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Trust Wallet Review: Everything You Need To Know

Trust Wallet Review: Everything You Need To Know Cryptocurrency 101

Trading with crypto can be very intense. Cryptocurrencies can be highly volatile and could need constant vigilance. Most traders already understand the importance of a secure crypto wallet. With the news about exchange hacks and website crashes it is vital to have a wallet that does not exist on a main crypto exchange website.

The ideal wallet would need to come with high security. It needs to also come with the ability to swap coins to keep track of sudden fluctuations in the crypto market. The added bonus of anonymity also makes for a good wallet. These are all features that come with Trust Wallet.

What is Trust Wallet?

Trust wallet is a crypto wallet that was launched in November 2017 and later bought by Binance in July 2018. The app is an anonymous, secure, open-sourced, decentralized mobile wallet. It provides strong security and never asks its users for private data.

The app hosts a fast and simple interface. It runs on the Ethereum Blockchain and allows users to safely hold their crypto assets. Users can also swap between digital currencies. Trust Wallet supports Ethereum tokens along with all ERC20 and ERC223 tokens as well. It currently supports over 30,000 tokens.

Users can download the app onto any smartphone. Trust Wallet is supported by both Android and iOS devices. The app is connected to the Ethereum blockchain, thus, keeping it away from third parties.

Unlike a hardware wallet, which needs a cable and careful storage, Trust Wallet is much easier to use since it exists as an app alone. While hard wallets like Ledger Note S need a private key for access, Trust Wallet does not.

What can Trust Wallet do?

Trust Wallet offers many interesting features, for one, it is a Multi-Currency Wallet. Users can create multiple new wallets on the app. They can also store every available token across multiple wallets created. Each token will have a unique address that users can use to transfer funds.

The main screen displays all the tokens present in the opened wallet. The price value of each token is shown right beside the tokens. Additionally, the total price value of all the tokens on the wallet is shown above them. Users can even choose a preference in the currency like Dollars, Dirhams, or Won for the price values.

The App also allows users to stake their coins. Crypto holders on the app can choose to stake their tokens to earn a passive income. They will receive funds directly into their wallets based on interests that vary from token to token.

Trust Wallet also allows users to explore decentralized applications (DApps) through a browser on the app. Through this, users can access any DApp existing on the Ethereum blockchain. They can even connect their wallets directly to the DApp if they so choose.

Trust Wallet also comes with access to a decentralized exchange (DEX). Users can trade cryptocurrencies available on the app. They can swap digital tokens to earn profits from a bull run or they may swap to stablecoins to safely hold their asset values for the moment.

Trust Wallet Advantages

Possibly the most exciting feature for Trust Wallet is that it costs nothing. It’s a free direct download onto a smartphone. Unlike a hard wallet that usually comes at a hefty amount, Trust Wallet is pretty much free. Opening more wallets on the app also costs nothing. Users need only deposit their crypto into their wallets to commence purchases.

Speaking of purchases, Trust Wallet allows users to purchase any cryptocurrency on the app. As long as the token exists on the app, users can buy tokens with their cards. Simply insert wallet address to receive new tokens and proceed with the direct card payment.

The app’s next great advantage is its multiple layers of security. Once the app is downloaded, users can choose to add a 6-digit PIN. This code must be entered every time the app is opened. Users can either type in the PIN to access the app, or they can set up biometric authentication. The app allows both fingerprint scans and Face ID recognition.

Above all, Trust Wallet has an impressive recovery system in place. In the case of lost or damaged devices, users can use this recovery option to access their wallets on a new device. Upon downloading the app, users will find 12 unique phrases. Select and record the phrases numerically for future use.

Both the 6-digit PIN and the 12 phrases are crucial information, store safely. Users must write this down and store it in a secure location away from the device holding the app. Hence, if a wallet ever needs to be recovered users can type in these 12 phrases. Each wallet will have a unique set of recovery phrases.

How do I set up Trust Wallet?

Another factor that manifests in the Trust Wallet is that it does not need to be configured like a Hard Wallet. Setting up Trust Wallet is simple, just download the app and follow the instruction. Once set, users can begin buying, staking, and trading tokens on the app.

Below are the steps to download and set up Trust Wallet.

  1. First, download the Trust Wallet onto your device using the Appstore or Playstore.
  2. Open Trust Wallet and accept Terms of Usage
  3. Save Recovery Phrases and keep them in a secure location
  4. Verify Recovery Phases
  5. The Wallet is ready

Users can open multiple wallets on the app. There is no limit in Trust Wallet for the number of wallets a user can open.

To open a new wallet on the app follow the steps below.

  1. Open Trust Wallet
  2. Tap on Setting
  3. Tap on Wallets
  4. Click the ‘+’ sign on the top right corner
  5. Click Create a New Wallet
  6. Save Recovery Phrases and keep them in a secure location
  7. Verify Recovery Words
  8. The new wallet is ready

Conclusion

Cryptocurrency holders hold full responsibility for holding and using their tokens. Among the many available options to store digital coins, Trust Wallet is a fair option.

Firstly, it offers a secure, fast, and simple application. Secondly, it is a Multi-Currency wallet that allows users to open multiple wallets within the app. In addition, users can even access DApps directly through the app. Also, let’s not forget its thought out recovery process.

Buying and trading in digital tokens too can be done directly on the app. Based on all these features, this review concludes that Trust Wallet is a capable and secure option for holding cryptocurrencies. Furthermore, it’s free and can be accessed by anyone owning a smartphone.

Disclaimer

All information in this Trust Wallet review article is solely for the reader’s information and nothing else. No information in this article should be interpreted as an advertisement about the subject. CoinQuora does not endorse any product or service from any company on this website, directly or indirectly.

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