Trust Wallet is a mobile-based cryptocurrency purse created by Victor Radchenko and launched in November 2017. Originally created for the Ethereum network and ETH-based tokens, Trust Wallet has since expanded its reach and currently supports virtually all popular cryptocurrencies. It is available for Android and iOS devices, but while its code is open-sourced for iOS devices, the code is closed to Android users.
In June 2018, Changpeng Zhao’s Binance exchange acquired Trust Wallet and made it the official mobile wallet for the exchange. The acquisition was followed by the integration of several features, especially the decentralized exchange, making Trust Wallet one of the most popular multi-use mobile wallets. It lets you buy crypto, store your digital assets, exchange digital coins and tokens, collect NFTs, and even earn interest from your digital investment.
Trust Wallet has also partnered with the Cyber Network to power the decentralized exchange. It especially integrates the Web3 browser, which makes it possible for the wallet users to interact with the DApp browser directly from the mobile app.
On their website, the Trust Wallet website is referred to as “the most trusted & secure crypto wallet.” But how true is this bold claim? We test the temerity of this statement in this Trust Wallet review by looking at how the wallet works, going over its pros and cons, vetting its security, confirming the reliability of its support team, and everything in between.
Trust Wallet is a subsidiary of Binance exchange – a vocal campaigner against crypto industry regulation and self-regulation advocate. And despite establishing operations in the USA, neither the Trust Wallet owners – Binance – or the regulatory authority, the SEC, have confirmed whether the mobile wallet is regulated in the country.
According to Crunchbase, Trust Wallet has its headquarters in Mountain View, California, USA.
It has no satellite offices away from Silicon Valley, but its parent company – Binance – has offices in 11 cities across the globe, including its corporate headquarters in Ta’Xbiex, Malta.
|Trinidad and Tobago||Solomon Islands||St Lucia||Virgin Islands British|
|St Kitts and Nevis||St Vincent and Grenadines||Tuvalu||Nauru||Dominican Republic|
|Fiji||Antigua and Bermuda||Marshall islands||United States|
|Costa Rica||Cuba||El Salvador||Venezuela||Ecuador|
|Taiwan||Hong Kong||South Korea||Indonesia||Nepal|
|Guinea Bissau||Kenya||Tunisia||Algeria||Burkina Faso|
|Papua New Guinea||Congo||Zambia||Cote d’Ivore||Mauritania|
|Burundi||Guinea||Niger||Rwanda||Sao Tome and Principe|
|Liberia||Mozambique||Lesotho||The Central Africa Republic.||Seychelles|
|Liechtenstein||Monaco||Kosovo||Isle of Man||Ukraine|
|Andorra||Bosnia and Herzegovina||Estonia||Macedonia||Albania|
|Lithuania||Azerbaijan||San Marino||Croatia||Czech Republic|
|Yemen||Lebanon||United Arab Emirates||Jordan||Israel|
According to the Trust Wallet website, their platform currently supports more than 40 blockchains and 160,000+ digital assets. A huge majority of these are Eth-based tokens. The decentralized exchange integrated on the wallet and others hosted within the DApps makes it possible for virtually anyone to list a cryptocurrency on Trust Wallet.
Virtually all of the popular cryptocurrencies like Bitcoin and Ethereum can be purchased using debit and credit cards. They can also be traded and swapped against each other.
However, a majority of the tokens – especially those available on the decentralized exchanges hosted on a platform like PancakeSwap, can only be purchased using another cryptocurrency, token, or the Binance stable coin (BUSD).
