- Trust Wallet app is free and easy to download.
- A huge range of cryptocurrencies is stored in this wallet.
- Allows for the staking and earning of returns on multiple digital assets that are held by users.
- Private keys are not contained in the wallet’s servers, and as such, users retain complete control over their private keys.
- iOS and Android device compatibility.
- Trust Wallet is not as secure in comparison to hardware wallets.
- No ability to recover any lost accounts.
What Is Trust Wallet?
Trust Wallet is a decentralized, open-source, mobile multi-coin cryptocurrency wallet suitable for new investors. This crypto wallet supports over 160 thousand assets and blockchains and gives traders the chance to stake their crypto coins to earn interest. Ultimately, Trust Wallet provides a secure place for traders to store, send, receive, as well as exchange multiple cryptocurrencies from a single account.
Initially, this wallet was designed to hold the ERC223 and ERC20 tokens, but today, Trust Wallet can now hold many other leading cryptocurrencies, such as Bitcoin. Its built-in Web3 browser allows users of the crypto wallet to purchase cryptocurrencies using a native decentralized exchange called DEX. This exchange operates on the Kyber Network and allows users direct access to various decentralized applications that have been built on the Ethereum platform through the Trust Wallet app.
Users can download the Trust Wallet app from the Apple Store or Google Play free of charge. Due to the fact that the app’s code is written in the native language of each of the platforms, it is compatible with Android devices, Android’s Java, and iOS Swift. The application runs on Android 5.0 versions or higher and iOS 10.0 or higher.
How to Use Trust Wallet
How to Create Your Trust Wallet
After installing the Trust Wallet application, launch the app. You should arrive on the “Create a New Wallet” home page; click on this. You will then be given a 12-word recovery phase which will act as a backup for your funds. It is your responsibility to ensure that you write it down and store it somewhere safe. You will no longer be granted access to your wallet should you lose or forget your recovery phase, as it cannot be changed, meaning that if you lose your recovery phase, you will lose the funds that are associated with it.
This is what differentiates Trust Wallet from traditional bank accounts. When using Trust Wallet, you are the sole owner of your money. It is, therefore, not possible for Trust Wallet to recover your wallet because it will not have access to your recovery phrase or your coins.
Before moving on to the next step of creating your Trust Wallet, double-check, even triple-check, that you have written down your 12-word phrase correctly. By this step, your Trust Wallet will have been created, and you will now be able to access it.
However, Trust Wallet strongly recommends that its users verify their backup recovery phase as well. All that is needed to complete this verification is to type the words of your backup recovery phase in the correct order.
How to Set Up Your Trust Wallet
Choose Your FIAT Currency
By choosing your FIAT currency, you will be able to see the exchange rate between your currency and the other cryptocurrencies that are available on Trust Wallet. In other words, you will know exactly what amount of fiat currency is needed to buy another cryptocurrency.
By default, the US dollar ($USD) is the FIAT currency set in the Trust Wallet app. This is how you would go about changing this:
- Go to settings in the Trust Wallet app.
- Press “Currency.”
- Choose the currency that best suits your needs, such as the pound sterling or the euro.
By activating notifications, you will ensure that you are being notified when receiving transactions on any of your wallets. Here are the steps you would need to follow to enable this setting:
- Go to settings in your Trust Wallet App.
- Click on “Push Notifications.”
- Toggle on the mention “Allow Push Notifications.”
- Your notifications are now activated.
Set the Speed of Your Transactions
By selecting a transaction speed, you are better managing your transaction costs. In fact, the faster you make a transaction, the higher your transaction fees will be. On the other hand, for those that choose a slower transaction speed, the transaction fees will be a lot lower.
To set the speed of your transactions, you will need to complete the following steps:
- Go to the settings section of your Trust Wallet app.
- Tap on “Transactions.”
- Then, select “Transaction Cost.”
- From here, you will be presented with three transaction speeds to pick from. The “Cheap” option is a low transaction speed but is also associated with low transaction costs. The “Regular” option provides users of the Trust Wallet with the perfect balance between speed and transaction cost. The “Fast” option, which is also the last of the three options, provides a user with high transaction speeds but at a high cost.
Secure Access to Your Trust Wallet Account
Those who are wanting to make their access to their Trust Wallet account even more secure can do so by locking their account. They can do this by going to the settings section of the app and selecting the “App Lock” option.
When checking this option, users will be redirected to a page where they will need to enter a six-digit password. Hereafter, this password will need to be entered every time you decide to open your Trust Wallet application.
Once you have decided on a password, a new category called “Advanced Settings” will appear. Click on this category and verify your password. You will now have access to multiple advanced settings, for example, Auto-Lock and Lock Method. Auto-Lock allows users to change the duration of their Trust Wallet application lock, while the Lock Method gives users the choice to unlock their Trust Wallet application with only their password or some other form of alternative verification method, like FaceID.
