Trust Wallet Review - How to Use It & Have an Enjoyable Experience
There are tons of crypto wallets in the market that you use, but not all of them have strict security protocols. These are one of the most important features when you are choosing a wallet to store your coins.
That's why a lot of crypto holders prefer to have an online reputed wallet as support and have their private keys locally stored in a safe place so they can recover access in case they need to.
However, not all software wallets are bad. Today, we're going to explore a virtual crypto-wallet called Trust Wallet. Learn how to use it, and what advantages it gives you as a user with its services and tools.
What Is a Trust Wallet?
Trust Wallet is a decentralized multichain wallet that expanded through the crypto world and can be used for storing Bitcoin, Ethereum, BNB, Polkadot, Near, Avalanche and many others. Right now it supports over 53 blockchains and over 1 million crypto assets, and its portfolio keeps increasing.
It allows users to stake their coins and make some profit (earn interest), has its own browser and you can easily buy or sell funds, acquire NFTs, check their crypto wallet balance and enjoy the benefits of software wallets. It's available on Play Store and App Store.
Getting started with the Trust Wallet app is quite simple. After you download it for free, you select the option to create a new account (keep your private key secure) and you can start saving your crypto holdings.
The process is similar to other wallets and the platform creates a seed phrase that allows you to import the account in the future.
Trust Wallet History
Trust Wallet is a secure multi-crypto wallet created by Viktor Radchenko, a Ukrainian software developer who heard about Bitcoin through its use on the dark side of the internet.
He soon discovers an interest in Ethereum and other crypto assets after developing an app to help truck drivers find parking slots and other resources.
Viktor began developing Trust Wallet as an Ethereum wallet to hold a growing number of ERC20 tokens that he acquired through ICOs. The project began in 2017 and quickly became the focus of the crypto world.
However, in 2018 it was bought by Binance and became the first acquisition this huge international exchange had. This merging process was a complementary one because both companies shared the same values.
Binance gives as much independence as they can to Trust Wallet to remain as the old high-security, anonymous, open-source, and decentralized Ethereum wallet app that we know. However, all administrative and marketing processes are led by Binance.
This was the beginning of a strategy to give users the possibility of withdrawing their funds easier from Binance and use them in the best decentralized wallet.
Trust Wallet Features
As we said, Trust Wallet's principal function is storing and exchanging coins. However, another strong point is that it works as a friendly platform for any user.
Below we will explore the features of Trust Wallet that go from buying Bitcoin with a credit card to storing NFTs and being accessible at any time.
Buy Bitcoin with a Credit Card
This wallet allows you to buy BTC with your credit card through a safe and secure experience, you can buy a minimum of $50, and up to $20,000 worth of Bitcoin.
Here is how you can acquire it.
- Install the app on your phone from Play Store or App Store (depending on your device) and select the asset. For this case, we'll be using Bitcoin.
- Tap on the Buy button and enter the amount of BTC you want to buy.
- Click Continue and complete the credit card payment following the on-screen instructions.
Buying Bitcoin with Trust Wallet allows you to store them safely, pay directly with credit cards from your bank account, check live prices and crypto market movements, or even pay others with your funds with only a few clicks.
53 Blockchain Assets & +1,000,000 Assets Supported
After years in the market, the Trust Wallet app supports 53 blockchain assets and over 1 million cryptocurrencies. With this cryptocurrency wallet, you can stay private and store multiple cryptocurrencies, all in one place.
This multi-purpose digital wallet stores the principal cryptocurrencies such as Ethereum, Ethereum Classic, and Callisto.
It also works with any ERC20, BEP2, and ERC721 tokens. You even have an available Dash wallet, a Vechain wallet, a Bitcoin wallet, and the possibility of storing stable coins to avoid market volatility.
Some of the main crypto coins that Trust Wallet supports are Bitcoin, Ripple XRP Wallet, Monero, Binance Coin, Theta Wallet, Stellar Lumens XLM Wallet, Zcash, Doge Wallet, Bitcoin Cash, Dash, Litecoin, and others.
Trust Wallet Dapp Browser
Unlike other platforms, the Trust Wallet mobile app includes a fully functioning Web 3.0 browser that can be used for interacting with any decentralized app (DApp).
With your non-custodial wallet, you can make a secure connection with any DApp that is available on the BNB Chain, or the Ethereum Network.
Inside the Trust Wallet DApp browser, there's a marketplace of DApps that are optimized for the Trust Wallet browser for creating an easy user interface.
Every DApp is vetted and accepted by the Trust Wallet team before entering officially into the marketplace and being available to everyone with a mobile device.
With the Trust Wallet app, you can have all your NFTs in one place. This mobile cryptocurrency wallet allows you to keep NFTs and game assets on any of your mobile devices.
NFTs are non-fungible digital assets, also referred to as ERC721 or ERC1155 on ETH or BEP721, and BEP1155 on BNB Chain. They are either unique or limited in quantity.
Usually, these collectibles are represented as real-life objects such as pets or avatars. Some are computer-generated works of art. Each token has variations in specific attributes and there are limits to the number of tokens that can be generated.
Trust Wallet provides an easy way to store and access all your NFTs on Ethereum and BNB Chain with a secure system. Your collectibles are secured on the blockchain and associated with a public address. Some examples could be CryptoPunks, CryptoKitties, Decentraland, and Axies.
