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Trust Wallet Review 2024: Features, Pros & Cons
Luis Clark
- URL: https://trustwallet.com
- Hardware Compatible: Yes (Ledger hardware wallet)
- Price: Free
- Staking Rewards: Yes
- Platform App: Mobile/Web
- NFTs Storage: Yes
- No. of Assets Supported: 4.5 million
- Type of Wallet: Non-custodial hot wallet
Trust Wallet Review: Our Opinion
Trust Wallet is a user-friendly wallet that stands out for its support of over 4 million crypto products, crypto staking rewards, NFTs, and a dApp browser. It is a great option for newbie users who want quick and easy access to their digital assets while prioritizing security and coin ownership.
An Overview of Trust Wallet
Founded in 2017, the Trust Wallet app was created by Viktor Radchenko and a team of anonymous software developers with the aim of developing a crypto wallet that would make it easy for all types of users (beginners and advanced crypto traders) to access digital assets on the go. However, 8 months later, on the 31st of July 2018, Binance acquired Trust Wallet in the crypto exchange’s first-ever successful acquisition deal. The details of the deal were undisclosed but Binance stated that the compensation involved a portion of its BNB token, cash, and Binance stock.
Irrespective of Binance’s acquisition, Trust Wallet remains a self-custody crypto wallet that enables users to securely store private keys.
Trust Wallet is available on iOS and Android devices via the Apple App Store and Google Play Store. It is also available on the Huawei app gallery and most recently, the Trust Wallet browser extension.
The crypto wallet supports over 4.5 million digital assets inclusive of custom tokens but officially lists only 61 assets. For its blockchain network, the Trust Wallet app supports Ethereum Network and the Binance Smart Chain Network or BNB.
Beyond offering digital assets, Trust Wallet supports staking on over 11 cryptocurrencies and a dApp browser that allows users to interact with decentralized apps on the Ethereum and Binance Smart Chain. It is also compatible with the Ledger hardware wallet, which gives users greater security in cold storage.
Pros
- Supports cold storage via Ledger hardware wallets
- Multiple digital assets are available
- Supports staking rewards
Cons
- Supports limited cold storage wallets
- Software wallets may be more vulnerable than cold storage devices
Trust Wallet: What Is It?
Trust Wallet is a non-custodial software wallet that allows users to send, receive, hold, buy, and stake supported digital assets (cryptocurrencies and NFTs) on the Ethereum and Binance Smart Chain blockchain networks.
The crypto wallet is also compatible with the Ledger cold wallet for additional security of your coins and NFTs.
It is available on iOS and Android devices as well as a browser extension on Google Chrome for desktops.
Trust Wallet: How does it work?
Trust Wallet is a non-custodial wallet. This means that the software wallet, as is the case with all non-custodial crypto wallets, does not hold or control any crypto, it simply gives you access to your coins. So you would own and control the keys to your digital assets.
Your cryptocurrencies’ private keys, which are all derived from the recovery phrase shown when setting up the crypto wallet, never leave the Trust Wallet app.
Nobody, including the Trust Wallet customer support team or the integrated dApps, can access the private keys of your digital assets unless you reveal your secret recovery phrase.
Trust Wallet just manages your crypto addresses enabling you to send and receive cryptocurrencies as well as facilitating other relevant transactions like staking and trading via partner providers.
Trust Wallet Review: How to Set up Trust Wallet
To set up your Trust Wallet, you’ll need to download the app from the Google Play Store, Apple App Store, Huawei App Gallery, or the Google Chrome browser extension store (the browser extension also works on the Edge browsers, Brave, and Opera).
To get the official links, go to Trust Wallet’s page to view the various options.
After successfully installing the crypto browser or mobile wallet on any of the platforms mentioned above, launch the app.
Next, accept Trust Wallet’s Terms of Service and Privacy Policy if you agree and tap Continue.
Create a 6-digit passcode to add a layer of security.
After adding your passcode, you’ll need to back up the recovery seed phrase by noting down a 12-word secret phrase in the order it is shown to you.
