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Trust Wallet is a non-custodial software wallet that offers an all-in-one experience. It allows users to securely send, receive, exchange, and hold digital assets, including cryptocurrencies and non-fungible tokens (NFTs). The wallet supports multiple blockchain networks and is available on iOS, Android, and as a browser extension for desktops.
While all leading cryptocurrency wallets provide a high level of security for safekeeping your crypto assets, improper security practices on behalf of the user can lead to a complete loss of funds. Crypto enthusiasts should take care to store the bulk of their assets meant for trading on exchanges using cold storage methods, and never share your wallet’s login details, recovery phrase, or private keys with anyone.
- Pros & Cons
- Company Overview
Supports 4.5 million digital assets
In-app decentralized exchange
Available staking options
No cold storage
Limited customer support
Private Android source code
No iOS dApp browser
Located in California, Trust Wallet was founded by Viktor Radchenko in November 2017. Eight months later, in July 2018, Binance acquired the wallet to provide better service and security to its users. Despite the acquisition, Trust Wallet is a non-custodial wallet, which implies users have complete control over their digital assets.
The wallet is available on iOS and Android and recently released an extension for Chrome, Brave, Opera, Edge, and other browsers. The wallet claims to offer support for 4.5 million+ digital assets. However, the official website lists only 61 crypto tokens and supports NFTs on two blockchains: Ethereum and Binance Coin (BNB). Therefore, this claim relies heavily on individual NFT assets, as well as on custom crypto tokens.
As a multi-functional application, Trust Wallet allows users to buy, store, and exchange multiple digital assets, and even stake 12 cryptocurrencies in exchange for returns. In addition to an intuitive and easily navigable user interface, the wallet offers a dApp browser to interact with decentralized applications on Binance Smart Chain and Ethereum blockchain. It also has plans to introduce support for the Ledger hardware wallet shortly.
Due to the 2022 FTX saga, the parent company of Trust Wallet, Binance, suffered some collateral damage as its users withdrew $1.14 billion of Bitcoin from the exchange. Trust Wallet fared much better, however, as it reaped the benefits of users fleeing centralized exchanges and turning to non-custodial wallets.
|Type of wallet||Software (desktop and mobile)|
|Fees||Network fee only to send assets; 1% fee on in-app crypto purchases|
|Number of cryptocurrencies supported||61 cryptocurrencies plus custom tokens|
|Bitcoin and Ethereum supported?||Yes|
|Earn (staking/rewards)||Staking option for 12 cryptocurrencies|
|Customer Service||Help page and direct customer support via email|
|In-App Features||Buy, sell, swap and stake cryptocurrencies, collect NFTs, and explore dApps|
|SPV or Full Node||Simplified Payment Verification (SPV)|
|Mobile App||Yes (iOS and Android)|
Pros & Cons Explained
- Supports 4.5 million digital assets: Trust Wallet supports more than 60 cryptocurrencies and custom tokens. There is no limit to creating custom tokens, hence the number 4.5. The wallet also allows users to collect Ethereum- and BNB-based NFTs.
- Easy setup: Getting set up with Trust Wallet on iOS and Android is easy. Start by downloading the wallet from the app store on your preferred device. You can either create a new wallet or import your old wallet using the 12-word seed phrase.
- Non-custodial: With a non-custodial wallet like Trust Wallet, users have sole control of their private keys, which puts them in control of their digital assets.
- In-app decentralized exchange: The wallet's native decentralized exchange (DEX) allows users to buy and sell multiple digital assets within the app through two options—wap and exchange. However, the exchange option is available for only BNB and BEP-2 token standards.
- Available staking options: Since Trust Wallet supports multiple proof-of-stake blockchain networks, it enables users to stake 12 cryptocurrencies, including Binance Coin (BNB), TRON (TRX), Tezos (XTZ), Cosmos (ATOM), VeChain (VET), among others.
- No cold storage: Though the wallet claims to start Ledger integration soon, it currently does not support hardware wallets for the offline storage of cryptocurrencies.
- Limited customer support: Trust Wallet lacks direct customer support, although it allows users to contact the team via email and has a help page for frequently asked questions.
- Private Android source code: The iOS version is open source that is available on GitHub. The Android source code, however, cannot be found.
- No iOS dApp browser: Trust Wallet had to remove the dApp browser on its iOS application to comply with the guidelines of the Apple store.
Trust Wallet supports a diverse range of digital assets, allowing users to sell, swap, and purchase cryptocurrencies, collect NFTs and explore dApps on Ethereum and BNB—all directly from within the app. Users can also add custom tokens to their wallets. For a more seamless Web3 experience, Trust Wallet launched a browser extension on November 14, 2022, with support for Ethereum, Solana, and all EVM chains like BNB, Avalanche, and Polygon.
