Trust Wallet Review – Is Trust Wallet Safe? Pros & Cons Revealed

To invest in cryptocurrencies, investors first need to set up a cryptocurrency wallet. If you don’t know where to begin, there is a lot of information to choose from, but it doesn’t have to be overwhelming.

With this Trust Wallet review, you’ll get a detailed review of one of the best crypto wallets on the market.

What is Trust Wallet?

Trust Wallet is a mobile, open-source, decentralized crypto wallet that supports over 160K+ assets and blockchains for new users and investors. It allows traders to earn interest by staking their crypto coins.

Originally designed to store only ERC20 and ERC223 tokens, the wallet can now be used for various cryptocurrencies, such as Lucky Block or Bitcoin.

With the wallet’s built-in Web3 browser, users can buy cryptocurrencies using the native DEX (decentralized exchange) on the Kyber Network. In addition, it provides direct access to the various DApps (decentralized applications) built on the Ethereum platform through the Trust Wallet app.

Trust Wallet can be downloaded free from the Apple App Store and Google Play Store. The code is also compatible with Android devices since it is written in the native languages of each platform; iOS Swift and Android Java. The application runs on iOS versions 10.0 or higher and Android versions 5.0 or higher.

Trust Wallet Pros & Cons

Which Cryptocurrencies Can You Store In Trust Wallet?

Over 250,000 assets can be stored in Trust Wallet’s 53 blockchains. The most popular are:

LBLOCK – Lucky Block

Lottery entrants can now benefit from a revolutionary new “crypto-lottery” platform, Lucky Block. There are numerous traditional lotteries, many of which still use paper tickets and lack a digital presence, as many people are aware.

Lucky Block has been among the most undervalued crypto assets, but it aims to change by leveraging Binance Smart Chain to offer a more fair and transparent lotto process. Due to Lucky Block’s usage of the blockchain, all transactions are visible on the public ledger. So, in addition to reducing fraud, it will also ensure that the lottery draw winners will be unambiguous.

The LBLOCK token was listed on PancakeSwap in January 2022 after an extremely successful pre-sale phase that sold out nearly two weeks ahead of schedule. From the pre-sale price, LBLOCK’s price soared by over 3,200% after launching on PancakeSwap, reaching a fully diluted market cap of over $500 million. At the time of writing the LBLOCK token has a value of $0.002.

As a result of LBLOCK’s remarkable success on PancakeSwap, several exciting updates are imminent. According to the roadmap, Lucky Block plans to apply for listings on major centralized exchanges (CEXs), such as Binance, Crypto.com, and FTX. As well as releasing LBLOCK merchandise, creating crypto-education platforms, and launching their NFT collection within the next few weeks, the Lucky Block team has also announced plans to launch their mobile app.

Cryptocurrencies are highly volatile assets. Use crypto leverage and derivatives products responsibly. Your capital is at risk.

BTC – Bitcoin

In January 2009, Bitcoin became a decentralized digital currency. The ideas for Bitcoin were laid out in a white paper by Satoshi Nakamoto, a mysterious and pseudonymous figure. However, the creators of the technology remain unknown. With Bitcoin, transaction fees are lower than traditional online payment mechanisms, and unlike government-issued currencies, it is controlled by decentralized authorities.

As a type of cryptocurrency, Bitcoin uses cryptography to ensure its security. No physical bitcoins exist; only balances are kept on a public ledger that is transparently accessible to everyone (although each record is encrypted). Through a process known as “mining,” Bitcoin transactions are verified by computing power. Banks or governments do not back Bitcoins, nor are they valuable as commodities. Despite not being a legal currency in most countries, Bitcoin has become extremely popular and prompted the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. BTC is the most common way to refer to Bitcoin when traded.

ETH – Ethereum

Ethereum, a blockchain platform, also has a cryptocurrency called Ether (ETH) or Ethereum, and its programming language is dubbed Solidity.

Ethereum is a blockchain-based public ledger for verifying and recording transactions. Users can create, publish, monetize, and use applications through the application platform, paying in Ether, the network’s cryptocurrency. These decentralized applications are called dApps by network insiders.

By market capitalization in May 2021, Bitcoin ranked first, followed by Ethereum; it keeps being the second-largest cryptocurrency by market capitalization. Ethereum (ETH) is available in Trust Wallet to trade at your entire convenience.

BNB – Binance Coin

Binance initially offered 100 million tokens as part of the ICO, but the total supply is currently less than 100 million. Binance purges its treasury quarterly using one-fifth of its profits in a process in which it permanently buys and destroys Binance coins.

Binance regularly performs burning events. On April 15, 2021, Binance burned 1,099,888 BNB in response to the latest burn. This is equivalent to $595,314,380 USD in tokens. Binance’s 15th quarterly burn of BNB in dollars is the largest it has ever experienced.

ADA – Cardano

As a decentralized proof-of-stake (PoS) network, Cardano was developed as a more efficient alternative to proof-of-work (PoW) networks. However, as PoW networks like Ethereum grow, their scalability, interoperability, and sustainability are hampered by the infrastructure burdens of rising costs and inefficient energy use.

