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Trust wallet is a free mobile wallet that has been purchased by the world’s largest cryptocurrency exchange, Binance. The user-friendly hot wallet lets you buy Bitcoin and Altcoins as well as store over one million assets. This non-custodial wallet offers a range of impressive features, including the possibility to stake your coins and earn interest as well as access decentralised apps (DApps).
In this Trust wallet review, we will highlight the pros and cons of this software wallet. We will also explain how to use it and any fees that are applicable. Keep reading to learn about Trust’s security features and how to store your beloved NFT’s on this versatile wallet.
Here’s how Trust currently compares to other top-rated crypto wallets:
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The Trust wallet is bustling with impressive features and convenient ways to manage your crypto assets. Originally designed to only support ERC20 and ERC223 tokens, the wallet is now capable of storing over one million assets across 53 blockchains.
It would take us a very long time to list the entire catalogue of supported cryptocurrencies in this Trust wallet review. Some of the most prominent coins and tokens include:
With the Trust wallet, you can also get hold of, store, and stake CAKE tokens. PancakeSwap is one of the most popular DApps on Binance Smart Chain (BSC) and is also a top yield farm in the DeFi market. You can convert BNB to CAKE through pools available in the DeFi section of the DApp browser.
You can deposit and play with the cryptocurrencies supported by the Trust wallet on our recommended crypto casinos:
Trust is a mobile wallet that is available on Android and iOS devices. You can download one or more apps on your smartphone and tablet, getting direct access to your coins across your personal devices.
You can also download the Android 6.0+ APK to be amongst the first to experience the latest updates and features.
As we’re writing this Trust wallet review, the wallet cannot be downloaded on your PC.
With Trust’s user-friendly and minimalist design, it won’t take you long to master the basic usage of your app. In the following section of our Trust wallet review, we will go through the most important steps.
To install your Trust wallet app, all you need to do is:
If you wish to access your Trust wallet from a separate device, follow the above steps. On Step 3, select “Import Trust Wallet” and enter your seed or recovery phrase.
It is very important that you store your unique, 12-word seed securely. Once activated, you will be the only person that knows this passphrase. Losing or forgetting this code means losing access to your Trust wallet and any funds stored within it.
Receiving funds onto your Trust wallet is simple and straightforward. All you need to do is:
Just like receiving cryptocurrencies onto your Trust wallet, sending funds involves just a few simple steps. These are:
We highly recommend that you use the QR code scanner whenever possible. This will greatly reduce the risk of an incorrect wallet address being entered.
It is also very important that you double-check the destination address to ensure that it can support the coin or token that you are sending. If, for example, you send Bitcoin to an Ethereum address, the funds will not arrive and may be lost forever.
You can buy a minimum of $50 worth of Bitcoin or other supported cryptocurrencies directly from your Trust wallet. The wallet makes use of a decentralised exchange that operates on the Kyber network.
To buy Bitcoin, all you need to do is:
You should find your new cryptocurrency instantly in your wallet.
One of the key features of the Trust wallet is the ability to stake your funds. By staking, you will be able to vote on decisions relating to particular coins and generate income. In many ways, staking is similar to earning interest from your savings account.
Trust wallet boasts an extensive selection of supported staking coins and tokens. Popular coins, such as Binance Coin (BNB) can provide a return of between 7% and 30%. Meanwhile, if you stake PancakeSwap (CAKE) you can get up to 80% APR.
As a mobile wallet, Trust is more vulnerable to cyberattacks than a cold storage device. Being installed on your phone or tablet, the wallet is likely connected to the Internet for most of the day. However, the team at Trust have been busy implementing security measures that are also in use by banks and other financial institutions.
The Trust wallet app features a range of security measures. These include fingerprint scanning and pin code scanning. The company behind Trust works closely with Stateful to carry out regular safety audits on its security systems. You can activate or de-activate any supported security feature directly from the “Settings” section of your app.
We’ve already mentioned this earlier in this Trust wallet review, but it is worth mentioning again that the ultimate responsibility for security lies with the user. Since Trust is non-custodial, it does not have access to the unique seed or recovery phrase. The wallet does not store any user data on its servers, so the only way hackers can get access to it is by getting the necessary data from the user.
Trust is certainly one of the most secure mobile wallets available, however, it remains vulnerable. If you plan to store substantial funds or intend to HODL cryptocurrencies, then we recommend you store them in a cold storage device, such as Ledger or Trezor. These hardware wallets are a cost-effective way to protect your funds since they are only connected to the Internet when carrying out transactions.
If your intention is to buy and sell cryptocurrencies frequently in order to profit from their volatility, you might wish to consider trading Bitcoin Contracts for Difference (CFDs). CFDs are derivatives of an asset, in this case, cryptocurrencies, and allow you to capitalise on fluctuating prices without having to buy or store the underlying asset.
It is also possible to be covered by an investor compensation scheme at some CFD trading platforms. You can find further information on our detailed CFD trading guide. You can also check out our recommended trading platforms here:
As we mentioned earlier in this Trust wallet review, this is a non-custodial wallet, Trust does not offer any recovery options directly. Your only hope to get access to your funds is if you can enter the correct 12-word seed or recovery phrase.
As part of this Trust wallet review, we have checked what other users had to say about the mobile wallet.
Feedback from Trust wallet users could certainly be better. After reviewing several platforms and social media pages we have encountered several unconfirmed instances of funds being stolen and a poor customer experience. Unfortunately, the team at Trust wallet has not responded to many of the comments and reviews we’ve seen, so it is difficult to understand whether this wallet should be trusted or not.
If you are looking for a highly-rated mobile wallet alternative, we recommend Guarda. Check out our review here.
Both Trust and Guarda are mobile wallets that are available on Android and iOS devices. With Trust, you can store over one million assets, whilst Guarda supports a much lower number. However, both let you send, receive, and store Bitcoin, Litecoin, Ethereum, and other popular coins. Moreover whilst Trust offers additional services, such as staking, Guarda boasts a much better overall user experience.
Exodus is another example of a software wallet, though this one is available to download on your computer. Whilst Trust’s selection of supported coins and tokens far exceeds the one available at Exodus, the latter wallet enjoys a much better online reputation. Both wallets provide additional services, such as exchanging cryptocurrencies. Trust also lets you access DApps and buy coins.
You can use the Trust wallet for free, although network charges apply. These are priced in Gas and are shown before confirmation of payment.
No, Trust lets you use its services anonymously. As a result, you do not need to register an account or provide any personal information.
This unique phrase is the only way to recover your account should you lose access to it by other means. If you lose or forget this phrase there is no way to access your account or your funds.
Exodus is a desktop client or software wallet that gives users accessibility to not only to store but even exchange blockchain-based assets.
Guarda is a non-custodial, multicurrency wallet that can hold a variety of digital assets including ERC20 tokens. It also offers the ability to buy, sell & exchange crypto in a very easy to navigate design.