What Is Trust Wallet and How Does It Work

Are you looking for a secure and user-friendly crypto wallet to manage your crypto assets efficiently? 

Discover Trust Wallet, a non-custodial cryptocurrency wallet empowering you to take control of all your digital assets, from crypto coins to non-fungible tokens (NFTs). Trust Wallet offers multiple features, including support for Web3 capabilities, decentralized exchange (DEX) integration, staking, swaps, and more.

Our comprehensive review will delve deep into the features, security measures, and user experience Trust Wallet offers, helping you determine if it’s the right fit for your needs.

What Is Trust Wallet?

Trust Wallet is a decentralized, non-custodial, multi-crypto wallet app, providing users with complete control over their digital assets. It’s Binance’s official cryptocurrency wallet available as a free download on Android and iOS devices via the Play Store and App Store and a browser extension for Chrome, Brave, Opera, and Edge browsers.

Trust Wallet supports over 70 blockchains and 9+ million crypto assets, including NFTs.

Unlike custodial wallets that require you to trust a third party with the custody of your assets, Trust Wallet puts you in complete control. It operates as a non-custodial wallet, enabling you to retain ownership and control of your private keys at all times. This empowers you to securely store, send, receive, stake, trade, store, and purchase crypto without relying on intermediaries.

As a decentralized wallet, it leverages blockchain technology to ensure users have direct control over their funds, eliminating the risks associated with centralized platforms. Trust Wallet provides a decentralized platform for asset management without relying on a central authority or server to operate.

It boasts a user-friendly interface enabling users to directly use decentralized applications (DApps) on the Trust Wallet mobile app, further expanding their Web 3 experience.

By integrating with leading DApp platforms, Trust Wallet enables you to seamlessly interact with myriad decentralized services, such as decentralized exchanges (DEXs) and decentralized finance (DeFi) protocols. This opens up a world of possibilities for you to engage in decentralized trading, lending, staking, and more, all from the convenience of the Trust Wallet app.

How Does Trust Wallet Work?

Trust Wallet creates a bridge between blockchains and their respective nodes, facilitating the secure storage of cryptocurrencies within their respective public addresses. As a decentralized and non-custodial wallet, it doesn’t possess or exercise control over users’ cryptocurrency holdings; instead, it grants users direct access to their assets.

Trust Wallet DApp Browser

Trust Wallet provides a built-in Web3 DApp browser, enabling users to interact seamlessly with Ethereum-based and Binance Smart Chain-based DApps. Users can directly access DEXs, DeFi applications, and blockchain-based games using the Trust Wallet app without signing up for each DApp.

Trust Wallet vets all integrated DApps to ensure a certain level of trustworthiness and quality for users. Supported DApps include Uniswap, PancakeSwap, and OpenSea.

Plus, Trust Wallet provides developers with a user-friendly API specifically designed to facilitate the creation of multi-chain DApps.

Trust Wallet Built-in DEX

Trust Wallet offers users the convenience of a built-in decentralized exchange (DEX), enabling them to buy, sell, and swap cryptocurrencies with a few clicks directly on the Trust Wallet app. The DEX integrates with various payment systems and platforms, such as Binance DEX, THORChain, 1Inch Network, and Kyber Network, to facilitate seamless trading and exchange options.

The built-in DEX provides access to multiple DEXs and facilitates interchain and cross-chain swaps, expanding the range of trading options for users.

Additionally, the DEX’s integration with the Venus Protocol enables users to receive liquidity mining rewards and securely store Binance Smart Chain assets, including pegged ETH and XVS, directly in their wallet.

Trust Wallet Token (TWT)

Trust Wallet Token (TWT) is the native cryptocurrency of Trust Wallet available on different blockchain networks. TWT holders enjoy certain advantages within the Trust Wallet app, such as conversion and transaction fee discounts. TWT also functions as a governance token, enabling holders to actively participate in the governance of Trust Wallet and vote on decisions like new features, tokens, and support for the network.

How to Set Up Trust Wallet?

Download the Trust Wallet app from App Store or Play Store on your mobile devices or install it as a browser extension on Chrome, Brave, Opera, and Edge browsers at: https://trustwallet.com/browser-extension

Follow the easy steps below to create a Trust Wallet account:

• Select “Create a new wallet” and press “Continue” to accept the Terms of Service and Privacy Policy.
• Create a six-digit password as your secret security code to access the wallet.
• A new screen will appear, prompting you to write down your secret recovery phrase, consisting of 12 words. This phrase is the only way to recover your wallet once you lose access to it, so keep it in a safe, private place.
• Write the phrase to verify that you backed up your recovery phrases.
• Congratulations! Your wallet was successfully created.

Is Trust Wallet Safe?

Trust Wallet is a highly secure hot wallet, incorporating military-grade encryption and bank-level security measures. The wallet is secured with Touch ID and Face ID implementation, although it lacks a two-step verification process.

