It’s a name that inspires trust… But does it deserve it? Should you really trust Trust Wallet? In this Trust Wallet review, you’ll discover the key features of the Trust crypto wallet, so you can form your own opinion.
Hot / Cold
Custodial / Non-custodial
Mobile application (and desktop for Mac M1)
Over 4.5 million assets (coins and tokens)
Buying, trading, staking, migration
No commission, but possible fees from partners
Available in French
Trust Wallet in Brief
Trust Wallet is a free cryptocurrency wallet. Its primary function is to store digital assets. In a broad sense, one could compare a cryptocurrency wallet to a bank account for cryptocurrencies.
Not all cryptocurrency wallets are created equal. Therefore, it’s important to understand the type of cryptocurrency wallet you’re dealing with. In summary, Trust Wallet falls into the category of “software wallets,” also known as “hot wallets.” Furthermore, it’s “non-custodial.” It isn’t dedicated to a single cryptocurrency but allows you to store various digital assets, both coins and tokens. The Trust Wallet website is available in 11 languages, but French is not one of them.
The History of Trust Wallet
Trust Wallet was founded in 2017 by a group of anonymous developers. Their goal was to create a decentralized, non-custodial wallet that’s easy to use and available as a mobile application, the Trust Wallet app.
One year later, in July 2018, Trust Wallet was acquired by Binance. At the time, the wallet could support Ethereum and approximately 20,000 tokens built on the Ethereum blockchain.
Over time, Trust Wallet continued to expand its offerings. Today, the wallet can accommodate over 4.5 million assets and claims to have more than 25 million users.
On its website, Trust Wallet presents itself as: “The most reliable and secure crypto wallet.”
Now, let’s take a closer look at the characteristics of Trust Wallet.
Trust Wallet is a “hot wallet”
Trust Wallet belongs to the category of “hot wallets”, as opposed to “cold wallets”. But what’s the difference?
A hot wallet is constantly connected to the internet. In contrast, a cold wallet is only connected when you’re making a transaction to or from your wallet. The rest of the time, the wallet remains offline.
As a software wallet, Trust Wallet is a hot wallet. This means users can easily access their funds with just their credentials and an internet connection. However, hot wallets are considered less secure from a security perspective. Because they are constantly online, they are more vulnerable to attacks and security vulnerabilities.
Therefore, as we’re not speaking about a Trust Cold Wallet, or a Trust Hardware Wallet, the advice here is not to store large sums of money in your Trust crypto wallet. Ideally, only keep cryptocurrencies you need for the short term in a hot wallet, and store the rest in a cold wallet, which is generally more secure.
Trust Wallet is non-custodial
The “non-custodial” characteristic is another important feature of Trust Wallet. This is a critical factor to consider when choosing a cryptocurrency wallet.
In simple terms, a custodial wallet retains control over users’ cryptocurrencies, while a non-custodial wallet gives full control to the user. How does this work?
To have full control of a cryptocurrency wallet, you need to possess your public key and private key. Some platforms (custodial ones) keep control of the private keys and ensure their security. In contrast, a custodial wallet leaves this responsibility to the user. As a result, your private keys are never stored on Trust Wallet’s servers. Therefore, you don’t risk the platform going out of business and taking your private keys (and your cryptocurrencies!) with it.
However, this maximum control also comes with responsibility and risk. If you ever lose your private key, Trust Wallet can’t help you, and you won’t have a way to recover your funds!
Trust Wallet is multi-blockchain and multi-crypto
rust Wallet boasts exceptional compatibility. The brand’s website states that the wallet is compatible with 65 blockchains and 4.5 million assets!
Among these assets, you’ll find:
Coins, which are cryptocurrencies that operate on their own blockchain. This includes Bitcoin (BTC) and other coins (called altcoins) like Ethereum (ETH), Cardano (ADA), BNB Coin (BNB), Solana (SOL), Algorand (ALGO), and more. Therefore, Trust Wallet serves as a Bitcoin wallet, Ethereum wallet, Cardano wallet, and so on.
Tokens, which operate on an existing blockchain. Notably, there are ERC20 tokens used for decentralized applications on the Ethereum blockchain. Similarly, ERC721 and ERC1155 tokens are part of the thriving NFT market and are also hosted on ETH.
Therefore, Trust Wallet allows you to store various coins, tokens, and NFTs. With such a wide selection, it’s challenging to find an asset that Trust Wallet doesn’t support!
