Secure, non-custodial crypto storage is a huge part of using cryptocurrencies. When Bitcoin was the only cryptocurrency, there only existed non-custodial wallets, as the concept of custody still needed to be introduced.
However, as the crypto world has expanded and more assets have become available, the demand for custodial solutions has grown. While these types of wallets offer convenience, they come with some drawbacks, such as the loss of control over your private keys.
This is where non-custodial wallets, like Trust Wallet, come in. Trust Wallet is a top-rated cryptocurrency wallet that promises to keep your assets safe and secure. But is it really worth the hype?
To begin with, TrustWallet gives you sole control over your keys, and like most non-custodial wallets, you get the highest level of security for your assets. What’s more, TrustWallet offers support for over 4.5 million digital assets and cryptocurrencies, meaning you get a fully-fledged wallet for nearly any cryptocurrency on the planet.
Therefore, if you’re looking for a wallet that will give you peace of mind and protects your investments, read on to find out why Trust Wallet is considered a top choice by tons of crypto natives.
TLDR of Trust Wallet
If you are in a hurry and looking to learn about the most important aspects of this crypto wallet, here is a rundown of all you need to know.
•Trust Wallet is a non-custodial, decentralized mobile wallet for Android and iOS devices.
•It was founded in November 2017 with a focus on privacy and security and was later acquired by Binance in 2018.
•Trust Wallet gives users complete control over their private keys, ensuring the highest level of security for their assets, and supports a wide range of cryptocurrencies.
•TrustWallet can be used to buy about 60 cryptocurrencies with fiat money
•It can also be used to stake about 12 coins
•The wallet’s interface is user-friendly and easy to set up
•It comes with an inbuilt decentralized exchange for select coins
•It does not yet offer support for hardware wallets such as Ledger Nano S.
History of TrustWallet
TrustWallet was founded in November 2017, at the peak of a bull market, by Viktor Radchenko.
At the time, most of the emerging wallets were centralized, and TrustWallet worked to establish its brand as an open-source, decentralized, and non-custodial mobile Wallet for Android and iOS devices.
Since the beginning, the goal of Trustwallet has remained to provide users with an intuitive, secure, and user-friendly platform for managing digital assets such as crypto, NFTs, and even smart contracts. This wallet also comes with a browser for decentralized applications, thus allowing anyone to connect with a Web 3.0 application.
As a Web 3.0-centric app, TrustWallet was designed with a focus on privacy and security, and it supports a wide range of cryptocurrencies, including Bitcoin, Cardano, Litecoin, Ethereum, and all Ethereum-based tokens.
Over the years, TrustWallet has become a highly-rated mobile wallet and is trusted by most crypto enthusiasts. In 2018, Binance, one of the largest cryptocurrency exchanges in the world, got its hands on TrustWallet. Since then, TrustWallet has continued to increase its visibility and credibility further.
Today, TrustWallet continues to evolve and improve, with new features and improvements being added on a regular basis. The only downside is that there are a few complaints online about their customer support.
Trust Wallet Basics – Set up
Setting up your TrustWallet is easy. Simply follow these steps:
- Download and install the Trust Wallet app
- Create a new wallet
- Secure your private key
- Add and manage assets
- Enable additional security features
So what are some of the top features you will enjoy with this wallet? Well, you can use TrustWallet to store your digital assets as well as buy new coins to your portfolio using fiat money or even stake some of the coins on the platform.
You can use TrustWallet to stake a dozen coins ranging from PoS coins such as VeChain, Cosmos, Kava, Osmosis, Tezos, and Algorand, to name a few. Staking allows you to earn passive income by holding and supporting the network of the cryptocurrency you stake.
In fact, one of the most useful features of TrustWallet is the fact that it comes with a dApp browser that enables users to integrate with any Web 3.0 application with just a few clicks.
Here is a breakdown of what to expect with TrustWallet.
As mentioned, TrustWallet gives users complete control over their private keys, ensuring the highest level of security for their assets. Simply put, using Trust Wallet gives you complete control over your private keys and hence your assets.
Unlike custodial wallets found on centralized exchanges such as Binance or Coinbase, where your assets are held by a third party, TrustWallet lets you take your keys anywhere. You can therefore choose to store the keys on your local device (both desktop and mobile), or you could create private backup keys for additional security.
This is important because it reduces the risk of your assets being lost or stolen in the event of a hack or security breach.
In addition to security, the non-custodial aspect of Trust Wallet also offers more privacy. Your assets are stored on your device, not on a central server, and your transactions are signed locally, meaning that your personal information is not shared with any third parties.
Furthermore, Trust Wallet implements the latest security measures, such as hardware encryption and biometric authentication, to ensure the safety of your assets. The wallet is also regularly audited by security experts to detect and address any potential vulnerabilities.
If you are unfamiliar with dApp browsers, a dApp (decentralized app) browser is simply software that provides access to decentralized applications (dApps) on a blockchain network, such as Ethereum.
Unlike traditional apps, which are centralized and rely on a single server or group of servers, dApps are decentralized and run on a blockchain, making them more secure and transparent.
A dApp browser allows users to interact with dApps in a convenient and user-friendly way without the need to manage the underlying blockchain technology themselves. This includes tasks such as sending and receiving transactions, viewing data and accessing smart contracts.
Trust Wallet, for example, includes a built-in dApp browser that provides access to a wide range of decentralized applications, from games and marketplaces to decentralized exchanges and DeFi platforms. This integration allows Trust Wallet users to access and use dApps directly from their wallet, providing a seamless and secure experience.
Since TrustWallet is a non-custodial wallet, it offers some of the best security you can find on a mobile wallet. However, keep in mind that the TrustWallet is a “Hot Wallet” and, therefore, subject to phishing attacks.
This means you must go the extra mile to protect your assets when the device you are using is connected to the Internet. You can use a hardware wallet for additional layers of protection. Even so, TrustWallet employs hardware encryption, thus making it difficult for unauthorized parties to access your assets.
You also get biometric authentication that includes support for authentication, such as fingerprint scanning. TrustWallet also claims that its platform undergoes regular security audits.
Price and Fees
TrustWallet is free to use. However, there is a 1% fee for making crypto purchases within the app in addition to the network fees. If you hold a minimum of 100 TrustWallet native tokens (TWT), you can waive this fee.
Is Trust Wallet Safe?
Yes, Trust Wallet is designed with security as a top priority. The wallet is non-custodial, meaning you hold your own private keys and have full control over your assets. Trust Wallet also uses hardware encryption and biometric authentication to protect your private keys and undergoes regular security audits to identify and address any potential vulnerabilities.
Trust Wallet also supports the ability to safely buy and sell cryptocurrencies using fiat money or other cryptocurrencies. The wallet integrates with a range of exchange partners, allowing you to easily buy and sell digital assets directly from your wallet. Additionally, Trust Wallet supports staking, allowing you to earn rewards for supporting the network of certain proof-of-stake cryptocurrencies.
Conclusion: A Great All-in-One Option for a Free Wallet
In summary, Trust Wallet stands out as a top-of-the-line cryptocurrency wallet that offers unparalleled security and convenience. Its non-custodial structure, combined with advanced security measures such as hardware encryption and biometric authentication, gives users complete control over their digital assets and peace of mind.
The added bonus of a built-in dApp browser and support for hardware wallets further elevates Trust Wallet as a one-stop shop for all your crypto needs. Whether you’re a casual or professional crypto enthusiast, this wallet offers the versatility and security you require to manage your digital assets with ease.