As a decentralized wallet prioritizing user privacy and security, Trust Wallet doesn’t require KYC verification.

Trust Wallet is a non-custodial wallet that doesn’t store any user information, giving users complete control over their private keys. As the sole custodian of your private keys, you’re responsible for keeping them safe. Plus, since cryptocurrencies operate on a decentralized network, lost funds can never be recovered. However, Trust Wallet provides a solution for recovery or backup of your funds in the event of device loss or mishap. It offers a seed or recovery phrase, a series of random words generated by your cryptocurrency wallet, for backup purposes. This backup mechanism adds an extra layer of protection and peace of mind for a Trust Wallet owner. So it’s crucial never to share your seed phrase with anyone or create a digital copy of it to avoid a permanent loss of funds. 

Users have the option to store their private keys locally on their devices conveniently, and Trust Wallet won’t reveal the key when signing transactions automatically.

While Trust Wallet provides a secure system, it’s essential to acknowledge that it’s a hot wallet, i.e., it can be accessed via an internet connection.

Hot wallets are susceptible to phishing scams. Phishers can gain unauthorized access to users’ wallets by exploiting phishing websites to steal seed phrases. To mitigate risks, users should beware of fraudulent websites designed to mimic official wallet platforms and ensure they’re on the official Trust Wallet website before signing in.

Moreover, since Trust Wallet is a mobile wallet, if you were to lose your mobile device and someone gains unauthorized access to it, your funds could potentially be lost forever.

To avoid seeing your crypto wallet balance suddenly drop to zero, you may want to consider storing your funds in hardware or cold wallet. Hardware wallets provide offline storage, significantly reducing the risk of unauthorized access or theft.

While Trust Wallet offers significant advantages such as multi-coin support and flexible transactions, hardware or cold wallets remain the preferred crypto wallets for individuals seeking the utmost security for their long-term investment objectives.

Trust Wallet’s Features

Trust Wallet offers multiple features, along with the built-in Web3 DApp browser and the built-in decentralized exchange (DEX), enabling users to buy, sell, and swap cryptocurrencies directly on the Trust Wallet app.

Let’s explore the key features of Trust Wallet in detail below.

• Multi-coin Support: Trust Wallet supports the main blockchains within the Ethereum ecosystem and also functions as a Bitcoin Wallet. It has recently introduced support for Binance Smart Chain, expanding the range of compatible cryptocurrencies.
  Trust Wallet also allows you to store stablecoins conveniently.
  The Trust Wallet team continuously adds support for more cryptocurrencies on a monthly basis. It also encourages you to reach out to the team to add specific coins or tokens to Trust Wallet.
• NFT Storage: Trust Wallet enables users to store and access all their NFT collectibles on Ethereum and BSC. Crypto collectibles are secured on the blockchain and associated with a public address.
• Staking and Rewards: Trust Wallet offers built-in staking with selected cryptocurrencies, enabling users to earn interest on the crypto they store in their wallet.
• Flexible Purchases and Withdrawals: Unlike most crypto wallets, Trust Wallet allows users to purchase cryptocurrency with fiat currencies. You can purchase over 40 cryptocurrencies on Trust Wallet using a credit or debit card. Moreover, Trust Wallet has partnered with Ramp and MoonPay, enabling easy crypto-to-fiat withdrawals. It currently allows users to easily convert their cryptocurrency into fiat currencies directly within the Trust Wallet app.
• Cost & Fees: Trust Wallet is free to download and use and doesn’t charge fees for swaps or transactions in-app. The only fees you’re charged are blockchain network fees on cryptocurrency transactions. Users must pay the corresponding network fee, which may vary depending on network congestion. However, users can manually set their preferred gas and network fees, depending on the transaction’s urgency.

Trust Wallet Pros and Cons

Here’s a summary of Trust Wallet Pros and Cons at a glance:

Pros

• Multi-coin support
• NFT support
• Easy set-up & Intuitive user interface
• Built-in staking
• DApp browser
• Built-in DEX
• Easy Purchases

Cons

• Limited customer support: The team is only available via e-mail and doesn’t have a direct chat
• No cold storage: Trust Wallet doesn’t support hardware wallets for offline storage.

Conclusion

Trust Wallet aims to make cryptocurrency more accessible for everyone by enabling users to easily buy, send, receive, stake, trade, and store cryptocurrencies. 

It offers a user-friendly interface for managing cryptocurrencies, interacting with decentralized applications (DApps), and participating in DeFi protocols from the convenience of your smartphone.

Trust Wallet is a good fit for investors looking for a non-custodial, multi-coin wallet offering an all-in-one solution for all their crypto needs.

However, investors should take appropriate precautions and follow best practices to safeguard their assets when using any cryptocurrency wallet, including Trust Wallet.