Cryptocurrency is brought to users and is enabled by the virtues of the blockchain, and so its use comes with challenges of its own. Crypto exchanges have faced security and regulation concerns, and such platforms continue to develop ways to minimize such threats. Users’ funds and personal details need to be as protected as possible.
Crypto wallets are, at present, the safest way to secure your funds and information. Users can store their funds into either a hardware wallet or software wallet. Innumerable wallets exist for each crypto; some operate for one crypto while others for multiple. Both software and hardware wallet have their pros and cons. One key software wallet we’ll focus on today is the software wallet called Trust wallet.
We shall review all its pros and cons, what makes it unique to other software wallets, and how to use this wallet. Since software wallets are like applications that can be installed on your phone, we’ll see how the Trust wallet app works as well. This Trust wallet review aims to help our readers make up their minds about the prospects of the Trust Wallet.
Introducing Trust Wallet: Mobile cryptocurrency wallet
The Trust wallet is one of the top running wallets in the present market for software wallets. An open-sourced and decentralized mobile crypto wallet is currently used by around 160K users for their assets. It allows traders to keep track of their investments; they can also and crypto coins for interest. This is the future of non-custodial wallets.
It initially supported ERC20 and ERC223 tokens only when it first came to be but has significantly grown and can now be used to hold leading cryptos like Bitcoin etc. The Web3 browser enabled the Trust Wallet and thus allowed users to exchange cryptos through the native decentralized exchange (DEX). This decentralized exchange then operates on the Kyber Network.
Besides growing into the realms of Bitcoin, and trust wallet supports Etehruem users as well. Users can access several DApps (decentralized applications) built on the Ethereum platform through their wallet on the Trust App.
The Trust Wallet app in question is easily accessible on Google Play Store and the Apple Store for download. Although Android might sometimes be troublesome for some heavy software, the Trust wallet is still compatible. The wallet’s code is designed to be written in the native languages across different platforms. iOS Swift and Android’s Java being amongst them. iOS 10.0 versions or higher and Android 5.0 or higher are all good to go with Trust wallets in terms of compatibility.
Since 2018 it has been one of the most recognized and applauded wallets in the crypto market. Not only does it offer multiple types of cryptocurrencies all under one roof, but it also allows for smooth trading and skating of assets. Around 5 million users start their crypto journey with no initial fee from the wallet app. Its features and how it works will show you many more of its positive aspects in the trust wallet review as it goes.
Cryptocurrencies supported by Trust Wallet
Amongst Bitcoin and Etherum, the Trust wallet supports over 160K blockchains with cryptos. It is an all-encompassing app that offers all these different kinds of cryptos under one roof. The complete list of cryptos supported by Trust wallet can be found on its official website.
The wide range of cryptos supported by Trust wallet is unlike anything seen for most other crypto wallets. Trust wallet users must have a wide range of choices while trading assets by receiving and buying different crypto coins and other assets.
Types of Trust Wallets
As already established, Trust Wallets are software wallets. These operate once installed as an app on your mobile through the Store. Its feasible accessibility is critical in helping traders to hold transactions at any hour during the day and night. Doesn’t matter if we’re traveling or out about shopping; you can confirm trade with just one click. It is unlike the usual custodial wallets that store or save private user information into its database.
Such portability and ease of use are crucial in busy times such as the present and are most beneficial to the trust wallet community. With users constantly on the go, such features can be a great asset to make any decision at any time. Once made more secure, software wallets are more facilitating than hardware wallets.
Accessing or Creating your Account
If you’re new to the world of digital currencies, Trust wallet is an easy place to start. The app is downloadable, free of cost, from the PlayStore or Apple Store. After downloading and installing the app, users must select between creators importing their import wallet account. It is up to you to create multiple wallets depending on your needs; of course, numerous wallets come with their challenges.
Creating a new account
Users that create a new wallet account from scratch are provided with a 12-word recovery phrase for future confirmation. Once users accept the terms and conditions that they’d lose their account if the seed phrase gets lost, their brand-new wallet account is created, and you can secure access in no time.
Operating a Trust Wallet
Once a user downloads the mobile app for the Trust Wallet through PlayStore or Apple Store, there are only a few steps and considerations to keep in mind. The following are how the apps operate and accommodate users:
Creates Users Address
The app uses its nodes to connect each wallet to the blockchain network. The blockchain then assigns a wallet address to the user’s two-tier wallets, Public and private keys. The public key/ wallet address is known to other users and enables exchanges between parties across the blockchain. Users’ assets are also stored and encrypted at said addresses.
