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Trust Wallet Review 2021

This article reviews Trust Wallet with all its features, fees, advantages, and disadvantages. It will also list the supported countries and regulations.

Author: Edith Reads Last updated: 26/09/2021

Summary

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.

Pros and cons of Trust Wallet

Pros of Trust Wallet

Cons of Trust Wallet

Pros Of Trust Walle

Cons of Trust Wallet

Regulations, Offices & Supported Countries:

Registration and Regulation

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.

Offices:

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.

Supported Countries

North America:

Mexico Canada Iceland Haiti Belize
Bahamans Grenada Tonga Jamaica Palau
Trinidad and Tobago Solomon Islands St Lucia Virgin Islands British
St Kitts and Nevis St Vincent and Grenadines Tuvalu Nauru Dominican Republic
Barbados Vanuatu Panama Samoa Kiribati
Fiji Antigua and Bermuda Marshall islands United States

South America:

Argentina Brazil France Russian Federation Uruguay
Costa Rica Cuba El Salvador Venezuela Ecuador
Colombia Peru Bolivia Nicaragua Honduras
Guatemala Guyana Suriname

Asia:

Japan Turkmenistan Uzbekistan Micronesia China
Sri Lanka Brunei Iraq Iran Afghanistan
Singapore Thailand India North Korea Myanmar
Mongolia Bangladesh Pakistan Philippines Malaysia
Taiwan Hong Kong South Korea Indonesia Nepal
Kyrgyzstan Cambodia Maldives Laos Vietnam
Timor-Leste Armenia Bhutan Kazakhstan Tajikistan

Africa:

Cameroon Chad Libya Cape Verde Senegal
Eretria Gambia Angola Benin Ghana
Guinea Bissau Kenya Tunisia Algeria Burkina Faso
South Sudan Tanzania Malawi Botswana Sudan
Papua New Guinea Congo Zambia Cote d’Ivore Mauritania
Egypt Gabon Morocco Uganda Nigeria
Swaziland Djibouti Equatorial Guinea Ethiopia Mali
Burundi Guinea Niger Rwanda Sao Tome and Principe
Liberia Mozambique Lesotho The Central Africa Republic. Seychelles
South Africa Monaco Togo Somalia Mauritius
Namibia Madagascar Sierra Leone Comoros

Europe:

Sweden Finland Denmark Greece Germany
United Kingdom Malta Gibraltar Chile Cyprus
Vatican City Austria Ireland Italy Poland
Portugal Belgium Cayman Islands Paraguay Norway
Spain Switzerland Georgia Hungary Luxembourg
Liechtenstein Monaco Kosovo Isle of Man Ukraine
Latvia Romania Serbia Montenegro Belarus
Bulgaria Turkey Netherlands Slovenia Moldova
Andorra Bosnia and Herzegovina Estonia Macedonia Albania
Lithuania Azerbaijan San Marino Croatia Czech Republic
Slovakia

Middle East:

Yemen Lebanon United Arab Emirates Jordan Israel
Lebanon Oman Syria Kuwait Qatar
Bahrain

Australia:

Australia New Zealand

List of Available Coins on Trust Wallet

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)

Tokens available On Trust Wallet

Here is the list of the cryptocurrency and token trading pairs available for trade on the Trust Wallet Decentralised Exchange (DEX).

Base currency/token BNB BUSB BTCB TUSDB USDSB USDT IDRTB
AERGO Yes
ANKR Yes Yes
ARN Yes
ATP Yes
AVA Yes
AWC Yes
AXPR Yes
BCH Yes
BCPT Yes
BEAR Yes
BET Yes
BKBT Yes
BLINK Yes
BOLT Yes Yes
BST2 Yes
BTTB Yes
BULL Yes
BZNT Yes
CAN Yes
CAS Yes
CBIX Yes
CBM Yes
CZH Yes
CNNS Yes
COS Yes Yes Yes
COTI Yes
COVA Yes
CRPT Yes
CSM Yes
DEFI Yes
DOS Yes
DREP Yes
DUSK Yes
EBST Yes
LTC Yes Yes Yes
NEXO Yes
XRP Yes
BNB Yes Yes YES Yes Yes Yes
ADA Yes
ATOM Yes
AVA Yes
BAKE Yes
BAND Yes
BIFI Yes
BTCB Yes Yes Yes
BURGER Yes
CAKE Yes
DOGE Yes
DOT Yes
EOS Yes
ETH Yes
ONT Yes
ZEC Yes
UND Yes
ONE Yes
BUSD Yes Yes

Trust Wallet Trading Fees

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.

Crypto Purchase 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.

Blockchain Network Fees

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.

Trust Wallet app – Features, Setup, and Configuration

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.