Trust Wallet App
Unlike some other software wallets, Trust Wallet has chosen to focus on a single platform: mobile devices. Indeed, Trust Wallet is a mobile application.
The Trust Wallet app can be downloaded from the App Store, Android, and Google Play. You can also install the application on the latest Mac computers equipped with the M1 chip.
With the Trust Wallet app, you can keep your cryptocurrencies constantly at your fingertips.
No Connection with a Hardware Wallet
Some software wallets offer the option to connect a hardware wallet like Ledger or Trezor. This allows you to access funds stored on the hardware wallet from the software interface.
However, this functionality is not available with Trust Wallet. At most, you can import the public address of your hardware wallet. This way, you can monitor your account balance and receive notifications for each transaction.
As a cryptocurrency wallet, Trust Wallet primarily serves to receive, store, and send cryptocurrencies. However, the Trust Wallet also offers convenient integrated services. This allows you to perform certain operations directly from the wallet.
Trust Wallet gives you the option to purchase cryptocurrencies directly from the wallet application. To do so, Trust Wallet has formed partnerships, including one with Ramp. While Trust Wallet doesn’t charge any fees for using this service, you will still need to pay the fees charged by the partner, in addition to network fees that you’ll encounter everywhere.
Cryptocurrency purchases on Trust Wallet can be made with a debit or credit card. Minimum and maximum amounts are also imposed. For example, to buy Bitcoin on Trust Wallet, you can spend between $50 and $20,000 per card. Once the cryptocurrency is purchased, the coins (or tokens) are credited to your wallet.
Often, if you want to trade cryptocurrencies held in a wallet, the first step is to transfer the asset to a cryptocurrency exchange. You must then conduct the exchange and then send the asset back to your wallet.
Trust Wallet simplifies this process by allowing you to perform exchanges directly from your Trust Wallet app. This reduces the movement of cryptocurrencies, which can sometimes lead to errors or complications.
Trust Wallet also allows you to stake cryptocurrencies without moving them from your wallet. This involves locking your assets, and you receive rewards in return. You can also gain the right to participate in decisions made by the network on which you’re staking.
Currently, Trust Wallet supports staking for the following 12 assets:
Binance Coin (BNB)
The Trust Wallet website offers a calculator to estimate the gains you can generate through staking. Most cryptocurrencies are rewarded with returns ranging from 4% to 11%, with Osmosis being an exception, earning up to 84%!
Furthermore, the Trust Wallet application acts as a gateway between you and decentralized applications (DApps). Thanks to the integrated DApps explorer within the Trust Wallet application, you can interact with numerous DApps securely.
Among the DApps available on Trust Wallet, you can find:
Migration to Trust Wallet
Trust Wallet offers a very convenient feature if you already have another cryptocurrency wallet and want to switch to using Trust Wallet. You can simply migrate your wallet.
For example, if you have a MetaMask or MyEtherWallet, you can create a backup and import it into Trust Wallet. You just need to use the identification method from your old wallet (such as a secret phrase, keystore file, or private key) to retrieve your cryptocurrencies in Trust Wallet.
This feature saves you from having to send your assets when you want to change wallets. This way, you avoid transaction fees and the risk of making a mistake in the process.
With Trust Wallet, you can perform the following operations for free:
Download the application
Create a new wallet
Import an existing wallet
Store your cryptocurrencies
Other operations are free from Trust Wallet’s perspective, but it doesn’t mean they’re free for the user.
Firstly, network fees are always the responsibility of the user, regardless of the exchange platform or wallet used. For example, if you buy ETH, you’ll have to pay the infamous “gas fees.” This money doesn’t go to Trust Wallet but to the network nodes processing the transaction.
Additionally, intermediaries used by Trust Wallet for some operations may charge a commission. This is particularly the case when buying cryptocurrencies within the application. As of now, the fee structure is not clearly indicated on the Trust Wallet website. Based on our research, fees can range from 1% to 5.5% depending on the operators.
Frequently Asked Questions about Trust Wallet
What is Trust Wallet?
Trust Wallet is like a bank account for cryptocurrencies. Its primary function is to store digital assets.
Is Trust Wallet a Hot Wallet?
Yes, Trust Wallet is a Hot Wallet, meaning it is always connected to the internet.
A writer from the north of England, I've been fascinated by all things cryptocurrency since the early days of Bitcoin. I've written countless articles in the crypto space over the years, contributing to various websites in the process. I'm always reading and forever following the trends and expanding my knowledge so that I always have more to share!