Here is a list of all the popular cryptocurrencies supported on the Trust Wallet.
|BTC Bitcoin (BTC)||ETH Ethereum (ETH)||BNB Binance Coin (BNB)|
|XRP Ripple (XRP)||DOT Polkadot (DOT)||XLM Stellar (XLM)|
|ZEC Zcash (ZEC)||BNB Smartchain (BNB)||DASH Dash (DASH)|
|XTZ Tezos (XTZ)||ATOM Cosmos (ATOM)||BCH Bitcoin Cash (BCH)|
|NANO Nano (NANO)||GO GoChain (GO)||POA POA Network (POA)|
|WAN Wanchain (WAN)||CLO Callisto (CLO)||KAVA Kava (KAVA)|
|TOMO TomoChain (TOMO)||FIRO Firo (FIRO)||KIN Kin (KIN)|
|TT Thunder Token (TT)||AION Aion (AION)||THETA Theta (THETA)|
|GRS Groestlcoin (GRS)||QTUM Qtum (QTUM)||VIA Viacoin (VIA)|
|RVN Ravencoin (RVN)||RVN Ravencoin (RVN)||ZIL Zilliqa (ZIL)|
|AE Aeternity (AE)||NAS Nebulas (NAS)||DCR Decred (DCR)|
|NEAR Near (NEAR)||DGB Digibyte (DGB)||ONE Harmony (ONE)|
|LTC Litecoin (LTC)||DOGE Dogecoin (DOGE)||TRX TRON (TRX)|
|ETC Ethereum Classic (ETC)||VET VeChain (VET)||ICX ICON (ICX)|
|NIM Nimiq (NIM)||ONT Ontology (ONT)||IOTX IoTeX (IOTX)|
|WAVES Waves (WAVES)||ALGO Algorand (ALGO)||Plus 160K tokens|
|ETC Ethereum Classic (ETC)|
Here is the list of the cryptocurrency and token trading pairs available for trade on the Trust Wallet Decentralised Exchange (DEX).
It is not uncommon for cryptocurrency wallets to impose transaction fees as a method of generating revenue. But Trust Wallet is unique and doesn’t impose transaction fees on any crypto transactions on the platform.
There also are no hidden costs or commissions for using the mobile vault or interacting with its integrated services. For instance, when swapping or exchanging cryptocurrencies on Trust Wallet or any of the integrated decentralized exchanges, you won’t incur any additional transaction fees.
Trust Wallet allows for the purchase of different cryptocurrencies and tokens via debit and credit cards. To achieve this, the Binance official wallet has partnered with several fiats to crypto exchange on-ramps like Mercuryo and Moonpay. And while it does not charge any transaction processing fees, these third-party exchanges maintain highly variable transaction fees based on the trading amounts and the digital asset involved.
While Trust Wallet doesn’t charge transaction fees on in-wallet crypto exchanges and bank card purchases, these are subjected to variable blockchain network fees. This refers to the fee charged and collected by miners or blockchain network administrators. Like the crypto purchase fees, blockchain network charges are highly variable and dependent on the network involved and transaction amounts.
Currently, and largely due to the heightened crypto activity, the network fees for most blockchains have increased tremendously. For instance, Bitcoin network fees can be as high as $15 per transaction today while the average gas fees on the Ethereum blockchain can be as high as $25.
The Trust Wallet app focuses on three key aspects; ease of use, affordability, and reliability. Its developers and current owners have not only ensured that it is highly intuitive and easy to interact with but also maintained its zero-rated prices. Since its inception, the wallet has also strived to provide highly reliable services by not only maintaining high uptime but by expanding its service offering.
For instance, unlike most of its competitors who will only provide storage services, Trust Wallet has gone ahead and integrated both the DApp browser and the Decentralised exchange. It is also continually expanding the number of supported cryptocurrencies and tokens.
Trust Wallet is also popular for its unique onboarding process. But before we look at the wallet’s account creation process, let us briefly go over its core facets as displayed on the mobile app home page.
After logging in to your Trust Wallet, you will be greeted by a simplistic user interface with four key features; Wallet, DApps, DEX, and Settings.
The Wallet page deals with your digital assets. It lets you monitor your crypto balances, lists some popular cryptocurrencies, and hosts the “Send”, “Receive”, and “Buy” buttons. These let you interact with your crypto balances by way of transferring, depositing, and purchasing cryptocurrencies and tokens. Atop the wallet page are three tabs namely Tokens (main page explained above), Finance, and Collectibles.
By clicking on Finance, you will be directed to the investment and earning page. Here, you will see all the tokens that you can use to stake on the platform and their respective APR. The Collectibles page directs you to your NFT store. Here, you get to discover, collect or sell exceptional third party or own NFTs.
