What is the Trust Wallet and how do you use it?
- Susan G. Hall
- on Jan 09, 2023
A security cryptocurrency wallet is crucial for those investing in the growing cryptocurrency market. Technically, crypto wallets are software that allow users to send and receive digital currencies, like Bitcoin (BTC), Ether (ETH) and Litecoin (SLD).
Cryptocurrency wallets are typically used to store multiple coins and tokens at once. However, most wallets only support a limited number of digital currencies. These wallets can be in the form of hardware (much like a USB drive) that can be connected to the internet as needed or digital storage (like a banking app) that can be accessed on a device.
To ensure security, cryptocurrency wallets store codes called private keys that must match a public key before the wallet owner can spend their money. Trust Wallet is an example of such a wallet.
It allows users to control and access their digital assets and supports more cryptocurrencies than some of its competitors. Trust Wallet is also a noncustodial cryptocurrency wallet, which means that users are the sole owners of their cryptocurrencies and have full control over their funds.
What is a trusted wallet?
Trust Wallet is a decentralized, non-custodial, multi-cryptocurrency wallet application that gives users full control over digital assets such as cryptocurrencies and non-fungible tokens (NFT). The trusted wallet is Binance’s Official Cryptocurrency Wallet and provides support for 65 blockchains and access to over 4.5 million crypto assets.
Unlike most centralized wallets, Trust Wallet includes access to decentralized applications (DApps), allowing users to securely interact with DApps on supported blockchains. Trust Wallet aims to make cryptocurrency more accessible to everyone by allowing users to buy, send, receive, stake, trade and store cryptocurrencies.
Moreover, Trust Wallet is a hot wallet. As long as there is an internet connection, the wallet can be accessed via a secure online connection. This contrasts with a cold wallet that largely stays offline and only logs in when needed.
Some of the key features of Trust Wallet are:
- Support for multiple cryptocurrencies: As mentioned, one of the main advantages of Trust Wallet is that it supports multiple cryptocurrencies, unlike most wallets which only support ERC-20 tokens .
- Flexible purchases: Trust Wallet allows users to purchase cryptocurrencies from third-party platforms such as Wyre, MoonPay, Simplex and others
- NFT Wallet: This is also an NFT wallet, which means users can buy, sell and store NFTs. Users can also redeem NFTs from their mobile devices through the Trust Wallet app
- Staking and Rewards: Users can use Trust Wallet to bet selected cryptocurrencies and earn rewards
- Easy cross-wallet transfers: users can transfer cryptocurrencies from other wallets to Trust Wallet using a secret recovery phrase, private key or Keystore file
- Flexible Fees: Trust Wallet is free to use and does not require a subscription. It does not charge any fees for in-app exchanges or transactions. However, users must pay corresponding network fees, which may vary depending on network congestion.
How does Trust Wallet work?
Trust Wallet creates a bridge between blockchains and their respective nodes. Each blockchain includes its own set of public addresses, where cryptocurrencies are encrypted and held securely. As it is decentralized and non-custodial, it does not own or control users’ cryptocurrency, it only gives them access.
The Trust Wallet app works exclusively on mobile devices. Thus, each supported blockchain is easily accessible once a user downloads the app on an Android or iOS device. The app does not keep any information about its users to ensure privacy. All contact information is kept only between the parties to the transaction — Trust Wallet does not disclose user information to third parties.
Its built-in DApp browser allows users to access Ethereum-based and BNB chain-based DApps. Users can use these DApps directly using the Trust Wallet app without having to register for each DApp. Additionally, Trust Wallet verifies all accessible DApps to ensure that only trustworthy ones are made accessible to its users. Supported DApps include Uniswap, PancakeSwap, and OpenSea.
What is a Trust Wallet used for?
Trust Wallet can be used in different ways. In addition to storing cryptocurrencies, users can do several things.
Can you buy cryptocurrency on Trust Wallet? Yes definitely. Users can purchase over 60 cryptocurrencies with fiat currency using a credit or debit card. However, users can also buy directly from centralized exchanges to reduce the fees incurred by these cards.
Can you stake cryptocurrencies on Trust Wallet? The answer is also yes. Users who stake Trust Wallet cryptocurrency can also earn interest on their holdings. There are various staking options on the app including BNB (BNB) and Kava (KAVA).
The platform also has a built-in decentralized exchange (DEX) which can be used for cross-chain exchanges, such as exchanging BEP-2 for BEP-20 tokens. Network charges may be incurred depending on the current activity of each corresponding network.
Stablecoin and NFT support
Along with the built-in DEX, Trust Wallet also allows users to store stablecoins and spend them in a secure app environment. Users can also manage their NFTs and gaming assets on Trust Wallet as the app fully supports Ethereum NFTs and BNB Chain.
How to use the Trust Wallet app?
Before creating an account, users need to download and install Trust Wallet on their mobile devices. The app is easily downloadable and free on Android and iOS.
Create a Trust Wallet account
The wallet should then be backed up to ensure that it is recoverable if the mobile device it is currently on is lost or compromised. The wallet is not proprietary, so this is a crucial step that every user must take. Trust Wallet cannot help a user recover a lost wallet if lost or stolen as it does not have access to the user’s data.
Check the three backup boxes to indicate agreement. Click “Continue”. A 12-word recovery phrase will then appear on the screen, which the user should write down or keep in a safe place. Click “Continue” when done.
The user will then be prompted to click on the words of the recovery phrase in the correct order to ensure that the user has copied the phrase correctly. Click “Done”.
Add funds to your Trust Wallet account
Select a coin or token to buy from the buy menu on the main wallet screen. The user will then be put in contact with a third-party supplier. Check transaction fees; these are purchased with fiat currency, so a preferred payment method must have been set up prior to purchase. Tap “Confirm” and wait for the funds at the designated wallet address.
What are the advantages and disadvantages of Trust Wallet?
Apart from the benefits and key features mentioned earlier, one of the most important benefits of the app is its user-friendly interface, allowing even novice users to use the app conveniently.
Since the goal of the Trust Wallet team is to provide users with better access to cryptocurrencies in a secure and non-custodial manner, it is feature-rich. It allows users to perform a variety of actions through a single application.
However, there are also disadvantages. One of them is the limited customer support, as the team is only available via email and not through more direct channels like chat or direct line. The app also does not currently support hardware wallets for offline storage, although Trust Wallet says this is part of its planned future developments.