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Trust Wallet Review: What it is and How it Works?

Cryptocurrency is quickly becoming an essential aspect of the world's economy. It serves as an asset for trading with investors regularly funding new projects in the ecosystem.

Several projects are developed for different reasons, like buying, selling, and storing assets. To carry out these activities, you need an exchange or exchanges. A cryptocurrency exchange is used to purchase and store digital assets and can be centralized or decentralized.

Trust Wallet is a decentralized exchange that allows users to keep their cryptocurrency secure.

In this review, we will go over the features of Trust Wallet, how it works, and its pros & cons. In the end, you will clearly understand if Trust Wallet is safe for you or not.

What is Trust Wallet?

Trust Wallet is an open-source crypto wallet that runs on mobile. It is decentralized and supports over 180,000 digital assets.

The Trust Wallet mobile application is available for download for Android and iOS users.

Initially, ERC20 and ERC233 tokens were the only tokens the wallet was designed to hold. Now the decentralized crypto wallet holds popular cryptocurrencies like Bitcoin.

With Trust Wallet, users can stake their assets to earn interest quickly. Trust Wallet supports crypto staking for blockchain networks like Vechain, Tezos, Callisto, IoTex, Kava, Cosmos, Algorand, and TRON.

Trust Wallet Background

Trust Wallet is a non-custodial multi-currency crypto wallet based in Mountain View, California, United States. The project was started in September 2017 by Viktor Radchenko.

Viktor Radchenko's idea was to store and manage his ERC20 tokens easily yet efficiently. In about three weeks, he built the initial mobile application for Trust Wallet as software that sends and receives Ethereum and ERC20 tokens.

In November 2017, Viktor Radchenko launched the Trust Wallet mobile application, and the application gained user adoption in no time. Radchenko and a small team further developed Trust Wallet.

On the 31st of July, 2018, Binance acquired Trust Wallet. Trust Wallet added on-chain and a secure mobile wallet to the list of Binance service offerings.

Trust Wallet has specific features that differentiate it from competitors in the crypto space, and it ranked in the top ten most downloaded cryptocurrency applications in 2020.

How to Register an Account on Trust Wallet

To receive and send assets, you will need a wallet. Trust Wallet is safe, secure and is usable across different countries.

The Trust Wallet mobile application works well with iOS version 13.0 and above and Android version 6.0 and above.

Setting up your Trust Wallet, step-by-step:

Start by downloading the Trust Wallet mobile app on your device. It is available for android users on the Google Play store and iOS users on the App store

Once downloaded, you will see two options on your welcome screen: "Create a new wallet" and "I already have a wallet." Click on the "Create a new wallet" option to proceed

On the next page, after selecting the create a new wallet option, you will see your 12-word recovery phrase. It is crucial to keep these words safe as you will need them to recover your wallet subsequently.

Next, check the "I understand" box and click on "Continue."

Once you have selected the option to continue, you will be shown your 12 words seed phrase, write them down in the appropriate order they appeared and keep them safe

Next, click on "Continue."

Enter and verify your recovery phrase on the next screen in the order they appeared initially.

Click the "Continue" button once you have entered your recovery phrase in the correct order. You will receive a message indicating that you have successfully created your wallet on the next page

Click "Ok," and you will be shown your dashboard. On the dashboard, a few wallets have been created for you

How Does Trust Wallet Work?

Trust Wallet is a bridge that connects blockchain networks to nodes. An individual blockchain network has a public key that serves as an address.

Trust Wallet works for transactions like crypto staking and trading. Users can send and receive their assets on Trust Wallet through their public address.

It is easy to use and does not cost any fee to use. Transaction fees are paid to validators in the network.

Trust Wallet Payment Methods

Trust Wallet allows users to purchase cryptocurrencies via bank debit and credit cards. But deposits and withdrawals can't be achieved through fiat as the platform doesn't support this feature.

However, Trust Wallet partnered with Moonpay, Mercuryo, and Changell—fiat to crypto exchanges—to allow a crypto-fiat exchange. With this offer, these third-party exchanges determine the trading limit and countries that can buy crypto-fiat.

Deposit on Trust Wallet

Primarily, there are three paths to take when depositing cryptocurrency into your Trust Wallet. You can choose to deposit into Trust Wallet by receiving crypto from third-party wallets, from Binance exchange, or by buying crypto with a card.

How to Deposit Cryptocurrencies into Your Trust Wallet from Third-Party Wallets

Log in to your Trust Wallet, then select from the list of cryptocurrencies the asset you want to receive

Select the cryptocurrency and click on "Receive."

Click on "Copy" to copy the wallet address. Then send it to the person sending the cryptocurrency to your Trust Wallet account. Also, the sender can scan your address QR code

How to Deposit Cryptocurrency into Trust Wallet from Binance Exchange

Log into your trader account on Binance and click on the wallet icon on your user dashboard

From the menu, select 'Fiat and Spot'

Click on "Withdrawal" on the next screen and select crypto. Select Binance as your preferred digital asset to be withdrawn

Next, a recipient address tab will be shown to you. Leave the tab open and log into your Trust Wallet account and click on "Binance" from the wallet page

Select "Receive" to see the wallet address and QR code

On the recipient address bar on Binance exchange, copy and paste the address. Confirm the validity of the details and click the "Submit" button.

How to Deposit Cryptocurrencies into Trust Wallet via Bank Credit and Debit Card

Log in to your Trust Wallet application and click the "Buy" icon on the homepage

Select the cryptocurrency that you want to buy

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Pros & Cons

  • Easy to use
  • Free to download
  • Decentralized and open-source
  • Users’ information is not stored on a server
  • Supports a wide range of digital assets
  • Safe and secure
  • Multi-wallet functionality
  • Available for both Android and iOS
  • Not supported on desktop
  • Lacks two-factor authentication
  • Less secure compared to hardware wallets

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