Trust Wallet Review
Trust Wallet Review: What it is and How it Works?
Cryptocurrency is quickly becoming an essential aspect of the world's economy. It serves as an asset for trading with investors regularly funding new projects in the ecosystem.
Several projects are developed for different reasons, like buying, selling, and storing assets. To carry out these activities, you need an exchange or exchanges. A cryptocurrency exchange is used to purchase and store digital assets and can be centralized or decentralized.
Trust Wallet is a decentralized exchange that allows users to keep their cryptocurrency secure.
In this review, we will go over the features of Trust Wallet, how it works, and its pros & cons. In the end, you will clearly understand if Trust Wallet is safe for you or not.
What is Trust Wallet?
Trust Wallet is an open-source crypto wallet that runs on mobile. It is decentralized and supports over 180,000 digital assets.
The Trust Wallet mobile application is available for download for Android and iOS users.
Initially, ERC20 and ERC233 tokens were the only tokens the wallet was designed to hold. Now the decentralized crypto wallet holds popular cryptocurrencies like Bitcoin.
With Trust Wallet, users can stake their assets to earn interest quickly. Trust Wallet supports crypto staking for blockchain networks like Vechain, Tezos, Callisto, IoTex, Kava, Cosmos, Algorand, and TRON.
Trust Wallet Background
Trust Wallet is a non-custodial multi-currency crypto wallet based in Mountain View, California, United States. The project was started in September 2017 by Viktor Radchenko.
Viktor Radchenko's idea was to store and manage his ERC20 tokens easily yet efficiently. In about three weeks, he built the initial mobile application for Trust Wallet as software that sends and receives Ethereum and ERC20 tokens.
In November 2017, Viktor Radchenko launched the Trust Wallet mobile application, and the application gained user adoption in no time. Radchenko and a small team further developed Trust Wallet.
On the 31st of July, 2018, Binance acquired Trust Wallet. Trust Wallet added on-chain and a secure mobile wallet to the list of Binance service offerings.
Trust Wallet has specific features that differentiate it from competitors in the crypto space, and it ranked in the top ten most downloaded cryptocurrency applications in 2020.
How to Register an Account on Trust Wallet
To receive and send assets, you will need a wallet. Trust Wallet is safe, secure and is usable across different countries.
The Trust Wallet mobile application works well with iOS version 13.0 and above and Android version 6.0 and above.
Setting up your Trust Wallet, step-by-step:
- Start by downloading the Trust Wallet mobile app on your device. It is available for android users on the Google Play store and iOS users on the App store
- Once downloaded, you will see two options on your welcome screen: "Create a new wallet" and "I already have a wallet." Click on the "Create a new wallet" option to proceed
- On the next page, after selecting the create a new wallet option, you will see your 12-word recovery phrase. It is crucial to keep these words safe as you will need them to recover your wallet subsequently.
- Next, check the "I understand" box and click on "Continue."
- Once you have selected the option to continue, you will be shown your 12 words seed phrase, write them down in the appropriate order they appeared and keep them safe
- Next, click on "Continue."
- Enter and verify your recovery phrase on the next screen in the order they appeared initially.
- Click the "Continue" button once you have entered your recovery phrase in the correct order. You will receive a message indicating that you have successfully created your wallet on the next page
- Click "Ok," and you will be shown your dashboard. On the dashboard, a few wallets have been created for you
How Does Trust Wallet Work?
Trust Wallet is a bridge that connects blockchain networks to nodes. An individual blockchain network has a public key that serves as an address.
Trust Wallet works for transactions like crypto staking and trading. Users can send and receive their assets on Trust Wallet through their public address.
It is easy to use and does not cost any fee to use. Transaction fees are paid to validators in the network.
Trust Wallet Payment Methods
Trust Wallet allows users to purchase cryptocurrencies via bank debit and credit cards. But deposits and withdrawals can't be achieved through fiat as the platform doesn't support this feature.
However, Trust Wallet partnered with Moonpay, Mercuryo, and Changell—fiat to crypto exchanges—to allow a crypto-fiat exchange. With this offer, these third-party exchanges determine the trading limit and countries that can buy crypto-fiat.
Deposit on Trust Wallet
Primarily, there are three paths to take when depositing cryptocurrency into your Trust Wallet. You can choose to deposit into Trust Wallet by receiving crypto from third-party wallets, from Binance exchange, or by buying crypto with a card.
How to Deposit Cryptocurrencies into Your Trust Wallet from Third-Party Wallets
- Log in to your Trust Wallet, then select from the list of cryptocurrencies the asset you want to receive
- Select the cryptocurrency and click on "Receive."
- Click on "Copy" to copy the wallet address. Then send it to the person sending the cryptocurrency to your Trust Wallet account. Also, the sender can scan your address QR code
How to Deposit Cryptocurrency into Trust Wallet from Binance Exchange
- Log into your trader account on Binance and click on the wallet icon on your user dashboard
- From the menu, select 'Fiat and Spot'
- Click on "Withdrawal" on the next screen and select crypto. Select Binance as your preferred digital asset to be withdrawn
- Next, a recipient address tab will be shown to you. Leave the tab open and log into your Trust Wallet account and click on "Binance" from the wallet page
- Select "Receive" to see the wallet address and QR code
- On the recipient address bar on Binance exchange, copy and paste the address. Confirm the validity of the details and click the "Submit" button.
