At the Coin Bureau, we’ve been banging this drum for a while, but just in case you didn’t hear, it goes like this: If you’re serious, then you should consider storing your crypto in some sort of wallet. This is more important the larger your crypto holdings.
In the wake of previous hacks and branching, many exchanges have tightened their security protocols. And the best ones insure client funds automatically. Despite these precautions, using a reputable and secure wallet is the best way to ensure that you have your own private keys. We’re big fans of hardware wallets but for those who have smaller holdings you may want to consider software wallets.
The software wallets can be installed on your phone as an app and are always with you. There’s little chance that you’ll be stuck out of the office and unable trade. Although not as secure as hardware, these devices are still better than a centralised crypto exchange for storing your cryptocurrency.
We are reviewing Trust Wallet today, which is one of the most popular and well-known software wallets. We’ll go through the specifications, see what it can offer, evaluate its pros and cons and conduct a Trust Wallet evaluation. By the end of this article, you should have a better idea if Trust Wallet is a mobile wallet that’s right for you.
What is Trust Wallet?
Trust Wallet is a mobile, decentralised wallet for cryptocurrencies that supports 53 blockchains. Users can earn interest by staking their coins. The Web3 browser is also integrated, giving users access to DApps built on different blockchains. Currently, Trust Wallet DApp Browser connects with around 16 networks.
It was originally designed to hold ERC20 and ERC223 tokens but now also holds those built on other blockchains, including – of course – Bitcoin. Coins can also be purchased through Trust Wallet’s native decentralised Exchange (DEX), run through Trust Wallet’s collaboration with Kyber Network.
Trust Wallet can be downloaded for free from iOS and Android. The code for the app was written in Swift, the native language of iOS and Java on Android. This is why it has so much functionality. The app is compatible with iOS 10.0 or higher versions and Android 5.0.
It is easy to use, download and set up. Trust Wallet has attracted 25 million+ users, largely due to its partnership with Binance announced in July 2018.
This partnership with the biggest name in the crypto space – and its deep pockets – is sure to keep users flocking to Trust Wallet and will almost certainly fuel the development of further features on the app.
App users can add an extra layer of security by scanning their fingerprints or using a pin code. You can activate them through the settings function of the app. There is no option yet for two-factor verification.
Trust Wallet addresses the backup issue with a 12-word recovery phrase. The user is given one of the phrases to store and write down when creating their wallet address.
This can be used to retrieve and enter the password in case of an error. This is a must, and should be done as soon as possible.
Trust Wallet Histories
Trust Wallet, the brainchild Viktor Radchenko is a US-based Ukrainian programmer who learned about cryptocurrencies much like many of us: by using Bitcoin on the Dark Web.
Ethereum was the catalyst for his growing interest in cryptocurrency. He began by developing an app that helps truckers locate parking and other amenities, while also diving deeper into the crypto waters.
Viktor developed Trust Wallet in order to store the increasing number of ERC20 Tokens he acquired through ICOs. In 2017, the project began, and soon became the main focus of his efforts.
In a very short time, the functionality of ERC20 standard tokens attracted thousands in early users. Binance noticed the growing popularity of the wallet and acquired the project in 2018 (along with its parent company Six Days LLC).
As with any crypto project worth its salt, the emphasis is on ease of use to encourage mass adoption. Viktor himself has stated that ‘letting people buy cryptocurrency with a credit card or bank account is essential for crypto adoption’, and Trust Wallet has held true to his vision in this regard. The app has worked hard to make its interface simple and easy to use.
Trust Wallet underwent a major rebrand in 2023. The product was given a new appearance and the user interface was redesigned. This transformation was designed to enhance the user experience and to also make it clear that the wallet is ready to expand globally to Web3.
Here's a breakdown of what is new:
- Intuitive Layout & Simplified Design
- Trust Wallet Shield – Provides users with peace-of-mind as they explore Web3. The shield protects users from clicking on malicious links and interacting with exploitable contracts.
- It is important to note that the word “you” means “you”. “Trust” in Trust Wallet logo is bold, representing trust itself, the wallet's colours have been revamped for looks and to support light and dark modes, and illustrations were added to make it more aesthetically pleasing.
Get started with Trust Wallet
You can download the Trust Wallet App from Google Play or App Store. After downloading and installing the app, you will be given the choice to import an existing wallet. If you choose this option, your 12-word phrase will be displayed.
