Trust Wallet Review: Is This The Best Software Wallet?
If you are a frequent reader, you know we emphasize on the importance of keeping your cryptocurrency safe. You have to be able to store your hard-earned crypto properly to make sure that no ‘no-good’ hacker can just come along and swipe them from you.
We all know that exchanges have suffered significant hacks before with massive consequences. In such cases, hackers make away with savings and funds that hard-working investors thought were secure on these platforms.
It’s alright to keep a part of your cash in an exchange if you are actively trading. However, it’s not recommended to store the bulk of your funds in them. Exchange wallets are meant for transit and not necessarily long-term storage.
The best wallets in terms of security are hardware wallets like Ledger, physical devices entirely disconnected from the internet. Unfortunately, these can be expensive, making them a bad match for certain people.
One clear downside of having your internet money on something that is not connected to the internet is that they are not easily accessible, even to you.
This is where software wallets step in as the perfect middle-ground. They’re essentially applications or software that store your private keys for you. This gives you safety and control over your crypto while still being able to easily use your crypto funds. Choosing a good hot wallet will provide you safety, convenience, great features, and more.
Trust Wallet is one such wallet, which has made it one of the most well-known names out there in the digital wallet space. In this trust wallet review, we will look at the different features it provides and what it can do for you. After this deep dive, you should be able to make an informed decision as to whether or not Trust Wallet is for you.
What is Trust Wallet?
Self-proclaimed as the most trusted and secure crypto wallet, Trust Wallet is one of the currently leading software wallets out there.
Originally founded in 2017 by Viktor Radchenko in California USA, the platform was imagined as a simple means to store different coins on his phone. At that time, there was a definite void in the market that Trust Wallet has since aimed to fill. From there, the platform quickly grew to what it currently is.
Viktor has emphasized the importance of simplifying crypto and giving access to people who’ve never had access to it before. As such, the product has emphasized usability and user-friendliness, standing out as one of the simplest wallets to use.
Let’s take a look at some of the aspects to consider when choosing a wallet. In this trust wallet review, we will be going through a rundown of the following questions:
- What does Trust Wallet provide in terms of Security?
- What different features can we expect?
- If I run into trouble, what does Customer Support look like?
- What fees or other payments can I expect when using Trust Wallet?
- How can I move funds to and from my wallet?
- What currencies are supported by the service?
What Does Trust Wallet Do To Keep Your Funds Safe?
To start things off, one thing you need to keep in mind is the security of your wallet. The value of your cryptocurrencies is not of that much use if you can’t hold onto the ones you buy. The moment that someone gains access to your private keys, is the moment you’ve lost all your crypto assets. Let’s take a look at the security features that Trust Wallet brings to keep what is yours, yours.
Although software wallets are never as secure as hardware wallets, the Trust Wallet team does all they can to make sure that your private keys are as secure as they can be. How do they achieve this?
Firstly by not gaining access to your funds. As you may already know, your cryptocurrencies are not held by you but are on the blockchain itself.
What you do have is the private keys to gain access to them. Your private keys are only stored locally on your own devices rather than on a server. This means that your private keys are yours and yours alone. They are never stored on the Trust Wallet servers and cannot be accessed from there.
Trust Wallet employs industry-standard security measures on its application to ensure the security of your funds. This does include features such as passcodes, auto-locking, and recovery phrases. They also implement a 12-word recovery phrase so that you can recoup and migrate your wallet even if you’ve lost your phone.
Software Wallet Safety Tips
All this said, given that the private keys are controlled by you, your wallet is only as secure as you make it. That’s why we highly recommend some steps to make sure that third parties don’t gain access to your wallet… and thus your crypto.
Among these steps are:
- Storing the recovery phrase safely offline. This recovery phrase is essential to recovering your wallet should you lose your device. Anyone with the phrase can make a copy of your wallet and thus move your funds. Keeping it safe is essential to the security of your coins.
- Adding additional safety measures to access the app. This includes adding passcodes or Touch ID/Face ID to open the application.
- Beware of phishing scams. Given that your recovery phrase is known to you alone, no Trust Wallet employee will ever need to ask you for it. Your recovery phrase is to remain secret and never shared.
- Keep your phone clean. It’s a good idea to make frequent scans of your phone to check for any malicious software. This is generally recommended but even more if your wallet is on it.
- Limit Connection with Third-Party Sites. Connecting your wallet with third-party sites increases your vulnerability to phishing scams. Keeping these to a minimum will reduce your risk.
As a whole Trust Wallet does provide great safety measures for your wallet. One thing that we find lacking at the time of writing is Two Factor Authentication or 2FA. This does seem like quite an oversight and is something that we would love to see implemented in the future. However, it is important to mention that other popular wallets like Exodus lack this feature as well.
What Features Can You Find In Trust Wallet?
Although the main feature of Trust Wallet is the securing of your private keys, the project does provide several services to keep your crypto moving. Let’s take a look at some of these services and how you can make the most of them:
Trust Wallet is renowned for its great user experience and easy-to-use interface. The mobile app is available for iOS and Android users alike. This allows you to make use of all its features on the go no matter your device.
