Trust Wallet Review
When it comes to storing your cryptocurrencies, you want to make sure that you are using a wallet that you can trust. One of the most popular and reliable crypto wallets on the market is Trust Wallet. So, in this Trust Wallet review, we’ll take a look at its features, user interface, and more.
- Offers NFT storage
- Has an in-built staking feature
- Has a user-friendly interface
- Supports over 1 million crypto assets
- Available on both iOS and Android devices
- Not available on web browsers.
- Susceptible to hacking attacks as it is not a cold wallet
What is Trust Wallet?
Trust Wallet is a mobile cryptocurrency wallet that was created by Viktor Radchenko in 2017 and bought by Binance Holdings Limited in 2018. The creator attributed the rising inflation in his home country, Ukraine, as one of the major reasons why he began to have an interest in cryptocurrencies. The wallet supports hundreds of thousands of decentralized cryptocurrencies and assets, including non-fungible tokens (NFTs).
The platform is decentralized, which means users don’t need to fill out different forms. Decentralization means only the user gets private keys to handle the security of their wallets. This maintains anonymity for users, something that is highly admirable for crypto users.
Having a decentralized system also gets rid of account freezes and account limitations. Apart from holding playing host to external currencies, Trust wallet also has its own BEP-20 utility token known as the Trust Wallet Token (TWT).
The tokens have incentives and discounts for users who transact using them. Currently, TWT has a $0.87 value and a $33 million trading volume. The token boasts of a circulating supply of 250 million and a capitalization of above $218 million.
Trust Wallet is available globally in almost all countries, and users can access it by downloading an app from the Google Play Store or Apple Store.
Is Trust Wallet Safe?
Yes, Trust Wallet is a safe and secure way to store your cryptocurrency. The app has been designed with your security in mind and features a host of protections to keep your funds safe.
However, it is important to remember that Trust Wallet is a hot wallet and therefore susceptible to phishing attacks. For this reason, it’s always important to be vigilant when logging in to your wallet and to make sure that you are using the correct website address. And, lastly, make sure not to share your seed phrase with anyone and store it in a safe place. Losing your seed phrase may lock you out of your account permanently, thus losing access to your funds.
Trust Wallet Features
Some of the main reasons why Trust Wallet appeals to the masses are its ease of use and intuitive interface. The developers spend a lot of time and resources to make it easy to use, and over time, they have updated features to ensure customers get the best experience.
Trust Wallet is not just a storage platform; it offers more lucrative features. Some of the top features of Trust Wallet include;
Sending and Receiving Crypto
Trust Wallet allows users to send and receive crypto from across the world. The platform supports over 160K assets and blockchains, which users can easily trade and swap.
With minimal charges associated with the platform, numerous people continue to sign up and make use of this cryptocurrency platform to send, store and receive crypto from across the world.
Having a safe cryptocurrency platform that guarantees anonymity and safety is a top choice for many users, and Trust Wallet delivers on that. As a DeFi crypto wallet, people can use it without being afraid of their data being accessed.
The wallet doesn’t store any information about the user, and only the wallet owner can get to the keys. Decentralization allows the wallet to be used by people anywhere, regardless of their location. Trust Wallet also lets its users own and run their accounts without interference from authorities or institutions.
Staking is a move where users lock up their crypto holdings for the purpose of gaining rewards or interest over time. For some people, staking is a venture in which they invest their resources, and platforms like these help them create wealth.
Trust Wallet allows users to stake the following cryptocurrencies, with hopes of adding more soon.
- Tron (TRX)
- Tezos (XTZ)
- Kava (KAVA)
- VeChain (VET)
- Callisto (CLO)
- Cosmos (ATOM)
In-Built DApp Browser
Trust Wallet is one of the few wallets that includes an in-built browser for searching hosted decentralized apps (DApps). Through this feature, users of the app can search for vendors and businesses. You can end up using decentralized exchanges such as PancakeSwap or decentralized games like Panda Earth.