Charles Hoskinson, the co-founder of blockchain Ethereum, started developing Cardano in 2015, a blockchain platform and its primary cryptocurrency ADA. The platform and token were launched in 2017.

Cardano’s platform is built on a consensus protocol called Weoboros. Cardano’s Ouroboros protocol was established during the foundation phase of the project and is the first Proof of Stake protocol that is secure and supports scholarly research and is based on academic research.

Trust Wallet Fees & Commissions

Trust Wallet does not charge its users fees to install or set up their accounts. Subscriptions to the wallet’s services are also free. As a result, the platform can be downloaded for free from Google PlayStore or Apple Store. Fees for the app are the gas fees, which are the network fee for processing transactions on the app, either paid directly to miners or to the PoS chains that charge the gas fee.

Trust Wallet User Experience

There is a simple and clean interface on the wallet. This website’s layout is pleasing to the eye, and it is easy to understand the features because they are explained in simple terms without going too far into technical terms.

Navigation to and from the homepage and other app features is easy. In addition, live prices are also displayed on the homepage, showing the current prices of cryptocurrencies. Newcomers to investing in cryptocurrencies have appreciated its simplicity.

Another plus is that Trust Wallet is available in both iOS and Android marketplaces, which allows it to reach more users. In both marketplaces, it has a rate over 4.5, making it one of the traders’ favorites.

Additionally, since Trust Wallet does not charge fees and gas fees are usually low, users who don’t want to keep their currencies on exchanges find the wallet convenient.

Trust Wallet Features

Trust Wallet provides its users with the following features:

Easy to Use Interface

Trust Wallet’s user interface is simple and easy to download and install on a mobile device. Over 5 million active users have resulted from this, and the platform has also landed a partnership with one of the largest cryptocurrency exchanges in the world, Binance.

Allows Staking

You should take advantage of Trust Wallet’s staking function if you wish to earn interest from your crypto holdings, or if you wish to influence the networks of a particular currency.

The list of coins that support staking is growing, but not all do. In the future, both Ethereum (ETH) and Cardano (ADA) will become staking-capable, after switching from Proof-of-Work to Proof-of-Stake.

Trust Wallet currently supports Tron (TRX), Tezos (XTZ), Cosmos (ATOM), Kava (KAVA), Osmosis (OSMO), Binance Coin (BNB), Terra (LUNA), and Algorand (ALGO).

It is not clear when or if other staking coins will be available through Trust Wallet.

Non-Fungible Token (NFT) Support

Trust Wallet has decided to add support for non-fungible tokens (NFTs) as a step towards widespread DeFi adoption. For speculative purposes, these tokens represent digital art collectibles that can be purchased. Additionally, NFTs can represent and verify the ownership of any digital or physical asset.

In addition to ERC-721 and ERC-1155 NFTs on Ethereum, Trust Wallet also supports BEP-721 and BEP-1155 on the Binance Smart Chain. Using the dApp web browser, users can move their NFTs or purchase new ones from crypto marketplaces like OpenSea.

Partnership With Binance

The partnership between Trust Wallet and Binance Smart Chain keeps more users from all over the world flocking to the app, which is expected to trigger the development of advanced and new features on the mobile app in the near future.

Easy Backup

Trust Wallet resolves most wallets’ backup issues by incorporating a 12-word recovery phrase when users set up the wallet on their mobile devices. This information must be written down and kept in a safe place to retrieve and recover access to the wallet if anything goes wrong.

Trust Wallet Security Features

Privacy and Security

The Trust Wallet platform tries to ensure that client’s funds are safe, even though, by nature (being a software wallet), it cannot provide security measures as strong as hardware wallets. Through the leading security firm Stateful, it conducts regular audits.

The app also utilizes pin code scans or fingerprint scanners to add an extra layer of security. As soon as the user signs up for the wallet, the user can customize the “Settings” function to activate these measures.

Never Stores User Information On Its Servers

Users of Trust Wallet can store the keys to their wallets on their personal computers instead of on Trust Wallet’s servers. Users are responsible for securing the keys to their wallets.

No KYC Confirmation Required

Users are not asked for KYC compliance during the signup process for the Trust Wallet app since it is a non-custodial official crypto wallet app that does not store any user data.

Trust Wallet Withdrawal Methods

Withdrawing funds from Trust Wallet to your bank account requires you to swap the token for BNB or Ethereum first. Then, you can send the BNB or Ethereum to a popular exchange like Binance.

The Binance exchange supports more than 60 fiat currencies, making it the perfect platform for cashing out cryptocurrencies. As soon as you send them to Binance, you can sell them for fiat currencies like USD, AUD, GBP, etc.

The last step is to withdraw the fiat currency to your bank account. By selecting the payment method on the withdrawal page, you can do this. Finally, enter the amount you need to send to your bank account.

Typically, the withdrawal process takes between 30 and 60 minutes.

Trust Wallet Contact And Customer Service

Customer support is available via a ticketing system for TrustWallet mobile wallets. Customer support responds promptly to all tickets raised by traders. Furthermore, a comprehensive Help Centre has a dedicated FAQ section to answer all the questions that traders may have. For this reason, users should first take a tour of the TrustWallet mobile wallet before proceeding.