One added benefit of the service is the lack of information collected from you. No personal information is ever requested unless you need to contact their customer support. In that case, it’s for the simple fact that they need to know who they are talking to. Setting up your account needs no KYC or “Know Your Customer” verification of any sort.
Those who want to have their crypto stored in multiple different wallets are also covered as they can have them all running on the same app. This is as easy as pushing a button to add another wallet to the application. The app can hold a total of 15 different wallets for you. This should have most of us common people covered as 15 is more than enough to satisfy most use cases.
Although the application does not support the buying of crypto itself, it does integrate the buying with third-party providers. In essence, you push the buy option and are redirected to a third party who will process the purchase, all in one app.
For those willing to, they can make use of their coins by staking them, all in the same app. This is essentially helping validate new transactions on the blockchain, as we explain in this guide.
Doing so means that your funds are locked in the wallet for some time, and you won’t be able to transfer them. However, staking does have the benefits of accruing interest for the time that the coins are held. These can reach numbers as high as 80% Annual Percentage Rate (APR).
The tokens supported for staking at this time are Binance Coin (BNB), TRON (TRX), Tezos (XTZ), Cosmos (ATOM), VeChain (VET), Callisto (CLO), Kava (KAVA), TomoChain (TOMO), IoTeX (IOTX) and Algorand (ALGO) with the list expanding as development continues.
With the rapid expansion of Non-Fungible Tokens, users are looking for ways to keep their digital collectibles safe as well. Given the staggering prices that some of these can reach, they are as likely to be the target of nefarious hackers as your main currencies.
Trust Wallet has expanded to provide users a safe place to store their Non-Fungible Tokens on the Ethereum blockchain and the Binance Smart Chain (BSC).
Users can take full advantage of what the app provides with an integrated DEX Portal. In the application, this looks and feels like a traditional crypto exchange. Users can see the order book and set Buy and Sell orders right then and there.
In addition, the platform also integrates a more simplified method of trading tokens through a ‘Swap’ feature. This Swap service easily lets users quickly and easily swap their tokens for any token on the same blockchain.
Users can find themselves making both ETH and BNB Swaps. As of a recent governance vote, the 1inch Protocol has been integrated by the development team. This is in favor of the previous combination of Uniswap and PancakeSwap. This change does have some foreseeable benefits.
With this change, the user-base will be able to:
- Swap between ERC20 to other ERC20 tokens, as well as BEP20 to BEP20 tokens.
- Have more asset pairs to swap.
- See lower fees and lower slippage.
Android users can gain access to a variety of different DApps or decentralized applications all through an integrated Web3 browser. This browser allows its users to make use of any different DApp built on the Binance Smart Chain or the Ethereum network.
The available DApps have been extensively vetted and curated before being added to the marketplace. This is done to ensure seamless functionality between them.
The list of available DApps is ever-expanding with new ones being constantly added. As per their team, “(…) Our goal is to create a community of decentralized applications that can be accessed by anyone with a mobile device”.
One thing that you will need to keep in mind is that if you are an iPhone user, you won’t be able to find the DApps tab in your wallet. Unfortunately, at this time iOS users are excluded from this functionality given Apple’s App Store Guidelines.
Now it can be found under a ‘Discover’ tab. This allows users to connect their wallet to DeFi DApps through their phone’s external browser and not necessarily an integrated one.
Trust Wallet does see itself as a community-focused service. Their philosophy centers around interaction with the user base and the receiving of feedback from them. This is quite visible by their active social media presence, frequent giveaways, and the extensive community forum page that they provide.
All in all, it’s clear to see that Trust Wallet expands on the definition of a simple wallet. They allow users to take full advantage of what they can do with their cryptocurrencies. This is done by integrating different functionalities and working in conjunction with third parties to provide a better user experience.
What does Customer Support look like?
Should you encounter issues with the wallet itself or have any questions, you can find yourself initially with an extensive help center. This deals with the most frequently asked questions and basic troubleshooting guides to maintaining your wallet.
Trust Wallet also supports a quite extensive multi-language community page where users can post questions they have which will, in turn, be responded to by fellow wallet users. While this can address the most common issues and be a great place to look for widespread errors…you may not find your specific question addressed at all.
If you do find yourself posting a question, you may see significant delays for what can be a simple issue.
As such, Trust Wallet has a ticketing system available for you to be able to bring up concerns with the staff directly. That being said, their response times can be on the slower side depending on the demand.
For all it’s worth, Trustpilot gives them a bad user score rating. It would however be recommended to take this with a grain of salt as many of the reviews seem to be related to users taking out their frustrations and may not be reflective of their support.
Personally, we haven’t found ourselves in the need of contacting their support team but have heard about several users having a great experience. This suggests that as in most cases in crypto, customer service is a hit-or-miss process.
What Can You Expect To Pay For When Using Trust Wallet?
