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Trust Wallet Review
Trust Wallet is a mobile-based cryptocurrency wallet. Its primary focus is Ethereum and other Ethereum-based tokens. It is designed in such a way that its native code is both open sourced and closed source. The wallet is closed source for Android (Java) and Open source (Swift) for iOS. Trust is created with a purpose to simplify the way Ethereum tokens are sent, received, and stored on the ETH blockchain.
The wallet has a clean and simple interface that enhances its usability.
The Trust wallet is a mobile wallet built for both Android and iOS. The founder of the wallet, Viktor Radchenko wanted a wallet that could handle ERC20 token transactions comfortably. He has achieved this to a large extent. The wallet was launched in November 2017. It supports 14 tokens, and users can store their private keys on their devices. This wallet partners with other companies to enhance some of its features. For instance, Cyber Network powers its decentralized exchange.
The wallet enables Android users to buy ETH through Changelly, Coinbase, or Shapeshift. In a related development, Binance acquired the Trust wallet in July 2018. This makes the wallet the official wallet for the Binance DEX and Binance Chain. The company stands on its name ‘Trust’ and has held a reputation for not asking for personal information from its users. In addition, the wallet does not hold on to the private keys of its users.
The wallet has taken things a notch higher with the introduction of a DApp Browser. The DApp Browser utilizes Web3 browser. This means that users can interact with decentralized applications directly from the Trust Wallet app. The DApp Browser is an open-source repository where developers can list their applications. The Trust Team, however, certifies each listed application to ensure that they function on Trust Browser on both Android and iOS mobile devices.
The company’s competitors include KeepKey, MyEtherWallet and Exodus.
Trust Wallet Supported Coins
The Trust Wallet supports Ethereum (ETH), Ethereum Classic (ETC) and all ERC20 and ERC223 tokens. Using your wallet, you will be able to store Binance Coin (BNB), Aion (AION), VeChain (VEN) and many others. In other words, Trust wallet does not support BTC, BCH and other coins outside the ethereum wallet. This could be a huge turnoff if you intend to store these digital assets.
If you want to find an exchange where you can trade in the above cryptocurrenices, check out our Cryptocurrency Exchange List.
Trust Wallet Fees
The way the trust wallet functions, you have several options to trade or exchange your tokens. You can send your tokens to an exchange, or utilize services such as Changelly or Shapeshift. Another easy option is to utilize the DApp browser, which grants you access to your tokens right from your wallet.
Trust Wallet has made bold claims that it charges no fees for its services. However, to execute a transaction on the Ethereum blockchain, you need to pay “gas.” The gas fee goes to the Ethereum miners who confirm the transaction. This means that Trust wallet does not get any part of your transaction fees.
The wallet does not cost anything to use. Simply download from the respective app stores and use. It is compatible with both Android and iOS devices.
Trust Wallet Ease of Use
- The wallet has an intuitive design. It is structured in such a way that you can access both airdrops, ICO tokens, and Ethereum through one address.
- Since the Trust wallet provides its users with a unified wallet address, users can add their desired token list from a list of tokens integrated right inside the wallet.
- Access to DApps through the Trust DApp browser was also made so easy that even a crypto newbie can manoeuvre with ease.
- Users can also gain access to top cryptocurrencies through the Trust wallet instead of having to use multiple wallets. Top coins such as TRON, VeChain, GoChain, ICON, POA Network, TomoChain, and Wanchain blockchain, to name a few.
You can easily set up your wallet by going through the usual procedures. Enter an e-mail address, create a password and enter a seed phrase. NOTE: Always remember to keep your seed phrase safe.
The wallet does not keep user data. The wallet also does not use any KYC measures, so you do not need to input any personal details while using the app.
This is an HD wallet and it is safe and secure. There has been no documented occurrence of a hack until the date of writing this review (20 August 2019). The line code of the wallet is open-sourced and open to review. The following are the main security features of the wallet.
- Private Key is stored locally. Trust Wallet does not store your private key on its servers instead; you get to store the key on your device.
- Seed phrase back up
- FaceID and TouchID for extra protection
Where to buy Trust Wallet?
You can find this wallet on App Store and Google Play Store for iOS and Android devices respectively.
If you prefer a hardware wallet, check out our reviews of Ledger Nano S and KeepKey.