The DApps page of the wallet exposes you to the DApps ecosystem. Here, you get access to the actual browser, the DeFi protocol, you also get to interact with different Decentralised apps, decentralized exchanges, and marketplaces. We will be going into details about the DApps section in the ‘Other Products’ section below.
The Trust Wallet’s integrated exchange exposes you to a truly decentralized crypto trading platform. It also features two primary tabs namely swap and exchange. We will be detailing each tab in the ‘Other Products’ section below.
The settings page of the Trust Wallet hosts the nuts and bolts of the mobile app. These include theme settings that let you switch between light and dark modes, key crypto vault settings like the multi-coin wallet functionality, push notifications, and price alert controls, and WalletConnect.
The Trust Wallet support service is hosted on the about us section that is, on the other hand, hosted on the settings page. But instead of providing you with contact details for their customer support team, it provides you with a link to the support section of the Trust Wallet website. You can also access help via the “Help Centre” tab on the settings page. This too provides you with an outbound link to the FAQs page of the Trust Wallet website.
Your wallet is now set and ready to use. You will note that, unlike most other mobile wallets, the Trust Wallet account creation process doesn’t ask for personal details.
Note: The transaction processing speed is largely dependent on the coins involved. In most cases, transactions involving ETH take longer and are more expensive as they have to be confirmed by network miners. On the other hand, most BNB swaps are instantaneous and the tokens will be sent directly to your Trust Wallet.
Staking involves acquiring a controlling stake in a cryptocurrency project that embraces the proof of stake protocol. It lets you participate in block generation and gives you voting rights. But put simply for the purpose of this guide, we will define staking as the act of contributing coins to a blockchain project and earning interests in return.
The Trust Wallet staking program currently supports six tokens, including COSMOS, TRON, BNB, ALGORAND, KAVA, and TEZOS. And they all follow a similar staking process.
Here is the step-by-step process of trading (buying and selling) tokens via the built-in DEX on Trust Wallet.
Several instances may necessitate the need to recover a Trust Wallet. These may include accidental deletion of the Trust Wallet app, losing/switching phones.
Your Trust Wallet is now active and ready to use.
Trust Wallet does not support direct fiat deposits or withdrawals. Therefore, You can only deposit or withdraw popular cryptocurrencies, tokens, and stable coins. The wallet is also quite versatile and processes cryptocurrency deposits and withdrawals to and from virtually any crypto wallet.
Trust Wallet also supports the purchase of cryptocurrencies on its platform via bank credit and debit cards. But since Trust Wallet doesn’t process fiat deposits, it has partnered with popular fiat to crypto exchanges like Moonpay, Changelly, and Mercuryo to offer fiat to crypto exchanges.
In such a case, the trade limit like how much crypto you can buy with fiat or the countries whose residents can buy crypto-fiat is often determined by these third-party exchanges. Hereinbelow, we look at the different deposit and withdrawal methods available to Trust Wallet users.
There are three primary ways of depositing cryptocurrencies into your Trust Wallet. You can choose to deposit into Trust from Binance exchange, Buy cryptocurrencies and tokens with a card, or receive crypto from other third-party wallets.
When interacting with most Trust Wallet features, including the decentralized exchange and Smart Chain DApps, you will be required to pay network fees, often in form of Binance coin. But how do you deposit these BNB coins from the Binance exchange?
Once the transaction is complete, your crypto purchase will be deposited directly into your Trust Wallet.
Since Trust Wallet doesn’t process fiat to exchanges, it doesn’t have the withdraw option. To convert your digital assets to cash, you either have to send them to an exchange or wallet that processes bank withdrawals. Here is the step-by-step process on how to go about it.
Trust Wallet does not have a user education section. Instead, a lot of information about how the wallet works and how to interact with most of its services is featured in its website’s help center. Here, the wallet features a host of self-help guides and highly detailed articles that explain all of the wallet’s key features. The guides also cover the complex aspects of the Trust Wallet, such as how to stake different coins, wallet, and digital assets migration.
To access these educational tools, you need to click on the settings icon on the Trust Wallet app and click on the help center. You will then be redirected to the Trust Wallet website that highlights these and much more. It also has a search function that allows you to search for more specific topics.
