Trust Wallet Review : Best ERC-20 And BEP-20 Wallet?

What is Trust Wallet?

Trust wallet is a decentralised mobile wallet compatible with Ethereum based tokens like ERC20, ERC223 and ERC721. It also acts as a Binance Smart Chain wallet supporting BEP20 and Binance and Binance US ecosystem of exchange coins. We’ll take a look at Trust Wallet review in detail in this article.

It is used to store and exchange different crypto coins by using a single account. Being a decentralized app, the user possesses complete authority over the wallet and has access to other DApps through its Web3 browser.

No personal information is needed to make an account on this wallet. Trust wallet makes crypto easy to access as it supports many cryptocurrencies.

You can have a look at the complete list of crypto assets and blockchains supported by the trust wallet here

 

Trust Wallet Investors

Trust wallet was acquired by Binance back in 2018 and is now the official wallet of Binance.

As far as Binance is considered, it is one of the largest and fastest crypto exchange platforms in the world which offers a secure and fast blockchain ecosystem.

Acquisition of Trust Wallet by Binance was a first step towards having a secure wallet technology for storing and accessing funds.

Trust Wallet Review Binance
Trust Wallet Review Binance

Is Trust Wallet Regulated?

Trust Wallet is based out of California, USA. It is governed and regulated according to the laws of the State of California and US. You can view more information about terms of service in detail here.

 

How does Trust Wallet Work?

Trust Wallet is a platform that acts as a link between users and different blockchains. Every crypto blockchain has its own public address where that particular cryptocurrency is being stored and encrypted.

Trust wallet just provides a route to its users to access that blockchain. It is a free to use app and it does not earn anything from its users.

All transaction fees are delivered to validators or miners. Moreover, Trust Wallet allows you to manage and store different crypto currencies at the same time easily.

You can send and receive crypto assets and also perform other crypto functions like trading and staking assets.

 

What Makes Trust Wallet Unique?

The feature that makes Trust Wallet appealing and unique is its intuitive interface and ease of use. A lot of effort has been put into this aspect of the wallet app.

It is safe and secure and you can access your funds anywhere anytime without any permission. You can also access DApps through the DApp browser of Trust Wallet easily.

Moreover, this single platform allows you to access multiple blockchains such as Ethereum, Bitcoin etc. 

 

How Do I Use Trust Wallet?

After downloading the wallet from the google play or app store, you can get started either by creating a new wallet or importing an existing one.

You will be given a 12-words recovery phrase which you have to remember. It is better to note it down on a paper because if you lose it, you will be unable to access your wallet.

To receive crypto from another wallet just click the “Receive” button after logging in. A QR code will appear for scanning.

You can also paste the address of your wallet into the receiver portion of the other wallet. Sending cryptocurrency is also as simple as receiving. Tap the “Send” button in your wallet, enter details about the receiver and you’re good to go. 

 

Pros And Cons Of Trust Wallet

 

PROS CONS
1. Complete possession of your private keys 1. Only available in mobile, no browser or PC

access

2. Support a wide range of crypto assets and tokens 2. Less secure than hardware wallets
3. Compact size

 

Is Trust Wallet Safe?

Trust Wallet has a number of features that speak volumes about the extent to which it is safe to use. Your private key is completely safe with you. There is no need to save your key on their servers but on your device.

No personal information is taken from you on downloading the app and while creating the account. It is open source as you can also view the code of the app online which is further audited by security experts.

In short, Trust Wallet is a safe and secure platform. However being an online platform, it is still liable to online threats. 

 

Is Trust Wallet Open Source?

Yes, Trust Wallet is open source as you can access the source code of the app on github. Any developer can study and review the code and it can also be audited by security experts to identify any weak links.

Trust Wallet Review Binance
Trust Wallet Binance Bep2 Bep20 Bnb Wbnb

Trust Wallet Review

Ease Of Use

The layout of the Trust Wallet app is quite simple and beginner friendly. Even a layman having no knowledge of crypto terms can navigate from one page to another and use different features of the app.

From creating an account to using different features and services integrated in the wallet, everything is straightforward. Also the wallet is multilingual. 

 

Security

Trust Wallet is a safe and secure platform. It does not keep any information related to the users, be it saving a private key or any other personal information.

There is a backup system that allows you to recover your account and funds. The code of the app is open source which means it is open for the purpose of review by experts.

You can also add biometric authentication to your account such as fingerprint or face lock for better protection.

