Trust wallet Review 2024: Is it a Safe Wallet or Not?

Trust Wallet is a mobile cryptocurrency wallet that allows users to securely buy, send and receive various BSC cryptocurrencies.

Do you ever lay awake at night, wondering if your hard-earned cryptocurrency is truly safe and secure?

Well, put your worries to bed because Trust Wallet has got you covered. This user-friendly mobile wallet is the ultimate sanctuary for your digital assets.

In this in-depth review, we’ll dive into the nitty-gritty of Trust Wallet’s features and why it’s quickly becoming a darling among crypto enthusiasts.

Trust wallet

Cryptic Era

Trust wallet
Funds security
Mobile App
Currencies Available
Staking rewards
NFT store

Summary

The most trusted and secure crypto wallet with NFT storage, buying and selling BSC digital assets, easy-to-use mobile interface, high staking rewards, and connection with top Dapps.

4.3

What is a Trust wallet?

Trust wallet is one of the secure crypto wallets for beginners and holders, an open-source, decentralized, mobile wallet that supports over 4.5M+ assets and enables users to stake their cryptocurrency to earn interest.

The wallet has now been improved to handle additional popular cryptocurrencies like Bitcoin in addition to the initial ERC20 and ERC223 tokens.

What is trust wallet

Users of the wallet may purchase cryptocurrencies via the native DApps (decentralized apps) that run on the Kyber Network thanks to the built-in Web3 browser.

The app also enables users to immediately access the numerous DApps (decentralized apps) created on the Ethereum network.

Also Read: Trust Wallet vs Coinbase Wallet

Trust Wallet: The Quick Overview

Type of walletSoftware wallet (Non-custodial)
AppsAvailable for both IOS and Android
App commissionNo
Network feesYes (very low for Binance smart chain tokens)
Number of digital assets supportedMore than 4.5M+ including Bitcoin and Ethereum
Staking rewardsYes
DAppsYes
NFT StorageYes
Blockchain support65
DEXsconnect to all popular DApps including pankcakeswap, opensea, etc.
Support24/7 customer support
Hardware wallet supportedNo
Cold storageNo

Pros & Cons

ProsCons
Supports more than 160k+ cryptocurrenciessupports only BSC and ERC networks.
zero feesNot a cold storage
Instant buy using debit cards
NFT storage
staking rewards

Top Features of Trust wallet

  1. Easy-to-use and user-friendly interface: Trust Wallet has a user-friendly design that makes it easy for users to navigate and manage their assets.
  2. Support for multiple coins and tokens: Wallet supports a wide variety of coins and tokens, including the most popular ones such as Bitcoin, Ethereum, and Litecoin.
  3. Advanced security features: Trust Wallet is built with security in mind and has several advanced features to protect users’ assets, including seed phrases, PIN codes, and biometric authentication.
  4. Built-in dApp browser: The wallet includes a built-in browser that allows users to access decentralized apps (dApps) directly from the wallet, making it easy to interact with the decentralized web.
  5. Staking and governance: It provides users the option to participate in various staking and governance protocols.
  6. Regular updates: The wallet app is actively updated by the team to provide better service, new features, and compatibility with the latest blockchain developments.
  7. Simple Backup and Recovery: Trust Wallet makes it easy for you to back up and recover your wallet with just a 12-word seed phrase which can be written down or stored in a secure location for recovery.
  8. Live Support: Trust wallet has 24/7 live support to assist the users with any issues they are facing with the wallet.

Why Trust wallet is best for beginners?

  1. Buy bitcoin and another crypto in just 2 minutes
  2. Store all your Crypto assets in one place
  3. Store your NFTs in one place
  4. Exchange your crypto without leaving the app
  5. Track charts and prices within the app

Also Read: Best crypto wallets for android 2023

Trust wallet: The Complete Beginner’s Guide

About Company

A group of anonymous software engineers collaborated in 2017 to design a user-friendly wallet program that makes cryptocurrencies available to everyone.

The outcome was Trust Wallet, a decentralized, non-custodial cryptocurrency wallet that is primarily accessible on iOS and Android handsets.

Within a year, Binance acquired the app for their main wallet application, adding capabilities while enabling the team to go on independently developing the product.

Trust Wallet now provides services to over 10 million subscribers each month while continuing to work toward its core objective of enabling independence and accessibility for anybody who wishes to utilize cryptocurrencies.

