dApps), on Ethereum or the Binance Smart Chain. Trust Wallet’s development team regularly optimizes and vets dApps in order to place them in the wallet’s main marketplace.
Crypto Purchasing in-wallet
While some crypto wallets can only send and receive crypto, the Trust Wallet app allows you to buy and sell. It purchases of crypto go through Ramp which is widely available in the United States.
Customers from the United States cannot buy cryptocurrency on Ramp using debit or credit cards. This can lead to high fees. It is usually better to purchase cryptocurrency through one of the best exchanges. It’s nice to have this option in Trust Wallet.
Security
Trust Wallet has many advantages, but its biggest disadvantage is in security. The 12-word secret phrase that secures each wallet is accessible from mobile devices and Apple M1 computers with either a PIN (or biometrics such as a fingerprint or face scan) and can be accessed on both Apple M1-powered Apple computers and Apple M1-powered phones. The wallet currently does not support multifactor authentication. Users cannot set up a confirmation code via email, text, or app to prevent unauthorized log-ins.
Although it is more difficult for smartphones and Macs to access wallets, anyone can still steal the PIN and 12-word secret recovery phrase via phishing or other social engineering techniques. They can also set up their own wallet copy and steal any cryptocurrency that is stored in it.
How can you get Trust Wallet?
It is easy to get started with Trust Wallet. The app is available for download from either the Apple Store or Google PlayStore. After the download is complete, users will be prompted to choose whether they want to create a new or import an existing wallet.
Fees
It is free to download Trust Wallet and it takes only a few minutes to set up. It can be downloaded and set up at no cost. Users will have to pay gas fees when sending cryptocurrency or NFTs from Trust Wallet into another wallet or smart contract. When purchasing cryptocurrency from any of the six third party providers, users will be charged fees. The crypto wallet charges an additional fee for crypto purchases made via their app. However, this fee is waived for users who have the TWT token proprietary to their wallet. The current fees are:
- Mercuryo: 3.9% off when you buy with a creditcard
- MoonPay: 1% if you buy with a bank transfer or 4.5% if you buy with a credit card. Or $3.99 minimum.
- Ramp Network charges 2.9% for credit and debit card transactions
- Simplex: Credit and debit card transactions are subject to a 3.5% fee or $10, depending on which is higher
- Transak: Minimum $30 transaction, 5.5% surcharge on credit/debit card transactions in U.S. Dollars
- Wyre: 2.9% Fee plus $0.30 credit/debit card transaction fees or $5, whichever comes first
Conclusion
Trust Wallet is unique in that it supports over 1,000,000 coins on multiple blockchains. The app restricts access to mobile devices and Apple Mac computers equipped with the M1 chip. This is done to minimize the risk of hackers, and allows users to integrate cryptocurrency into their daily lives. Trust Wallet is a great option for those who live in a country where crypto payments can be accepted by more people or wish to keep a variety of coins in one location.
However, those on the other end of the spectrum might find the interface frustrating. The high prices for cryptocurrency purchases and the lack of customer service will frustrate new users. Experienced traders might not like the inability to connect to dApps to trade NFTs or exchange cryptocurrency.
FAQs
Is Trust Wallet secure?
The short answer to this question is yes. However, the review revealed that there are a variety of security mechanisms in place to protect clients’ crypto holdings from theft or hacking. Trust Wallet offers everything so it can be concluded that it is safe.
How can you deposit money in Trust Wallet?
It is easy to add money to Trust Wallet. Users simply need to log in to their wallet and click the “Receive” button. After that, copy your public key and the senders will send funds to your wallet.
Are Bitcoins safe in Trust Wallets?
Trust Wallet allows you to securely send, receive, and store Bitcoins and other cryptocurrency assets.
