Trust Wallet Review | Features, Security, Pros and Cons
Today, we will be reviewing the features, security, advantages, and disadvantages of the most popular ERC20 wallet, Trust Wallet.
Trust Wallet Overview
The founder of the company, Viktor Radchenko, aimed to create a wallet that would feature seamless compatibility with ERC20 tokens. The company behind the Trust wallet product is called Six Days LLC.
With other wallets, adding ERC20 tokens manually is a complicated process, but Trust automatically detected them and allowed for easy integration, which made the product gain a few thousands of users in just a few weeks.
The Trust Wallet app is stable and light, as it was written entirely in Java for Android and Swift for iOS. When it launched, it was then considered a unique product.
The wallet later integrated decentralized applications or DApps in order to allow users to interact with their tokens, so they launched another native solution to connect the wallet with those dapps. We will be focusing on this aspect later on in our Trust Wallet review.
The Wallet also has integrated a decentralized exchange via its collaboration with Kyber Network as well as with a Web3 browser, which facilitates interaction with decentralized applications directly from the wallet.
Supported Currencies and Available Countries
At first, Trust wallet supported only Ethereum ERC20 and ERC223 tokens, but now it also works for Bitcoin, XRP, Monero, Binance Coin, Stellar Lumens, Zcash, Dogecoin, Bitcoin Cash, Dash, Litecoin, and others.
Other tokens which Trust wallet supports are:
The wallet can be downloaded and used by people from all countries, as long as it is legal according to their nation’s jurisdiction. The wallet also supports staking crypto, including VeChain, Tron, Callisto, TomoChain, Tezos, Cosmos, IoTeX, Algorand, and Digibyte.
Trust Wallet Compatibilities
Trust wallet is compatible with mobile devices running on Android 5.0 versions and higher, as well as on iOS 10.0 versions or higher.
User Interface and Experience
The wallet has a clean and simple layout. The color palette is neutral, and the features are all easy to understand, as everything is explained in layman terms, with no technical or crypto-related terms.
You can easily navigate to and from the homepage and the other features of the app. It has also integrated live prices on to the homepage, which shows the current prices of the crypto market.
How to Get Trust Wallet
- Go to your app’s store and download the Trust Wallet app for your Android or iOS version.
- After downloading, you will have to run the app.
- After installation, you will be required to either create or import a wallet.
- When you opt to create a new wallet, you will have to choose 12 words for your seed phrase.
- Write them down and store the paper somewhere safe.
- Click on the checkbox that says, “I understand that if I lose my recovery words, I will not be able to access my wallet.”
How to Use Trust Wallet
Adding crypto to your wallet:
- Log into your wallet;
- Tap on “Receive;”
- Scan the QR code or copy your wallet address;
- Paste this address into your external wallet in the section which requires a receiver address;
- Go to the “Transactions” tab to view if your transactions have been completed.
- Access your wallet;
- Tap the “Send” button;
- Copy and paste the recipient’s wallet address in the blank field or scan the QR code;
- Type in how much you want to send and tap “Next;”
- Check the transaction details;
- Tap “Send.”
Trust Wallet Fees
Trust Wallet can be downloaded for free from Google Play and Apple’s App Store, and there aren’t any fees for any of its services.
The transaction costs are set in three categories Cheap, Regular, & Fast. You will also have to take into account the network and gas fees when transacting, but these are fees charged by the blockchain, not Trust Wallet.
When using the app’s buying feature, you are able to use your credit card to purchase crypto from Coinbase.
Trust DApp Browser
Trust released earlier this year its DApp Browser, enabling users to interact with decentralized applications directly from their wallet.
Another solution that facilitates app interaction is MetaMask, but the app is only for web users, so Trust developers went on an created their proprietary native solution.
Their Web3 browser is fully functional and able to interact with any decentralized application through a mobile-optimized integrated interface.
Dapps first go through a vetting and optimization process before they are integrated into the Trust Wallet app. The dapp is then featured on the Marketplace, where any developer is able to post his own DApp for all to use and evaluate.
Trust wallet is a non-custodial wallet meaning that it doesn’t keep any of the users’ keys, with the keys remaining at all times on the users’ devices.
The wallet also has a backup feature that allows you to recover your wallet and funds.
No personal details are required when setting up a new Trust Wallet, and the team behind the app claim that they do not store any personal data. The code is also open-source, meaning it can be reviewed by any developer, and it can be subjected to audits by security experts.
The wallet’s system had its most recent audited last year by a leading security firm called Stateful, which checked complete data integrity, and you can also find the entire review on their official webpage. The company is looking into various aspects of the wallet, such as codebase and architecture, as well as app testing.
You can also add different biometric marker systems for authentication, such as fingerprint scanning or PIN.
Trust Wallet can be contacted by users via a ticketing system for issues regarding wallet functions, promotions, app issues, and other matters. The support response has been rated to be rather slow.
Trust Wallet Reputation
The app received 4,5 stars out of five on Play Google out of 10k reviews, and 4,8 stars on Apple Store from 3.8k ratings. Overall, the app is rated positively, with the Trust team responding to all issues posted in the comment section of Google Play and Apple Store.
Trust Wallet Review: Verdict
Trust Wallet is an easy-to-use and highly-reputed multi-crypto wallet which incorporates useful exchange features that enable the user to directly purchase cryptos with credit cards.
Trust Wallet Review: Pros and Cons
- Affordable price;
- 100% cold storage;
- Transaction confirmation can only be done through device buttons;
- Compact size;
- Supports a wide range of cryptocurrencies and tokens;
- Can be used even on malware-infected PC.
- Not hierarchical deterministic;
- Plastic casing.
Featured image: Asia Crypto Today