Trust Wallet extends multi-lingual customer support services – available in 11 international languages. Notre that while the help centre and customer support tabs on the mobile app, they are just links to the wallets customer support pages on its website. To access support the phone, you will need to click on the “About” icon under the Settings menu and then select Support for redirection to the Trust Wallet website.
The help center has a self-help section that features all the frequently asked questions for the wallet and their actionable answers. It also has the troubleshooting guides that come in handy when addressing basic to the most complex challenges of interacting with the mobile app wallet.
In addition to the help center FAQs and troubleshooting guides, Trust Wallet maintains a regularly updated blog and a press kit on their website. Primarily, the blog captures useful and informative resources addressed to both the wallet users and the general crypto community.
The content here may range from guides and explanatory articles about cryptocurrencies and happenings within the crypto industry. It may also feature internal announcements about the wallet developments like updates and upgrades. The press kit, on the other hand, contains major public announcements about the wallet app.
When faced with special challenges not addressed by the self-help guides, you may consider contacting the Trust Wallet support team directly. You can reach out to them via social media, email or by raising a support ticket on the website. Here is the wallet’s contact information.
Interestingly, Trust Wallet has also introduced the ‘Make a Suggestion’ feature on the app. It lets you offer any suggestion to the wallet development team on how they can improve your experience while interacting with the app. Whether you would wish to see a certain coin listed, certain themes added/removed, or the interface changed. Simply put, there is no limit to the commendations you can make to the developers. Trust Wallet team then promises to act on the most impactful suggestions in a timely manner.
We searched for the term Trust Wallet on Reddit and when the search results came back, we were surprised at the level of mistrust Redditors have on Trust Wallet. Granted, there were several positive and neutral posts and comments about the official Binance wallet. Much of the praises revolved around the wallet app’s intuitive and beginner-friendly interface, portability, and the fact that it has the backing of the largest crypto exchange.
But there are a lot of complaints about this design and hacking incidents. On the Bitcoin beginners subreddit, a Redditor refers to the Trust Wallet android app as one of the worst wallets. They especially take issue with its closed source design, arguing that it does not leave room for peer-review and the fact that it inhibits reproduction. They went on to add that such a move creates a large attack surface and fuels doubt about its trustworthiness in the eyes of its intended users.
On the Binance subreddit, a Redditor describes how they lost 6 BNB coins to a compromised Trust Wallet app. He alleges that the hackers had gained unauthorized access to his wallet app’s recovery seed and were using it to redirect any transaction to the wallet to the FTX exchange. At the time of writing this, his post has attracted over 204 comments, most of them being other Trust Wallet users sharing similar experiences. One Redditor states that they lost as much as $20,000 and the Trust Wallet support team couldn’t be of any help.
Much of the content on Quora relates to reviews and explanatory guides on how the mobile wallet app works. There is little information about the Trust Wallet and most of it doesn’t address the core aspects of any cryptocurrency wallet or trading platforms like security, fees, and reliability.
Most of the comments about the platform are also either positive or neutral and don’t necessarily touch on hot topics. For instance, when a user asks if non-custodial wallet apps like Trust Wallet are safe, another response by generalizing the safety of all mobile wallets against crypto exchanges. Others, like Efe Celiktaban, are confident about Trust Wallet’s genuineness and safety, stating that he has been using the mobile wallet app for more than two years without any disappointment.
Trust Wallet has put in place several security measures aimed at keeping the wallet and its contents safe. The most impactful being the fact that it is a non-custodial wallet. It gives you absolute control over both your private and public keys and according to their website, doesn’t store a copy of your private keys in their servers.
Additionally, the Trust Wallet does not collect any of the platform user information – which partly explains the lack of two-factor authentication, which mostly requires an email or a phone number. Other security features embraced by the wallet include multiple login options. It lets you choose between the 6-character PIN and the fingerprint.