The built-in features also include charts that allow traders to track prices as they trend without leaving the app.
Trust Wallet Supported Coins
Trust Wallet is home to more than 160 thousand assets and blockchains. They include well-known currencies, stablecoins, and tokens. It also has an in-house token known as the Trust Wallet Token (TWT). The main crypto coins available on the platform include;
- Litecoin (LTC)
- Ripple XRP (XRP)
- Binance (BNB)
The platform facilitates easy ways to make payments, so you can top it up using debit or credit cards.
The Trust Wallet Token is a BEP-20 token on the Binance Smart Chain. It was relaunched in October 2020.
Trust Wallet Token
The Trust Wallet Token (TWT) is a BEP-20 token on the Binance Smart Chain. It was relaunched in October 2020 and can be used to interact with the Trust Wallet app and to access its features. It can also be used to pay for services within the app, such as storage or encrypted messaging, or it can be traded on exchanges. The Trust Wallet Token is also used by its holders to vote on governance issues for the Trust Wallet app.
Trust Wallet Fees
Downloading Trust Wallet is free, and there are no fees involved during the setup process. However, when users send crypto and NFTs from one wallet to another or to a small contract, there are gas fees that will be charged.
Trust wallet charges additional fees to users who buy crypto on the platform, but the charges are waived for people who hold TWT in their wallets. The platform has six third-party providers, and purchasing crypto from them calls for fees. Some of the published fees to expect from the wallet include the following;
- 3.95% when buying with a credit card Mercuryo
- 3.5% on debit and credit card transactions on Simplex
- 2.9% when buying on debit cards using Ramp Network
- 2.9% +$0.30 on credit and debit card transactions on Wyre
- 5.5% on USD debit and credit card transactions for at least $30 on Transak
- 1% and 4.5% when buying with a bank transfer or credit card, respectively, on MoonPay
Trust Wallet Limits
Traders on Trust Wallet can enjoy a platform with no transaction limits. The platform is open source, so users can transact as many funds as they please, provided they can pay the gas fees required. When using the Trust Wallet app, users can buy up to $20,000 worth of bitcoin with a credit or debit card.
Users are in total control of their wallets, so there is also no limit to the number of tokens you can receive or hold. Trust wallet provides a secure place for users to buy, sell, store, and stake their cryptocurrencies and NFTs while reducing the burden of costs affiliated with similar platforms.
Trust Wallet Security
Trust Wallet is an open-source platform, which gives it an edge in terms of flexibility. However, this is the same reason that makes it a tad bit insecure. Each user’s wallet has a 12-word secret phrase.
Additionally, Apple M1 computers give users the option to either use a PIN or biometrics for an extra layer of security. As it stands, Trust Wallet does not offer multi-factor authentication. This is because the platform puts an emphasis on privacy, so users can’t get texts, emails, or apps. This is to stop hackers from getting into the app.
If users lose their phones or they are stolen, anyone can use the PIN or get the secret recovery phrase and set up a copy of the wallet. If they successfully do this, they can access your wallet and steal the crypto in it.
Trust Wallet Support
Being a decentralized platform that offers a non-custodial wallet, Trust Wallet has very limited customer service.
This is to help with keeping things anonymous, and as such, users are advised to use self-help centers and consult in the community forum if they have questions or inquiries. If the questions you have are not answered here, you can use the Trust Wallet ticketing system on their site for help through email.
If you have had issues with seed phrase recovery or if you lose access to your account, it is almost impossible for customer service to help with the recovery of an account. Trust Wallet does not process user information, so it is impossible to recover blocked accounts, tokens lost across blockchains, and more.
Trust Wallet has thousands of users, and even though it is a fan favorite, there are other platforms giving it a run for its money. Here are some of these alternatives and how they compare to Trust Wallet.
Coinbase is a crypto wallet that was launched in 2012, which means it has been around longer than Trust Wallet. Compared to Trust Wallet’s customer service, Coinbase’s is more favorable.