The wallet also supports staking for over a dozen PoS-based cryptocurrencies, including Binance Coin (BNB), TRON (TRX), Tezos (XTZ), Cosmos (ATOM), VeChain (VET), Callisto (CLO), Osmosis (OSMO), Kava (KAVA), TomoChain (TOMO), IoTeX (IOTX), and Algorand (ALGO). The earnings vary for each coin and can be calculated on the official website of the Trust Wallet.
Trust Wallet also supports Terra (LUNA) staking. The Terra blockchain was halted in May 2022.
One of the key features of the Trust Wallet is its dApp browser, which allows users to interact with decentralized applications like UniSwap, Compound, Aave, etc. This browser can also be used to access NFT marketplaces like OpenSea to view, collect, and exchange NFTs. While Android users can still connect with dApps directly from the Trust Wallet app, Apple or iOS devices no longer include the dApp browser. The wallet removed the functionality in June 2021 in order to comply with Apple's App Store guidelines.
Trust Wallet is a non-custodial wallet that allows users to retain control of their private keys and digital assets, including cryptocurrencies and NFTs. However, users must keep their private keys (also referred to as recovery phrases) safe and in the correct order for backup purposes.
While the safety of Trust Wallet depends on its users' ability to secure their recovery phrase, an extra layer of security can be added to the mobile app by enabling Touch ID or Face ID for their wallet app. Furthermore, users can set the auto-lock time to restrict unauthorized people from accessing their wallets.
Nevertheless, Trust Wallet is a hot wallet. It is subject to phishing scams. Therefore, users must secure their recovery phrase to avoid a permanent loss of funds.
Privacy and Anonymity
Since it is non-custodial, Trust Wallet never asks users for Know Your Customer (KYC) compliance during the setup. Therefore, users need not share their data to install or use the wallet.
However, if a user registers on the official website, Trust Wallet collects information like name and email address. This data is protected by using multiple security measures and is never shared with outside parties except for the ones that Trust Wallet trusts.
As users do not need any personal ID for downloading Trust Wallet, it is anonymous, too. However, if you have added two-factor authentication (2FA) to your app or use exchanges that ask for KYC, your identity can be revealed.
Setting up the Trust Wallet on iOS and Android is easy. Simply download the wallet from the app store on your phone or tablet and start the installation process, during which the app will ask you to keep a backup of your recovery phrase. The wallet is completely free to use.
If you want to use Trust Wallet on your browser, it can be installed as an extension on Chrome, Brave, Opera, Edge, and more. The installation process on browsers is similar to that of mobile and requires users to note down a 12-word secret phrase.
The Trust Wallet browser extension allows users to turn their desktop browser into a web3 wallet through which they can store, send, and receive millions of digital assets and access thousands of decentralized applications. The extension has a slick user interface that makes it easier to use, while features like network auto-detect make navigating the world of dApps smooth.
The mobile version of the Trust Wallet is available for both operating systems, iOS and Android. A big part of the mobile app's appeal is its intuitive interface and ease of use. Users can access multiple tokens on different blockchain networks and even access dApps directly within the app. However, iOS users cannot access dApps on Trust Wallet.
The lack of direct customer support service puts Trust Wallet behind several other software wallets. However, users who face issues can submit a ticket. The app also has a provision to send an email to the support team. Additionally, users can view self-help guides and articles to get started with the wallet.
Cost & Fees
Like most software wallets, Trust Wallet is free to use and does not require any subscription. For in-app transactions or swaps, the wallet does not charge any fees, although users need to pay the network fee. This fee is customizable.
However, when it comes to purchasing cryptocurrencies within the app, Trust Wallet charges a 1% fee on top of the fees charged by third-party exchanges. Users can waive this fee by holding a minimum of 100 Trust Wallet native $TWT tokens. They can either hold TWT BEP2, BEP20, or SPL tokens.
Trust Wallet is one of the most widely used software wallets, thanks to its simple UI and support for multiple blockchain networks and digital assets. From a single interface, users can trade or store cryptocurrencies, interact with decentralized applications and NFT marketplaces, and stake their assets for additional earnings. These features make Trust Wallet a one-stop solution for all crypto-related needs. Besides, the wallet is non-custodial, thereby preserving the privacy and anonymity of its users.
However, the fees for in-app purchases can confuse new users as the wallet includes multiple third-party exchanges. Each of these providers charge different amounts for buying cryptocurrencies. Users should research and find the exact fee before making a purchase.
One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets.
Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.
Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.