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The Complete Trust Wallet Singapore Review
Luis Clark
- URL: https://trustwallet.com/
- Hardware Compatible: No
- Price: Free
- Staking Rewards: Yes
- Platform App: Desktop and Mobile
- NFTs Storage: Available
- No. of Cryptocurrencies Supported: Over 1 million cryptocurrencies supported
- Type of Wallet: Non-custodial hot wallet
Trust Wallet Singapore Review: Our Opinion
Trust Wallet is excellent for managing your digital assets on the go. The wallet also connects you with numerous third-party decentralized apps that extend its functionality by enabling staking and much more. But in totality, it isn’t for advanced crypto investors. The features it offers are best for beginners that choose the complete ownership route.
Trust wallet is a software wallet that allows you to store, buy, and collect NFTs and exchange and earn crypto. The official crypto wallet currently hosts over 25 million users and is available on Google Play, Android, and Huawei AppGallery.
It also allows users to view and track prices and charts within the app. A major perk about the wallet is that it allows you to begin exchanging crypto immediately without personal data forms or selfies.
In this review, we cover everything there is to know about this crypto and NFT wallet. We built the article on vetted user reviews, expert opinions, and competitor research.
An Overview of Trust Wallet
Trust Wallet was founded in 2017 by Maxim Rasputin but was later acquired by Binance in 2018. The company is headquartered in California, the United States. The app currently hosts over 25 million users.
Pros
- It supports over 1 million cryptocurrencies
- Seamless and fast to buy or stake cryptocurrencies
- Set up is quick
- Decentralized apps are integrated into the wallet
- Earn interest on staked crypto
- Clean user interface
Cons
- Customer support self-serve system is complex
- You need 3rd party apps to exchange crypto assets
- Poor DApps interface
- High gas fees
- Susceptible to phishing attacks
- You cannot recover lost accounts via customer support
- The price alert feature stops working from time-to-time
- Balance cannot be recovered if the secret key is lost
Trust Wallet: What is it?
Trust Wallet is a self-custodial wallet that supports more than 1 million cryptocurrencies across multiple blockchains. The wallet is accessible through the app and users can use it to send, receive, exchange, and buy cryptocurrency.
It also allows you to buy and sell NFTs. That said because this wallet is a non-custodial wallet, users own the private keys of their assets and have total control over their accounts via a secret recovery phrase. The wallet also integrates with various decentralized apps which extends the usability of the platform.
Trust Wallet: How Does it Work?
The wallet primarily works on Android and iOS mobile devices. It is also available on recent Apple computers with the M1 chip. But you won’t be able to use the wallet on older windows or Apple computers.
Here are a couple of points to help you understand how this works in detail:
The wallet does not control or hold any crypto assets or NFTs. It simply gives you access to them. The crypto wallet also offers the ability to perform other crypto transactions such as staking and trading.
It acts as a connection to individual blockchains through their nodes.
This cryptocurrency wallet also offers third-party partner providers that have integrated their services into the app.
How to Send and Receive Coins?
To receive crypto on Trust Wallet, you need to give the sender your receiving address. For this, open your wallet.
Next, tap the crypto you want to receive from the list. Then tap the receive button.
You should see a crypto address, press “copy”.
You can also receive crypto using ENS (Ethereum Name Service). This means you can give your Crypto address a unique name.
To send your crypto coins, tap the wallet tab then open the wallet of the particular coin you want to send. Next, tap on the Send tab.
Enter the crypto address of the recipient and tap Next.
Preview your transaction details and tap Send to finish the transaction.
Unique Features
Staking Rewards
Trust Wallet users can passively generate income by staking their crypto assets on the platform. With the staking rewards program, users can earn up to 11 % APR on their staked assets. The wallet does not take a cut from your profit or your staked crypto.
While they support staking, not all coins can be staked on the platform. Here is a list of the coins that can be staked on this platform: ATOM, Osmosis, Tezos, TRX, VeChsin, Kava, TomoChain, IOTX, LUNA, CLO, Binance Coin, and Algorand.