Note this carefully and save it safely. Check the box next to: “I understand that if I lose my recovery words, I will not be able to access my wallet.”
To add crypto to your wallet simply sign in and tap the “Receive” button. The wallet address will be copied or a QR code appears for you to scan. Paste the address in the recipient address section of the other wallet. Then, paste the address into the other wallet’s receiver address section. “Transactions” The tabs will tell you which of the tasks have been completed.
The same goes for sending crypto. Tap the wallet to send crypto. “Send” Copy and paste the wallet address. Once you have done this, enter the amount that you wish to send and tap on the button. “Next” button. Once you are sure that all details are correct, press the button. “Send”You’re ready to go.
Trust Wallet’s intuitive and easy-to-use interface is a big part of its appeal. This aspect of the app has been given a lot of attention, and users have consistently praised it.
Trust Wallet Staking
The term “staking” is derived from the word “crypto”. “Proof of Stake”() is the process of creating new blocks using a consensus algorithm. These new blocks will then be added to blockchain.
Coins staked by owners can validate new transactions on the blockchain. The number staked coins is what determines the amount of transactions that are valid. Staking is a way to lock coins in a wallet. More coins are added as a bonus (kind of like interest). Like interest, the higher the stake, the greater the return.
If you’re interested in earning interest on your crypto assets, or if you would like to influence the way networks for certain currencies are governed then you should check out the staking feature that Trust Wallet offers.
Some coins do not support staking. However, the list is expanding. In the future, Ethereum (ETH), and Cardano(ADA), which have switched from Proof-of Work to Proof-of Stake, will be available for staking.
Trust Wallet currently allows you to stake Tron (TRX), Tezos(XTZ), Cosmos(ATOM), Kava(KAVA), Osmosis(OSMO), Binance Coins (BNB), etc.
Other staking currencies are available, but it is not known when or if Trust Wallet will be able to stake them. You can learn more about staking coins and the process by reading my colleague Steve’s article.
DApps Browser
This is a feature that will grow steadily over the coming years. This app was developed to make Metamask easier to use. It is fully mobile optimised.
DApps on Ethereum, and other blockchains have a wide range of functions and uses. LooksRare is a new-generation NFT platform that rewards users and traders with passive income via its native token LOOKS. Other platforms such as Uniswap and PancakeSwap cater to the Decentralised Financial (DeFi sector) in all its aspects.
Other gaming platforms, such as KnownOrigin that allows you to collect rare digital artworks and other like it, promise crypto-based rewards. Trust Wallet allows its users to easily access all of these via its app, and will undoubtedly be the first to drive adoption in this sphere.
Trust Wallet will test and evaluate any new DApps on its own before integrating it onto the platform. It supports a DApp market, where developers are able to put their efforts on display for others’ testing and evaluation.
Trust Wallet Dex
Trust Wallet’s native DEX offers users two options for buying and selling their assets: Swap Option and Exchange Option.
Swap Option allows you to buy and sell tokens in a simple way. It is fully integrated into the Trust Wallet. As an example, you can perform Ethereum (ETH), Binance Smart Chain(BNB) and Binance Chain(BNB) Swaps through the 1Inch Protocol.
The Exchange Option is similar to a traditional crypto-exchange where you can view an order book, and place your Buy and Sell Orders. The Exchange Option is available only for BNB-BEP2 trading. Trust Wallet is directly connected to Binance DEX in order to complete the trade.
Trust Wallet Token
Trust Wallet’s own governance token is called TWT. The original purpose of the TWT token is to introduce and educate more people about crypto. It was free and distributed to all users who referred friends to the app. The token currently trades at $0.70.
The token was initially issued with a supply of 90 billion tokens, but this was later reduced to 1 million by burning the surplus tokens. The allocation of tokens is divided into four categories: 40% for user acquisition, 15% for developers, 15% for TWT Community, and 30% reserved stores. The token allocation does not include a team.
The token is doing well in its role as a governance coin. In the first governance vote, users were asked to decide whether or not they wanted Filecoin support in their wallet. 96.73% of participants voted ‘Yes,’ which resulted in Trust Wallet rolling out FIL token support roughly three weeks later.