DApps

Trust wallet Dapp
Source
  • Use the Web3 browser to communicate with any decentralized application (DApp)
  • An expertly made tool that connects you to any decentralized application (DApp) on the Ethereum network or Binance Smart Chain seamlessly, easily, and securely.
  • You may take advantage of the material created especially for your device with an integrated interface that is entirely suited for mobile.
DefiVenus, pancakeswap, Beefy, Uniswap, Curve, Aave, 1inch
Smart ChainApolloX, PowePool, Openocean, Venus, Pancakeswap, 1inch.io
Yield FarmingLido staking, Beefy, Venus
GamesAxie Infinity
NFT MarketplacesLooksrare, Rarible, ENS, Aave, OpenSea

Funds Security

Although flexibility is Trust Wallet’s greatest asset, security may be its biggest drawback. Each wallet can be accessed on mobile devices and is protected by a 12-word secret password.

To prevent unauthorized log-ins to their wallet, customers cannot currently set up a confirmation code to be sent through email, text message, or authenticator app since Trust Wallet does not allow two-factor authentication.

Anyone who can obtain the 12-word seed phrase through phishing or other social engineering attacks can eventually steal any cryptocurrency stored in it.

However, there is no history of wallet hacks and phishing attacks with trust wallet users.

For the security purpose, it allows-

  • login passcode with Seed phrase
  • Biometrics and face lock
  • Auto Lock for a certain allowed time interval
  • Transaction signing

Earn & Staking

One thing characterizes all blockchain networks: transactions must be verified. For instance, Bitcoin achieves this through a procedure known as mining, which is known to use a lot of power (Proof-of-Work). Other consensus processes, however, are employed for validation.

One such consensus technique is proof-of-stake (PoS), which has several distinct forms as well as various complex models.

Coin staking offers currency owners some influence over network decisions. You become eligible to vote and get money by staking coins.

It is quite comparable to how interest is paid when money is kept in a bank account or given to the bank to invest.

Trust wallet staking is one of the reliable sources of earning interest on your crypto holding.

Trust wallet Supported currencies for staking and earning high yields are:

  • Binance Coin (BNB)
  • Tron (TRX)
  • Tezos (XTZ)
  • Cosmos (ATOM)
  • Terra (LUNA)
  • Vechain (VET)
  • Callisto (CLO)
  • Osmosis (OSMO)
  • Kava (KAVA)
  • IoTeX (IOTX)
  • Algorand (ALGO)
  • Tomochain (TOMO)

Advantages of Using trust wallet

  1. Support Multiple currencies– It supports more than 4.5M+ currency pairs with different networks. Trust wallet supports almost all currencies on Binance smart chain and Ethereum network.
  2. Mobile-friendly Interface- A 12-word private key can be used to recover a wallet once it has been set up for the first time or migrated to Trust Wallet.
  3. Everything is in one place: Purchase crypto using debit cards, store crypto, buy and sell using DEXs and Dapps, store NFTs, and earn staking rewards.

Disadvantages of using Trust wallet

  1. No multi factors authentication: It does not support google authenticator or Mobile OTP which is why prone to phishing attacks and hacks.
  2. Support issues: it allows community chat and 24/7 support which is known to fail its users in some instances.

Transaction fees

Trust Wallet may be downloaded and set up for free, and it just requires a few simple steps. However, this does not imply that using Trust Wallet is cost-free.

Users are liable for any related gas costs when exchanging cryptocurrencies and NFTs from Trust Wallet to some other wallet or smart contract.

Additionally, Trust Wallet imposes a fee on cryptocurrency purchases made through their app, however, this price is eliminated for users who have the platform’s exclusive TWT token in their wallet.

Different buying fees for third-party apps-

AppFees
MoonPay1% for bank transfer purchases, 4.5% for credit card purchases, or $3.99 minimum, whichever is higher.
Mercuryo3.95% when using a credit card to make purchases
Ramp2.9% transaction fee for credit and debit cards
Wyre2.9% or $5 whichever is greater
Simplex3.5% charge for credit and debit card purchases or $10
Transaktransaction minimum of $30, 5.5% charge on all American currency credit and debit card transactions
Trust wallet payment methods and Fees

24/7 Support

There is always the Help Center option available in the “Settings” section of the program if you run into issues. Here, you’ll find quite comprehensive FAQs and troubleshooting manuals.