Tap Continue and verify the secret phrase you just copied by putting the words next to each other in the exact order it was shown to you.
After this, tap Done.
That’s it! You’ve successfully set up your Trust Wallet.
How to Send and Receive Coins
To send and receive digital assets and NFTs on Trust Wallet go to the Main Wallet and choose/search for the particular cryptocurrency you intend to send and tap on ‘Send’.
Next, input the crypto wallet address you want to send the digital asset to and the amount then tap Continue located at the upper right corner of your smartphone.
Ensure you have enough of BNB or Ethereum in your Trust Wallet to cover the transaction fee.
Confirm and complete the transaction.
To receive a particular crypto asset, select the coin you want to get and then tap on the Receive option located beneath the coin’s logo.
Copy the QR Code using the wallet you’re sending from or copy the text address and paste it into the Send field of the other wallet.
Sending and receiving NFTs is just like with cryptocurrencies except that you’ll need to specify the blockchain network that you’d want to receive the NFT through.
Unique Features
Trust Wallet DApp Browser
The Trust Wallet DApp Browser is a Web3 browser that allows users to interact with any decentralized application on the Binance Smart Chain or the Ethereum network.
The DApp Browser is fully optimized for use on a mobile device and is compatible with both Android and iOS devices.
All decentralized applications are vetted and optimized before they are added to the browser. The browser also gives DApp developers a simple API that can be used to create multi-chain applications. This API provided by the browser also allows users to get accounts and sign transactions with their mobile devices.
To do this, you need to integrate the browser with your mobile device. The process of integration on Android and iOS devices varies.
Enabling Trust Wallet on iPhone devices is more complex than on the Android device. This is because iPhone users do not have direct access to the dApp browser, as the feature was removed due to the Apple store guidelines.
To access the dApp browser with an iPhone, you need a browser like Safari or Google Chrome.
Once you have any of the supported browsers, you can integrate the Trust Wallet DApp Browser in your iOS device, by doing the following:
- Open the browser and go to the URL bar
- Type in ‘trust://browser_enable’
- A pop-up window with ‘Open this page in Trust’ will open, click ‘Open’
- The Wallet will automatically open
Once this is done, the DApp browser will be enabled.
If your Trust Wallet version is outdated, you may get a message stating ‘Deep link not supported message’. To resolve this, update your app and try again.
Integrating the dApp browser with your Android device is a lot easier than with an iOS device. To integrate the browser, with your Android device, you need to first download Trust Wallet on your mobile device and connect your crypto wallets’ addresses.
Next, open the app and go to ‘Settings’ and click on ‘Preferences’
Click ‘Enable’. This will enable the dApp browser option and make the dApp browser automatically appear on your wallet dashboard.
Cryptocurrencies Supported
Trust Wallet supports over 4.5 million cryptocurrencies across over 70 blockchains.
Supported assets include Bitcoin, Ethereum, Solana, Binance Coin, Litecoin, XRP, Thor gain, Dogecoin, Zcash, Polygon, Tron, Dash, Tezos, Bitcoin Cash, Ethereum Classic, Binance Coin, Nano, Fio, Elrond, Cosmos, etc.
Does Trust Wallet Support NFTs?
Yes, Trust Wallet supports Ethereum and Binance Smart Chain NFTs. It allows users to store, send, and receive ERC721 and ERC1155 crypto NFTs.
You can also interact with third-party decentralized applications (dApps) such as OpenSea that enable users to create, trade, and own NFTs.
Trust Wallet Review: Fees Explained
Trust Wallet allows users to send, receive, and store crypto assets free of charge.
The wallet does not charge users any fee, however, supported third-party applications may charge users fees for buying crypto via their platforms. Users will also have to pay Binance Smart Chain and Ethereum network fees which go straight to the miners (Trust Wallet does not take blockchain fees).
Security
Trust Wallet is a self-custody wallet. This means that it does not store users’ private keys. Users are solely responsible for the security of their keys.
Although Trust Wallet may not provide absolute immunity against malicious attack attempts, like many hardware wallets, it incorporates numerous security measures to ensure the safety of users’ assets consistently.