How to Create a User Account on Trust Wallet

  1. Start by downloading the Trust Wallet from the Google play store or Apple app store. Once downloaded, click on install.
    Note: Privacy-conscious crypto investors who don’t wish to leave digital footprints with Google may choose to download the Trust Wallet android APK from the official wallet website.
  2. Once installed, you will get the ‘import an existing wallet’ or ‘create a new wallet’ options. Choose the latter.
  3. You will be provided with a 12-word recovery seed. Write these words down and store them securely offline. Agree with the “I understand that if I lose my recovery words, I will not be able to access my wallet.”
  4. Pass the seed phrase verification test and click on the “Done” button to complete the setup process. 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.

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.

How to Swap Cryptocurrencies on Trust Wallet

  1. Start by logging in to your Trust Wallet.
  2. On the home page, click on the DEX tab.
  3. Select the Swap option to access the swap menu.
  4. In the ‘You Pay’ section, select the Ethereum-based token in your possession and the amount you would like to convert. In the ‘You Get’ section, select the token you wish to receive. The app will automatically compute the exchange rate and indicate how much of the preferred token you will receive.

    Note: DEX trading can only be done in multiples of 25, 50, 75, or 100.
  5. Click on the Swap button to authorize the transaction.
  6. You will be directed to the confirmation tab. Confirm that the swap details are correct, check the network fees, and tap the Send button to authorize the transaction.

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.

How to Stake Coins Using the 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.

  1. Log in to your Trust Wallet and on the Wallet page, click on the Finance tab.
  2. From the list of currencies supported for staking, select your preferred coin (for the purpose of this guide, we choose BNB).
  3. Click on the ‘More’ tab and select “Stake.” on the BNB transaction history page
  4. On the Stake BNB page, enter the amount of Binance Coins you wish to stake and choose a validator (they all have varied APRs), and click the continue icon on the top right corner of your phone screen.
  5. On the Confirm Transaction page, check that the staking details, including the source of coins, validator, network processing fees, and maximum total amount are correct.
  6. Click on the “Confirm” button to authorize the transaction.

How to Trade Cryptocurrencies on the Trust Wallet DEX

Here is the step-by-step process of trading (buying and selling) tokens via the built-in DEX on Trust Wallet.

  1. Start by logging in to your Trust Wallet and clicking on the DEX tab.
  2. Once on the DEX page, select ‘Exchange.’
  3. Click on the default trading pair (BCH/BNB as per the screenshot above) on the upper left corner of the phone screen to list all the token trading pairs supported on the platform.
  4. After deciding on the token pair to trade, check out its order book on the right-hand side pane of the screen. Here, the sell orders are colored red and buy orders green.
  5. Decide whether you want to buy or sell. Next, decide if you want to trade instantaneously using the buy and sell rates available on the order book or customize your trade by indicating the number of coins you are willing to buy/sell and how much you are willing to pay/accept for the trade.
  6. After making a decision on the trade direction, tap on the buy/sell decision.
  7. On the transaction page, verify that the transaction details and network fee are correct before hitting the ‘Send’ button to authorize the transaction.

How to Recover Your Lost 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.

  1. Start by downloading and installing the Trust Wallet app on your new phone.
  2. When presented with the option of ‘Creating a new wallet’ and ‘I already have a wallet’, select the latter.
  3. You will be redirected to the wallet app’s legal page. Click the checkbox “I’ve read and accept the terms of service and privacy policy” and click on the Continue button.
  4. You will be redirected to the Import page, click on the “Multi-coin wallet” tab.
  5. It will then prompt you to enter the 12-word recovery seed, presented to you when setting up the wallet for the first time. Then, enter the wallet name and click ‘Import.’
  6. If the seed phrase is correct, you will receive a success message stating the wallet has been recovered. Click the ‘done’ button and ‘Enable’ push notifications.

Your Trust Wallet is now active and ready to use.

Payment Methods – Deposits and Withdrawals

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.

Deposit

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.

How to deposit into Trust Wallet from Binance account

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?

  1. Start by logging in to your Binance trader account. Click on the wallet icon in the upper right corner of your user dashboard.
  2. Then, from the drop-down menu and select ‘Fiat and Spot.’
  3. Next, you will be directed to the deposit and withdrawal window. Here, click on the withdrawal tab, select crypto, and choose Binance (BNB) as the digital asset you would like to withdraw.
  4. You will be redirected to the withdrawal tab that calls for the recipient’s address.
  5. Leaving this window open, log in to your Trust Wallet app, and from the wallet page, click on Binance.
  6. From the list of options available, select ‘Receive’ to reveal the wallet address and QR code.
  7. Then, Copy and paste this address and or meticulously write it down on the recipient address bar of the Binance exchange’s withdrawal platform.
  8. Finally, Confirm that the details of the transaction are correct before hitting the “Submit” button to authorize the deposit into Trust Wallet.