Trust Wallet-Supported Assets
Trust Wallet ranks among the best in the business, with its impressive support for assets. Trust Wallet offers support for millions of assets, spread across 100 blockchains. This makes it a popular choice among altcoin enthusiasts. Trust Wallet provides support for popular assets, such as Bitcoin and Ethereum. It also supports lesser known smallcap coins.
Trust Wallet NFTs
Trust Wallet also has a gallery for storing and viewing NFTs. Now users can view their favourite BSC and Ethereum-based NFTs in the app. The app’s NFT storage feature currently supports the following standards: ERC721, BSC721, BEP721, BSC1155, and ERC1155 for Ethereum.
Trust Wallet allows users to access decentralized applications using the DApp browser in-app on Android phones or WalletConnect for iPhones. Trust Wallet’s users can earn yield by gaining easy access to a range of NFT powered DApps. Trust Wallet app users can connect to NFT farming apps with just a couple of clicks.
The wallet can be used to instantly connect users to NFT marketplaces to mint and sell NFTs. This information can all be viewed within the app.
Trust Wallet for Customer Support
You can always access the Help Centre via the “Settings” This is the FAQ and troubleshooting section of your app. This section contains FAQs, troubleshooting and other guides.
You can also open a ticket for support if you are still having problems. It appears from a quick tour of the various forums that tickets can sometimes be slow to respond.
Trust Wallet Review – The Verdict
Trust Wallet has few flaws and is easy to recommend. It’s simple to download and start using, and the user interface is very intuitive. You can also store a wide range of assets.
The benefits and awareness of Staking are becoming more popular among crypto enthusiasts. Trust Wallet is a great example of a wallet that has anticipated this demand. Its staking feature gives it a competitive edge over other wallets who don’t offer the option.
Accessing DApps from the app will also have long-term advantages as DeFi continues to grow and expand. The DApp ecosystem may seem a bit limited to some (how many collectibles are we really going to need? ), but developers will always be coming up with new ideas.
Developers will also be reassured that Trust Wallet is open-source, allowing them to examine the codebase themselves. Blockchain and DeFi are built on the principles of transparency and openness. It is great to see that a major brand has embraced this philosophy.
The fee structure of Trust Wallet (or the lack thereof) is hard to criticize. If you’re looking for privacy, then the wallet that doesn’t require KYC or custody will be the best option. To be more specific, two-factor verification would add an extra layer of security.
Last but not least, we have the partnership with Binance. Trust Wallet’s official partnership with Binance, one of the world’s largest crypto exchanges and most recognized brands in the space, is a huge vote of confidence.
We should all feel confident in Trust Wallet if CZ and Co. are. In the future, it will be interesting to see what new features Trust Wallet introduces. Binance’s backing ensures that the development team has the funds and motivation to succeed. The future is bright.
FAQs
Can Trust Wallet be trusted?
Binance is one of the biggest crypto exchanges on the planet. The code is open-source so anyone interested in exploring the inner workings of Trust Wallet can do so. Stateful, an auditing firm, has conducted a review of the platform. The report is available here.
Can Trust Wallet’s security be compromised?
Trust Wallet, one of the safest software wallets on the market today, is susceptible to hacking. Social engineering hacks and software security vulnerabilities could be the cause.
Following a few simple safety tips can help you minimise the chance of getting hacked. If you believe that your Trust Wallet may have been compromised, it is best to immediately create a new wallet and transfer the funds. Scan all devices used to access your wallet, and make sure they are free of malicious software.
Is Trust Wallet secure?
Trust Wallet focuses primarily on privacy and security. It does not ask for KYC to create a new wallet and as it is a non-custodial Wallet, no user data is stored. Users can also store their private keys on their own devices instead of Trust Wallet servers.
The app does not have a two factor authentication feature yet. However, users are able to secure the app through the settings menu by using a fingerprint lock or pattern lock. However, just like with other wallets, you’ll be unable access your wallet if you misplace your private key or recovery phrase. Keep that in mind.
What are Trust Wallet charges?
Trust Wallet has no fees and is technically free. Gas fees are the only cost incurred for transactions. These are paid to either miners or chains who charge these fees.
Does Trust Wallet have a desktop version?
Trust Wallet can only be downloaded on Android and iOS devices. There is currently no desktop version.
Who owns Trust Wallet Wallet
Binance owns Trust Wallet. The acquisition was completed on July 2018 with the goal of improving service and increasing safety for users. Viktor Radchenko is the founder of Trust Wallet, which was established in November 2017.
