One of the goals of the advanced web is security, and cryptocurrency is the pioneering technology for achieving security. Hence, the need for us to securely store and retrieve our cryptographic funds without the fear of loss or intrusion. Therefore, wallets are created as a medium between us and our digital holdings.
Trust Wallet stands out among all existing digital wallets and is preferred by many users. Thus, this article explains what Trust Wallet is and how to use it efficiently.
What Is Trust Wallet?
Trust Wallet is software that allows members of crypto communities to deposit, exchange, and retrieve their digital assets conveniently. It can be regarded as an access point to viewing and accessing a broad range of blockchains, digital assets, and DApps.
Trust Wallet was introduced by Viktor Radchenko in November 2017 and quickly attracted a huge user base. In 2018, Binance acquired Trust Wallet, and in early 2021, Eowyn Chen, former vice president of marketing at Binance, assumed the role of CEO.
About Trust Wallet
Trust Wallet supports a large spectrum of crypto networks and primarily interacts with handheld devices. The software allows users to exchange coins and tokens (including NFTs) from different blockchains. While it works with several hundreds of thousands of tokens, it enables users to buy them from token providers like Transak and MoonPay.
Trust Wallet provides a passive income stream for its users, such that they can stake coins from their wallets and profit. However, at this time of writing, only 12 coins can be staked on the platform.
One advantage of this wallet provider is that it allows wallet migration. This means that you can import your wallet from other wallet providers with your 12-seed words, private key, UTC file, or your public key (for only viewing the wallet).
How Trust Wallet Works
Before we dive into how this wallet provider works, we need to reiterate that crypto wallets (like this) are for storing assets, public keys, and private keys. This statement implies that you can retrieve your assets and keys from your wallet. We will however discuss it later.
The first step to using Trust Wallet is downloading it to your phone.
On installation, you will receive a prompt with options to either import or create a new wallet. You can click on the “I already have a wallet” option and input your seed phrases if you have an existing wallet. But if not, click on the “CREATE A NEW WALLET” option for Trust Wallet to issue you a public key, private key, and a 12-phrase seed. Once you sign up, you must store your seed words safely and quickly.
While preparing your wallet, note that Trust Wallet uses your private and public keys to record every transaction you make. The cryptographic wallet provider publicly recognizes every user by their wallet addresses and authorizes transactions with only the private key. It secures every account with a 12 or 24-seed word and creates in-app security measures like PINs and biometrics.
As earlier stated, Trust Wallet supports wallet migration; however, this feature can be accessed using either of three methods:
- The wallet’s private key.
- The wallet’s UTC file.
- The wallet’s 12/24-phrase seed.
Trust Wallet does well to keep its users anonymous and private, such that users can keep their private details to themselves if they choose. They may only need to supply their confidential information when purchasing crypto holdings from others. It is necessary to note that Trust Wallet supports pseudonymity, meaning that users can transact without disclosing their identities.
How To Secure Your Trust Wallet
Security is a priority in cryptocurrency; hence, you must secure your wallet. Remember that without your wallet’s security details, you cannot access your wallet.
Trust Wallet only allows you to access your account with your 12-seed words. Therefore, once you receive your phrases, you must save them in a recoverable and secure location. If possible, store them in more than one location. Among all possible places, backing up your seeds offline is the best.
On copying and pasting or writing them, check them multiple times and ensure they are stored as ordered. After documenting the codes, you need to secure your Trust Wallet app with a security code. This way, no one except you will have access to your funds even if you lose your mobile device.
To instate this security, click on the “Settings” options and select “Security.” Next, you authorize the “App Lock” function and put in a code of your choice. After doing this, you can set the application to lock at any time interval you choose automatically.
While the security code system may be effective, it is strongly recommended that you activate the biometric security system as an added layer of security. The available options are the Face ID and Fingerprint ID, so you can use whichever one works for you.
If you misplaced your seed phrases or didn’t store them, you can check them by going to “Settings,” clicking on the “Wallet” icon, and clicking the “i” function.
What can you do with Trust Wallet?
Trust Wallet additionally provides the following capabilities native to the Trust Wallet app:
There are other staking choices available, including BNB, ATOM, and others, with actual percentage rates of up to 85%. Your real profits will rely on the available validators and gaming opportunities, with more being added over time.
- Swapping and Exchanging
With native cross-chain switching, users may exchange tokens within the Trust Wallet app. These services, provided by Binance DEX and 1inch, allow for the smooth trading of assets across networks.
Trust Wallet allows users to buy cryptocurrencies with fiat currency. You can purchase over 40 Cryptocurrencies from the Trust wallet app or through Apple, Google pay, or a mobile bank transfer.
Where can I download Trust Wallet?
The official download links to download Trust Wallet can be found on the Trust Wallet website. Verify that you are using the official website before downloading any cryptocurrency wallet or exchange program. Its mobile app is available to download on IOS and android mobile devices.
Frequently Asked Questions
Is Trust Wallet Safe?
Trust Wallet is safe because of its multi-security structure. It complies with the minimum standards of cryptographic security.
Can I Withdraw My Money From Trust Wallet?
You can withdraw your funds from Trust Wallet by swapping your intended token for either ETH, BTC, or a stablecoin. Then you transfer the BTC/ETH to a trusted exchange and cash out.
Why I Should Trust Trust Wallet?
You should trust Trust Wallet because it can neither see nor tamper with your assets. It is encrypted to save and gives only you access to your holdings.
Can My Trust Wallet Be Hacked?
Your crypto-holding wallet cannot be hacked without your permission. It is highly secured by blockchain technology.
What Is The Limit Of Trust Wallet?
Trust Wallet allows a minimum of $50 and a maximum of $20,000 for credit card purchases and sales.
Does Trust Wallet Require Fees For Transactions?
Trust Wallet does not charge fees on download and account setup. However, it charges transaction fees for inter-wallet or inter-contract transactions. Users may pay fees when they buy crypto holdings through Trust Wallet, except they have the wallet’s TWT token.
Trust Wallet is a trusted digital wallet for cryptographic holdings. It supports a large plethora of blockchains and tokens, including NFTs. Based on several reviews and analyses, it meets the minimum standard of crypto security. Hence it is adopted by many crypto users and remains reliable.