Your capital is at risk
With most cryptocurrency wallets you need to prioritise security or speed. Hardware wallets offer superb security, but since you need to connect them to a device before sending funds, the process can be quite slow. On the other hand, using software wallets facilitates transfers, but this comes at the cost of lower security.
It took some time to develop, but today, Trustology offers a wallet which promises to keep your crypto assets safe while also speeding up the transfer process. Known as TrustVault, this cryptocurrency custody solution is ideal for both individual users and businesses.
Trustology offers users a variety of innovative features, but none is probably as significant as their insurance. Funds in the TrustVault are insured against theft depending on the chosen plan. For businesses, they also offer extended insurance. The custodial wallet pricing mechanism is also different from most, with a subscription-based service. You can also opt for the free version, however, this does not include insurance.
In many ways, the TrustVault can be considered to be both a hardware and software wallet. It is a unique custodial wallet offering a high degree of security end-to-end, whilst offering a user-friendly and functional interface. If you would like to learn about the ways that this wallet keeps your funds safe keep reading this review until the end.
However, if you’re not interested in the specifics, you should only know that through the subscription model, Trustology will continue to safeguard your funds indefinitely, without any need of input from your end.
For the time being, Trustology only supports a limited number of cryptocurrencies and tokens. Whilst it can technically support any ERC token, its website indicates a total of 11. These are:
Bitcoin (BTC), Ethereum (ETH), DAI, Basic Attention Token (BAT), Maker (MKR), Holo (HOT), OMG, Chainlink (LINK), 0x (ZRX), Augur (REP), and Vectorspace AI (VXV).
Through a partnership with MoonPay, Trustology users can now buy cryptocurrencies directly, using fiat currency. Supporting a variety of debit and credit cards, as well as ApplePay, users can buy BTC, ETC, BAT, and DAI instantly. Even though limited in coins, their MetaMask connectivity not only gives secure access but allows users to sign any Ethereum based transaction.
Supported cryptocurrencies on the TrustVault are expected to increase. You can stay up to date with the latest additions by visiting the Trustology Help Center.
By installing the TrustVault app on your mobile phone you are automatically transforming it into your hardware wallet. This means that connectivity is never an issue, since your wallet is integrated into your mobile device. The app works on all modern iOS operating systems.
With your Trustology wallet, you can now connect to MetaMask, a platform which facilitates access to Ethereum DAPPs. With this feature, you can conveniently access your favourite decentralised applications without the need to use insecure web browsers.
In order to start using Trustology, you must first create an account by downloading the iOS mobile app. At the time of writing, the Android version of the app was still in development, and it is currently only possible to open an individual account. Business accounts are also in development, and you should sign up for updates if you would like to use the TrustVault for your business.
Trustology has implemented simplified Know Your Customers (KYC) procedures, so you will need to identify yourself in order to open an account. You will also be guided to provide a government-issued ID and to take a video of yourself with the ID.
Using the wallet is fairly straightforward and in order to send cryptocurrencies all you need is the recipient’s public key. The TrustVault has a highly intuitive design, which makes it easy to use even if you’ve never used a custodial service before. Unlike the majority of other wallets, including those which are provided by exchanges, transfers by Trustology take mere seconds to be processed.
TrustVault’s unique infrastructure utilises hardware security modules (HSMs) secure data centres combined with several layers of encryption. This combination helps to mitigate any security risks and provides you with a high level of security and reliability.
The reason why TrustVault is only currently available for iOS systems is due to the Touch ID ad Face ID features. Since the phone itself becomes your cryptocurrency wallet, Trustology needs to ensure that the funds are stored securely and that anyone who manages to steal your phone won’t have the opportunity to use your funds. As a result, when you download the application and register your account, confidential information is stored within the Secure Enclave of your iPhone.
When you send a transaction via Trustology, you are requested to prove your identity using the Touch or Face ID systems. This signs the transaction and confirms that your device has not been hacked. The combination of the information stored in the Secure Enclave and your biometric information creates a unique and theoretically impenetrable firewall.
Even with all these levels of security, the Trustology wallet allows you to execute transactions directly from your smartphone or API integration. This reduces any potential transactional delays normally caused by the manual processing of transactions, whilst also keeping a simplified user experience
The custodial wallet offers a segregated account structure where each account is secured by a unique user key. This eliminates the risks commonly linked to the omnibus account setups.
If you get locked out of your account, the customer care team at TrustVault can assist you. So as to ensure that only the real owner of the wallet is allowed to reset a password, this process is not automatic. In order to unlock your account you need to:
Before you get in touch with the support team make sure you know your PIN code as this will be required. Prior to giving you access to your account, the service agent will need to ascertain your identity via an ID check.
Since your iPhone is, essentially, your cryptocurrency wallet, should you lose it there are measures you can take to ensure that no funds can be moved.
As soon as you realise that your phone is missing, visit Trustology and open the live chat button. At the bottom of the chat window, you will find a “Lost Your Device” box where you can enter your registered email address. Next, you should:
In order to successfully update your new phone with your funds, you will need to provide the same identity proof as you had used to create your account in the first place. There is also the possibility that you will be required to carry out a video call with a member of the customer service team.
Since the TrustVault was only recently launched, there is yet very little information about it online. Popular sites, including Reddit and Twitter, feature limited information of the product, except to feature that it was the recipient of $8 million in seed funding in December 2018. Interest in the custodial wallet is expected to grow as the company extends its solution to Android and business users, so stay tuned for updates to this review.
The Ledger Nano X is a hardware wallet which is portable and extremely safe. The following is a comparison between the TrustVault and the Nano X:
Trezor is another brand of highly popular hardware wallets which have a reputation for being extremely secure. The following list will compare the features and characteristics of the Trustology and Trezor wallets:
Portability – 4.9
Security – 4.7
Ease of use – 4.9
Cryptocurrency Support – 3.0
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