How to Deposit Cryptocurrencies into Trust Wallet via Bank Credit and Debit Card
- Log in to your Trust Wallet application and click the "Buy" icon on the homepage
- Select the cryptocurrency that you want to buy
- On the "Buy Crypto" page, you will find specific rates, other exchanges, and minimum purchase
- Select the exchange to process your transaction and click on the "Next" button
- You will be taken to the third-party's website to complete your transaction
- If you don't have an account already, you will be required to create one. Then provide the third-party exchange with your bank details, CVV number, and expiring date
Note that transaction time varies with the crypto being purchased. Immediately the transaction is completed, your currency will be deposited into your Trust Wallet account.
Withdrawal on Trust Wallet
Since crypto-fiat transactions are done on third-party exchanges and not on Trust Wallet, it doesn't have the option to withdraw.
Assets are converted to cash in two ways:
- By sending them to a cryptocurrency exchange or
- By sending them to wallets that process bank withdrawals
How to Send Cryptocurrency into the Bank through Binance Exchange from Trust Wallet
- Start by logging in to your Trust Wallet mobile application. Click on "Send" on the wallet page
- From the list of wallet and crypto balances, select the asset you want to withdraw
- On the withdraw page, indicate the amount you want to withdraw
- Leave the page open and log in to your account on the Binance exchange. Choose to deposit Ethereum and copy the memo and wallet address on Binance
- Paste the copied items into the Trust Wallet as the recipient address. Then initiate a withdrawal from Binance
How to Send Cryptocurrencies to Other Wallets from Trust Wallet
- Click on the "Send" icon on the Trust Wallet's wallet page
- You will be shown your balance and the list of your wallet
- Choose from the list of the cryptocurrency you want to withdraw
- On the withdraw page, indicate the cryptocurrency you want to withdraw and the recipient's address
- Paste and confirm the wallet address of the recipient and the details of the transaction. Then click on the "Send" button to initiate your transfer
Features of Trust Wallet
Trust Wallet mobile app is very intuitive and reliable. Trust Wallet is free to download online, and there are no fees included in transactions. Since its inception, it has expanded its service offerings.
A DApp browser feature is integrated into the exchange, and it is continuously increasing the number of currencies and tokens it supports.
After logging in to your Trust Wallet mobile app, you will find the following features listed below:
The wallet page on Trust Wallet lets users track their digital assets and their balance. On this page, you will find the Send, Buy and Receive buttons that allow you to perform transactions like depositing and withdrawing cryptocurrency and tokens.
Above this page, you will find the Tokens, Finance, and Collectibles tabs. The finance tab leads to the earning and investment page. Clicking on the collectibles page will direct you to your NFT store. The tokens page is the main page.
On this page, you will be presented with several DApps. Here you can interact with decentralized exchanges, DApps, and marketplaces.
The integrated decentralized exchange page features two tabs: swap and exchange. This page gives you access to Trust Wallet's decentralized crypto trading platform.
The settings page hosts the theme settings that switch between dark and light modes, push notifications, Wallet connect, price alerts, help center, and multi-coin wallet.
Beyond the icons displayed below the homepage of the mobile app are other features, which include:
Easy to Use Interface
Trust Wallet mobile app is easy to download, install and use. Its user interface is straightforward, which makes it very intuitive.
The team behind the Trust Wallet project tries to make sure users' assets are safe. Audits are conducted regularly to enhance the security of the platform.
Clients' information is not stored on a server. Rather users store their wallet keys privately, making them solely responsible for securely storing their private keys.
Pros and Cons of Trust Wallet
- Easy to use
- Free to download
- Decentralized and open-source
- Users' information is not stored on a server
- Supports a wide range of digital assets
- Safe and secure
- Multi-wallet functionality,
- Available for both Android and iOS
- Not supported on desktop
- No two-factor authentication
- Not as secure as hardware wallets
Staking on Trust Wallet
Trust Wallet users can stake their coins to earn interest. At the time of writing, not all coins can be staked, but the list keeps on increasing.
To participate in the Trust Wallet staking program:
- Start by logging in to your Trust Wallet account, then click on "Finance" on the wallet page
- Select the coin you want to stake from the list of supported cryptocurrencies for staking
- Click on "More" and select "Stake."
- On the next page, enter the amount of the coin you want to stake and choose a validator. Click "Continue" to proceed
- Review your transaction on the 'confirm transaction' page and click on the "Confirm" button to initiate the transaction
How to Swap Coins on Trust Wallet
To swap coins on Trust Wallet:
- Log in to your Trust Wallet mobile app and click on the "DEX" tab on the homepage
- Select swap to access the swap page
- Select Ethereum-based token in the "You pay" section and enter the amount you want to swap
- Select the token you want to receive in the "You get" section. The exchange rate and how much of your preferred token you will receive will be automatically generated
- Click "Swap" to process the transaction
- Review the transaction details and click on the "Send" button to initiate the transaction
Frequently Asked Questions (FAQs)
Is Trust Wallet Safe?
Yes, Trust Wallet is safe. Several security measures are put into place to maintain the integrity of the wallet and keep your assets secure.
Some safeguard measures are using passcodes, recovery phrases, and fingerprints. But the wallet doesn't support two-factor authentication.
How Do I Add Money in My Trust Wallet?
To add money to your Trust Wallet, log in to your account and click on the "Receive" button. Then paste your public key the sender will transfer the funds into.
What is a Trust Wallet Used For?
Trust Wallet is a cryptocurrency wallet that is used to send and receive digital currencies safely and securely.