The crypto industry is well-known for providing surprising safety, security, and transparency levels. And this is probably why so many users invest in various crypto coins and tokens.
Once you start your crypto journey, one of the most important steps is finding a good crypto wallet you can trust to keep your digital assets safe. At the moment, there are plenty of options on the market, including hot and cold wallets. However, some of them are significantly better than others, and it is essential to research the options available before deciding on the crypto wallet you will use for your assets.
In this article, we will talk about Trust Wallet, one of the most popular hot crypto wallets at the moment.
Trust Wallet Overview
Trust Wallet is a non-custodial hot wallet launched in 2017 that was designed for mobile users, allowing them to send, receive, and store over 4.5 million crypto assets. The wallet uses decentralized storage, meaning that crypto investors have full control over their private keys.
The company’s founder, Viktor Radchenko, aimed to create a wallet that would feature seamless compatibility with all ERC20 tokens. The company that used to be behind Trust Wallet is called Six Days LLC. The project was then acquired by Binance in 2018.
With other wallets, adding ERC20 tokens manually is a complicated process, but Trust Wallet automatically detects them and allows for easy integration, which helped the product gain a few thousand 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 considered a unique product. Furthermore, Trust Wallet is compatible with hardware wallets, this being a significant advantage for those aiming to keep their assets as safe as possible. As we all know, a cold wallet is safer, as it is not always connected to online platforms and cannot be hacked that easily.
The mobile wallet later integrated decentralized applications (dApps) to allow users to interact with their tokens, so they launched another native solution to connect the wallet with those dApps. We will focus on this aspect later in this Trust Wallet review.
Trust Wallet has also 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. Fortunately, after many improvements, Trust Wallet supports more crypto, including Bitcoin (BTC), Ripple (XRP), Binance Coin (BNB), Stellar (XLM), Zcash (ZEC), Dogecoin (DOGE), Bitcoin Cash (BCH), Dash (DASH), Litecoin (LTC), and others.
Other tokens supported by the cryptocurrency wallet include:
- Solana (SOL);
- Polygon (MATIC;
- Polkadot (DOT;
- Tron (TRX);
- Tezos (XTZ);
- Cosmos (ATOM);
- Ethereum Classic (ETC);
- Optimism (OETH);
- Avalanche (AVAX);
- GoChain (GO);
- VeChain (VET);
- Theta (THETA);
- Qtum (QTUM);
- Viacoin (VIA);
- Ravencoin (RVN);
- Aeternity (AE);
- Near (NEAR);
- Aptos (APT).
The wallet can be downloaded and used by people from all countries as long as it is legal according to their jurisdiction. The wallet also supports staking crypto such as Osmosis (10.64%), Binance Coin (3.46%), Kava (10%), Algorand (6%), Cosmos (18.88%), Tezos (5.94%), Terra (4.2), and Tron (5.06). Other tokens users can stake include Callisto (CLO), TomoChain (TOMO), IoTeX (IOTX), and VeChain (VET).
Trust Wallet Compatibilities
Trust Wallet is compatible with all mobile devices running on Android 5.0 versions and higher, as well as on iOS 10.0 versions or higher. Furthermore, the crypto wallet is available as a browser extension on Google Chrome.
User Interface and Experience
Trust 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 basic 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 into the homepage, which shows the current prices of the crypto market.
How to Get the App and Set up A Trust Wallet Account
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;
If you want to create a new wallet, you will have to set a 6-digit passcode;
Confirm the passcode;
Save the secret phrase. It is extremely important to keep the secret phrase as safe as possible;
You are all set.
How to Use Trust Wallet
1. 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.
2. Sending crypto:
- 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, and Fast. You will also have to take into account the network and gas fees when transacting, but these are fees charged by the blockchain you’re using, not Trust Wallet.
When using the app’s buying feature, you are able to use your credit or debit card to purchase crypto from Coinbase or other supported platforms.
Trust Wallet DApp Browser
Trust Wallet also launched a 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 developers went on and 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 it doesn’t keep any of the users’ keys, with the keys remaining on the users’ devices at all times.
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 claims that they do not store any personal data. The code is also open-source, meaning it can be reviewed by any developer and 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. 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 5 on Google Play out of 1.7 million reviews and 4.7 stars on Apple Store (desktop) from 192.3k 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: Pros and Cons
- Affordable price;
- Supports over 4.5 million digital assets, including all ERC-20 tokens;
- Transaction confirmation can only be done through device buttons;
- It is open-source and a non-custodial wallet;
- Easy to set up and use;
- Can be used even on malware-infected PC.
- Not hierarchical deterministic;
- Customer support is rather limited and can affect your user experience;
- It does not provide cold storage.
Trust Wallet Review: Verdict
Trust Wallet is an easy-to-use and popular non-custodial crypto wallet that incorporates useful exchange features that enable users to purchase cryptos directly with credit cards.
While it is extremely user-friendly and does not require personal information to set up an account, Trust Wallet users might want to be cautious when it comes to the secret phrase.
A great advantage of the project is that the Trust Wallet mobile app is available on most Android and iOS devices. Furthermore, you can download the Trust Wallet browser extension on Google Chrome.
We strongly recommend that you perform your own thorough research before choosing a crypto wallet or any crypto project in general, as your choices should be made in concordance with your needs.