We’ve been saying for a while, but in case you’re new here: keep your crypto in a wallet. Your online monies are just as valuable as the paper kind. If you’re serious about crypto, especially once you have significant holdings, keep it safe.
You may be thinking, “it’s in an exchange; it’ll be fine” – maybe. Exchanges have learned from past hacks and reinforced their security protocols. Each company will tell you they have state-of-the-art protection on your funds, but it doesn’t provide the same comfort as holding the keys to your crypto. A wallet can do that.
We previously looked at the best physical wallets currently on the market, and today, we’ll cover the software versions. Much like their hardware counterparts, there’s plenty of good software on the market. That’s great, but we’re looking for the best.
Much like your other go-to apps, software wallets are installed on your phone or electronic device and are accessible whenever you need them. Gone are the days where you can’t access your bank accounts or pay for something because you left your wallet in the café. Technically, they’re not as secure as a physical wallet is to cash, but keeping your crypto in a software wallet is much safer than storing it on a centralized exchange.
Trust Wallet is one of the most popular cryptocurrency wallet options, and they boast about being the best in the business. We’ll talk about what they offer, their specs, and look at the pros and cons of their service. By the end of this review, you’ll know whether Trust Wallet fits in your lifestyle.
Trust Wallet is a cryptocurrency wallet software that is entirely decentralized. It’s been a go-to by consumers and businesses alike as it does not keep personal information and provides you with full access to your funds. It allows users to stake coins that can earn interest.
Unlike a centralized app, the software provides an in-app Web3 browser where users can access decentralized applications (DApps) that’s on the Binance Smart Chain or Ethereum network.
Trust wallet started as a place for ERC 20/ERC 223 tokens but can support over 160 digital assets and those built on other blockchains – like Bitcoin. A native decentralized exchange (DEX), provided in partnership with Kyber Network, allows users to buy coins.
The app is free to download on both iOS (10.0 or higher) and Android (5.0 and up). Interestingly, Trust Wallet’s code was written in each platform’s native language (iOS Swift and Android’s Java), allowing it to run smoothly as you use it. This code is also open-source, so if you or anyone interested, like security specialists or developers, are free to play around with it. Stateful audits the platform, and their report of Trust Wallet can be found here.
Other unique Trust Wallet features focus on the app’s security and client protection. It doesn’t require KYC as you set up an account for the first time. The app is also a non-custodial wallet, meaning you have complete control of your private keys, and it does not store any user data. All of your information is available on your preferred device instead of Trust Wallet’s servers.
The UI is perfect and precise – it’s simple to download, set up, and begin. Trust Wallet’s ease-of-use and long-standing partnership with Binance (since July 2018) has helped it garner 5 million clients to date. Binance is one of the greatest names in the crypto space, and their alliance with Trust Wallet appeals to current users and interests new clients alike. Their collaboration also ensures the app will get updated with the best features on the market.
Unlike other wallets, Trust Wallet does not have hidden subscription fees or payments. The only cost of use is gas fees for miners or proof-of-stake chains as they process transactions.
Users can have additional security using a fingerprint scanner or pin code which is easily activated on the app. As of writing this, Trust Wallet does not have two-factor authentication set up.
Finally, what happens if you want to backup your information? Trust Wallet has a 12-word recovery phrase(mnemonic phrase) where clients get one of these phrases as part of the installing process. As long as they save this phrase, their account can be retrieved. That said, be sure to write down and store this phrase in a safe place that you can easily access should anything go wrong.
Viktor Radchenko is a US-based Ukrainian software developer who created Trust Wallet. As most of us reading this, Viktor first discovered cryptocurrency by using Bitcoin on the dark web. But it was Ethereum that stole his interest, beginning his long journey with crypto.
While learning more about crypto and participating in early ICOs, he explored app development. He soon created Trust Wallet to store and efficiently manage his ERC-20 tokens. He built the initial mobile app in about three weeks, launched it, and it immediately gained a large user following. This got the attention of Binance (parent company: Six Days LLC), who was also newer to the crypto space at the time. Trust Wallet was acquired by Binance at the end of July 2018, a little over six months after the app was first launched.
To ensure a crypto project does well, it needs to be easy to use for the general population. Viktor himself noted that credit card or bank options to buy cryptocurrency is “essential for crypto adoption” and ensured that his app stayed true to his vision. Trust Wallet’s easy useability with a variety of digital assets supported shows the amount of work that has gone into research and development.
You can download the Trust Wallet app from either Google Play or the App Store. When it’s ready to use the app, you can import an existing wallet or create one from scratch. You will be given a 12-word recovery phrase if you choose the latter option – keep this in a safe location.
The app will also remind you to keep it handy with a checkbox asking you to confirm that you understand you won’t be able to access the wallet if you lose the recovery phrase.
When you need to add crypto to your wallet, log in, tap the “Receive” button, and you’ll get a QR code to scan. You can also copy your wallet’s address and paste it into the other wallet’s receiver address section. Once you’re done, the “Transactions” tab will show you which transfers are finished.
