Trust Wallet is an open-source crypto wallet that uses an intuitive and simple interface and allows you to perform financial transactions for a wide array of cryptocurrencies on your mobile (iOS and Android).
As the numbers of both cryptocurrencies and their users are increasing daily, users need to be careful about where they are storing their assets. Although hot wallets come with unavoidable security risks, they allow you to perform all the necessary financial activities. So, while we cannot eliminate the risks, we can find wallets that provide as much security as possible.
In this Trust Wallet review, we will discuss all the features it has to offer and the security measures it uses, and whether you can trust it or not.
About Trust Wallet
Originally designed to hold ERC20 and ERC223 tokens, Trust Wallet has grown to support over a whopping 160k digital assets. In addition to that, the simplicity of the wallet has led to its mass adoption by over 5 million users.
Another reason this wallet is considered so trustworthy (we couldn’t resist the pun) is because of its partnerships with well-respected platforms such as Binance and Kyber Network. Trust Wallet is the official digital wallet of Binance, so naturally, a lot of users choose it over several other hot wallets. However, for a simple wallet that even beginners can use, it does provide its users with a number of useful features.
Interface, Features, And Ecosystem
Trust Wallet is easy to download and set up. You can get started with your crypto trading in no time. It has an intuitive interface that is convenient for beginners. If you already have an existing wallet, you can import that to your Trust Wallet as well.
Adding crypto to your wallet is also pretty straightforward. Simply tap the “receive” button, and you will be given a QR code. Scan that, and you are good to go. Otherwise, you can also copy and paste your wallet address.
The transactions you make are neatly shown in a transactions tab which helps you keep track of your assets. Your portfolio is also shown neatly, along with the change in crypto prices over time. Now, let’s discuss some of the critical aspects of the app’s ecosystem:
Trust Wallet offers you a fully decentralized framework for financial activities. It means there is no central authority reviewing your transactions. You don’t need to fill out any KYC form, and it doesn’t store your private key on its servers, which we will talk about in detail later in this Trust Wallet review.
Through its partnership with the Kyber Network, the wallet offers you a decentralized platform for exchanging your currencies. This allows you to trade without even leaving the wallet.
Unlike a lot of other hot wallets, this one comes with a built-in staking function. For those who don’t know, staking is a method of creating new blocks via an algorithm. Holders can validate new transactions on the blockchain with the use of coins.
Staking creates a kind of interest building within a specific span of time. And the more you stake, the more you get back. This staking feature will allow you to explore the working of crypto networks, and you can also earn some interest from your holdings.
Currently, the wallet lets you stake cryptocurrencies like Tron, Tezos, Cosmos, Callisto, Kava, TomoChain, VeChain, loTeX, and Algorand.
3. Marketplace And DApp Browser
Trust Wallet has a built-in Web3 browser that lets you explore DApps on the decentralized internet safely and effortlessly. And this is still an evolving feature of this app that is expected to grow a lot more in the future.
In the Trust DApp marketplace, you can browse through and engage with DApps such as Uniswap, Zerion, Aave, Ethereum Name Service, and Compound. And there’s good news for gamers as well. This app gives you easy access to gaming platforms where you can gather crypto-based rewards and digital collectibles.
In addition to these, Binance and Trust Wallet have been working on new features, such as market monitoring, test networks, native DEX, and custom networks. Binance also aims to integrate the Trust crypto wallet into its core infrastructure.
We won’t be able to mention all the cryptocurrencies this wallet supports on this Trust Wallet review because the list is enormous. Some of the most popular ones are:
- Bitcoin (BTC)
- Binance coin (BNC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Polkadot (DOT)
- Stellar (XLM)
- Smartchain (BNB)
- TRON (TRX)
- Cosmos (ATOM)
- Tezos (XTZ)
- Kava (KAVA)
- Callisto (CLO)
There are several more, but overall, the app supports 40 blockchains and over 160k assets. While Trust Wallet is most popular as a Binance and Ethereum wallet, BitDegree considers it to be one of the top 7 crypto wallets for Tron.
Being an open-source wallet, Trust Wallet is free for all users. You can download and start using it without any up-front payment or subscriptions. It simply charges you with a gas fee or a processing fee to be paid to the miners and proof-of-stake chains.
There is a traditional help center option on the app for any issues you might be having with the wallet. In case that does not work, you can also check out the FAQs and troubleshooting section under settings.
However, the customer service section tends to be one of the cons of this wallet. You can find this one consistent complaint from any negative Trust Wallet review.
Platforms such as Exodus, that charge you additional fees, tend to pour that revenue into customer support. However, open-source platforms lack this one feature at the cost of being more affordable.
Security: Is Trust Wallet Safe?
Cryptocurrencies have airtight security because the private key (a code), when used to perform transactions, creates a unique signature each time which hackers cannot possibly predict.
Hot wallets are connected to the internet and that’s how you can perform trading, and other activities. But it’s the same reason why they are more susceptible to security issues. So to understand whether Trust Wallet is safe or not, we have to look into their security measures.
One of the best aspects of decentralized finance is the anonymity it provides. This is possible because the transactions occur through an impossible-to-hack algorithm and directly between the sender and the receiver. With this platform being fully decentralized, you don’t need to fill out a KYC form, which means your information is not on their servers and hence safe.
2. Private Key
As we have already discussed in this Trust Wallet review, this app, like other non-custodial wallets, does not save your private key or any other data on its servers. Your information is instead stored locally on your device. But this does not entirely protect you from safety threats since hackers might get access to your device.
Passcode: The wallet adds extra security in the form of pin codes or fingerprint scanning, which you can set up from the settings in the app.
In case you lose the device where the app is downloaded, you can simply use the backup option to retrieve your profile in less than a minute. The wallet uses a 12-word passphrase to recover your account and reset it.
4. Security Audit
Trust Wallet’s code is completely open source, so security experts or anyone can check it out online. But it has also been audited by Stateful and is found to be safe. One minor issue stated in the audit is that the app does not offer RAM encryption or memory zeroing.
On the downside, Trust Wallet has not yet introduced two-factor authentication, which makes it more vulnerable. However, this app is still a work in progress, growing every day, and it has support from some of the biggest names in the crypto market.
As a crypto trader, one needs to know that hot wallets will always be prone to attacks. This is an unavoidable circumstance. So, as a countermeasure, you are advised not to store large amounts of assets in one hot wallet, no matter which one you use. Cold storage or hardware wallets are where you should be keeping your cryptocurrencies for safekeeping. Transferring some of the funds to trade on hot wallets can help you better manage your assets.
To put this Trust Wallet review in a nutshell, the app seems to do quite well on most reviewing platforms and has a lot to offer to both beginners and experts. It features an incredible DApp marketplace which will surely provide you with a seamless browsing experience. Moreover, it has a lot of potential given its roadmap and future with Binance.
Furthermore, its code being open source, the platform ensures transparency to its users. While it still has to work on some of the features, its association with well-known platforms provides credibility.
Lastly, caution is essential when it comes to handing your assets online. So, as long as you are using hot wallets such as the Trust crypto wallet for trading and other dynamic financial activities, Trust Wallet is a reliable and accessible choice for everyone.
Laura has been interested in finance for a very long time, especially since her graduation in Economics. With the increasing popularity of cryptocurrency, she decides to read up more on the subject and soon became an expert. Laura has been dabbling with crypto ever since and started investing in them in 2017.