Trust Wallet Review (2022): The Best Wallet For Storing +35 Blockchain Tokens
With the advent of cryptocurrencies comes the necessity for a safe, user-friendly, and fully decentralized wallet, such as the Trust Wallet.
Trust Wallet is a popular multi-crypto wallet used by millions of people.
Some users, however, are yet to discover the plethora of options they can explore through this wallet.
In this post, I will walk you through all the features and functionalities of the Trust Wallet.
This is what I intend to cover:
1. What Is Trust Wallet?
Trust Wallet is an open-source wallet designed to make cryptocurrency usage simple and accessible for everyone.
It is a mobile wallet that lets you buy, store, receive, collect NFT, earn crypto, and explore DApps.
Trust Wallet is decentralized, secure, and leaves users in total control of their funds.
Viktor Radchenko, a software developer originally founded it in 2017.
He designed it to support solely Ethereum-based tokens.
Nonetheless, Binance announced in July 2018 that it had acquired it to serve as its official wallet.
This event modified the Trust Wallet to be a multi-crypto wallet for a variety of uses.
Currently, the wallet supports over 160K cryptocurrencies and 40 blockchains including the Binance Smart Chain.
It also comes with a slew of features, which are listed below.
2. Features Of Trust Wallet
* Web 3 browser
* Buy crypto with fiat
* In-built DEx
* Encrypted Key
* Stores cryptos of 40 blockchains
* Asset Portfolio
* Simple-to-use interface
* Users unique wallet
* Price Alert
* Advanced security measures
* Price Chart
* Multiple wallets
3. Services Provided On Trust Wallet
This allows you to explore and use a slew of different blockchain-based DApps, including PancakeSwap, Uniswap, among others through a web 3 browser.
* Swap: You can convert a list of cryptocorrency to another cryptocurrecny
* Exchange: Using this functionality, you will be able to trade other cryptos for against 11 cryptos including; BNB, BTCB, BUSD, DAI, ETH, USDT, TUSDB,THKDB, etc.
On “Buy”, you can buy cryptos through a third-party platform (Simplex or Moonpay).
Here you get to see the category a token belongs to and how it can benefit you, as well as the Defi platforms you can access with a single click.
For instance: BNB is categorized under “Staking”, allowing you to earn up to 14.08% APR.
Whereas, SushiSwap is one of the Defi projects you can access through “Finance”.
This is where you can receive and store your NFTs on Trust Wallet. It also connects you directly to OpeanSea.io, Nft marketplace.
Note:While Trust Wallet supports gluts of cryptocurrencies, some of them may not be available on “Buy”, “DEx”, or other functionalities that it offers.
Scroll down, let’s hit the next section.
4. How To Download And Install | Setting Up Trust Wallet
Trust Wallet is a free mobile app that you can get from the Google Play Store or the Apple Store. Below is a step-by-step guide.
Downloading And Installing Trust Wallet
* Go to your Google Play Store or Apple Store, search for “Trust Wallet” and install it.
* Once it is installed, click “Create a new wallet”.
* Accept Trust Wallet’s terms of service by checking the box, then click “Continue”.
* Check the box for “Back up your wallet now” and click “Continue” once again.
* “Your recovery phrase” will display. Write down or copy them in the right order and save them somewhere safe. Then click “Continue”
Note: Make sure you keep your “recovery phrase” somewhere safe. You will not be able to recover your wallet if you lose it.
Also, do not share it with anyone, else they gain access to your wallet and then your funds.
* Verify your recovery phrase by picking the words according to the order of your recovery phrase. When you are done, click “Continue”.
* You have succesfully installed a new wallet! You’ll see a pop-up for “Push Notification,” which you can “Enable.”
You can also install the Trust Wallet on your desktop. See how to do that here.
Setting Up Trust Wallet
Let’s have a look at the options available on the Trust Wallet “Settings” page.
* Click “Settings” on the homepage.
* The “Settings” page will be displayed.
Below, I’ll only go through a few of the most significant options.
One of the fascinating features of Trust Wallet is that it allows you to have an unlimited number of wallets in a single app.
Follow these steps to add more wallets to your Trust Wallet app:
* Go to “Wallet” and click the “Plus” Icon.
* From there, you can create a new wallet or import existing wallets of different blockchain networks.
You can add a six-digit passcode to your app’s security for added protection.
Also, you will find other security options like “Biometric, Auto-lock, and Transaction Signing”.
iii. Price Alerts
By enabling this option, you will be notified whenever the price of your crypto assets changes significantly.
iv. Wallet Connect
This is an open-source application that allows you to connect mobile wallets with DApps by scanning a QR code.