 

Trust Wallet Supported Coins

Trust Wallet supports multiple cryptocurrencies on its platform. At the beginning, Trust Wallet only supported Ethereum token i.e. ERC20 and ERC223.

But now it supports many coins other than Ethereum tokens such as Bitcoin, Dogecoin, Binance Coin, Litecoin etc.

If you want a complete list of supported assets on Trust Wallet, you can view it here.

 

Trust Wallet Fees

The team behind Trust Wallet claims that they earn nothing from their users i.e. there is no fee of using Trust Wallet. However, you have to pay a gas fee to perform a transaction on Ethereum blockchain.

This gas fee goes to Ethereum miners and stakers. Trust Wallet doesn’t receive any amount of the transaction fee.

 

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Trust Wallet Chrome Extension

Trust Wallet has no extension for chrome. However, you can set up Binance Chain Extension with your Trust Wallet for performing transitions safely from a computer. Binance Chain Extension is supported by Google Chrome and Mozilla Firefox.

If you want to know how to set up Binance Chain Extension with your Trust Wallet, check it out here.

 

Trust Wallet Vs Coinbase Wallet

 

TRUST WALLET COINBASE WALLET
About Trust Wallet is a multi-coin mobile wallet which allows its users to perform anonymous and secure transactions with a simple and clean user interface.  Coinbase is mainly a crypto exchange that offers you to hold crypto assets traded on its platform.   
Type of Wallet Hot Wallet Hot Wallet
Purchase Cost Free Free
Incorporated Exchange No Yes
Open source Yes Yes
Supported Platforms Android

iOS

SaaS

Android

iOS

Advantages Best for beginners

Highly secure

Multi Crypto Wallet

Access DApps through DApp browser

Purchase crypto with fiat currency

Easy to use

Offers a top rated crypto exchange with crypto wallet

High security features such as 2-FA

Decent fees

Disadvantages Not available for Windows and Mac Small number of supported crypto assets

Requires constant internet connection 

 

Trust Wallet Vs Metamask

 

TRUST WALLET METAMASK
About Trust Wallet is a multi-coin mobile wallet which allows its users to perform anonymous and secure transactions with a simple and clean user interface.  Metamask is an Ethereum based multi-crypto wallet. It is made to work with Ethereum blockchain so it supports only ethereum and ERC-20 tokens. 
Founded 2017 2016
Type of Wallet Hot Wallet Hot Wallet
Purchase Cost Free 0.875%
Open Source Yes Yes
Platform Supported Android

iOS

SaaS

Android

iOS

Browser Extension (Chrome, Firefox, Brave, Edge)

Advantages Best for beginners

Highly secure

Multi Crypto Wallet

Access DApps through DApp browser

Purchase crypto with fiat currency

Open source

Supports a wide range of crypto assets

Best for exchanging ETH and ERC-20 tokens

Reliable customer support

Disadvantages Not available for Windows and Mac Some safety concerns

Only supports ETH and ERC-20 tokens

 

Trust Wallet Vs Exodus

 

TRUST WALLET EXODUS
About Trust Wallet is a multi-coin mobile wallet which allows its users to perform anonymous and secure transactions with a simple and clean user interface.  Exodus is a mobile and desktop multi-cryptocurrency wallet with a beginner friendly user interface and a built in exchange. It is suitable for newbies who are just getting into crypto space.
Founded 2017 2016
Type of Wallet Hot Wallet Hot Wallet
Purchase Cost Free Free
Open Source Yes No
Incorporated Exchange No Yes
Platform Supported Android

iOS

SaaS

Android

iOS

SaaS

Windows

Mac

Advantages Best for beginners

Highly secure

Multi Crypto Wallet

Access DApps through DApp browser

Purchase crypto with fiat currency

Built-in Exchange

A wide range of cryptocurrencies

Easy to use

Fast customer support

Disadvantages Not available for Windows and Mac High fees relatively

Closed source

Some security issues

 

Is Trust Wallet A Cold Wallet?

No, Trust Wallet is a hot wallet. Hot Wallets are those that are connected to the internet such as desktop wallets, mobile wallets and hybrid wallets whereas Cold Wallets are hardware and paper wallets. The difference is in the amount of security they provide to your crypto assets. You can use cold wallets for storing large amounts of crypto and hot wallets for daily needs like Trust Wallet.

 

Can I Withdraw From Trust Wallet?