As one of the leading crypto wallets app in the market, Trust Wallet's NFT Marketplace allows its users to connect to it using the in-app DApp Browser (Android) or using WalletConnect (iPhone) to buy, sell, or mint numerous leading NFTs.
Also, the NFT Wallet of Trust Wallet enables you to send NFTs to your friends or family in the same way you would send a cryptocurrency.
You can buy your first NFT with Trust Wallet following these step-by-step instructions.
- Fund your mobile wallet with BNB.
- In the Trust Wallet DApp Browser open BakerySwap and swap BNB with BAKE.
- Once you swap your funds, head to the NFT Supermarket and you will see the available NFTs.
- Select one according to your preferences and press on Approve NFT Supermarket.
- Once the transaction is completed, go to your Trust Wallet dashboard and click on Collectibles. Your NFT will be listed there.
All NFT purchases are made with BAKE, but transaction fees are paid with BNB, so you should have some left for this purpose.
Stake Your Crypto
Every blockchain has one thing in common: every transaction needs to be validated. Bitcoin, for example, does this with mining which is known to use a lot of electricity (Proof-of-Work).
Likewise, there are other mechanisms used for validation, for example, Proof of Stake (PoS) that has several variations of its own.
All these methods are called staking. You gain the ability to vote and generate an income. It is quite similar to how someone would receive interest for holding money in a bank or giving it to the bank to invest.
One of the benefits of this is that it removes the need of purchasing expensive hardware and consumes less energy.
Also, the system used by Trust Wallet offers guaranteed returns and a predictable income with a higher probability of paying out. Have in mind that your staked coins will be affected by market fluctuations.
Trust Wallet Pros & Cons
Many reviews talk about Trust Wallet as one of the best crypto wallet apps for providing bank-level security and incorporating a variety of features.
These are some of the pros and cons of this crypto wallet app.
- This mobile wallet doesn't hold any cryptocurrencies on its servers, it only gives users access to its wallet. Wallet address, private keys, and crypto portfolio are only available for the owner of the account.
- The app is designed with an easy user interface that is accessible to all.
- This crypto wallet provides support for its users with every feature of the app.
- Trust Wallet can be used as a cryptocurrency cash app; users can gain access to over 1M cryptocurrencies through the app instead of having to use multiple wallets.
- The app's military-grade encryption is being updated regularly. Devs also added XRP wallet support, XLM wallet support, FIL wallet support, and more features.
- Trust Wallet is considered the most trusted crypto wallet app for the security features like fingerprint scanning on mobile devices and for allowing the users to securely store private keys.
- Trust Wallet became partners with Binance (along with its parent company, Six Days LLC), which attracted more users for money investing and now is considered the most secure software wallet in the market.
- This platform allows you to stake and earn interest from multiple cryptocurrencies that you own.
- You can play blockchain games and access the latest DApps and DeFi platforms.
- Doesn't have a 2-FA authentication.
- By having a lot of cryptocurrencies, Trust Wallet may confuse new users in the beginning.
- Doesn't have a browser version.
Trust Wallet Fees
Processing transactions and transaction fees play an important part in the cryptocurrency world because it represents a big part of the revenue of the industry. Trust Wallet fees are comparatively low thanks to the BNB Chain, and Trust Wallet reviews can confirm this.
Part of the experience is that the platform doesn't charge you any fees for using the app. Additionally, Trust Wallet neither charges additional fees for swapping on the in-app DEX nor when you use the DApp Browse of the app.
Even so, that doesn't mean Trust Wallet is fully free of fees. Each time a blockchain transaction is made, fees must be paid.
The advantage of Trust Wallet is that it allows you to set your own network fees for BTC and ETH depending on the urgency you have with the transaction.
If you want to check how much you paid for the operation, you can check your transaction history
TWT - Trust Wallet Native Token
Trust Wallet Token is the native token of Trust Wallet, and it can be used for trading, buying, or selling NFTs and other cryptocurrencies.
This token brings the users of Trust Wallet the opportunity to hold and own their own crypto assets through the same platform.
The main concept of TWT is the wallet support and the user experience for making major decisions inside the platform. Unlike other tokens or currencies, TWT doesn't have any value outside its ecosystem.
However, users that get this token can take advantage of the benefits, like discounts when buying other crypto.
To earn these native tokens, users need to complete some tasks inside the platform like quizzes and campaigns. This token is BNB Chain-based and designed to empower smart contract-based crypto projects.
The main objective is to provide value for the user and be used as a governance coin.
Trust Wallet Review - FAQ
Trust Wallet is a decentralized, open-source wallet that supports 53 blockchains and +1 million crypto assets like Tron Wallet Support, Ethereum Wallet Support, XRP Wallet Support, Ethereum Classic Wallet Support, Bitcoin, BNB, among others.
TThis platform is ideal for buying, selling, staking, and storing all digital assets such as cryptocurrencies and NFTs.
Every time you do a transaction from one currency to another, the blockchain charges a transaction fee. Trust Wallet doesn't charge any fees for using the platform.
Yes, Trust Wallet allows you to buy BTC with your credit card with a minimum amount of $50 up to $20,000.
Yes, Trust Wallet supports Bitcoin and has a native BTC wallet. You can use the Trust Wallet addresses to deposit or withdraw your Bitcoins.
Yes, Trust Wallet staking is a feature that tons of holders are using. You can start staking your coins even if you have a new wallet.