Trust Wallet Review: Is it the Best Mobile Crypto Wallet in 2022?
Trust Wallet is a multi crypto private mobile wallet that helps you access your cryptocurrencies on the blockchain. Presently the wallet supports over 1M plus crypto assets, multiple (around 53) blockchains, has features to carry around NFTs, and also allows staking of your crypto assets. To better understand the wallet concept, you need to wrap your head around what is a software wallet? But before that let’s look at what cryptocurrency wallets are.
What we are going to learn?
What is a Private Cryptocurrency Wallet?
Simply put, a private cryptocurrency wallet is like a key ring that stores a number of keys. You see, these wallets are decentralized applications that are programmed to connect you to specific blockchains. First, understand that contrary to popular belief, cryptocurrency wallets do not “hold” any coins. They are just a medium that allows you as the user to access your coins.
Tokens or coins or cryptocurrencies never leave the blockchains. They just change addresses. Now as you opt for a particular wallet and intend to store some crypto in it, it will generate a number of private keys, public keys, and a wallet address. The public key is visible to all and when someone wants to send some Tokens with you, you provide them with that public key. Through this key, they can send crypto to your wallet address. Now if you want to send funds from your wallet, then to access it you will require a private key.
Note: Never share your private key with anyone.
Presently these private keys are on a particular seed phrase that is generated at the time in the wallet set.
Now never forget this seed phrase, nor share it with anyone. Because of this seed phrase, you can access your wallet on multiple devices. And it is this seed phrase that allows you to recover your wallet.
What are the Types of Crypto Wallet?
There are three types of crypto wallets– software wallets, hardware wallets, and paper wallets.
Software wallets like Trust Wallet are applications that are connected to the internet. They are also known as hot wallets. The reason would be that, unlike hardware wallets, the software wallets can be accessed anywhere with convenience.
Trust Wallet is one such cryptocurrency private wallet that comes with the perks of software wallets in general and some additional functionalities from the Trust.
Why do we need a Cryptocurrency Wallet like Trust Wallet?
Not your keys, not your crypto.
This is a well known phrase in the world of cryptocurrencies. You should always hold your cryptocurrencies on the blockchain and you should have the private keys to access the coin. You can’t trust any exchange with your hard earned money. Exchanges can get hacked, they can also freeze your account, and a lot of things can happen that is outside your control.
Users have lost more than Billion dollars keeping their cryptocurrencies on exchanges.
This is why you should have control over your cryptocurrency holdings. Holding your crypto on private blockchain and getting to access them when needed is why you should prefer cryptocurrency wallet like Trustwallet.
Evolution Of Trust Wallet
Trust Wallet was started by Victor Radchenko who was a US-based Ukrainian software developer. He had started out with an application that helped truckers to find parking lots and from there he went to build an application that held ERC-20 tokens acquired from Initial Coin Offerings.
Within days the wallet started attracting popularity as people started using it for its ERC-20 functionalities and user-friendly features. Even the security level of this decentralized application was something to be reckoned with.
And as it acquired a sort of mass adoption, it gained the interest of the big shot Binance. So in 2018, Binance acquired Trust wallet.
Why Should I Use a Trust Wallet?
Now, that’s a valid question. Why would I use a wallet if I can easily store my crypto on traditional exchanges with big names like Binance and WazirX?
- Well, the reason is all these exchanges are centralized; they are controlled by someone. So if tomorrow the government demands the exchange to share people’s crypto history and all, then these companies are bound to provide them with the information.
- For trust Wallet, it is not like that. It is a decentralized application that merely serves as a medium to connect the blockchain to the users. No one can access your wallet, your funds, or your information if you do not share your seed phrase with them. The seed phrase is the only key that allows access to such stuff on the wallet. Even if you lose the keys, then also the application will not be able to access your account.
- So, for such privacy and security features, Trust Wallet has created a mass appeal in the audience.
- Trust Wallet is a free application. You do not need to subscribe to anything to use it, unlike traditional crypto wallets.
- Along with storing this application also allows trading and staking your favorite cryptocurrency.
- Trust wallets are a convenient way to store cryptocurrency as it is supported by both your mobile devices and desktops.
Awesome Features Sported By Trust Wallets!
When you first open an account on the Trust Wallet, you might come across some default coins already mentioned. But if you do desire to add in more coins, you can do that from the add coin option on the top right corner of your screen. And once you enable the coin you want, that coin gets added to your dashboard.