NFT Storage
This cryptocurrency wallet has a secure NFT wallet that both newbies and experienced traders can use. Both Binance and Ethereum Smart Chain NFTs are fully supported by the platform. Users can also store their game assets, ERC721, and ERC1155 NFTs. The wallet is a decentralized mobile wallet. This means that the users are in complete control of their NFTs. The platform does not hold the private keys of users nor does it have control over users’ NFT collections.
Another unique feature of the NFT wallets is that users can easily send NFTs to their family, friends, and fans the same way cryptocurrencies can be easily sent from one wallet to another. It also grants users easy access to different NFT-powered DApps, where you can stake your NFTs and earn rewards.
Cryptocurrencies Supported
The platform supports over 4.5 million crypto assets and tokens. This includes Bitcoin, Litecoin, Ethereum, Polygon, Solana, Binance Coin, Polkadot, Doge, Bitcoin Cash, Osmosis, LUNA Terra, Fantom, GoChain, Zelcash, Algorand, Kava, Theta, Dash, XRP, etc. Trust Wallet supports 65 blockchains and the major blockchains within the Ethereum ecosystem. It is also compatible with any ERC721, ERC-20, and BEP2 tokens.
The platform keeps updating and expanding the wallet’s support for more cryptocurrencies. This means that the list of supported assets will always be upgraded, for instance, the wallet recently began to support the Binance smart contract platform (Binance Smart Chain).
Trust Wallet Fees
Users are not charged wallet fees. This means that you will not be charged for making transactions with the wallet. The platform also does not charge users any additional fees when they swap one cryptocurrency for another. There are no DApp fees.
Despite Trust Wallet not charging any transaction fees, users will need to pay blockchain network fees. These network fees are paid to the miners or validators of the cryptocurrency blockchain. The fee is not set because they vary from blockchain to blockchain. The wallet does not collect any percentage of the blockchain network fees.
Security
Trust Wallet is a hot wallet. Crypto assets on hot wallets are often less secure than those stored on cold wallets or hardware wallets. But the platform has different security measures in place to ensure the safety of the client’s crypto holdings.
When users download the app, they are assigned a wallet that must be backed up with a recovery phrase. The recovery phrase is a unique 12-word phrase that is generated from the master private key. The private keys of all assets in the wallet are encrypted to create one master private key. When run through an algorithm, the master private key that generates the Recovery Phrase.
Users who have the Trust Wallet mobile app, are advised to set up an additional layer of authentication to ensure that they are the only ones that have access to the app. This extra layer of security can be a Passcode, Face Identification, or Touch identification. With these personal security measures in place, even if the users’ phone gets into the wrong hands, their wallet app will be impregnable.
To add a passcode to your Trust Wallet app, do the following:
- Open your Trust Wallet app and go to “Settings”
- Under settings, click “Security”
- Enable “App Lock”
- Input your preferred Passcode.
Once this feature is enabled, you can go the extra mile to activate the “auto-lock”. Once activated, the wallet app will be automatically locked within your preferred time frame. The auto-lock time can be immediate, after 5 minutes, after 10 minutes, an hour, or after 5 hours. Another way the platform ensures the security of users’ assets is by limiting connections to third-party sites. In the cryptocurrency world, regular contact with third-party apps whether trusted or not can increase vulnerability to phishing scams.
To minimize connection with third-party sites, Trust Wallet users can enable the DApp browser in their wallet browser. To get this activated, all you need to do is:
- Open Safari
- Visit trust://browser_enable
- Once this is done, a message will pop up asking if you want to open the page in Trust.
- Click “Open”
- The browser will be automatically launched in the Trust Wallet app.
In addition to implementing these robust security measures, Trust goes above and beyond by providing a wealth of valuable resources on their blog, empowering users with comprehensive guidance on safeguarding the security of their crypto wallets.
Opening an Account
To open a Trust Wallet account you need a recent Android version or iOS version or a new Apple Mac computer. Next, go to the Google PlayStore or the Apple App Store to download the wallet. To be safe, follow the download links on the trust wallet official website.