For instance, SpiritSwap. finance does not support Trust Wallet, but you can connect your Trust Wallet to it using Wallet Connect.
Next is how to add cryptocurrencies on Trust Wallet. Continue reading!
5. How To Add Token To Trust Wallet
There are two ways to add tokens to your trust wallet homepage:
* Adding from the list of already supported tokens
* Adding Custom tokens
1. Adding from the list of already supported tokens
If you have just created a new wallet, you will only get to see the three default cryptocurrencies, Bitcoin, Ethereum, and BNB, on the homepage.
However, there are a host of other cryptocurrencies on Trust Wallet that you can add to this list.
* On the homepage, select the “Token” section and click the icon at the extreme right
* Search for the token you want to add, then turn on the button.
If you cannot find the coin you want to add, you can add it manually yourself. To learn how to do this, scroll down.
2. Adding Custom tokens
* An “Add Custom Tokens” box will pop up, then you select the “Network” and fill in other required details and click “Done”.
You would find these details(contract name, symbol, etc.) from the creators of the token or on the network’s explorer.
Now that you have added the cryptocurrency of your choice, let’s dig into more details in the next section.
6. How To Buy, Send, And Recieve Crypto On Trust Wallet
(a) Buy Crypto On Trust Wallet
There are three ways to buy cryptos on Trust Wallet:
Buy crypto with credit cards| Swap| Exchange
* Buy crypto with credit cards
To buy crypto with credit cards on Trust Wallet, follow these easy steps.
1. On the homepage, tap the cryptocurrecny you want to buy and click “Buy”.
Note that you may not be able to buy all cryptocurrencies through Trust Wallet.
For the demonstration, I will use the BNB coin.
2. You will see a displayed sum of $150. Use the keyboard to change it to the amount you want to buy and click “Next”.
* The fee charged here is paid to the third-party provider and not Trust Wallet.
* Min. buy amount is $50, while the max. buy amount is $2000
* Trust Wallet offers this service through a third-party provider – The system will automatically display the third-party provider with the best rate, but you can choose another option if you wish. 👇
3. You will be redirected to the third-party’s website to complete the process.
You will be asked to go through a verification process.
However, it should be noted that your information is being requested by a third-party and not Trust Wallet.
You’ll get an email from the crypto provider after your purchase is confirmed. Also, the crypto will be sent to your wallet within a few minutes.
2. Select “Swap”. Select the cryptocurrencies you want to swap. (Ensure that the one you are swapping with has already been deposited into your Trust Wallet).
After that, click “Swap”.
You have successfully swapped your crypto!
1. Instead of “Swap”, click “Exchange”. Select a trading pair.
Enter the price you want to buy at, as well as the amount you want to buy. Click “Buy (+base currency) “. (Ensure you already have the quote currency deposited into your account).
Once your order is filled, you will receive the base cryptocurrency in your wallet.
(b) Send And Receive Crypto On Trust Wallet
1. Select the crypto you want to receive or deposit to another wallet and click “Receive”.
Inversely, you can click “Receive” from the homepage, then search for the crypto you want to deposit.
2. Send the coin to the address displayed on your screen by scanning the QR code or copying it and pasting it into the wallet you wish to send the crypto from.
1. Select the crypto you want to send or withdraw to another wallet and click “Send”
Inversely, you can click “Send” from the homepage, then search for the crypto you want to send.
2. Enter the wallet address you want to send to and the amount you want to send. The dollar equivalent will display. Click “Continue”.
* Cryptocurrencies like XRP, BNB, XLM, etc will require you to write a memo before clicking “Continue”.
Some exchanges/wallets will not process your deposits if the Memo is missing. However, sending to a Decentralized wallet does not necessitate the use of a Memo.
* If you are sending a dual token like THETA, your transaction fee will be paid in the secondary token TFUEL.
3. Verify your transaction order, you will also see your transaction fee. Click “Confirm”.
Note: Your transaction fee can be manually adjusted by clicking the “setting icon”. Keep in mind though, that your transaction may not go through if the fee is too small.
The cryptocurrency will be sent to your wallet within a few minutes.
You may proceed to the next section!
7. Connecting Trust Wallet To DApps| How To Stake Coins On Trust Wallet
(a) Connecting Trust Wallet To Dapps
You can connect Trust Wallet to a slew of DApps. Below is how to do so:
* Click”DApps”. Scroll down and select the DApp you are looking for or search for it via the search bar.
* Assuming the DApp is PancakeSwap, you will will see the Binance logo displayed on top of the screen (This is because Pancakeswap is built on the BSc network).
