Trust Wallet

Feb 1, 2023

Basic Information

The software wallet Trust Wallet is a hot wallet that maintains the ability to swap, and safely store your assets on chain. It is also possible to use staking, collect NFTs, use the wallet as a means of playing crypto games or as an entry point to the world of decentralized finance (DeFi).

Functionality

Trust Wallet is a mobile application that you can download to your phone in a few minutes. The wallet is decentralized thus your investments are safe. It also allows you to create a seed during installation with which you can restore it at any time. Installing the wallet is free. However, if you actively use it, you will not avoid gas / transaction fees. These differ depending on which network you are currently active on. Sometimes they can be rather high.

Compared to the competition, it offers support for a huge number of crypto assets and other functions such as staking or working with NFTs. Although Trust Wallet is primarily a mobile application, you can now also use a browser extension. In addition, the wallet offers the integration possibility with many dApps. Even if you don't want to take advantage of this opportunity, the wallet is also suitable for just buying crypto using a credit card, albeit with higher fees.

Pros & Cons

pros

Supports a huge number of crypto assets
Very simple to understand and friendly for beginners
Browser extension

cons

Currently unable to work with hardware wallets
Better dApps no longer cooperate with the wallet

Supported Chains

Trust Wallet supports 65 blockchains and more than 4.5 million assets including NFTs. The most famous supported blockchains include Bitcoin, Ethereum, Litecoin, Ripple, Polkadot, Dash, Elrond, or Solana. However, developers do not stop and continually add more and more cryptocurrencies.

Tips from an Analyst

Since you are installing the wallet on your phone, caution is important. You should treat your phone like your regular physical wallet. Secure your phone and wallet so that no one else has access to it. At the same time, write down the seed offline, which you can use if you lose or break your mobile phone.

Do not share your seed and access data with anyone. Unfortunately, once your seed is compromised and the funds are taken from you, the blockchain is immutable and no one will be able to recover them in any timely fashion. However, you can contact support with other problems.

Analyst Opinion

Thanks to its simplicity and accessibility, Trust Wallet will be appreciated even by an inexperienced crypto learner. Considering the huge support of altcoins and dApps support, the app is suitable for exploring this area as well.

Trust Wallet provides a certain guaranteed quality since it is owned by the cryptocurrency exchange Binance since 2018. This wallet popularity is also evidenced by the fact that more than 25 million people have installed it to date (Jan,2023). This makes it one of the most popular crypto wallets in the world.

Its success is overshadowed by negative Internet references, where people complain mainly about bugs and insufficient communication from the company's support. Likewise, stories can be found of people having assets stolen from their wallets. If you want to have a completely clear conscience about your finance’s safety, it is a good idea to look at the competition or consider a hardware wallet. On the other hand, Trust Wallet offers solid security and using it is better than leaving your crypto on a centralized exchange like Coinbase or Binance. One way or another, it has millions of happy users around the world.