Trust Wallet not only allows you to store cryptocurrency but it allows you to buy them too. All you need to do is click on the buy option, and select your desired crypto. Then the screen will show the amount of USDT needed for that much crypto. You can either pay from available online accounts or use cards even.
Coins from Exchanges
Trust Wallet also allows you to receive coins from any traditional exchanges like Binance, WazirX, etc. All you need to do is click on the Receive option on the dashboard. From there you will see a list of coins. Select the coin you want to send from your exchange app. Immediately you will see a screen with your wallet’s address. You have to copy that address. Then go to the exchange app from where you want to send the crypto. From the list of coins in your portfolio on the app, again select the coin you want to send. Then select the withdrawal option. A screen will appear asking for the address where you shall have to enter the copied address of your Trust Wallet. Then enter the number of coins you want to transfer and then click on withdraw. With this, that amount of coins will be transferred to your trust Wallet.
Trust Wallet also gives you the opportunity of staking. You can start this by clicking on the finance tab. There you would see a number of listed coins that can be staked. If you own any of them you can click on them and stake your coins. You will immediately be shown a screen with the details of your staking- how many coins were staked, the minimum amount, and the APR. Usually, trust Wallet has 3 days as staking periods. And it is only after that the time is flexible and you can unstake them.
This feature allows you to connect to numerous decentralized applications and exchanges from where you can buy crypto. Some DAPPs include Uniswap exchange, Pancakeswap, Venus, Beefy Finance, etc. So like this even without leaving the trust Wallet you can visit multiple decentralized exchanges.
Trust Wallet allows you to view the values of cryptocurrency in whatever currency you prefer. All you have to do is go to settings, click preferences and from the list select your preferred currency. So if you select INR then all your crypto values would be shown in INR.
You can access to any Dex. Dex are also called decentralized exchanges.
By this we mean, that Trust Wallet allows you to swap one coin for another, through this feature. You then click on the DEX option and a screen is displayed. There you enter coins and amount and it will be swapped.
On this feature only apart from the swap option, you also have the option of exchange. On this exchange feature, you can buy one crypto for the other, but only if the trading pair is displayed.
Trust Wallet also allows you to view and analyze charts of cryptocurrency. All you need to do is select the coin and from the following screen click on the chart option. It shows the present market cap, the volume traded and the circulating supply of the coins also. In the end, you have the option of directly seeking the Coinmarketcap website to see what is the state of the coin there.
Note: Although available the chart is a basic one and not much detailed.
Trust Wallet also allows you to set price alert notifications. These will signal when a certain coin might have reached your desired stage.
Steps To Create an Account And Use Trust Wallet
First, you need to download and install the trust wallet app on your device. This you can do directly from your desktop or if you are using your mobile you can easily find it on Google play store and Apple Store.
Note: If you are using your desktop, ensure that you have the right Trust Wallet link from which you download. Many phishing sites might be targeting such downloads. Always go for official websites.
As you open the application, you will come across a screen/s displaying multiple interfaces that you will be offered as you use the wallet. From there, you click the options of creating a new wallet or using an existing one. For beginners, we have to create a new wallet, so click/tap on that.
The thing about this wallet is that it has a bit different type of signing up. It does not require your mobile number or email ID. From the screen of back up your wallet now you click the continue option. As you do, in the next screen you will see a 12 worded seed phrase.
You need to remember these seed phrases because they serve as keywords and you will not be able to access your wallet unless you have them. So your next step would be to note down the phrase is a secure location.
After using these seed phrases on the given box on the screen and clicking on login you will be directed to the home page of your Trust Wallet account. Click done.
Lo, and behold! You have successfully created an account on trust wallet!
FAQs About Trust Wallet
Can I trust the Trust Wallet?
Yes, Trust Wallet can be trusted since it does employ some security mechanisms to make your holdings safe and unhackable.
Is Trust Wallet free?
Yes, you can download and create a free account on Trust Wallet. It does not charge any Wallet fee.
Can I Make Money through a Trust Wallet?
Yes, you can make money through trust Wallet by its staking feature.
Looking for a good alternative to Trust wallet? Read our review of Exodus wallet
Compared to other cryptocurrency wallets, Trust Wallet indeed exhibits quite a unique set of features. Its user interface is quite charming. You can of course opt for this wallet, but beware, the crypto market is volatile, and you cannot expect absolute returns.
It is all subject to speculation. So to make informed choices about wallets, platforms, exchanges, and coins we suggest doing your own thorough research and having a secure financial base.
With regards to trust Wallet, we hope this article was able to answer some of your questions!