The app is in essence entirely free. You can download it from your app store without incurring any download costs or any subscription costs for that matter. Other services such as the in-app DEX, used for trading one crypto for another, or the DApp browser are also free.
That being said, external Blockchain Network fees still have to be paid to be processed. As such, simply holding the crypto in your wallet will be painless but once you make payment with Bitcoin or otherwise interact with an Ethereum dApp, you may be charged for it. As usual, how much you pay depends on the blockchain used and can be variable depending on congestion.
One benefit that Trust Wallet does provide users is the possibility of setting network fees for Bitcoin and Ethereum. This lets traders change the fee charged depending on the urgency of the transaction. Higher fees would relate to faster transaction times.
Lastly, buying crypto on Trust Wallet does also not incur any additional fees from the wallet itself although users are still required to pay the third-party service that processes the purchase. These payments usually consist of a conversion rate and a network fee.
All in all, the service is remarkable for its payment model that charges nothing for the great service provided.
What Options Are There For Moving Funds?
Another essential feature of a wallet is the ability to move funds and Trust Wallet makes this process easy enough.
Receiving money is as simple as logging into the wallet, selecting the crypto that you want, and then tapping on “Copy”. Doing so stores the address to your clipboard. This can then be forwarded to the sender who can use that address to send funds to your wallet. Alternatively, users can use a QR code scanner to make sending tokens to their wallets even easier.
Should remembering complicated alphanumerical public keys not be your cup of tea, you can register an ENS name for your wallet. In essence, you are setting a personalized domain name for your wallet. Doing so makes sharing your public address as simple as giving the sending party your .eth domain name. Gone are the days of double-checking complicated alphanumeric strings.
Sending money out is also dead easy. This is done by tapping on the cryptocurrency of choice in your wallet and then selecting the ‘send’ option. You are then asked for the recipient’s address and the amount to send.
Once this is input you simply confirm the process and wait for the transaction to take place. By default, Trust Wallet sets the gas prices and gas limit automatically however, users are also able to adjust them manually, according to your need.
Concerning the conversion of your fiat into tokens, Trust Wallet does not in itself provide a service to buy cryptocurrencies. However, as we previously mentioned, the application has partnered with multiple different third-party providers to process these payments and allows users to acquire different currencies all within the app.
This partnership does generate some limitations. This means that what currencies are made available to you depends on your geographic location. In addition, this partnership creates a requirement of a minimum and maximum purchase limit of $50 and $2,000 respectively.
One feature that you won’t be able to find integrated into Trust Wallet is the conversion of your crypto into fiat. This has yet to be implemented and will have you transferring funds to an outside exchange.
As the platform does not in itself support the conversion, their community page does suggest converting the crypto that you hold into a Stablecoin before transferring it to a centralized exchange to cash out.
They recommend this to set a defined sell price for your crypto and avoid fluctuations during the transfer period. This conversion step can be done through the in-app DEX features we previously mentioned.
This whole process does make cashing out a bit cumbersome. This view does seem to be expressed by the general user base as well. Not having a quick and in-app way to be able to convert your coins back into fiat is a definite drawback of the app… But to be fair, it is the case with most crypto wallets due to regulations on fiat currency.
What Are The Supported Currencies And Assets?
If you are the sort to hold a million different altcoins that you’re raving to all your friends about… you may find it difficult to find a wallet that can hold all your different coins for you. In this case, you are in luck.
As of right now, the platform supports over 53 different blockchains with over a million different assets. This massive number of different coins and other assets means that you are sure to have all your bases covered.
The team assures us that they continue to add support for more cryptocurrencies every month. This means that even if the most eccentric one is still not covered, it may just be in the future.
As we said, the multi-coin wallet supports all the major blockchains in the Ethereum ecosystem and covers any ERC20, BEP2, and ERC721 token. To add to this, the service has added support for the Binance Smart Chain (BSC).
So feel free to stay excited and keep raving about all your weird tokens knowing full well that they are stored safely in your Trust Wallet.
As you can see from this Trust Wallet review, it’s difficult to find anything to hate with Trust Wallet. It’s clear to see why it is one of the most liked wallets out there.
The application is generally easy to use and offers more functionality than is usually expected from a simple coin holder. It has quickly become reputable among its user base and the community at large. They have reached a 4.6-star rating on the google play store while being endorsed as the ‘Official Digital Wallet of Binance’.
Trust Wallet is, all in all, a very safe application and a great tool to keep your crypto secure while still being usable. Functions such as staking and in-app DApps access give Trust Wallet a clear competitive edge that will only keep growing as DeFi becomes more and more prevalent.
Now, let’s not say that the app is perfect. We can’t deny that the app does have its definite drawbacks. Some of these are a missing Two Factor Authentication and the lack of easy cashing-out options. That said, the benefits that the service provides easily outweigh the downsides.
These do however seem like functions that the community has made clear that they want. Given the close ties that the developers have with their user base, these may just be things we’ll see in the future.
If you ever find yourself looking for a new digital wallet, Trust Wallet should definitely be on your shortlist. We can only wait for what the future holds for them.
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