You can connect your wallet and start exploring it through Trust Wallet.
* Make sure that the blockchain logo that displays when you connect to a Dapp is the right one
* If it is not, then you know that Trust Wallet does not support the blockchain
(b) How To Stake Coins On Trust Wallet
To stake your coin on Trust Wallet here is how to:
1. Go to “Finance” and under “Staking” you will find the tokens that you can stake on Trust Wallet.
2. If you want to stake BNB, for instance, tap on BNB. On the BNB page, click “More”, then select “Stake” from the options.
3. Enter the amount you want to stake and select a validator. Click “Continue”.
On the next page, confirm your transaction by clicking “Send”.
* Although ALGo and LUNA are listed in the staking category, they are not fully supported for staking on Trust Wallet
* There is also a minimum staking amount. For BNB, it is “1”
* Your stake history will be displayed on the coin’s page.
* Click “Unstake” if you want to get your crypto back. Note, however, that BNB, for instance, can only be unstaked after 7 days
Don’t leave yet, continue to the next section!
8. Crosschain Swap On Trust Wallet
I will use the BNB coin as an example here.
BNB has three versions. However, the only difference between them is that they are built on different blockchains and support different platforms. See below.
* BNB (BEP 2): Built on Binance Chain
* BNB (BEP 20): Built on Binance Smart Chain
* BNB (ERC 20): Built on the Ethereum network
In Trust Wallet, you can swap between these tokens.
Assuming you already have BNB (BEP 2) or (ERC 20) on your Trust Wallet, you can swap them to BNB (BEP 20) for the following reasons:
* Interact with Binance smart chain Dapps Like PancakeSwap, Venus etc
* Pay for fees on Trust Wallet.
To do this, follow the steps below:
1. Open the BNB page and click “More” then “SWAP TO SMART CHAIN”
2. Enter the amount you want to swap and the equivalent will be displayed. Click “Swap”.
Your transaction details and the network fee will display on the next page. Click “Send”.
Once your transaction is processed, you will get BNB (BEP 20) in your wallet.
Note that the same can be done for tokens with different blockchain versions, like FTM, TWT, etc.
We’re almost done here. Let’s answer some frequently asked questions and then we can call it a wrap.
1. How do I withdraw crypto to my bank account from Trust Wallet?To do this, you will have to transfer it to a centralized exchange like Binance.
After that, sell it for your local currency and withdraw it into your bank account.
Use P2P platforms, if you cannot withdraw your funds directly from crypto exchanges to your bank account.
2. What blockchains does Trust Wallet support?The supported blockchains can be found here.
Keep in mind that Trust Wallet does not support a few blockchains.
NEO, for instance, is not supported on Trust Wallet.
3. How do I buy coins that are not supported for purchase on Trust Wallet?You can buy them on DEXs or from CExs that support them, then send them to your Trust Wallet.
4. Is Trust Wallet Safe?Yes, Trust Wallet is safe!
– It is non-custodial and keeps you in full charge of your funds
– It has an extra layer of security, like Passcode, Biometric, etc.
– Gladly, the wallet has never been hacked
However, do note that keeping your Trust Wallet safe is your sole responsibility.
Also, Trust Wallet is a hot wallet; hot wallets are considered vulnerable to hacking when compared to hard wallets.
To ensure that your Trust Wallet is safe:
– Use the additional security measures provided.
– Keep your recovery phrase in a safe place where it cannot be misplaced, and do not share it with anyone.
If you have not yet stored your recovery phrase safely, you can still do that now:
– Open “Settings”
– Tap the “Wallet” option
– Click the three dots that display alongside the wallet.
– After that, click “Show Recovery Phrase”, a message will pop up, check the “risk box” and click “Continue”.
– Your recovery phrase will be displayed on your screen. Copy and store it securely.
Note: If you do not securely store your recovery phrase and you lose your phone, you will not be able to retrieve the funds in your wallet.
Ps: If you want to learn how to trade cryptocurrencies profitably, we developed a perfect course to help you master Cryptocurrency Trading.
Go to enroll.
You can also join our Telegram community at/ctmasteryfor more information.
This is the end of this review!
I’ve covered almost all you need to know when using the Trust Wallet.
Now, it is time to get your feedback;
What do you think about Trust Wallet?
Have you been using Trust Wallet? What has been your experience so far?
Put your thoughts in the comment box.
Remember to click the share buttons below…Cheers!
* Multiple cryptocurrencies
* Integrates Dapp
Share Hi, I’m padre. writing is the way I express my creative side to the world. Welcome to my Kitchen Corner on… Read More