Although cryptocurrencies have improved by quite a fair bit in the last few years, there are still a handful of obstacles that are prevalent enough to keep the masses away. Among these challenges is the thorny issue of cybertheft. As we'll learn in our Trust Wallet review, the problem of cyber theft is ultimately preventable, with ease and comfort, especially when you have dedicated services like Trust Wallet.
Trust Wallet aims to make the daunting task of keeping your cryptocurrency tokens safe, easy, and convenient – and also a joy to use and open your eyes to the wider world of the blockchain. Trust Wallet supports an astonishing variety of over 160,000 (yes, you read that right – 160k) different cryptocurrency tokens and a wide array of digital and tokenized goods.
It offers an all-in-one solution to store your priceless tokens safe and sound, straight on your phone. Never has setting up and using a wallet application been so easily done and made available at your fingertips as that offered by Trust Wallet. The headline-grabbing news articles of people losing countless millions to hackers will hopefully start dwindling, and we hope to start that by taking you through this Trust Wallet review.
What Is Trust Wallet?
Trust Wallet is a mobile-based, open-source, and multi-coin cryptocurrency wallet. Although it was initially fairly well-received, well-liked, and had a positive reception worldwide when it first launched, it hasn't garnered as much popularity as some of the other competing wallet applications. However, it gained renewed attention after Binance had acquired Trust Wallet into its portfolio in 2018.
Since then, Trust Wallet has been integrated into Binance's wide ecosystem of blockchain-related projects, businesses, and initiatives. Binance had made Trust Wallet its officially recommended wallet application and has absorbed some of Binance's technology. For instance, Trust Wallet has integrated its services with the powerful and smart-contract compatible Binance Smart Chain.
This has allowed it to run decentralized apps (dApps) created on the Binance Smart Chain (BSC) through the Trust Wallet application. It has also widely adopted integration for the Ethereum blockchain and its ecosystem. Trust Wallet is only available on mobile through its highly favored and reviewed app on iOS and Android. Currently, there are over 5 million people using the Trust Wallet worldwide.
What Are Trust Wallet's Features?
Now, we've been able to acquaint ourselves with Trust Wallet and to know what it is, you might then be curious to know more about its core features and what makes it stand out from the crowd. For our Trust Wallet review, we've compiled a few of them just for you, and there are certainly quite a few stand-out features to note here.
Trust Wallet is very easy to use, and it's very user-friendly, especially to non-tech-savvy users. This is thanks to its simple onboarding and set-up process, allowing you to have your wallet set up within minutes. Everything is laid out well, and even the complex processes of having to memorize and back up seed phrases are made to be easy.
This makes Trust Wallet easily recommendable to everyone, particularly those that have never used a dedicated cryptocurrency wallet before or first-time adopters of cryptocurrencies. Moreover, this is helped further by its slick user interface, along with fluid and colorful navigation. Its focus on simplicity is a great bonus and improves the overall experience of managing a cryptocurrency wallet.
2. Highly Secure
Trust Wallet is a non-custodial wallet, meaning that they don't hold custody over your cryptocurrency or digital assets. All your tokens and goods (such as NFTs) are kept securely on your device and encrypted through the Trust Wallet application. There are even comprehensive backup procedures laid out to make sure that you can recover your account easily.
No private keys or personal data is collected and sent over to Trust Wallet. So, even if Trust Wallet is breached internally, they cannot access your wallet. Your tokens will always remain safe within your control and ownership, so long as you practice common security measures and remember to back up your private keys.
3. Wide Support for a Huge Number of Digital Assets
As we've mentioned earlier in our Trust Wallet review, they don't just support cryptocurrencies but are also able to hold other forms of digital assets and tokenized goods. Overall, the Trust Wallet is able to securely store over 160,000 different types of tokenized assets within its wallet.
This way, you're very likely to be able to store whatever digital assets you have within the Trust Wallet, thus not needing to set up and jump across multiple wallet applications. Trust Wallet's multi-coin platform allows support for the ability to keep Ethereum-based tokens, such as those minted under the ERC-20, ERC-721, and ERC-1155 standards. The latter two of which are used for fungible, semi-fungible, and non-fungible tokens (NFTs).
This is what powers many of the tokenized NFT artworks, video game items, trading cards, and more. Having been bought by Binance and integrating with the Binance Smart Chain, Trust Wallet also has support for cryptocurrency tokens created under its own BEP2 standard. At the time of writing this Trust Wallet review, the team there is still working to integrate support for even more tokens.
What Else Can You Do With Trust Wallet?
We now come to the utility part of our Trust Wallet review and examine the different ways that you can use Trust Wallet. Naturally, a cryptocurrency wallet's core function is to store those tokens securely, like you would with a vault. But Trust Wallet can do so much more, as we'll look more closely in our Trust Wallet review.
1. Buying Bitcoin and Other Cryptocurrencies
Trust Wallet supports the direct purchase of Bitcoin straight from its app, easily. You can simply use your credit or debit card – either VISA or Mastercard – and then make your purchase using the mobile app without having to jump into an exchange.