Is Trust Wallet Safe?

Trust wallet offers many features and a fluid user experience and provides a range of services rarely found by its competition. In light of this, there is only one question left to answer: Is Trust Wallet secure?

Due to the concept of decentralization, Trust Wallet’s code will be completely open-source. Therefore, third parties can explore the source code online, including infosec experts, security professionals, blockchain developers, and even users, to check its quality or verify whether it is malicious.

Stateful, an information security firm, has tested and reviewed the crypto apps on both iOS and Android. Until now, Trust Wallet has not been exploited. Furthermore, the community has not reported any funds stolen by hackers. Moreover, it is also important to note that users have the option to secure funds in the event their devices are stolen by locking their wallets with a secret pin code or enabling fingerprint scanning.

The Trust Wallet platform tries to ensure that client’s funds are safe, even though, by nature (being a software wallet), it cannot provide security measures as strong as hardware wallets. Through the leading security firm Stateful, it conducts regular audits.

The app also utilizes pin code scans or fingerprint scanners to add an extra layer of security. As soon as the user signs up for the wallet, the user can customize the “Settings” function to activate these measures.

How To Start With Trust Wallet

Trust Wallet is easy to use and can be set up in minutes.

Step 1: Open A Trading Account and Buy Your Cryptos

Create an exchange account on your preferred crypto exchange. It will ask you to provide personal information to verify your identity before you can buy cryptos.

Step 2: Store Your Cryptos With Trust Wallet

As soon as you open an account on Trust Wallet, you will have a Bitcoin, Ethereum, and Binance Coin wallet. You can add more coins to your wallet by clicking the + icon in the top right corner. This will display a list of the best cryptocurrencies available to you. Next, click on the currency you wish to add.

You will need the wallet address to receive cryptocurrencies. After that, select the coin that will receive the future transaction by clicking on the Wallet tab. On this new page, you will be able to check the status of your account. Click Receive to access your wallet address.

Is Trust Wallet The Best Crypto Wallet?

Trust Wallet features mentioned above sound pretty fine for investors looking for reliable apps to store their cryptocurrency and access to them through their mobile devices. However, some users would prefer a most experienced and well-known wallet to feel that their assets are being stored safely. With that being said, we recommend Best Wallet, which comes with a range of Web3 features.

Read the section below to learn more about this new cryptocurrency wallet.

Best Wallet – This Non-Custodial Web3 Crypto Wallet is a Better Alternative to Trust Wallet

While Trust Wallet is one of the most popular crypto wallets in the space, we have found Best Wallet to be a better alternative due to the exciting features and use cases it offers. 

Best Wallet allows users to store all their crypto wallets and assets under the same platform – eliminating the need to communicate between other applications. A non-custodial wallet, Best Wallet gives users complete control over their funds by providing private keys. 

Furthermore, Best Wallet leverages security features such as two-factor authentication and advanced cryptographic techniques to secure user’s funds. Once you download the Best Wallet app, you can trade all cryptos compatible with the Ethereum, Polygon, and BSC mainnets. 

Best Wallet will soon be compatible with the Bitcoin network as well. This new wallet stands out from other competitors such as Trust Wallet by promising an array of trading features and market insights. The wallet will soon release portfolio management options, token analytics, and market insights. 

Users can also trade thousands of cryptos with the Best decentralized exchange – which connects you with the best liquidity pools. Notably, the DEX can be accessed without undergoing any registration process. 

Another key component of Best Wallet is the $BEST token – which can be held to access exclusive benefits such as zero gas fees, access to new project launches, and reduced trading fees on the DEX. The Best Wallet roadmap has also stated that the token will offer more utility in the future. 

According to phase 5 of a six-phase roadmap plan, Best Wallet will release a staking mechanism. Staked $BEST token holders can access zero gas fees and voting access once this releases. By phase 6, Best Wallet will also run a $BEST token airdrop to reward loyal customers. 

Amongst the upcoming features are NFT capabilities – allowing users to store, buy, and sell NFTs on the ecosystem. The Best Wallet app is available to download on the App Store and Google Play store. Join the Best Wallet Telegram and Discord to stay updated with this project. 

Trust Wallet Review – Conclusion

Based on our Trust Wallet review, this mobile wallet can be regarded as reliable. Furthermore, Trust Wallet Reviews online indicate that customers have given the wallet highly positive reviews and praised it as a secure multi-crypto wallet. Since it has a straightforward interface and a wide range of supported assets, it is one of the top crypto wallets. In addition, Trust Wallet provides a competitive edge over other wallets with its wallet staking functionality, which many others do not even offer to their users.

Additionally, it lets users access a variety of DApps through the Trust Wallet itself, which is another forward-looking move that will be beneficial for DeFi in the long run. Trust Wallet also lets users earn interest on their crypto assets. The partnership between Trust Wallet and Binance attracts investors worldwide to it, and as such, the wallet benefits from the partnership.

However, we recommend Best Wallet as the #1 pick for cryptocurrency wallets. This new crypto wallet gives users access to a range of Web3 features – including access to its own decentralized exchange, NFT wallets, staking features, and trading insights.

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