When you need to send crypto, tap the “Send” button in the app. Carefully copy and paste the receiving wallet’s address, type out how much you want to send, and click on “Next”. Check that all the details are correct to update any errors. Once you’re ready, hit “Send”. That’s it.
Even without these instructions, the user interface is rather intuitive. Newbies can use the app soon after downloading without going through the manual. Plenty of effort was obviously put into ensuring the customer easily gets to what they need, that many of the reviewers constantly praise this aspect.
Crypto staking (coined from “Proof of Stake”) is the process of keeping crypto holdings so you can earn rewards or interest. Using a consensus algorithm, new blocks are created and added to the blockchain.
Coins staked by holders validate new blockchain transactions with the number of new staked coins determining how many transactions can be approved. The process is in place since staking secures the coins in a wallet, and depending on how long it stays there, you can be rewarded. You can think about staking like interest accruing – the longer it lasts untouched in the wallet, the more coins you’ll receive back. If you’re interested in earning from your crypto holdings, the staking function is a must-have.
The list of supported coins to stake is constantly growing. While Ethereum (ETH) and Cardano (ADA) are yet allowed, they recently switched to using Proof-of-Stake (instead of Proof-of-Work) systems and may be available for staking down the line. As of now, Trust Wallet permits you to stake: Tron (TRX), Tezos (XTZ), Cosmos (ATOM), VeChain (VET), Callisto (CLO), Kava (KAVA), TomoChain (TOMO), IoTeX (IOTX), and Algorand (ALGO).
While there are other staking coins out there, it’s difficult to predict when or if you’ll be able to stake them on Trust Wallet. If you’re interested in learning more about the staking process and other coins you can use, my colleague Steve’s review back in April that you can read through.
Although this is a recent development on the Trust Wallet app, it’s one that will surely become a favorite amongst users. It was initially created to be an easier option than Metamask but has grown into its own.
The browser is optimized for mobile users, contributing to the number of DApps getting built on Ethereum, each better than the last with more variety in their range and function. Some additions include the Ethereum Name Service (ENS) created to make sending and receiving crypto smoother.
Others are focused on the expanding Decentralized Finance (DeFi) area like Uniswap, Zerion, Aave, and Compound. In the gaming sphere, you can get crypto-based prizes like rare digital art in KnownOrigin. All of these features are accessible in the app and will undoubtedly be the most attractive feature for new users.
What’s great is DApps are thoroughly tested before they’re integrated into the platform. Customers will only get bug-free, smooth features while developers get a chance to test their skills. New developments can be found on a DApp marketplace where they can be tested, evaluated, and improved upon.
Even with the most accessible app, there may be particular circumstances that you will need professional help. Under the “Settings” section of the app, you can access the Help Center. You can find a thorough FAQ and troubleshooting guides for any situation you find yourself in.
If these guides don’t have the answer you need, you can open a support ticket. Fill in the issue you’re having, and someone will get back to you directly. According to different forums, their ticket responses can be a little slow, but they get back eventually.
It’s hard to find faults with Trust Wallet. There are minor ones that pop up, but the pros and unique features heavily outweigh the cons, even compared to what’s on the market at the moment. Some pros include its ease to download, install, and use. Its user interface is incredibly straightforward, which makes the app quite approachable. There’s a variety of assets supported on the platform, that if your coin isn’t supported, you somehow have access to niche, rare crypto.
Since staking is now having a moment, it’s become crucial to have it as an option for newer crypto apps. Trust Wallet has kept up with trends by installing this feature before there was a demand for it. Since no other wallet has staking options yet, Trust Wallet has a unique edge against its competition.
Accessing DApps right on the mobile app is another feature that will pay for itself in the long run, especially as DeFi’s popularity increases. At the moment, the DApp space is a little limited, with users collecting the same trophies again and again (how many cute collectibles do you really need?). That’s sure to change as soon as developers start creating more DApps.
Speaking of developers, Trust Wallet may win them over by being one of the few apps that openly share their code. Whoever is interested in the codebase can easily access it. The company does reiterate that clarity and honesty are at the forefront of their blockchain and DeFi goals. It was great to see them sticking to their morals.
Trust Wallet’s lack of fees except under special circumstances hugely works in their favor. However, when that’s coupled with the wallet’s non-custodial nature and no KYC, it’s the perfect app for those who value their privacy.
If we had to get picky, it would be great for the app to eventually get two-factor authentication to up the security. At this point, though, the app is quite secure as it is.
Finally, we have to talk about their partnership with Binance. Having the most recognized exchange, but more than that, the biggest name in the industry partner with Trust Wallet speaks for itself. Trust Wallet has been Binance’s longest collaboration which is a vote of confidence we can get behind.
Knowing that CZ and co are satisfied with Trust Wallet, we feel comfortable using them too. The company is still relatively new, so some of its offerings are limited. However, the features they have are already revolutionary, that we are intrigued and anticipate their next update. With a company like Binance behind them, Trust Wallet will be well funded for any developments they want to test. Their future looks bright.