Access to Wallet
One cannot say Trust wallet addresses truly ‘store’ or ‘hold’ users’ crypto assets. It is simply a way to access our assets and keep track of the balance. With the use of the private key, users can connect to their mobile wallet from any device and keep a check on their crypto assets and confirm any time.
Free to Use
Downloading the app or availing of the mobile wallet services come at zero cost. The app does not earn from the activity of its users. The transaction process fees are, in truth, actually paid to the miners or validators. This is an excellent incentive for new users who wish to try their luck with whatever savings they have. Unlike a bank account, these are free to use instead of atm fees.
Allows Trading and Skating
The app plays a significant role in helping users manage their public addresses. This allows users to send or receive crypto coins whenever they deem suitable. Besides simple transactions, crypto trading and skating are the more common uses of the Trust Wallet app. This way, you can trade new and previously supported assets.
Features of the Trust Wallet App
The following are the main attractive features of the Trust Wallet app:
It can easily be downloaded in no time through the Google Play Store or the Apple Store. Unlike some crypto services, it comes free of cost. Users do not have to pay a subscription fee or any other service fee for as long as they continue to use the app.
Easy and Simplistic Interface
The intuitive interface and other settings on the Trust Wallet app are simplistic and straightforward. The app can be easily downloaded on mobile devices. Over 5 million users with the app downloaded on their mobile devices; the easy user interface and hassle-free operating of the wallet have significantly impacted its use.
Secure and Private
Even though software wallets are called out for not being as secure as hardware wallets, Trust wallet has made significant developments in this area. Its main aim is to store all of the users’ assets safely. The security firm by the name of Stateful is responsible for auditing and said protection.
Pin code scanning, fingerprint scanning, and QR code are the features of the app itself that are an excellent attempt to make the app as secure as possible for crypto holdings. Users can activate these security features from the settings according to their preferences. This feature is much like using a credit card exchange with a pin and QR code for access.
No KYC compliance needed
KYC compliance is not compulsory for Trust wallet users since it is a non-custodial official crypto wallet app; that is to say, the wallet does not store any user data on their servers. Users don’t have to worry about this extra hassle with their contacted trust wallet.
Since the blockchain offers addresses to each user with their own private and public key, the Trust wallet app has made efforts not to store this information into its servers. Users’ private keys can be kept safe over personal computers instead of servers online. With such security protocols features, users are responsible for keeping their asset records and information safe and secure.
In the event of a security threat, the Trust wallet shuts down the user’s wallet. Users only need to incorporate a 12-word recovery phrase selected when they set up their wallets on their devices for backup. This will serve as your very own private access key. If users keep this code safe and secure for future needs, they can quickly recover their wallets and reaccess them from their mobile devices. This is an essential backup feature that must be paid attention to by all users as it stops any unauthorized access to your assets.
Trust Wallet’s partnership with Binance Smart Chain is another feather in the hat for Trust wallets. This has enabled a surplus of users from around the globe to join the app. With a constant increase in the number of users, the app would continue to develop and advance itself to come up with new features. This will secure the popularity of the app in the future. The deep pockets of finance combined with Trust wallets can do wonders.
Skating for multiple coins
The Trust Wallet platform offers to stake for multiple different coins. Tron (TRX),VeChain (VET), Callisto (CLO), Kava (KAVA), Tezos (XTZ), Cosmos (ATOM), TomoChain (TOMO), and Algorand (ALGO) IoTeX (IOTX). These are all the other coins that can be skated at the Trust wallet app to add more to your digital assets.
Ethereum (ETH)and Cardano (ADA) are two coins that will also be added to the available coins over the Trust app in the future.
Transferring coins to Trust Wallet
Users can quickly and safely transfer or add coins to their crypto wallets. The app will allow you to keep a check on your balance of digital assets. The mobile app gives the option to ‘receive and once the users’ address is added to that option, other users can use that address to send coins through transactions.
A history of all transactions can be looked at from the settings as well. A constant review of your digital assets and evaluation can go a long way in making smart decisions along the way.
Payments to wallet address
The process of sending other users’ payments across the app is also a straightforward task. In the ‘send’ field, users must add the public key or address of the user they want to send digital coins to, and the user will receive the digital coins in no time.