Yes, you can withdraw from Trust Wallet and convert your cryptocurrency to cash. It allows you to cash out your crypto from your wallet to your bank account. There are three ways to get this done:

  • Converting crypto to fiat for withdrawal via Exchanges
  • Converting crypto to fiat for withdrawal through Peer to Peer
  • Converting to a Stablecoin (for those who want to avoid volatility)

You can also withdraw from Trust Wallet using Crypto ATM. You can find more about these methods in detail here.

 

Can I Buy Bitcoin From Trust Wallet?

Yes, you can not only buy Bitcoin but other cryptos also such as Litecoin, Ethereum, Bitcoin Cash, XRP form Trust Wallet by just using your credit card. To buy bitcoin, follow these steps:

 

STEP 1 : Select the crypto asset (Bitcoin in this case) you want to buy.

STEP 2 : Tap the “Buy” button and enter the desired amount of Bitcoin.

STEP 3 : Click the “Continue” button to complete the credit card payment.

 

You can check out more details here.

 

How Do I Sell My Trust Wallet?

Just like buying crypto assets, you can also sell cryptocurrencies on Trust Wallet. You can sell any crypto asset in your wallet by clicking on “Sell”. It will connect you to the blockchain of that cryptocurrency and you can select the amount of coins you want to sell. Then proceed further for the completion of the process.

 

How Do I Transfer Crypto In Trust Wallet?

It is quite simple to transfer or add crypto in your Trust Wallet as the interface of the app is very intuitive and user friendly. You just need to follow these steps:

 

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STEP 1 : Log in to your account.

STEP 2 : Click the “Receive” button.

STEP 3 : Scan the QR code or copy the wallet address and send it to the wallet from where you want to transfer crypto.

STEP 4 : You can view transferred cryptocurrency in the “Transactions” tab.

It’s that easy. Follow the Trust Wallet Review to learn more.

 

Is It Safe to Buy Ethereum From Trust Wallet?

Yes, it is safe to buy Ethereum from your Trust Wallet account. You can buy Ethereum and other cryptocurrencies through fiat using your credit or debit card.

Trust Wallet has made it easy and secure for its users to buy crypto from its platform.

 

How Do You Secure A Trust Wallet?

It is very important to secure your Trust Wallet properly and to protect it from unauthorized access. There are many ways to make your wallet secure.

Make sure that the device on which you’re installing is free of any malware. Keep your device locked when not in use. You can also enable the passcode protection on the app.

Always secure your recovery phrase as it’ll help you to access your wallet if your device is lost or stolen.

 

Does Trust Wallet Support BEP20?

After adding Binance Smart Chain, Trust Wallet has now also added support for BEP20 tokens. You can download the latest version of the app to start trading BEP20 tokens.

If you want to have a complete walkthrough related to BEP20 on Trust Wallet, check it here.

 

How Do I Get A Private Key For My Trust Wallet?

You can get a private key for your Trust Wallet by following a simple procedure. First open your Trust Wallet. Click on “Settings” and then on “Wallets”. Then click on three dots and you’ll get your private key from there. You can view more detail here.

You can also get your private key using a 12-word recovery phrase which is provided to restore your account. Another method to generate your private key is using an online software but it involves risk of exposing intel related to your account and is not recommended through our Trust Wallet Review.

 

Trust Wallet Staking

Staking is a process in which you place your crypto assets in an ecosystem of a blockchain that increase its liquidity and support that blockchain in maintaining its operations.

You’ll get different rewards in return of locking your cryptocurrencies. It is similar to holding money in a bank account and receiving interest on it.

Transactions need to be validated on every blockchain. These can be validated by the coins staked by the people. The more the coins are staked, the more transactions get validated on a blockchain.

Trust Wallet offers its users to stake their crypto holdings and earn rewards. In staking, a particular amount of coins specified by you gets locked in your wallet for a certain period of time with a reward, in the shape of more coins, added to your wallet.

However, when I explore for coins to form our opinions for Trust Wallet Review, I was not able to find all coins available for staking on Trust Wallet. At present, these coins are allowed by Trust Wallet for staking:

You can also check out more details about staking on Trust Wallet here.

 

Trust DApp Browser

A DApp is an application that works on a distributed computing system such as Ethereum Blockchain. Most DApps utilize distributed ledger technology (DLT). Trust Wallet has its own DApp browser.

Trust DApp browser is a complete functioning Web3 browser. It provides an easy and secure connection between you and any DApp. The interface is specifically optimized for mobile devices so that you can get a better experience. 