After downloading the mobile app you should see a screen with 2 options: “create a wallet” and “I already have a wallet”.
Choose the “create a new wallet” option.
After this, you’ll be shown a 12-word secret seed phrase. You need to keep those words safe. If at any point you have to recover your wallet, you need those words.
The secret recovery phrase must also be kept secure. If bad actors have access to it your account is ultimately compromised.
After copying the phrase, click or tap continue.
On the next screen, you would be requested to enter your recovery phrase in the same pattern that you copied it.
Tap continue. You will see a success message and it will forward you to your dashboard.
On your dashboard, you should see a couple of wallets already created for you. These are usually Ethereum, Bitcoin, and BNB.
That’s it. You’ve created your Trust Wallet account.
Trust Wallet App
Trust Wallet, as already mentioned, is primarily a mobile app for Android and iOS devices. You can download the app on Google PlayStore, Apple App Store, or AppGallery. The app’s interface is clean and very easy to navigate. You don’t require any sign-up process to start using it.
Simply download and input your exclusive recovery phrase given during the setup. The app showcases integrated decentralized apps from third-party sources, enriching the wallet’s capabilities even further.
On the dashboard, you’ll find seamless access to all essential features, allowing you to effortlessly store and purchase NFTs and cryptocurrencies with your credit/debit card through third-party payment providers. Sending, receiving, and managing wallets are just a few taps away on the user-friendly mobile app.
Customer Satisfaction
Trust Wallet has a 4.7 rating on the Apple App Store, and a 4.6 rating on Google Play Store. Most positive reviews of the app on both the App Store and Play Store are about the number of cryptos available on the platform and that it’s simple to use. The negative reviews are primarily about technical issues. For example, some users complain about lagging transactions and the app freezing when performing certain actions.
In terms of customer support, the platform needs some improvement. There is no live chat on the website.
Users can only tender their complaints by submitting a ticket or sending a message to their contact page at support@trustwallet.com.
Who should use Trust Wallet?
Trust Wallet is best for beginner crypto users who want complete control over their assets.
Why use Trust Wallet?
Trust Wallet enables you to manage over 1 million cryptocurrencies and NFTs.
How to get Trust Wallet in Singapore?
Go to the Apple App Store, Google Play Store, or the App Gallery and download it. You can follow the links on their official home page here.
Final Thoughts
Trust Wallet is a cryptocurrency and NFT wallet primarily for mobile devices that give you access to over 1 million cryptocurrencies. The app is easy to use for beginners but offers very limited features when compared to its competitors like MetaMask.
If you want to know more about on Trust Wallet Competitors and other crypto wallets, you can check out our list of the Best Crypto Wallet Singapore. You can also read about our Trezor Singapore as an alternative to Trust.
FAQ
Most frequent questions and answers
Yes, it is safe! Despite being unique, your wallet address only directs funds to your wallet. No one can steal your cryptocurrency by knowing your wallet’s address, because your wallet address doesn’t give any form of access to your digital assets.
No, you cannot start a direct withdrawal from your Trust Wallet to your bank account. Each cryptocurrency saved on your wallet cannot be directly transferred to your bank account. You will first need to convert or swap the coin or token using an exchange. It is through this exchange that you will be able to withdraw from your wallet.
Yes, Trust Wallet is a good wallet for beginners as it allows you to store and manage not just crypto but NFTs.
Trust Wallet is as safe as the device it is installed on. And the security measures are taken by the user.
No, Trust Wallet does not charge fees. But you’ll have to pay network fees.
You cannot withdraw SGD from Trust Wallet. To do so, you must send crypto out of you wallet to an exchange that supports SGD as a fiat withdrawal option.
This depends on what you want. If you want access to more crypto options then Trust Wallet but if you want more advanced features MetaMask.
Trust wallet is a hot wallet.
Standard network fees.
Yes, but it is as safe as the device it is installed on.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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