Trust Wallet Review: Features, Pros & Cons, Fees And More￼
To begin investing in cryptocurrencies, investors must first set up a cryptocurrency wallet. There are many cryptocurrency exchanges that have strengthened their security protocols to protect customers’ funds as well as other personal information. Also, storing crypto holdings in a reputable wallet—whether hardware or software—is always a good idea. Software wallets are apps that can be run on your mobile device at any moment. They are a superior choice for storing crypto holdings than a centralized exchange even if they are not secure as crypto hardware wallets. So, today, in this article we are going to look at Trust Wallet, one of the most well-known and widely used software wallet options.
What Is A Trust Wallet?
Trust Wallet is a prominent and secure crypto wallet. It is a mobile, open-source, decentralized crypto wallet for new investors and users which supports more than 160K assets and blockchains. This enables traders to collect interest on their crypto coins by staking them. The user interface is simple and easy to use, making it simple to download, install. Originally intended to store only ERC20 and ERC223 tokens, the wallet can now hold a variety of cryptocurrencies, including Bitcoin.
Trust Wallet is available for free download on the Apple App Store and the Google Play Store. Since the code is written in the native languages of each platform, iOS Swift and Android Java it is also compatible with Android devices. The app is compatible with iOS 10.0 or higher and Android 5.0 or higher. Businesses can trade crypto assets, stake specific coins, and monitor cryptocurrency charts and prices.
The wallet includes a Web3 browser that lets users purchase cryptocurrencies via the Kyber Network’s native DEX (decentralized exchange). Users can also use the Trust Wallet app to access the various DApps (decentralized applications) built on the Ethereum platform.
History Of Trust Wallet
Viktor Radchenko, a Ukrainian software developer based in the United States, formed Trust Wallet after learning about digital currencies through the use of Bitcoin on the dark web. When he started working on a mobile app to assist truckers discover parking lots and other amenities, he became more motivated. Victor found the courage to create a wallet that can hold ERC20 tokens obtained through ICOs after successfully launching the tracking app. He started his Trust Wallet project in 2017, and its functionality to standard ERC20 tokens quickly drew thousands of users from all over the world to test the wallet crypto portfolio for crypto investment.
The project’s focus was on mass adoption of cryptocurrencies. Allowing people to purchase digital assets through convenient means such as a bank account or a credit card will encourage them to purchase more, which is something that Trust Wallet is counts on. It also provides users with banking-level security. As a result, the app is made user-friendly by creating a simple user interface that is accessible to everyone. The rising popularity of the app drew the eye of Binance, a leading cryptocurrency exchange, that obtained the project in 2018 together with its parent company, Six Days LLC.
What Are The Pros And Cons Of Trust Wallets?
- It is simple to use and completely free to download.
- It holds a large number of cryptocurrencies.
- The wallet can hold NFTs.
- It works with both Android and iOS operating systems.
- A completely functional Web3 browser that supports the use of decentralized applications (DApps).
- It allows for the staking and earning of returns on multiple digital assets.
- Users maintain control over their private keys, which are not stored on the wallet’s servers.
- There is no desktop support available.
- This is not as secure as hardware wallets.
- There is no documentation available for the various cryptos included in the programme.
What Are The Features Of A Trust Wallet?
Trust Wallet provides its users with the following core features:
- Simple to Use Interface: The user interface of Trust Wallet is straightforward and simple to download and install on a mobile device. This has resulted in over 5 million active users, as well as a partnership with Binance, one of the world’s largest cryptocurrency exchanges. It is well-organized and has an appealing design.
- Allows Staking: When you hold certain cryptocurrencies, you can earn rewards in the form of crypto tokens through staking. It is a great way to generate additional income from your crypto holdings, and Trust Wallet makes it easy to do so. Trust Wallet as of now allows users to stake six cryptocurrencies: Algorand (ALGO), Cosmos (ATOM), Tezos (XTZ), Tron (TRX), Ontology (ONT), and VeChain (VET).
- Easy Backup: Trust Wallet solves the backup problem that most wallets have by incorporating a 12-word recovery phrase when users set up the wallet on their mobile devices. Users must write down these phrases and keep them somewhere safe so that they may be used to retrieve and recover access to the wallet if something bad happens.
- dApp browser: It is one of the most significant features of the Trust Wallet app, and it appears that it will continue to grow in the coming years. Trust Wallet provides a browser through which you can interact with any decentralized applications (dApps) on Ethereum or the Binance Smart Chain. Trust Wallet’s development team also regularly vets and optimizes dApps for inclusion in the wallet’s marketplace.
- Privacy and Security: Even as Trust Wallet, by definition as a software wallet, cannot provide the same level of security as hardware wallets, the platform strives to keep clients’ funds secure. It has regular audits performed by the leading security firm Stateful. To provide an additional layer of security, the app uses other security measures such as pin code scanning and fingerprint scanning. These security measures can be powered up manually by the user by customizing the “Settings” function in the app as early as he registers for his wallet.
What Are The Trust Wallet Supported Cryptocurrencies?
Trust Wallet claims to support over one million cryptocurrencies and 53 blockchains. Trust Wallet supports the majority of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and a variety of stablecoins. Cardano(ADA) is by far the most remarkable cryptocurrency that is incompatible with Trust Wallet. It’s significantly greater than most wallets, so Trust Wallet is an ideal buy if you have a diversified cryptocurrency portfolio.
Is Trust Wallet Secure?
Short answer is yes, a trust wallet is secure. The mobile wallet utilizes industry-leading security measures to make sure that user funds are always secure. Besides that, the wallet’s code is open-source, which implies it has been properly vetted by developers all over the world. It is also worth noting that in the event that their devices are stolen, users can secure their funds by locking their wallets with something like a secret pin code or enabling fingerprint scanning.
What Are The Trust Wallet Fees?
Trust Wallet has no fees and is completely free to use. There are no subscription charge for using the wallet’s services. As a result, the platform can now be downloaded for free from Google Play or the Apple App Store. The only fees charged are transaction gas fees, which are paid to miners or proof-of-stake chains that charge them.
Title- Trust Wallet Review: Features, Pros & Cons, Fees And More
Description- Trust Wallet is a prominent & secure crypto wallet. It is a mobile, open-source, decentralized crypto wallet which supports more than 160K assets & blockchains.