What is a Trust Wallet? Is it a wallet you can trust? Well, the name certainly implies so, but to really get a better grasp of what this platform is and how you can implement its features into your everyday trading, check out this deep dive guide into one of the most used crypto hot wallets in the market.
Ok… But What Is Trust Wallet?
Great question!
Trust Wallet is a provider of non-custodial decentralized crypto wallets. It was launched in 2017 by Boris Butakov, Maxim Rasputin, and Viktor Radchenko. In July 2018, the crypto exchange Binance bought the company – and today Trust Wallet has over 140 million users worldwide.
For those who don’t know, the term “non-custodial wallet” simply means that you have complete ownership of your wallet, including full control over your private keys and seed phrases. While a custodial wallet means that a third-party organization, almost always a cryptocurrency exchange, owns the wallet’s private keys.
As a hot wallet, Trust Wallet is connected to the internet and can be used via mobile application or web browser extension. Furthermore, it supports thousands of cryptocurrencies in multiple blockchains and NFTs. Trust Wallet also has a dedicated dApp browser – allowing users to easily reach new dApps.
Trust Wallet For Beginners
New investors would have a lot to benefit from using a hot wallet like Trust Wallet. The platform offers novices a secure platform and a user-friendly way to interact with a large chunk of the cryptocurrency market.
There are thousands of Trust Wallet supported coins to interact with, ensuring you have access to a wide variety of assets. The wallet also supports staking, allowing users to earn passive income by participating in staking programs for different cryptocurrencies. Additionally, Trust Wallet provides seamless access to decentralized applications (DApps) and decentralized finance (DeFi) services, enabling users to explore the growing world of decentralized finance.
Trust Wallet vs Metamask
Trust Wallet has a few characteristics that make it worthwhile for investors, depending on their profile.
While its main competitor Metamask has a focus on Ethereum Blockchain tokens, Trust Wallet offers a wider range of both currencies and blockchains. It has a more “mobile-focused” design making it great for on-the-move traders, and also a wider range of dApps and NFTs.
Its large array of available assets and products to interact make it the ideal wallet for investors who like diversifying their portfolio, as well as finding new gems in the market that could turn a sizable profit.
Trust Wallet Features
- Non-Custodial: Full control over your private keys and seed phrases.
- Multi-Asset Support: Thousands of cryptocurrencies across multiple blockchains and NFTs.
- Accessibility: Available as a mobile app and browser extension.
- dApp Browser: Built-in access to decentralized applications.
- Security: Regular audits, ISO/IEC certifications, Security Scanner, encrypted cloud storage, and multi-factor authentication.
- Ease of Use: User-friendly design for on-the-go trading.
Why Use Trust Wallet and Not an Exchange
While there is nothing wrong with using a cryptocurrency exchange to store your assets, using cold wallets like Trust Wallet has a series of benefits.
For starters, unlike traditional currencies where you are almost forced to use financial institutions like banks to move and save money – cold wallets like Trust Wallets offer you the chance to have full ownership of your money. As long as you maintain your information secure, Trust Wallet is generally seen as a safer option. Doubt? Just ask Sam Bankman-Fried.
Trust Wallet Fees
Cryptocurrency exchanges are the owners of the wallets you use, and they have to fund their platform, security features, and network. This means that using exchanges becomes more expensive when compared to hot wallets.
As for Trust Wallet security features, it gives you the freedom to completely own your wallet and assets, the only cost of using it is the blockchain gas fees you’d have to pay when moving tokens. By taking out the middleman, you pay less but also become directly responsible for your assets’ security.
Hot wallets are also a lot more private as, unlike crypto exchanges, they require no know-your-customer (KYC) process and have no intermediaries between wallets when transferring assets.
Also, Trust Wallet offers a wider range of assets when compared to the limited availability on exchanges like Binance and Coinbase. For investors looking to diversify their holdings, cold wallets are a great choice.
However, exchanges also have their upsides. For regular traders, investment tools like live charts, analysis tools, stop loss and take profit features – as well as high liquidity and ability to quickly swap fiat for currency make it an attractive option.
PS: If you feel like checking out a guide on how to pick a reliable exchange, we got you covered.
How to Use Trust Wallet
After downloading the application from the App Store or Google Play – or in your browser, click the option “Create new wallet”. You’ll be given a recovery phrase, write these down, and store them somewhere safe. To emphasize, write these words down, and keep them somewhere safe, preferably offline.
After you confirm your seed phrase, you’ll be set to go. From there you’ll be ready to send or receive cryptocurrencies, NFTs, and embark on the integrated dApp browser.
Is Trust Wallet Safe?
Short answer: yes, but like all things in crypto, it’s not completely bulletproof.
Trust Wallet packs some solid security features. The platform undergoes regular security audits, with ISO/IEC certifications to back it up.
Trust Wallet also has a few cool tools to boost security, like a Security Scanner that alerts you to risky transactions, dApps, or NFTs. And if you ever need a backup, encrypted cloud storage is there to keep things safe. There’s even multi-factor authentication and a bug bounty program.
That said, Trust Wallet has had a couple of security hiccups. In 2022, a WASM vulnerability in the browser extension affected a few addresses, but they patched it fast and reimbursed users. Then, in 2023, a data breach involving Transak’s fiat service led to unauthorized access. Trust Wallet covered the costs here too, and it still has fewer incidents than some of its big competitors, like MetaMask.
So, while no crypto wallet is invincible, Trust Wallet does a pretty good job of making sure your assets are safe.
Trust Wallet Safety Tips
While Trust Wallet has a robust security system for its network, the majority of your wallet’s security falls on you to take care of.
For this reason, it’s important to avoid having the wallet connected to your everyday-use browser, having solid antivirus software on both your computer and phone, as well as avoiding accessing dubious websites.
Social media also poses a relevant threat to hot wallet users, as it is usually through these means that scammers spread phishing links and other types of bad stuff.
Also, pay attention to email scams. I’m sorry to tell you that but you most likely have not won 1 BTC from a Nigerian prince, so stay away from those types of messages.
Trust Wallet vs. Cold Wallets
So, what’s better– hot wallets like Trust Wallet or a cold wallet? Well, it depends on what you’re after.
The fact that it is online and accessible on your phone makes Trust Wallets a lot more convenient and easy to use. More active traders also benefit from having easier access to their funds.
Cold wallets (like Ledger or Trezor) are all about serious security. Offline storage keeps them safe from online threats and malware, making them ideal for long-term storage or large holdings. But the trade-off? They’re less convenient for quick transactions and come with a steeper learning curve.
The bottom line? Active traders might prefer Trust Wallet; HODLers may lean toward cold storage. We go into a lot more detail on this topic here, If you’re looking to learn more about cold vs hot wallets.