Interestingly, you can also view and copy the recovery seed for the wallet app, should you lose the copied backup. To view your Trust Wallet app recovery seed, click on the security icon under the Settings menu. Click on the wallet name (Multi-coin Wallet 1 by default) and from the kebab menu for the wallet, select ‘Show Recovery Phrase.’ Click on the “I understand the risks” checkbox and tap on the ‘Continue’ button to view the wallet’s recovery seed.
Trust Wallet and Coinbase wallet share several similarities including the fact that both are mobile app-based non-custodial wallets. They are also affiliated with highly popular cryptocurrency exchanges – Coinbase and Binance. Both are also hugely popular – primarily due to their affiliation with two of the largest crypto exchanges with Coinbase available in 100 countries and Trust Wallet available in 190 countries.
Away from affiliation with exchanges, however, the two popular crypto wallets have pretty significant structural, fees, security, and support features. For instance, the Coinbase wallet app is open-sourced while Trust Wallet’s android app is closed to code review and replication. Additionally, while both double up as trading platforms where you can buy and sell crypto, Trust Wallet takes this a notch higher. It integrates a decentralized exchange that allows for swapping crypto and the registration of new custom tokens.
While transaction processing on Trust Wallet is free, Coinbase maintains transaction fees atop the network fees charged by the respective blockchain networks. And the transaction fee amounts are pegged on the trade volume.
Coinbase has nevertheless been ranked as more secure to the Trust Wallet. Even though it requires much of your personal information like name and address Coinbase supports two-factor authentication and integrates the multi-signature functionality. This is contrary to Trust Wallet that doesn’t ask for a user’s personal information. The official Binance wallet, however, only has a password or fingerprint securing the wallet.
Other highlights of the differences between Trust Wallet and Coinbase include that Trust Wallet integrates the DApps browser. This gives the wallet users access to decentralized apps and staking opportunities within the DeFi ecosystem.
We already mentioned that the Trust Wallet was initially intended to serve as an Ethereum and Eth-based-tokens-only mobile vault. And that it was only after the acquisition by Binance that the mobile app started supporting more blockchains. At the heart of virtually any Eth blockchain-based wallet is the Decentralised Applications browser – the gateway to the decentralized internet world.
Trust Wallet is no different and it integrates the Dapps tab that you can use to access the easy-to-usem and Web 3-powered browser that is compatible with virtually any mobile phone. It also introduces you to different decentralized apps hosted on the Ethereum blockchain network and on the Binance Smart Chain.
The Dapp section is particularly partitioned into multiple sections for ease the navigability. These include the New Dapps section that shows you the newly crafted apps, the DeFi, Yield Farming, and Staking sections that list all the Dapps and protocols that support one form of earning or another. There are also the exchanges and Marketplace sections that list different token swapping and trading platforms as well as the Games, Social, and utility sections.
Importantly, it also provides developers with a simple API that they can use to create multi-chain DApps for both Android and iOS devices.
The Trust Wallet also features an in-built decentralized exchange that comes in handy when swapping and exchanging cryptocurrencies and tokens. According to the wallet developers, this DEX application runs on the blockchain without central control and gives you absolute access and control over your digital assets.
To facilitate the swaps and exchanges, Trust Wallet DEX links out to the popular decentralized exchanges. For instance, to process ETH< > ERC-20 tokens trades and swaps are facilitate by Uniswap, Binance Chain BNB < > BEP2 tokens exchanges are facilitated by the Binance DEX, and the PancakeSwap handles the Smart Chain BNB < > BEP20 token swaps.
The Trust Wallet has multi-wallet functionality that lets you create and host multiple wallets on the mobile app. Each of these has its unique recovery seed and can be recovered individually on a new mobile device.
The Trust Wallet also features the price alerts button that keeps users up to speeds on the price action of different crypto coins and tokens. It is off by default and you have to activate and enable push notifications to start receiving these alerts.
To activate it, open the Settings menu, then click on the ‘Price Alerts’ tab. Turn on notifications and use the plus “+” sign that pops up on the upper right corner of the phone screen in order to customize a watch list with the price alerts you would like to receive. Also, note that by enabling the price alerts, you automatically turn on Push Notifications.