You may start a support request to contact them directly if you’re still having trouble. It appears from a tour of many forums that replies to tickets might occasionally be sluggish.

You can also access the trust wallet community for FAQs about your queries.

Trust wallet NFT Storage

Trust wallet NFT Storage
  • The NFT storage and gallery functionality of Trust Wallet is another important feature. The software now allows users to view their preferred BSC and Ethereum NFTs.
  • Using the in-app DApp browser or WalletConnect on an iPhone, Trust Wallet makes it simple to access DApps. Users of Trust Wallet are given simple access to a variety of NFT-powered DApps where they can stake non-fungible tokens to generate income. 
  • Users of Trust Wallet may connect to NFT farming DApps directly through the app by doing so in just a few simple clicks.
  • Users may utilize the wallet to rapidly connect to NFT markets where they can mint and sell NFTs.

TWT Token: Trust wallet Native Token

TickerTWT
Current Token price$2.06
Market cap$856,598,030
Average daily volume$602,481,261
Circulating supply416,649,900.00 TWT (42% of total supply)

The governance token used by Trust Wallet is called TWT. The TWT token was primarily developed to inform and introduce more people to cryptocurrency.

The cryptocurrency initially had a 90 billion supply, which was eventually reduced to 1 billion by burning the extra tokens.

How to deposit crypto to a Trust wallet?

You need to follow certain steps to deposit coins into the trust wallet-

  • Download the trust wallet from the play store or app store.
  • create a new wallet or import an existing wallet
  • Go to deposit and select the method from 6 different options including wire transfer. You can also deposit crypto using blockchain transactions.
  • Select your coin and Pay the required fees.
  • You will receive your crypto in a Trust wallet within 2 minutes.

How to Withdraw from Trust Wallet?

To withdraw from Trust Wallet, you will need to follow these steps:

  1. Open the Trust Wallet app on your device and unlock it.
  2. Tap on the “Send” button on the home screen.
  3. Select the cryptocurrency that you wish to withdraw.
  4. Enter the withdrawal address and the amount you wish to withdraw.
  5. Confirm the transaction by double-checking the details and tapping on the “Send” button.
  6. Wait for the transaction to be confirmed on the blockchain.

Top Alternatives of Trust wallet

PropertiesLedgerExodusTrust
Blockchain supported25+Ethereum56+
Securityhighmediummedium
TypeHardwaresoftwaresoftware
Cryptocurrencies supported200+80+4.5M+ assets
Suitable forInstitute investorsHoldersbeginners
Trust wallet vs Exodus vs Ledger

Must Read: Trust Wallet vs Exodus

Conclusion

Trust Wallet has few flaws and is difficult to dislike. The user interface makes utilizing it as simple as these things need to be, and it’s simple to download and get started with. Then there is a broad variety of supported assets.

Staking is becoming more significant to many cryptocurrency owners as more people become aware of it and its advantages.

The staking feature of Trust Wallet provides it a useful advantage over other wallets that do not yet give their customers the choice, showing how well it has anticipated this need.

Another foresightful step that will pay off in the long run as the industry develops and DeFi’s upward trend continues is enabling DApp access through the app.

It offers services without KYC and a non-custodial wallet which makes it decentralized in nature.

FAQs

Is Trust wallet safe and secure to Use?

Military-grade encryption is used to safeguard internet communications, and bank-level security is used to preserve the privacy of your private keys. To access your wallet, you may use FaceID, TouchID, or standard passwords.
But there are a few things worth highlighting. Trust Wallet is a hot wallet, which means it has an internet connection. However, cold storage wallets are more secure because they are offline.  
Additionally, protecting both your mobile device and your recovery phrase is essential for Trust Wallet’s security.

Is the Desktop version available for the Trust wallet?

No, Trust wallet does not support desktop and laptop applications. Currently, it is available on Android and IOS mobile devices.

Amit Chahar

Amit Chahar

Hey! I am Amit Chahar, a Crypto and blockchain content creator at Wallet Reviewer. With 3+ years of experience as a SEO content writer, I love talking about blockchain technology, digital assets, DeFi, Smart Contracts, DApps, Digital Wallets, Metaverse, and NFTs.

Want to hire me? Contact: hello@walletreviewer.com

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