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A secure cryptocurrency wallet is crucial for those investing in the growing cryptocurrency market. Technically, crypto wallets are pieces of software that allow users to send and receive digital currencies such as Bitcoin (BTC), Ether (ETH), and Litecoin (LTC).
Cryptocurrency wallets are typically used to store multiple coins and tokens at once. However, most wallets only support a limited number of digital currencies. These wallets can be in the form of hardware (such as a flash drive) that can be connected to the Internet when needed, or digital storage (such as a banking application) that can be accessed on a device.
To ensure security, cryptocurrency wallets store codes called private keys that must match the public key before the wallet owner can use their money. Trust Wallet is an example of such a wallet.
It allows users to manage and access their digital assets and offers support for more cryptocurrencies than some of its competitors. Trust Wallet is also a non-custodial cryptocurrency wallet, which means users are the sole owners of their cryptocurrencies and have full control over their funds.
What is Trust Wallet?
Trust Wallet is a decentralized, non-custodial, multi-cryptocurrency wallet application that allows users to fully manage digital assets such as cryptocurrencies and nonfungible tokens (NFT). Trust Wallet is the official cryptocurrency wallet of Binance and offers support for 65 blockchains and access to over 4.5 million crypto assets.
Unlike most centralized wallets, Trust Wallet includes access to decentralized applications (DApps), allowing users to interact with DApps via supported blockchains securely. Trust Wallet aims to make cryptocurrencies more accessible to everyone by allowing users to buy, send, receive, stake, trade and store cryptocurrencies.
In addition, Trust Wallet is a hot wallet. As long as an Internet connection is available, the wallet can be accessed via a secure network connection. This is unlike a cold wallet, which remains largely offline and only works when needed.
Some of the key features of Trust Wallet are:
- Multi-Cryptocurrency Support: As mentioned, one of the main advantages of Trust Wallet is that it supports multiple cryptocurrencies, unlike most wallets that only support ERC-20 tokens
- Flexible Purchases: Trust Wallet allows users to purchase cryptocurrencies from third-party platforms such as Wyre, MoonPay, Simplex and others
- NFT Wallet: It is also an NFT wallet, which means users can buy, sell and store NFT wallet. Users can also trade NFTs from their mobile devices through the Trust Wallet app
- Staking and Rewards: Users can use Trust Wallet to stake selected cryptocurrencies and earn rewards
- Easy transfers between wallets: Users can transfer cryptocurrencies from other wallets to Trust Wallet using a secret return phrase, private key or Keystore file
- Flexible payments: Trust Wallet is free to use and does not require a subscription. It does not charge fees for swaps or in-app transactions. However, users must pay a corresponding network fee, which may vary depending on network congestion.
How does Trust Wallet work?
Trust Wallet creates a bridge between blockchains and similar nodes. Each blockchain contains its own public addresses where cryptocurrencies are encrypted and kept safe. Being decentralized and non-custodial, it does not hold or control users’ cryptocurrency, it just provides access to it.
The Trust Wallet app works exclusively on mobile devices. As such, every supported blockchain is easily accessible when a user downloads the app to an Android or iOS device. The application does not store information about its users to guarantee privacy. All contact information is stored only between the parties participating in the transaction — Trust Wallet does not disclose user information to third parties.
Its built-in DApp browser allows users to access Ethereum and BNB chain-based DApps. Users can use these DApps directly with the Trust Wallet app without having to register for each DApp. In addition, Trust Wallet audits all available DApps to ensure that only trusted ones are available to its users. Supported DA applications include Uniswap, PancakeSwap and OpenSea.
What is Trust Wallet used for?
Trust Wallet can be used in many different ways. In addition to storing cryptocurrencies, users can do many things.
Buy cryptocurrencies
Can you buy cryptocurrency from Trust Wallet? Yes absolutely. Users can buy more than 60 cryptocurrencies with fiat money using a credit or debit card. However, users can also buy directly from centralized exchanges to reduce fees on these cards.
Bet cryptocurrencies
Can you invest in cryptocurrencies in Trust Wallet? The answer is also yes. Users who stake cryptocurrencies from Trust Wallet can also earn interest on their holdings. The app has several staking options, including BNB (BNB) and Kava (KAVA).
Exchange cryptocurrencies
The platform also has a built-in decentralized exchange (DEX) that can be used for cross-chain exchanges, such as exchanging BEP-2 for BEP-20 tokens. Network charges may arise depending on the current activity of each respective network.
Stablecoin and NFT support
In addition to the built-in DEX, Trust Wallet also allows users to store stablecoins and use them in a secure application environment. Users can also manage their NFT devices and game assets in Trust Wallet, and the app fully supports Ethereum and BNB chain NFTs.
How to use the Trust Wallet app?
Before creating an account, users must download and install Trust Wallet on their mobile devices. The app is easy to download and free for Android and iOS devices.
Create a Trust Wallet account
After installing the app, select “Create a new wallet” and go through the Privacy Policy and Terms of Use. Click “Accept” if you agree and then “Continue”. Users are then asked to create a six-digit password that acts as a secret security code for the wallet. This code must be kept safe and never shared with anyone else.
The wallet should then be backed up to ensure that it can be recovered if the mobile device currently in use is lost or compromised. The wallet is not jailbroken, so this is a crucial step that every user must take. Trust Wallet cannot help a user recover a lost wallet in the event of loss or theft, as they do not have access to user information.
Select the three backup checkboxes to indicate your acceptance. Click “Continue”. After this, a 12-word recovery phrase appears on the screen, which the user must write down or keep in a safe place. Click “Continue” when you’re done.
The user is then asked to click the words in the return statement in the correct order to ensure that the user has copied the statement correctly. Click “Done”.
Add funds to your Trust Wallet account
Select the coin or token to buy from the Buy menu on the main wallet screen. The user is then connected to the third party service provider. Check the fees associated with the event; these are purchased with fiat money, so a preferred payment method must be specified before purchase. Tap “Confirm” and wait for the funds in the specified wallet address.
What are the pros and cons of Trust Wallet?
In addition to the advantages and key features mentioned earlier, one of the most significant advantages of the application is its user-friendly interface, which allows even beginners to use the application conveniently.
Since the Trust Wallet team’s goal is to give people better access to cryptocurrencies in a secure, non-custodial way, it is versatile. It allows users to perform various functions through a single application.
However, the attachment also has some disadvantages. One of them is the limited customer support, as the team is only available via email and not through more direct channels like chat or hotline. The app also doesn’t currently support hardware wallets for offline storage, although Trust Wallet claims this is part of its planned future development.