How to buy cryptocurrencies via debit or credit card

  1. Start by logging in to your Trust Wallet and on the home page, click on the “Buy” icon.
  2. From the list of supported cryptocurrencies and tokens, select the asset you wish to buy.
  3. You will be directed to the ‘Buy Crypto’ page that shows you the minimum purchase amount required. It also outlines all the third-party exchanges that can process the purchase and their specific rates.
  4. For most coins and tokens, the minimum deposit is $150 worth of crypto assets. Adjust this figure (upwards only), select the third party exchange to process your purchase (For illustration purposes – Moonpay), and hit the ‘Next button.
  5. You will now be redirected to the Moonpay website to complete the transaction.
  6. On the website, you will be required to create a Moonpay account using your email address and provide the exchange with your bank card details, particularly the name, card number, expiry date, and CVV number.
  7. The time taken to complete a transaction is largely dependent on the crypto being purchased. While some like Bitcoin and Ethereum may take a few minutes to several hours, most token purchases are almost instantaneous.

Once the transaction is complete, your crypto purchase will be deposited directly into your Trust Wallet.

How to receive cryptocurrencies to Trust Wallet from other wallets

  1. Start by logging in to your Trust Wallet and selecting the cryptocurrency you want to receive from a third-party wallet.
  2. Click on the currency (we choose Ethereum for illustration purposes) and from the list of possible interactive actions with the coin, select ‘Receive.’
  3. Copy the wallet address and forward it to the individual sending you coins or have them scan the wallet address QR code.

Withdrawal

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.

How to send cryptocurrencies from Trust Wallet to the bank via Binance exchange

  1. Log in to your Trust Wallet app and on the Wallet page, click on the ‘Send’ icon.
  2. You will be presented with a list of all your wallet and crypto balances.
  3. Select the cryptocurrency you wish to withdraw (for illustration purposes we use BNB coin).
  4. You will be redirected to the Withdraw page where you can customize the transaction by indicating amounts you wish to withdraw and the recipient address.
  5. Leaving this tab open, log in to your Binance or Binance US exchange account, and choose to deposit Ethereum.
  6. Copy the Ethereum wallet address and memo on Binance and paste it as the recipient address in the Trust Wallet.
  7. You can now proceed and initiate a bank withdrawal from Binance.

How to send cryptocurrencies from Trust Wallet to another wallet

  1. Log in to your Trust Wallet app and on the Wallet page, click on the ‘Send’ icon.
  2. You will be presented with a list of all your wallet and crypto balances.
  3. Select the cryptocurrency you wish to withdraw.
  4. You will be redirected to the Withdraw page where you can customize the transaction by indicating amounts you wish to withdraw and the recipient address.
  5. Paste the recipient’s wallet address and confirm the accuracy of the transaction details before hitting the send button to authorize the transfer.

Education

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.

Customer Support

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.

Email: support@trustwallet.com

Facebook: https://facebook.com/trustwalletapp

Telegram: https://t.me/trust_announcements

Twitter: https://twitter.com/trustwalletapp

Reddit: https://reddit.com/r/trustapp

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.

Trust Wallet Reviews

What do people say about Trust Wallet on Reddit?

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.

What do people say about Trust Wallet on Quora?

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.

Is Trust Wallet Safe?

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 Vs. Coinbase wallet

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.

Other Products & Services of Trust Wallet

DApps

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.

DEX

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.

Multi-wallet functionality

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.

How to create more wallets on your Trust Wallet app.

  1. Start by logging in to your wallet app and opening the ‘Security tab.
  2. Click on the ‘Wallets’ icon.
  3. On the upper right corner of your phone screen, tap on the plus “+” sign and tap on “Create A New Wallet” on the window that pops up.
  4. On the Backup wallet page, agree to the “I understand that if I lose my recovery words, I will not be able to access my wallet” checkbox and click “Continue.”
  5. You will be presented with the 12-word recovery seed for your new wallet. Write them down, store them in a secure place offline, and press the “Continue” button.
  6. Verify that you have accurately captured the recovery phrase by arranging the seed words correctly on this page.
  7. Your new wallet is now active and ready to use. By default, it will be named ‘Multi-coin Wallet 2’ but you can change this name at any time. To switch between the different wallets hosted on the app, you only have to click on the ‘Wallet’ tab under the Settings menu.

Price alerts

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.

Earning

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.

Wallet connect

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).

  1. Open the Binance DEX website on your computer and on the upper right corner of the screen, click on the ‘Connect Wallet’ icon.
  2. A new window will pop up presenting you with different wallet connection options. Choose the ‘Mobile wallet’ option.
  3. Binance DEX will now present you with a QR code.
  4. Log in to your Trust Wallet mobile app and under the Settings menu, click on the ‘Wallet Connect’ icon.
  5. Proceed to scan the Binance DEX QR code on the computer screen and once the link is captured, tap the “Connect” option to confirm the transaction.
  6. Finally, you can now browse the DEX safely and initiate unlimited transactions via Trust Wallet.

Conclusion

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.

Frequently Asked Questions (FAQs)

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.