In this review, we’ll look at the cryptocurrency wallet Trust Wallet, which is backed by the well-known exchange Binance. Let’s find out how Trust Wallet works, what it’s for, and if it’s really safe. There are also detailed instructions and a comparison of Trust Wallet to other wallets in the review.
Trust Wallet review at a glance
Trust Wallet is a wallet for cryptocurrency that you can get on your phone or on the web. You can send and store cryptocurrencies in the wallet. You can also buy cryptocurrencies through partner exchanges or “stake” cryptocurrencies.
The app works with thousands of cryptocurrencies and tokens from 65 blockchains. Among them are Bitcoin, Ethereum, Litecoin, and Ripple, to name a few. Support for NTF and dApps is also important to point out.
The app lets you make up to 15 wallets that can hold more than one currency. This lets you keep all of your tokens in one wallet, but you can also have up to 15 wallets for one cryptocurrency. You can put your wallet into the app if you already have one.
Trust Wallet is a self-custody wallet, which means that cryptocurrencies (or private keys) will be stored directly on your phone. The Binance exchange, which made the wallet, has no way of getting to the private keys. This is a big difference from other stock market apps, which look almost the same at first glance.
Trust Wallet is a wallet for cryptocurrency that you can get on your phone or on the web. You can send and store cryptocurrencies in the wallet. You can also buy cryptocurrencies through partner exchanges or “stake” cryptocurrencies.
The app works with thousands of cryptocurrencies and tokens from 65 blockchains. Among them are Bitcoin, Ethereum, Litecoin, and Ripple, to name a few. Support for NTF and dApps is also important to point out.
The app lets you make up to 15 wallets that can hold more than one currency. This lets you keep all of your tokens in one wallet, but you can also have up to 15 wallets for one cryptocurrency. You can put your wallet into the app if you already have one.
Trust Wallet is a self-custody wallet, which means that cryptocurrencies (or private keys) will be stored directly on your phone. The Binance exchange, which made the wallet, has no way of getting to the private keys. This is a big difference from other stock market apps, which look almost the same at first glance.
Advantages:
- Non-custodial wallet
- It supports hundreds of tokens
- NFT, dApps, token swap, staking…
- Intuitive environment and easy to use
- Open source
Disadvantages:
- It does not have a Czech translation
- Import BTC (may not show full balance)
- Cannot import a paper wallet
Trust Wallet – Basic Information
Trust Wallet is a mobile cryptocurrency wallet application that allows users to securely store, manage, and trade various cryptocurrencies. The wallet was founded in November 2017 by Viktor Radchenko and was acquired by Binance in July 2018.
Trust Wallet is designed to provide users with complete control over their crypto assets, ensuring that their private keys are only accessible to them. The wallet supports over 160 cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, and many more.
Trust Wallet Overview
One of the most used self-custody wallets for storing cryptocurrencies is Trust Wallet. The wallet is simple and easy to understand, but it also has some high-tech features.
You can use the application to buy cryptocurrencies with crowns, swap tokens, or use decentralized applications (dApps) directly. staking is another way to figure out the value of stored cryptocurrencies.
You don’t have to give out any personal information to use the app, and it’s free. The only time this isn’t true is when you buy cryptocurrencies with regular money, which requires you to prove your identity.
SUPPORTED CRYPTOCURRENCIES
Trust Wallet can store more than 4 million cryptocurrencies and tokens, but most of them are unknown and have no value. In reality, the wallet can support “only” 65 blockchains, including Bitcoin and Ethereum.
As the app is closely linked to the Binance exchange, it also supports both of its blockchains: BNB Smart Chain (BEP-20 tokens) and BNB Beacon Chain (BEP-2 tokens). The advantage is that it is easy to connect to both blockchains, which is something that competitors like MetaMask cannot do.
CRYPTOCURRENCY STORAGE
You can use Trust Wallet to make up to 15 different wallets. Each wallet can hold different coins and tokens because it can hold more than one currency.
You can use a seed to add an existing wallet to the app if you already have one. Some cryptocurrencies can also be uploaded from the private key, such as ETH. But Bitcoin doesn’t have this.
You can also import the wallet using a public key, but then it will be in “watch-only” mode, which means you can see the balance but not use it.
CRYPTOCURRENCY SWAP
The app can’t trade digital currencies from different blockchains (such as BTC and ETH). Only tokens from the same blockchain can be swapped (for example, the exchange of two ERC-20 tokens).
BUYING CRYPTOCURRENCIES
The Trust Wallet app also lets you buy cryptocurrencies, but you have to go through partner exchanges to do so (e.g. Mercury, MoonPay, or Transak).
The process is simple: just click the Buy button, choose the cryptocurrency you want, the amount, and a provider. Then, Trust Wallet will send you to the provider’s page to finish the transaction.
STAKING
It is easy to stake cryptocurrencies with Trust Wallet. Just click on the cryptocurrency you want to use and choose Stake. The app will ask you how many coins you want to bet and will show you the rules (e.g. staking time).