The “Transaction Signing” option is also another way in which users can secure their Trust Wallet account. Each and every time you make a transaction, this option will require that you check it before proceeding.
How to Add Crypto Wallets
By default, when you open an account with Trust Wallet, you will already have an Ethereum, Bitcoin, and Binance Coin wallet available. You can add more coins to your wallet by pressing the plus icon located in the top right corner of your wallet. From here, you will be given a long list of available currencies. All that’s left for you to do is select the coins you wish to add to your account.
How to Transfer Coins to Trust Wallet
Users wanting to transfer to their Trust Wallet App can do so by following the steps below:
- Sign into your Trust Wallet mobile application.
- Navigate to the Wallet Tab and click on the coin you will be receiving.
- Select “Receive” to access your wallet address.
- Senders of the coins will use this address to transfer coins into your wallet.
- You can also click on the “Transactions” tab for a review of your wallet transaction history.
- Once the funds have arrived, you will need to hit the “Confirm” button.
How to Make Payments with Trust Wallet
The following steps should be followed for users who are looking to make direct payments with the Trust Wallet app:
- Launch and sign in to your Trust Wallet application.
- Navigate to the Wallet tab and then select the “Send” button.
- This should open a field where users will need to paste the recipient’s wallet address. You can also choose to scan their QR code instead.
- Enter the amount you are wanting to send, and then press “Next.”
- Make sure to review your transaction details, as well as the gas price.
- Once reviewed, hit “Send.”
Is Trust Wallet Safe?
A user’s wallet is secured by a 12-word phrase and is accessible on mobile devices via PIN or biometrics, such as fingerprint or face scan. However, Trust Wallet currently does not support multifactor authentication. This is a cause for concern in regard to safety as users are not able to set up a confirmation code to text message, email, or an authenticator app to protect their account from any unwanted log-ins.
If your mobile device happens to be stolen, and the thieves manage to get their hands on your PIN or your 12-word recovery phrase through social engineering attacks, such as phishing, they can then set up their own copy of your Trust Wallet and steal the cryptocurrency that is being held in it.
Apart from this, an area of safety that Trust Wallet embraces well is the anonymity and privacy of its users. The app is user-controlled and decentralized, so users are not required to share any personally identifiable information when they start using the app.
The only time where a user may potentially have to provide some form of information about themselves is when they purchase cryptocurrency; your name, address, or a government-issued ID may be required.
Users should also note that while transactions involving cryptocurrency are more anonymous than traditional banking transactions, receiving and sending cryptocurrency with Trust Wallet is pseudonymous. In other words, identities are not disclosed, but the transactions are recorded on their respective blockchains. This means that it is possible for an identity to be traced back to a wallet.
With all the above in mind, it can be concluded that Trust Wallet is safe, but there are safety concerns with the app that should be addressed.
Trust Wallet in Comparison to Other Wallets
Below is an alternative and competitor to Trust Wallet and this is how the two wallets compare.
Coinbase Wallet vs. Trust Wallet
Compared to Trust Wallet, Coinbase Wallet is:
- Better at meeting requirements
- Harder to use
- Better at support
At a glance, Coinbase Wallet is able to meet the needs of users better than Trust Wallet can, and even though Coinbase Wallet is harder to use due to its advanced charting, the quality of its ongoing product support is preferred over its software wallet counterpart.
However, picking the best crypto wallet for you does not simply mean you should pick one that has the best of everything; you need to find one that is best suited to your needs as a trader.
Summary of Trust Wallet
- Trust Wallet has earned its place among widely recognized software wallets.
- In June 2018, Trust Wallet was acquired by Binance.
- Trust Wallet supports a wide variety of cryptocurrencies used for trading.
- Multiple crypto assets are offered for staking (Trust Wallet Token).
- No initial fees or subscription fees are charged, only gas or network fees.
- Trust Wallet has over five million active users worldwide.
- Customer support is in the form of a self-help guide and articles.
Frequently Asked Questions
Is Trust Wallet Safe for Bitcoin?
Trust Wallet is safe for Bitcoin as well as many other cryptocurrencies.
What Is Trust Wallet Used for?
Trust Wallet, like any other software wallet, is used for sending, receiving, and storing cryptocurrency assets securely and safely.
Is Trust Wallet a Real Wallet?
Trust Wallet can be described as a cryptocurrency wallet that is both diverse and non-custodial.
Can I Withdraw Money from Trust Wallet?
The short answer is yes; you can withdraw money from Trust Wallet. To do this, you would first be required to swap the token for a cryptocurrency, such as Ethereum or Bitcoin. You will then need to send the cryptocurrency to a popular exchange, which allows for the cashing out of your cryptocurrencies. Only then can you withdraw money to your bank account.
Can I Use Trust Wallet in the USA?
Trust Wallet is available in most countries, including the United States of America, and users can pay for services anywhere in the world using Trust Wallet.