Trust Wallet Review 2021: Security, Fees And Much More
So far, 2021 has been an excellent year for crypto investors. Not only have Bitcoin (BTC) and Ethereum (ETH) reached all-time highs but several credible altcoin projects are on the rise. Cryptocurrencies are receiving global acclaim and acceptance.
As and when you purchase crypto tokens at an exchange, you should transfer your purchased crypto tokens from the exchange to a crypto wallet.
While hardware wallets like Trezor Model T and Ledger Nano X are among the best in the business, there are a variety of mobile wallets that are worth looking at.
In this guide, we will explore all you need to know about Trust Wallet.
Trust Wallet is the official crypto wallet of the popular crypto exchange, Binance. The crypto wallet is mobile-based and is open-source for iOS and closed-source for Android.
The crypto wallet was launched by Viktor Radchenko and the team in November 2017. The mobile wallet was acquired by Binance in July 2018.
The mobile wallet was launched in the quest to simplify the way ERC-20 tokens are sent, received and stored on the Ethereum blockchain.
While a lot has changed since then, the wallet’s primary goal remains the same: to make cryptocurrencies more accessible.
Pros And Cons Of Trust Wallet
- The wallet supports multiple crypto coins (blockchain agnostic) and is free to use.
- Trust Wallet offers a clean and simple user interface (UI) that greatly enhances its usability.
- The mobile wallet is safe and secure.
- Trust Wallet is feature-packed. The mobile app offers access to decentralized applications (dApps), staking, lending and decentralized exchanges (DEXs).
- You can use Trust Wallet to buy crypto tokens within the app using a credit card.
- The wallet allows you to swap and exchange digital assets without leaving your wallet.
- You can play blockchain games on the mobile app as well!
- The crypto wallet does not offer two-factor authentication (2FA). 2FA is a basic security feature that all crypto wallets should offer.
- Users have rated the wallet’s customer support team to be rather slow in responding to grievances.
Versions: Mobile Only
Unfortunately, the crypto wallet is only available in the form of an app.
You can download the Android version of the mobile wallet on the Google Play Store.
Similarly, you can download the iOS version of the mobile wallet on the Apple App Store.
Alternatively, you can visit the wallet’s official website and directly download the mobile app.
The mobile wallet supports 40 blockchains and over 160,000 assets!
Trust Wallet supports cryptocurrencies like Bitcoin, Bitcoin Cash (BCH), Ethereum, Ethereum Classic (ETC), Binance Coin (BNB), Litecoin (LTC), Ripple (XRP), VeChain (VET) and TRON (TRX).
Essentially, the mobile wallet supports all ERC20 tokens and ERC223 tokens.
Until recently, the mobile wallet did not provide support for BTC and BCH.
Trust Wallet does not collect any fees for its services. That said, whenever you send cryptocurrencies from Trust Wallet to another wallet address, you will be charged a gas fee. This fee is used to pay miners on a blockchain network in question or validators in the case of proof-of-stake (PoS) blockchains.
The mobile app does not get any part of your gas fees. You can pay a higher gas fee if you want a transaction to be processed faster – this holds for Bitcoin and Ethereum transactions only. The lower the gas price, the slower your transaction will be processed. All other crypto tokens are subject to a standard transaction fee that is set by Trust Wallet.
Here are Trust Wallet’s security features:
- The crypto wallet has no access to the funds that you have stored on the wallet.
- Trust Wallet does not ask for and never will ask for personal information.
- The non-custodial cryptocurrency wallet offers a client-side security model that hosts your private keys locally.
- As an HD wallet, the Trust Wallet app offers a unique 12-word master seed phrase. In case you misplace or damage your mobile device, you can use this backup seed phrase to recover your Trust Wallet account. Note down your seed phrase on a piece of paper and keep the paper in a secure place.
- FaceID and TouchID security features are offered for extra protection.
All crypto transactions need to be validated in order to be processed.
While some cryptocurrencies like Bitcoin and Ethereum make use of the process of mining, which is a proof-of-work (PoW) consensus mechanism, others use consensus mechanisms like the proof-of-stake consensus mechanism.
The PoS mechanism gives holders/validators (stakers) of a crypto token on a particular crypto network the power to govern decisions on the network in the form of voting.
You can also generate passive income. Read on to learn how staking works on Trust Wallet.
How Does It Really Work?
Trust Wallet allows you to stake ten cryptocurrencies at the time of writing.
These crypto tokens include Binance Coin, TRON, Cosmos (ATOM) and Algorand (ALGO).
You will earn a guaranteed return and your staked crypto tokens will only be affected by fluctuations in the market price of a crypto token.
It should be noted that you can stake a cryptocurrency on Trust Wallet for a period of one day, one month or one year.
You can withdraw your stake at any point in time. For example, if you stake 100 BNB on the mobile wallet, you will receive a daily earning of 0.1042 BNB, a monthly earning of 2.5 BNB and a yearly earning of 30 BNB.
All you have to do is opt into the crypto wallet’s staking program and maintain the minimum stake balance for a crypto token in question.
Visit this page and click on the Earn Now button to stake crypto tokens today. As is mentioned on the website, Trust Wallet will offer more crypto tokens to stake in the future.
Is Trust Wallet A Cold Wallet?
No, the crypto wallet is a hot wallet.
That said, Trust Wallet is one of the safest hot wallets on the market.
The mobile wallet offers several unique features, including staking, in-app crypto swapping and exchanging and access to dApps and DEXs.
If you are looking for a free wallet that promotes ease of use, look no further than Trust Wallet.