This direct payments option on Trust Wallet is also made available to some other cryptocurrency tokens, including Ethereum, Binance Coin (BNB), Litecoin, TRON, Ripple (XRP), and Bitcoin Cash. Just as easily as using Trust Wallet to buy cryptocurrencies, you can easily use the app to pay with those tokens, too! You can use Trust Wallet to pay at shops and merchants that support crypto payments seamlessly.
2. Exchanging Cryptocurrencies
Aside from making it easy to buy cryptocurrency tokens from within the Trust Wallet application, you can also conveniently exchange and swap them. Once again, by integrating its own exchange system from within the wallet, you can quickly swap one token for another without leaving the app or having to go to an exchange platform.
3. Earn Rewards From Staking
As we write this Trust Wallet review, we've already learned that staking cryptocurrency tokens is one of the best ways you could earn a passive income from assets that are otherwise sitting idle. Staking has thus far been far more lucrative (and also more volatile) than traditional options, such as opting for a fixed deposit savings account.
With Trust Wallet, you can very easily stake your cryptocurrencies from within the application itself. You can even go to their site and use their calculator to know how much you can potentially earn from staking a particular token using Trust Wallet. We can then see that you could possibly earn up to 220% annually from staking, and Trust Wallet takes no cuts or commissions.
Currently, some of the tokens that are supported for staking on Trust Wallet are PancakeSwap, BakerySwap, TRON, VeChain, Tezos, Cosmos, Kava, Algorand, and more. The Trust Wallet team is continually working on adding more options in the future.
4. Browse Through Decentralized Applications (dApps)
While also being a wallet application, the Trust Wallet app is also a Web3 compatible browser. From here, you can conveniently and seamlessly browse through a large catalog of decentralized applications (dApps) that have been created on either the Binance Smart Chain or the Ethereum blockchain.
The latter is the most widely used blockchain platform for creating and powering decentralized applications. Most of the well-known dApps are built on top of Ethereum. The Trust Wallet then creates a secure connection between the wallet and the dApp, while also providing a smooth experience owing to its mobile optimization.
This way, you can very promptly have uninterrupted access from within Trust Wallet to dApps such as PancakeSwap to learn more about staking options and earning through yield farming, or use UniSwap's extensive exchange network to swap from a huge list of cryptocurrency tokens. Decentralized applications aren't just limited to financial services, as there are games, blogging sites, social media networks, and even gambling platforms.
5. Securely Store and View your NFTs
The marketplace for non-fungible assets is rapidly growing and has already peaked at $80,000,000 by the time of writing this Trust Wallet review. In January alone, more than $12 million worth of NFT artwork has been sold. NFTs have been used to tokenize any digital asset, to give them tangible real-world value, and cryptographically-secured proof of authenticity.
Some examples of NFTs are in-game items or video game assets, collectible trading cards, playing cards, artwork, music, merchandise, memorabilia, and many more. Using the Trust Wallet application, you can easily store thousands of different NFTs minted using Ethereum's ERC-721 and ERC-1155 standards, which are the most well-known and widely used tokens in the creation of NFTs.
Trust Wallet Review – Conclusion
We now come to the conclusion of our Trust Wallet review, and we ought to address the issue we raised at the beginning of the article. Hacking attempts and cybertheft of cryptocurrency tokens aren't new, and they're not likely to ever go away. Besides, if something is of value, then there is always someone out there willing to commit themselves to steal it.
In a report compiled by ZDNet, over 122 successful hacks against blockchain institutions have stolen a total of an eye-watering $3.8 billion worth of cryptocurrencies in 2020. Even North Korea has been actively stealing people's cryptos and has amassed a fortune of more than $300 million to fund its nuclear program. So, we can see then that this will keep going on and on.
However, although we cannot stop hackers from stealing cryptocurrency tokens, we can at least adopt measures to make it even more of an impossible task for them to do so. And Trust Wallet is keen to help us with that. The easiest way to make your money harder, and hopefully more impossible to steal, is to invest some time and energy in getting a new, more robust vault.
But most traditional cryptocurrency wallets are complex to set up and have clunky user interfaces that leave a bad experience for a lot of people. This is especially true for first-time users or those that do not have the experience and technical know-how. Trust Wallet is ready to solve all that, with a wallet application that is very easy and pleasing to use while also keeping your tokens secure and adding more features to boot!
More advanced users might decry its lack of complex functions, such as integration with a hardware wallet or being able to fit an entire blockchain node. But as we've learned in our Trust Wallet review, there's a whole lot more to love. If you're keen on trying out a crypto wallet for the first time, or need something that is easier to use and can fit easily in the palm of your hand (in other words, your phone), then Trust Wallet is a great option for you.
Trust Wallet Review
- Installation Process
- Ease of Use
- Digital Asset Support
- Very easy to use, with a good user-interface, and seamless navigation.
- Ability to browse through decentralized apps (dApps) from within the wallet.
- Huge variety of supported cryptocurrency tokens, and other digital assets.
- Good monetization options for users, such as staking, and allowing the easy buying and exchanging of cryptocurrencies.
- Available only as a mobile application, with no desktop client.
- No integration with a hardware wallet.