Trust Wallet Review: One-Stop Shop for Digital Assets?!

Trust Wallet is a decentralized software wallet that lets you safely store, send and receive cryptocurrencies and NFTs. Trust Wallet is a mobile-based wallet, which is free to download on Android and iOS via PlayStore or AppStore. It has been acquired by the largest crypto exchange, Binance.com, in 2018 and is currently used by more than 25 million people worldwide according to its official site. Ease of use, security features, and a wide range of supported coins and tokens make it one of the Best DeFi Wallets in 2022/2023.

Trust Wallet Features & Functions

Trust Wallet dApp Browser 

The dApp Browser makes Trust Wallet the best one for asset selection. An impressive number of 65 blockchains are supported by Trust Wallet. With a whopping 1,000,000+ (yes, it is over 1 million!) supported coins and 4,500,000+ total assets like NFTs, it is easy to see why Trust Wallet has an advantage over other crypto wallets. 

Trust Wallet lets you exchange crypto without leaving the app, unlike other wallets that require you to transfer assets to exchange. Now you can utilize popular protocols like PancakeSwap, 1inch, and OpenSea without having to sign up for multiple wallets. 

Free to Download 

Trust Wallet platform is free to download from the Google Play Store or the Apple Store. It also does not charge any fees for storing your digital assets within the app. 

Easy-to-Use Interface 

Using crypto wallets can be pretty intimidating for beginners. The Trust Wallet interface is designed to be remarkably user-friendly and easy enough to operate even for crypto newbies. Yet its advanced features will satisfy even more sophisticated traders. Furthermore, Trust Wallet provides price charts within the app making it easy to track asset prices. 

New Desktop Extension for Web 3

A recently added feature, the desktop extension allows you to instantly turn your desktop browser into a self-custody Web3 wallet and give you access to thousands of decentralized applications. 

Now you can play games, look up charts, swap tokens, and more not only on your mobile but directly on your desktop. This long-awaited extension is now available on Chrome, Brave, Opera, Edge, and more. 

No Personal Info Required 

Unlike Coinbase Wallet or Binance exchange which requires full details about the user, including face ID, Trust Wallet only needs you to provide a 12-digit key phrase to establish ownership of the wallet. This means that no employee of Trust Wallet or any third party can gain access to your personal details. However, if anyone does get a hold of your key phrase, you can lose all your assets. 

Buy Crypto Assets Using a Credit or Debit Card

Trust Wallet allows you to buy crypto with a credit or debit card, so there is no need to have an account with crypto exchanges like Binance or Coinbase. There is also no need to verify the address and other non-essential info. You just have to provide the card details. 

However, buying crypto with a debit or credit card will cost you more due to high third-party fees which could be around 5%. Trust Wallet does not charge any fees, but the third-party providers it utilizes to perform these transactions do. 

Staking 

It is easy to earn interest on owned cryptocurrencies directly through your Trust Wallet. It doesn't even take a cut from the earned interest gained by staking. Trust Wallet is one of the best crypto wallets for making a profit on held assets due to its high APRs compared to the competition. Currently, 12 tokens are available for staking, including BNB, Cosmos, and Tezos.

Secure Online Gambling

If you are a player in online casinos, it is pretty convenient to use an online wallet like Trust Wallet to deposit funds or withdraw your winnings securely in minutes. No personal data, only your public online address will be shared with the casino so there is no chance for things to go south. As NFT casinos become more popular, Trust Wallet will prove extremely useful for online gamblers.

Trust Wallet Token (TWT)

Owning Trust Wallet Tokens, or TWT provides a range of benefits and incentives. For example, one might get reduced gas fees as a result of holding a certain amount of TWTs. Owners of Trust Wallet Tokens can also influence the development of the app by voting on the app's update proposals. However, this token does not have any utility outside of the Trust Wallet ecosystem. 

Withdrawing Funds

It is not possible to withdraw funds directly from Trust Wallet to your bank account. First, you need to swap tokens for BNB or Ethereum, send them to a crypto exchange like Binance, and sell them for fiat money like dollars, euros, etc. You can then withdraw funds to a linked card or take them out via Crypto ATM. 

Is Trust Wallet Safe?

Trust Wallet has an effective security system that makes account hacking very difficult thanks to the use of a 12-word seed phrase that is only provided to the user. You can also manually activate an extra layer of security by requiring a unique pin or fingerprint scanning for logging in. 

Never Stores User Information on Its Servers

Trust Wallet will never ask you to verify your details such as your email, address, or other identifying details. Its security system performs ownership verification only through your private key, a 12-word phrase. 

Protect Your Assets

Being a non-custodial app wallet, the responsibility for your assets is entirely yours. It is up to you to keep your private key safe. If someone gains access to your 12-word password, they can set up a duplicate account and take out all your investments in minutes. Beware of fake emails that can be disguised as customer support. They can phish out your wallet seed words and gain control over your assets. 

Advantages

• Beginner-friendly interface

• Free to download

• No personal details required

• Over 1M cryptocurrencies supported, 4.5M+ total assets including NFTs

• Access dApps through desktop or mobile 

• In-app staking, swapping 

Disadvantages

• Cannot be recovered if the key phrase is lost, stolen, or forgotten

• The security system is susceptible to phishing through social engineering and email scam

• High third-party fees if purchasing through the wallet directly

How to Install Trust Wallet

1. Download the app 

2. Save key phrase.

3. Manually add extra security measures.

4. Transfer digital assets from an exchange or buy using a card.

Trust Wallet vs. Coinbase Wallet 

Both wallets are easy to use, however, Trust Wallet supports a much more extensive number of digital assets. Also, Trust Wallet lets you earn interest on held assets directly from the Trust Wallet without a need to connect to an exchange, unlike Coinbase Wallet which has no staking option available. Furthermore, Coinbase Wallet requires customers to provide personal details, so it might not be the right choice for those wanting to stay anonymous.

Even though the Coinbase platform has never been hacked, the Coinbase Wallet is susceptible to SIM swap fraud (read our Coinbase review here). However, Trust Wallet does not have your data stored on its servers, so there is no chance for it to be compromised unless you are the one who provides it to the hackers. 

The Difference Between Trust Wallet vs. MetaMask Wallet

Both Trust and MetaMask Wallets are free and convenient to use while offering similar services. However, MetaMask only supports Ethereum-based tokens. It does not support BTC-related tokens, which is disappointing since Bitcoin is the most popular cryptocurrency on the market. Check out our full MetaMask Wallet review.

Conclusion:

A massive number of assets supported by the app make it a one-stop shop solution for crypto investors. Thanks to the newly added Desktop Extension for Web3 you can now play games, swap tokens, earn rewards, and more directly from your Trust Wallet Browser. It is also one of the most secure hot wallets on the market, as long as you do not lose or share the recovery phrase with anyone.

Overall, it is one of the best hot wallets available on the market for rookies and seasoned users alike. However, we would still recommend using a cold, hardware wallet for long-term storage of large amounts of cryptocurrency.