Once the desired amount is entered and sent, the transaction will be complete, and its history will be kept recorded in your wallet history. Unlike other methods of transferring money or funds, cryptocurrencies trust wallet keeps the process relatively straightforward. These sensitive financial assets must be kept under close check against any digital hack.
Pros and Cons of Trust Wallets
The most integral part of any review is the pros and cons list. For prospective users, such lists can prove to be the highlight of their decision-making. We will now briefly highlight the pros and cons of creating a Trust wallet over the app.
- A wide range of cryptocurrencies offered
- Free of Cost
- Easily downloadable
- Staking allowed on multiple fronts
- Private keys, offer control
- Works on iOS and Android
- Easy user interface
- Not secure like hardware wallets
- Still developing
In the unlikely event that you’re having problems with your wallet’s functions, you can always access the Help Centre for trust wallet support. You can easily access said service through the user interface settings. FAQs and troubleshooting guides offered with the help of the application are extensive and offer solutions instantaneously.
A support ticket helps you get directly in touch with the support team. Once a trader raises his issue, it is resolved by the support system in moments. If you go over the settings with a fine-tooth comb, you’ll know exactly where to look for help in urgent situations.
With such minimal faults, it is difficult to speak against the Trust Wallet app. Its easy download feature helps users in getting started without any hassle. The interface is a treat for simplistic use without getting bogged down in complications. Such apps need to be straightforward to attract as many users as possible. Users have a limitless range of assets, and they can store coins, unlike any other wallet.
In addition to the easy use, staking is genuinely the app’s biggest asset. Investors and crypto holders recognize the significance of staking for the future. Therefore more and more people are being made aware of its benefits and services. Trust Wallet indeed decides for the future by guessing the demand for staking in the coming future. Their efforts in this area are more than commendable. Most other wallets of such magnitude still can’t afford to offer such a variety of stake coins, which puts Trust wallets at an open advantage over their competition.
Speaking of long-term benefits and services that set the Trust wallet app apart from its competition is its access to DApps. This field will expand further in the future, and so will DeFi in the future. Some users might say that the DApp ecosystem is still limited to a few services; the answer to that is being worked on by developers looking to create more in this area.
Trust Wallet’s open-source software allows developers and users to keep a close check of the database constantly. Openness and transparency play a vital role in the building up of this enterprise. When it comes to blockchain and DeFi, these two work in close harmony to ensure the smooth working of the Trust wallet app.
Trust Wallet’s fee structure and privacy are the most generous and assuring features of the application. Moreover, the lack of KYC and the non-custodial nature of the wallet add to the bonuses of the application’s services. Last but not least, the Trust wallet’s two-factor authentication adds that extra layer of security that is essential and yet not available on most other such platforms.
Trust wallets partnership with Binance is just a cherry on top of what a sweet deal this wallet offers. Binance being one of the largest exchanges operating in the present market and affiliating itself with a name like Trust Wallet reflects the trust Binance puts into the platform. The recognition brings with it can do wonders for the future of Trust wallets.
We have reviewed every possible angle of the Trust Wallet app. A side-by-side analysis of what makes the app different from other such platforms and all the stellar services it offers have all been discussed above. Seeing how the future of currency exchange is rapidly heading towards digitization, it might be a good time to look into crypto platforms and other avenues of digital currencies.
When using cryptocurrencies, users must keep their volatile position and the security aspect in mind. Crypto wallets like Trust wallets are the future of preserving our monetary assets safe. With digital currencies taking over fiat currencies and the blockchain replacing traditional banking, it is as good a time as any to invest in suitable crypto like Bitcoin, Ehterum, etc.
For users new or familiar with crypto, Trust wallet can prove to be a great option to learn and grow from profits. Making smart choices and going about your business in trading slowly is vital in making abundant choices.
What is the purpose of the Trust Wallet app?
Trust wallet is a software wallet that helps receive, send, and store all sorts of cryptocurrencies.
Safe for Bitcoin and Ethereum?
Yes, it is not only safe for Bitcoin and Etheruem but a wide range of other cryptocurrencies as well.
How safe are Trust Wallets?
Considerably safe, there are several steady mechanisms to ensure the safety of users’ assets and information. If users follow the instructions provided initially, they can keep their accounts safe for the future.
How to secure our money?
The process of securing money is pretty simple. Once you choose the settings, all payments will come thru as specified. Check for confirmation through the history as well.