Overview of Trust Wallet
Trust Wallet is a DeFi wallet that can be used for storing, swapping and staking cryptocurrencies. Being a self-custody wallet, it gives users full control over their private keys. Although it is managed by centralized authority like Binance but enables decentralization of funds due to its non-custodial nature. Multiple payment options are available including credit/debit card and bank payment to purchase crypto.
This wallet is one of the most secure crypto wallets whose open-source code has also been independently audited by industry experts. It has around 100 million users most of which came from Binance. Crypto exchange’s large user base has helped boost its popularity.
Pros and Cons
| Pros | Cons |
| Supports millions of crypto assets across 100 blockchains | Limited customer support |
| Access to staking service | Does not support 2-Factor Authentication |
| User-friendly interface | |
| Strong security | |
How Trust Wallet Works
Being a decentralized application, Trust wallet interacts with multiple blockchains. Each blockchain independently manages the transaction data while Trust wallet stores private keys on user’s device. Using the private key, user can access his funds across different blockchain networks. The private keys are used to sign transaction and to prove ownership of crypto assets. If device is lost, then seed phrase is used to recover your wallet account and regenerate the private key.
Once a user downloads the browser extension or mobile app and signs up, a new wallet is generated with a set of private keys and seed phrase (recovery phase). He can manage coins across blockchains like Ethereum, Bitcoin, BSC and others. To make a transaction, user enters the crypto amount and recipient’s address. The transaction data is recorded on the blockchain. Furthermore, Trust wallet’s partnership with payment providers also enables purchase of crypto within the app.
Trust wallet have maintained community-driven nature of the platform just like other decentralized applications. New updates and improvements are regularly added with community feedback and suggestions. Recently, blockchain support has expanded and includes new blockchains like Moonbeam, Mantle, Neon, ThunderCore, etc.
Features
The top feature of Trust Wallet is its extensive cryptocurrency support. It supports millions of crypto assets across 100 blockchains. You can also access a diverse array of tokens. Currently, 24 coins are available for staking with good APR rates. Not only you can store and swap coins but you can also earn passive income by staking.
Trust wallet provides efficient swapping of crypto at low gas fees and the best rates. Interestingly, the distribution of orders on multiple DEXs offer slippage protection. Moreover, you can purchase crypto with over 100 fiat currencies at the best rates. Trust wallet’s DApp browser allows users to interact with these applications.
Security
The backing from Binance, provides Trust wallet the industry-leading security features. Multiple tools including monitoring systems, encryption technologies, and cloud backups, ensure safety of the application. Moreover, users can connect a hardware wallet with Trust wallet which adds additional layer of security. The platform is also independently audited by multiple auditing firms to identify any vulnerabilities in code. Trust wallet also runs a Bug bounty program to incentivize people to identify security vulnerabilities.
Concluding Remarks
Trust wallet is a reliable crypto wallet with versatile utility. It provides access to millions of crypto assets and NFTs. Apart from storing and swapping crypto, users have ability to stake their coins to generate passive income. Trust wallet’s DApp browser is one of the best features. Overall, Trust wallet is a good option if you plan to store crypto. The industry-leading security provided by Binance ensures the safety of application. While the web-based nature of this wallet does not completely eliminate chances of hack, but safety on software and network level is achieved. Users can also connect their hardware wallet with this wallet to increase security of their funds.