Trust Wallet presents you with multiple earning methods. These include staking that gives you access to multiple DeFi protocols that let you stake your digital assets, participate in transaction validation on a proof of stake blockchain, and earn staking rewards (often interest) in return. In Addition, It exposes you to DeFi marketplaces where you get to earn interest by lending out your digital assets to borrowers on the platform.
The official Binance wallet also lets you earn through yield farming. In this case, it gives you access to decentralized exchanges looking for liquidity providers. By providing your digital assets as liquidity on these platforms, you get to share in the transaction fees and other incomes collected by the exchange.
Other earning opportunities on the app include access to the NFT marketplace where you sell your customized NFTs or trade the ones already available on the marketplace. There also is the crypto bounty program that lets you earn tokens for completing simple tasks on the platform.
The Trust Wallet also integrates a wallet connect tool – an open-sourced protocol to provide a safe link between Desktop DApps and mobile wallets. It is highly secure and uses end-to-end encryption and QR codes to establish this connection.
Here is a step-by-step guide on how to use the wallet connect (For illustration purposes, we use the Binance DEX website).
The Trust Wallet is arguably one of the most popular and widely used mobile cryptocurrency wallets around. Initially intended to serve the eth network only, it has since expanded its reach and currently supports 160k+ cryptocurrencies and tokens from 40+ blockchains. It also has an established presence in more than 190 crypto-friendly countries and territories across the world.
It was created in late 2017, then it was acquired by Binance to become its official mobile wallet in mid-2018. Trust Wallet has received praise and criticism in equal measure because of a security standpoint. Also, while most like it for its support for anonymous trading, they don’t appreciate the fact that the wallet doesn’t have two-factor authentication. Most have also raised valid queries like why they decided to close the Trust Wallet Android app.
Other factors that help Trust Wallet stand out to include its integration of several useful features, especially the Dapps and the decentralized exchange. The two serve as gateways to the decentralized internet. The DEX exposes you to three powerful decentralized exchanges where you can trade and swap cryptocurrencies and tokens. Dapps, on the other hand, exposes you to decentralized finance where you can put your digital assets to use and earn interest. It also provides you with an API that you can use to create custom DApps and tokens.
Yes, the Trust Wallet puts in place several security safeguards targeted at maintaining the wallet’s integrity and keeping your digital assets therein safe. These security measures include the use of passcodes and biometrics like the fingerprint, as well as the recovery seed. It is however important to note that the wallet doesn’t support two factor authentication.
You cannot add fiat cash to the Trust Wallet but there are two primary ways of adding cryptocurrencies and tokens to the Trust Wallet. First, you can choose to buy digital assets directly via third party exchanges like Moonpay that Trust Wallet has partnered with. Secondly, you can send in crypto from other crypto exchanges or wallets.
No, the Trust Wallet founder Viktor Radchenko explains that the mobile wallet is impossible to hack because it stores your crypto assets locally (in your device) and not on company servers. The hacking reports online, therefore, do not amount to Trust Wallet hacks but are a result of compromised mobile devices.
Trust Wallet is totally free and does not charge its clients a service fee. When using the wallet, you will only have to pay the transaction charge imposed by a third-party service provider or the network fee charged by blockchain miners and administrators.
There are two primary methods of withdrawing money from your Trust Wallet. You can choose to send the assets to the Binance exchange from whence you can withdraw them to your linked bank card or you can simply send them to another exchange or wallet that supports crypto-to-fiat exchanges/withdrawals.
Yes, you can buy Ethereum and virtually all the supported cryptocurrencies Like Bitcoin, Litecoin, Tron, Tezos, and more on Trust Wallet. Note however that Trust Wallet doesn’t process these purchases directly. Rather, it has partnered with several fiats to crypto exchanges that let you buy any of the supported cryptos using a wide array of payment methods like bank or eWallets and deposit the crypto directly to your Trust Wallet.
Trust Wallet has relatively weak security safeguards around it but there are several ways through which you can reinforce the app security and keep your assets secure. Start by controlling who has access to your mobile device, avoiding malicious apps, and investing in an effective mobile antivirus. Further, update the Trust Wallet as soon as a security patch is made available, set your phone to automatically lock when not in use, and activate the passcode and Fingerprint for the wallet.