 

Trust Wallet Earn Crypto

You can earn crypto on Trust Wallet by staking your crypto coins. Staking is an activity in which a user locks a specific amount of coins by adding them in a pool of cryptocurrency of that blockchain instead of holding those coins in his/her wallet.

As a result, the security and stability of the blockchain system increases. Stakers enjoy rewards in the shape of more coins which are added to their wallets.

Other than staking, you can earn crypto either by buying crypto through the Trust wallet or by participating in different events and giveaways announced on social media platforms (Twitter) by Trust Wallet. You can also do a job that can pay in cryptocurrency.  

Trust Wallet Review Binance
Trust Wallet Review Vs Coinbase Wallet Vs Metamask Wallet Vs Myetherwallet

Trust Wallet Alternatives

If you are a Trust Wallet user, you may also want to consider some alternatives for Trust Wallet to come out with a best solution. You should look at security and ease of use of a wallet along with other factors while searching for an alternative to Trust Wallet.

Some best alternative to Trust Wallet are:

  1. Coinbase Wallet
  2. MyEtherWallet
  3. Exodus
  4. Trezor Wallet
  5. Electrum Wallet
  6. Jaxx
  7. Atomic Wallet
  8. Bread Wallet
  9. Luno
  10. Staked
  11. Wallet.io

You can view a detailed comparison of these alternatives with Trust Wallet and more here.

 

How To Delete Wallet In Trust Wallet?

You can delete a wallet in Trust Wallet by following a simple procedure. However, a deleted wallet can not be restored other than a backup. These steps are:

STEP 1 : Open the Trust Wallet app and tap on “Settings”

STEP 2 : On the Settings page, click “Wallets” to show your current wallets.

STEP 3 : Select the wallet and click the “Delete” button.

STEP 4 : Confirm the process by pressing “Delete” and your wallet is successfully deleted.

 

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Check out more detail about deleting a wallet here.

 

How To Restore Trust Wallet?

Trust Wallet utilizes a “12-word recovery phrase” to protect your private keys and provide better security. Your private keys for every crypto coin are derived from this recovery phrase. You’ll get one for your account while creating it. This recovery phrase is a way to restore an existing wallet so it’ll be good if you can save it carefully.

There are some easy steps you need to follow

STEP 1 : Open Trust Wallet and go to “Settings”.

STEP 2 : Tap on “Wallets” and select the “+” sign to go to the import page.

STEP 3 : Select “I already have a wallet” and click “Multi-Coin Wallet”.

STEP 4 : Enter the recovery phrase and restore your wallet.

 

You can get more detail about the procedure here.

 

Common Trust Wallet Issues

There are some common issues that you can face while using Trust Wallet. You can solve these issues yourself with the help of troubleshooting.

A common issue is that the app may stop working. In this case, restart your device, check your internet connection, try using a VPN or install the latest version of the app. It’ll solve the problem in most of the cases. You can view more detail here.

Sometimes, you may have trouble receiving crypto in your wallet. In this case, check the transaction ID, check the receiving address, try adding a custom token or check if that crypto asset is supported by Trust Wallet. These checks will solve your problem. More detail about this issue here.

There might be a time when you’ll be unable to send crypto through your wallet. In this case, you can look for these things. Try updating your app, check the recipient address, check your internet connection and device’s date and time. You can also re-import your wallet or reinstall the app. This will solve your problem hopefully. More detail here.

If you notice that your crypto is missing from your wallet, the first thing to check is whether the coin/token is supported by Trust Wallet or not. Also check your internet connection and VPN usage. You can try reimporting your wallet to solve the problem. Check the detailed information about this issue here.

 

Trust Wallet Social Media Handles

You can follow and get in touch with Trust Wallet on social media to get updated about the latest news, if you want to read more information than our Trust Wallet review.

TrustWallet Facebook

TrustWallet Github

TrustWallet Instagram

TrustWallet Twitter

TrustWallet Reddit

TrustWallet Telegram

 

Takeaway – Trust Wallet Review

To sum up the whole discussion for you, Trust Wallet offers everything from ease of use to secure transactions. You can easily download it and get into it with its straightforward user interface.

Then, there are multiple crypto assets supported by it. Then it allows you to stake your cryptocurrency and earn crypto by doing nothing. Then it makes things more easier by enabling you to access DApps through its DApp browser. 

t is also open source which adds to its transparency and openness of the app. No personal information is collected and your private keys are safe with you.

The flaws are few on the other hand which can be overcome by making further development in the near future. Hope you liked our Trust Wallet review and check out other wallets at CryptoandFire.