On the other hand, Trust Wallet has almost no transaction fees, making trading easier on the platform. Coinbase charges wallet-to-wallet transactions, which makes trading a bit expensive. Trust Wallet also has a wider portfolio of cryptocurrencies than Coinbase.
MyEtherWallet is a crypto platform that was founded in 2015. Compared to Trust Wallet, which has a global audience, My EtherWallet is only available in the US. It is also available as a digital and hard wallet, also known as a hot and cold wallet. In this regard, it holds an advantage over Trust Wallet.
On the other hand, Trust Wallet has a bigger range of crypto and stable coins that users can trade in this wallet. It also allows purchases with fiat, helping bridge the gap between fiat and crypto.
Like Trust Wallet, Exodus is a decentralized crypto wallet that was founded in 2015. While Trust Wallet supports more than 160K assets and blockchains, Exodus is only able to support 100 cryptocurrencies and tokens.
Trust Wallet does not allow hardware support, which makes Exodus a preferred choice for people looking for platforms that support hardware. Trust Wallet still emerges as superior considering users can browse through a selection of decentralized applications.
How to Use Trust Wallet
Before using Trust Wallet, you need to set up an account. In this section, we will provide you with a simple and straightforward process to help you open a Trust Wallet account
Step 1: Download the Trust Wallet app
The first step is to visit the Apple Store or Google Play Store and search for Trust Wallet. The official app has a blue shield over a white background as a logo. Click on it and install it on your mobile device.
Step 2: Create your Wallet
After downloading the app, the next step is to create a wallet. For new users, click on “Create New Wallet” and then “Agree” to the terms and conditions. If you have a wallet, you can open the app and click on “I already have a wallet,” then proceed to follow the instructions to link it to your current mobile device.
Step 3: Backup the Wallet
Once you agree to the terms and conditions, you will be required to write down the 12-word recovery phrase. Once you do, click on “Continue” to verify the phrase.
Step 4: Add the Crypto
Your wallet is now ready to be loaded. When you open up your wallet, you will be met with a list of common cryptocurrencies. If you cannot see the crypto you want, you can use the search feature to find it.
Once you find it, flip the available switch, and you can begin sending, receiving, holding, and swapping crypto.
1. Does Trust Wallet require KYC?
No, it does not. Initially, it used to have the policies in place, but a restructuring to ensure anonymity got rid of the KYC.
2. How to withdraw from Trust Wallet?
Withdrawing money from your Trust Wallet is simple. First, you need to Swap your tokens on PancakeSwap. Afterward, open a crypto exchange platform like Binance, where you will send your swapped crypto. Then once the funds are received on Binance, convert your crypto to Fiat and finally withdraw your Fiat through your preferred mean.
Related: Bilaxy Review: Is This Centralized Cryptocurrency Exchange For You?
3. How to transfer from Coinbase to Trust wallet?
Transferring crypto from Coinbase to Trust Wallet is an easy step-by-step process. To begin with, you need to open a Trust Wallet account if you don’t have one. In your Trust Wallet find and copy the crypto address you want to transfer funds to > Go to Coinbase and choose the crypto you want to transfer > Choose the amount you wish to transfer > Paste the address you copied from Trust Wallet > Click Send Now > Enter the validation code from Coinbase > click Submit.
4. Do I need a crypto wallet?
Ideally, you do not need a crypto wallet to store your coins, as most exchanges will allow you to store your crypto in them. However, adding a layer of security is advisable to protect your crypto assets. This can be done using trusted crypto wallets like Trust Wallet, Exodus, and others.
5. How to use Trust Wallet with Pancakeswap?
Three important steps are involved when you want to connect Trust Wallet to Pancakeswap. You will first need to ensure you have enabled the DApp browser connection in Trust Wallet > Open PancakeSwap > then connect PancakeSwapp to Trust Wallet. However, this might differ depending on the device you are using.