During the staking process, some tokens, like BNB or DOT, must be given to one of the validators. The annual percentage rate (APR) for each validator is different, but a higher value doesn’t mean you’ll earn more. You won’t be able to see how much the validator charges on the application.
Beware of inactive validators
The Proof-of-Staked-Authority (PoSA) algorithm is used by the Binance Smart Chain (BSC). This means that only the top 21 validators can check transactions and get a reward for doing so.
If a validator doesn’t have enough BNB tokens or isn’t in the TOP 21, they don’t get paid. The word “Inactive” will let you know who they are in the application. So keep checking to see if your validator is working, and if it isn’t, give the coins to someone else.
DECENTRALIZED APPLICATIONS (DAPPS)
Trust Wallet works with a lot of different decentralized apps, mostly for the Ethereum and BSC networks. For example, UniSwap, PancakeSwap, and the NFT marketplace LooksRare are all decentralized exchanges.
You can connect to dApps either through the platform itself or by using the Wallet Connect protocol. This is better than some other wallets that connect with a regular web browser.
Security
Biometrics (fingerprint or face recognition) or a personal identification number (PIN) are used to protect the application from being used by people who shouldn’t be able to.
WALLET BACKUP AND RESTORE
When you make a new wallet, the app will show you something called a “seed” (i.e. a unique phrase consisting of 12 to 24 English words). From this seed, the wallet will make all of the addresses and private keys for the cryptocurrency.
The seed is also a backup, so write it down and keep it somewhere safe.
If you lose or break the phone that has your wallet on it, you can use the seed to get your cryptocurrency back. Just install a new wallet (it doesn’t have to be Trust Wallet) and put the original seed in it. But if you also lose the seed, you won’t be able to see the cryptocurrency anymore.
YOU HAVE YOUR PRIVATE KEYS WITH YOU
If you keep your cryptocurrency in a stock exchange account, you don’t have to do much. The exchange is in charge of making sure that cryptocurrencies are safe. But you also take a risk, because the exchange could steal, lose, or block your cryptocurrencies.
But Trust Wallet is a self-custody wallet, which means that cryptocurrencies (or private keys) are kept on your phone.
With self-custody wallets, the user is in charge of keeping their cryptocurrency safe. So make sure you don’t lose crypto-currencies because of your own mistakes (careless handling of seed, use of an infected mobile phone, etc.).
Trust Wallet fees
Trust Wallet is a free app, so you don’t have to pay to get it or use it. But watch out for fees from other people:
- Transaction Fee: If you send cryptocurrency to an address other than your own, you will have to pay a fee to process the payment. The fee is built into the cryptocurrency network, and no wallet will be charged for it.
- Cryptocurrency Swap Fee: Using the integrated exchange (Swap) to trade tokens is free. But this doesn’t apply if you trade on a decentralized exchange outside of the platform.
- Fees for buying cryptocurrency: Partner exchanges charge an average of 4% per trade when buying or selling cryptocurrency (see table below). But the total cost could be even higher, depending on what the dealer tells you to do.
WHERE TO BUY CRYPTOCURRENCIES?
Do you want to use crowns, euros, or dollars to buy cryptocurrency? You can do this with Trust Wallet, but you will have to pay quite high fees.
Experience with Trust Wallet
The application Trust Wallet was made in 2017 by the Ukrainian Viktor Radchenko. In 2018, the Binance exchange bought the project. Since then, they have been actively supporting and promoting the app.
Even though Binance owns the Trust Wallet app, it is a decentralized wallet. Private keys are kept on the user’s phone and aren’t backed up in the cloud like they are with exchange applications (e.g. the Binance application).
With this wallet, you won’t lose your cryptocurrency because of a mistake made by someone else. Cryptocurrencies belong to you and only you.
PROBLEMATIC LEGACY ADDRESSES
During our testing, only one problem came up:
It was a move of bitcoins from the Change exchange to the Trust Wallet wallet. The exchange doesn’t work with addresses in the bech32 format, and Trust Wallet won’t give you an address in another format. So we transferred the bitcoins to the Coinomi wallet, which also provides older types of bitcoin addresses (Legacy) (Legacy).
The same problem will occur if you renew your bitcoin wallet using seed. Only the bitcoins that will be stored on bech32 addresses will be shown to you by Trust Wallet. The wallet does not “recognize” Bitcoins stored on older addresses (P2PKH and P2SH).
But there are no problems when sending bitcoins from Trust Wallet to order addresses.
Trust Wallet Review Summary
You can’t go wrong with Trust Wallet if you want a safe way to store BTC and other cryptocurrencies on your phone.
Almost every cryptocurrency you can think of can be used in the wallet. So, whether you’re a Bitcoin maximalist or a fan of other cryptocurrencies, Trust Wallet won’t hold you back.
The app is easy to use and easy to understand, so even beginners can use it. But we must remind you that Trust Wallet does not support the Czech language and cannot import bitcoins from a paper wallet. In this way, Coinomi wallet is better.
On this site, you can do more than just the basics. For example, you can exchange tokens for free, stake cryptocurrencies, or buy cryptocurrencies with traditional currencies. But because the fees are so high, we wouldn’t use Trust Wallet to buy cryptocurrencies.
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