The private keys to all assets are encrypted to create one master key. This Master Key is run through an algorithm to generate a recovery phrase. This is a unique 12-word Phrase that acts as a key to unlock access to your crypto wallet.
All wallets assigned to Trust Wallet users at sign-up must be immediately backed up with a recovery phrase.
Since the recovery phrase is the only way to access your funds, you should write them in the correct order and store them securely offline.
Trust Wallet users can also protect their wallets by adding a second layer of authentication such as a Passcode with or without Face ID or Touch ID. Adding an extra layer of protection makes it hard for unauthorized third-party to access your wallet, change your pin or send crypto from your wallet.
You can enable Passcode by scrolling to the ‘Settings’ section and clicking on ‘Security’ and then finally enabling ‘App Lock’.
You can also adjust the auto-lock time to immediate, 5 minutes, 10 minutes, 1 hour, or 5 hours.
Opening an Account
Trust Wallet is a non-custodial hot wallet or software wallet. This means that you do not need to open an account with the wallet. Rather, you just need to download the app, then copy and verify your recovery seed phrase to use the service.
Trust Wallet does not require any form of KYC, such as email address, phone number, ID, etc.
Trust Mobile Wallet App
The Trust Wallet app is a multi-chain, self-custody crypto coin wallet that allows users to access their assets on the go via their mobile devices. The mobile app is available on the Google Play Store and Apple App Store.
With the mobile wallet, users can securely access Web3 decentralized applications, store, send, and receive digital assets as well as explore GameFi, DeFi, the metaverse, and manage their NFT collection. It not only grants a gateway to thousands of dApps but also supports WalletConnect and integrations like Binance Pay and Coinbase Pay for crypto deposits from exchange accounts as well.
The Trust Wallet mobile app supports over 4.5 million crypto assets and NFTs across over 70 blockchains.
For standout features; the mobile app has an integrated tax feature that makes tax reporting easy for traders who want to automate their tax reporting.
The Trust Wallet mobile app also has a plug-and-play network auto-detect feature that allows you to quickly and easily connect to decentralized applications across several blockchains.
Advanced traders can benefit from several advanced features available on the app. This includes node settings adjustments, adding custom tokens, and using ‘Watch Address’ to monitor all crypto assets in one place.
Customer Satisfaction
The Trust Wallet support team can be contacted by email at support@trustwallet.com and via an online support ticket.
The mobile app also has a Help Center. The Help Center features extensive guides and information on how to use the platform. Trust Wallet users are encouraged to check the Help Center before contacting the Customer Support Team.
That said, the Trust Wallet Customer Support has a poor rating on third-party review platforms. There are several complaints about not getting real human support from the Customer Support team.
Who Should Use Trust Wallet?
Trust Wallet is best for newbie crypto investors who want to truly own their crypto coins by having sole control over the assets’ keys.
Why Use Trust Wallet?
Trust Wallet gives you complete ownership of your crypto assets and comes with cold storage compatibility via the Ledger wallet, which enhances the security of your coins.
This provides adequate security for your cryptocurrencies and prevents exposure to exchange crashes like the FTX hack.
Alternatives to Trust Wallet
Popular alternatives to Trust Wallet include the Coinbase Wallet, MetaMask browser extension, 1inch Wallet, and the Exodus Wallet.
Final Thoughts
Trust Wallet is one of the leading non-custodial software wallets allowing millions of users to send, receive, buy, stake, and hold cryptocurrencies and NFTs. It is great for crypto investors who want privacy and anonymity and complete control of their crypto coins.
FAQ
Most frequent questions and answers
Yes, Trust Wallet is safe as long as you do not give anyone your 12 seed recovery phrase as this will give them access to your coins.
Yes, a non-custodial hot wallet (Trust Wallet) is safer than a centralized exchange (Coinbase) as the former does not hold ownership of your crypto keys as the latter does.
You cannot exchange your cryptocurrency to fiat currency in Trust Wallet but you can send out your coins to an exchange that will allow you to change it to traditional currency.
Yes, if the thief has access to your recovery seed phrase your funds can be stolen.
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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