Trust Wallet is advertised as the most trusted and safest crypto wallet. It supposedly stores stable coins to avoid market volatility. You are thus asked to join the 10 million+ people who are using the app to store their coins and tokens. But is Trust Wallet really secure? Let’s see in this review.
What is Trust Wallet?
Trust Wallet is a mobile cryptocurrency wallet that allows you to buy, store, and receive different digital assets. The platform also enables you to stake your coins so as to earn interest on them and also access decentralized applications (DApps). The main goal of this software is to make crypto more accessible.
Trust Wallet Summary
|Wallet name||Trust Wallet|
|Supported hardware wallet||No|
|Languages||English, Russian, Danish, Korean, Vietnamese, Indonesian, Japanese, Turkish, Portuguese, Chinese, and Spanish|
|Charges||Charges no fees for receiving or sending crypto. You are only asked to pay a network fee|
How does Trust Wallet work?
Trust Wallet can be likened to a bridge that connects to individual blockchains through their nodes. Each blockchain has its individual set of public addresses, and this is where the cryptos are encrypted and stored. So, this app essentially helps you to manage these addresses so as to send and receive crypto.
Features of Trust Wallet
This software has the following features:
- Trust Walet lets you stake a variety of coins.
- It has an easy to use interface.
- It allows you to get, swap, and hold many different cryptos.
- You can swap or trade your assets in seconds.
- It comes with a fully functioning Web3 browser that can be utilized to interact with any DApp.
- The DApp browser offers a simple API for developers to create multi-chain applications.
What kind of wallet is Trust Wallet?
Trust Wallet is a hot wallet. In essence, the wallet is connected to the internet. You can easily access it on your phone or computer.
How to send cryptocurrencies using Trust Wallet
In order to send cryptos using the wallet, you can follow the steps below:
- Go to the Wallet tab and locate the “send” feature
- Enter the receiving wallet’s address
- Indicate the amount you wish to send, and press “confirm”
This platform supports 53 blockchains and 1M+ assets. It particularly works with the major blockchains found within the Ethereum ecosystem and any ERC20, BEP2 and ERC721 tokens, while also offering coverage as a Bitcoin Wallet. Other supported cryptocurrencies include Litecoin, Zcash, Tezos, Binance Coin, Solana, Erlond, Avalanche, Nano, etc.
Trust Wallet privacy
The company works with third-party vendors that use the Ethereum network, including Shapeshift, Coinbase, and Changelly to keep your personal data safe. However, you are warned that the company doesn’t control these third-parties and hence cannot guarantee total security. To enhance the security of your coins, Trust Wallet also includes encrypted user passwords, two factor verification, and authentication on passwords on its platform. It secures all connections with industry standard transport layer security as well.
Does Trust Wallet charge fees?
Trust Wallet does not charge any fees. However, you will be required to pay network fees, which normally go to miners and validators who maintain the integrity of the network.
Customer support and reviews
If you have any questions regarding the platform, you can just visit the Help Centre page available on the official site. Here, you can raise your issue by submitting a ticket, and the team will resolve it. You can also go through the FAQ page, where you may find the answers you are looking for without necessarily contacting the team.
Trust Wallet has 330 reviews on Trustpilot, and so far, the rating is bad. The customers have given it a 1.4 rating, a sign that they are not satisfied with the service. From the complaints, we can see that there is a trader who had issues withdrawing funds from it. Another one lost his cryptos after his account was hacked. Still, another client lost all his life savings in an hour.
Trust Wallet pricing
The Trust Wallet platform does not feature any pricing packages. So, you can download the software free of charge from Google Playstore or Apple store.
Trust Wallet vs competitors
There are a variety of crypto wallet platforms that are competing with Trust Wallet to amass a wide clientele base. Most of these apps are promising to offer better and more secure services than the others. Examples of these competitors include Torus, My TON Wallet, Celsius Network, MetaMask, Coinbase Wallet, MyEtherWallet, etc.
Final thoughtsFinal thoughts
- Easy user interface
- Supports thousands of crypto coins
- Allows you to stake your coins
- Negative reviews from clients
- Not safe compared to hardware wallets