...

Review of the Trust Wallet in 2023

trust wallet review

Trust Wallet is an app primarily designed to support coins from the Ethereum ecosystem. According to the developer, the multi-coin wallet app supports all major blockchains and works with all ERC20, BEP2 and ERC721 tokens.

What is Trust Wallet?

Here we are dealing with a typical hot wallet. The app only works on mobile devices through the app. You cannot use it in a browser. In Trust Wallet, users can store not only cryptocurrencies but also non-exchangeable tokens (NFT).

Trust Wallet background information

  • Founded by Victor Radochenko in 2017.
  • Binance acquired Trust Wallet in July 2018.
  • Launching desktop wallet for Mac in the second quarter of 2019.
  • Buying cryptocurrency for fiat is possible.
  • Collecting NFT in the wallet is possible.
  • “Official Binance wallet” according to the cryptocurrency exchange.
  • Integration with Binance DEX for direct cryptocurrency exchange.
  • Cryptocurrency stacking directly in the app.
  • Fully decentralised wallet, no personal data collected.

Software

Trust Wallet is fully decentralised and no one has access to it but you. They are available for iOS and Android. In addition to cryptocurrencies, you can also use it to store and send NFTs.

trust wallet review

Fees

The use of the app is free of charge. Users only have to pay network charges that may arise with transactions. However, they are network-dependent and cannot be bypassed.

Coins

The wallet says it supports more than 4,500 coins and tokens. These mostly come from the Ethereum ecosystem. However, some other coins can also be stored.

  • 50+
  • BTC
  • Ethereum
  • BNB
  • LTC
  • XRP
  • Dozh
  • SALT
  • MATIC
  • RUNA
  • POINT
  • ZEC
  • BROWN
  • TRX
  • HTZ
  • ATOM

Safety

The app has a multi-level security system. Among other things, you can set a PIN code and unlock the app with your fingerprint. In addition, new users create a 12-word initial phrase as soon as they open it. If you write this down and save it in a safe place, you will also have access to the app if your device is lost or damaged.

It’s the same here as it is for all hot wallets: a hot wallet is as secure as the end device it’s used on.

Hot wallets are always good for small amounts and cryptocurrencies that need to be on hand quickly. However, if you need extra security, we recommend working with cold wallets.

User-friendliness

In terms of usability, there is nothing wrong with Trust Wallet. The app can be found quickly in the app shop and the software is intuitive to use and quick to set up. Immediately after installation; you can create a new wallet, including a sido phrase; or import an existing wallet with a sido phrase. In addition, no identity verification is required and users do not need to store any personal details. If you have little technical knowledge and make sure your source phrase is secure, you can’t go wrong.

trust wallet review

All other features, such as steaming, DeFi or sending and receiving cryptocurrency, can be found in one click. You can also buy cryptocurrencies quickly and conveniently through a third-party provider. Overall, Trust Wallet is a reliable app. Nothing to complain about.

Features

It’s not just cryptocurrencies that can be stored here. Rather, the hot wallet also supports the ability to place bets and earn interest on your cryptocurrencies. The app also has its own Trust dApp Browser. Users can use this to interact with dApps.

Trust Wallet app

Trust Wallet was created as a mobile wallet. The Trust Wallet app was first launched for iOS and soon after for Android. This way, Trust Wallet has reached a large target group of cryptocurrency novices who want to conveniently trade cryptocurrencies right from their smartphone.

Today, the Trust Wallet app for iOS and Android is an absolute favourite to download and is at the top of the crypto-application shop’s download ranking. The popularity of the app is also reflected in the excellent reviews of Trust Wallet in both the iOS and Android app shops.

trust wallet review

In the iOS App Store, the wallet has an overall rating of 4.7 out of 5 stars, based on 90,434 user reviews from around the world. A look at the Trust Wallet experience shows that users are particularly enthusiastic about the high level of usability, compatibility with ERC-20, ERC-721, BEP-2 and BEP-20 tokens and the steaming capability.

A similar picture can be seen in the Android Play Store, where Trust Wallet is rated 4.5 out of 5 stars. Over 310,000 ratings from around the world make this rating extremely meaningful and representative. Reading the experiences of Android users shows advantages similar to those mentioned by iOS users.

The Trust Wallet app has a clear and slim design. When you open the app, a current overview of your assets is displayed with a list of balances in individual coins. The navigation bar at the top of the screen allows you to add more cryptocurrencies.

The navigation bar at the bottom of the screen allows you to switch between crypto wallets (main wallet and auxiliary wallets), betting options and detailed settings.

Advantages and disadvantages of Trust Wallet

With 5 million users, the Binance Trust Wallet is one of the most popular cryptocurrency wallets ever. While this is justified, given the wallet’s many advantages, Trust Wallet also has disadvantages that users should not overlook.

We have summarized the advantages and disadvantages of Trust Wallet:

Advantages

  • Compatible with ERC-20, ERC-721, BEP-2, BEP-20 tokens.
  • High usability.
  • Mobile wallets and desktop wallets.
  • Integration with Binance DEX.
  • Wallet shaking out possible.
  • Maximum security, thanks to the decentralised wallet.

Disadvantages

  • Modest customer service.
  • Desktop wallet for Mac only.
  • High transaction fees on cryptocurrency purchases in the wallet.

Withdrawal

As the official mobile wallet of Binance, the world’s largest cryptocurrency exchange with 5 million users, Trust Wallet is certainly the leader in the cryptocurrency wallet field.

It is the high user-friendliness, maximum compatibility and integrated swap and stacking features that are the reasons for the positive experience with Trust Wallet.

However, users should also be aware that a mobile wallet such as Trust Wallet is not suitable for long-term storage of large amounts of crypto-tokens due to security risks. We strongly recommend purchasing a hardware wallet for this purpose.

If readers want to install the Trust Wallet app, they can download it from the App shop directly to their iOS/Android device. The app installs with just a few taps, and cryptocurrencies can be obtained from cryptocurrency exchanges or bought, bid on, and traded directly through the app.

Richard Urban
Author and expert: Richard Urban
Contact:
LinkedIn: Richard Urban