Discover Trust Wallet, a non-custodial cryptocurrency wallet empowering you to take control of all your digital assets, from crypto coins to non-fungible tokens (NFTs). Trust Wallet offers multiple features, including support for Web3 capabilities, decentralized exchange (DEX) integration, staking, swaps, and more.
Our comprehensive review will delve deep into the features, security measures, and user experience Trust Wallet offers, helping you determine if it’s the right fit for your needs.
Table of Contents
What Is Trust Wallet?
Trust Wallet is a decentralized, non-custodial, multi-crypto wallet app, providing users with complete control over their digital assets. It’s Binance’s official cryptocurrency wallet available as a free download on Android and iOS devices via the Play Store and App Store and a browser extension for Chrome, Brave, Opera, and Edge browsers.
TWT supports over 70 blockchains and 9+ million crypto assets, including NFTs.
Unlike custodial wallets that require you to trust a third party with the custody of your assets, TWT puts you in complete control. It operates as a non-custodial wallet, enabling you to retain ownership and control of your private keys at all times. This empowers you to securely store, send, receive, stake, trade, store, and purchase crypto without relying on intermediaries.
As a decentralized wallet, it leverages blockchain technology to ensure users have direct control over their funds, eliminating the risks associated with centralized platforms. Trust Wallet provides a decentralized platform for asset management without relying on a central authority or server to operate.
It boasts a user-friendly interface enabling users to directly use decentralized applications (DApps) on the Trust Wallet mobile app, further expanding their Web 3 experience.
By integrating with leading DApp platforms, TWT enables you to seamlessly interact with myriad decentralized services, such as decentralized exchanges (DEXs) and decentralized finance (DeFi) protocols. This opens up a world of possibilities for you to engage in decentralized trading, lending, staking, and more, all from the convenience of the Trust Wallet app.
How Does Trust Wallet Work?
Trust Wallet creates a bridge between blockchains and their respective nodes, facilitating the secure storage of cryptocurrencies within their respective public addresses. As a decentralized and non-custodial wallet, it doesn’t possess or exercise control over users’ cryptocurrency holdings; instead, it grants users direct access to their assets.
Trust Wallet App Features
According to the founder of the Trust Wallet app, Viktor Radchenko, the cryptocurrency app has a simple interface and supports around 250,000 different assets. Viktor mentions in the TWT’s official blog:
‘’We currently support over 33 blockchains, which contain, in total, around 250,000 different assets. So we have pretty good coverage in terms of the different digital assets that we support across different worlds.’’
“Earn” is a future project of TWT that will help its users make passive income with ease. Viktor believes that with the launch of this feature, all people would need is a button that they will press and start earning funds that they can trade or sell on the Trust Wallet app.
According to Viktor, the mission of Trust Wallet is accessibility. It means that there is no KYC verification of any sort of barriers needed for the users to create an account and start trading cryptocurrencies.
Trust Wallet DApp Browser
TWT provides a built-in Web3 DApp browser, enabling users to interact seamlessly with Ethereum-based and Binance Smart Chain-based DApps. Users can directly access DEXs, DeFi applications, and blockchain-based games using the Trust Wallet app without signing up for each DApp.
Trust Wallet vets all integrated DApps to ensure a certain level of trustworthiness and quality for users. Supported DApps include Uniswap, PancakeSwap, and OpenSea.
Plus, TWT provides developers with a user-friendly API specifically designed to facilitate the creation of multi-chain DApps.
Trust Wallet Built-in DEX
TWT offers users the convenience of a built-in decentralized exchange (DEX), enabling them to buy, sell, and swap cryptocurrencies with a few clicks directly on the Trust Wallet app. The DEX integrates with various payment systems and platforms, such as Binance DEX, THORChain, 1Inch Network, and Kyber Network, to facilitate seamless trading and exchange options.
The built-in DEX provides access to multiple DEXs and facilitates interchain and cross-chain swaps, expanding the range of trading options for users.
Additionally, the DEX’s integration with the Venus Protocol enables users to receive liquidity mining rewards and securely store Binance Smart Chain assets, including pegged ETH and XVS, directly in their wallet.
Trust Wallet Token (TWT)
TWT is the native cryptocurrency of Trust Wallet available on different blockchain networks. TWT holders enjoy certain advantages within the Trust Wallet app, such as conversion and transaction fee discounts. TWT also functions as a governance token, enabling holders to actively participate in the governance of Trust Wallet and vote on decisions like new features, tokens, and support for the network.
How to Set Up Trust Wallet?
Download the Trust Wallet app from App Store or Play Store on your mobile devices or install it as a browser extension on Chrome, Brave, Opera, and Edge browsers at: https://trustwallet.com/browser-extension
Follow the easy steps below to create a TWT account:
- Select “Create a new wallet” and press “Continue” to accept the Terms of Service and Privacy Policy.
- Create a six-digit password as your secret security code to access the wallet.
- A new screen will appear, prompting you to write down your secret recovery phrase, consisting of 12 words. This phrase is the only way to recover your wallet once you lose access to it, so keep it in a safe, private place.
- Write the phrase to verify that you backed up your recovery phrases.
- Congratulations! Your wallet was successfully created.
How Is Trust Wallet Token (TWT) Unique?
TWT is based on the Binance Smart Chain (BSC), a blockchain network designed to empower smart contract-based crypto projects. The gas fees of BSC are minimal in comparison to other platforms and the super-fast transaction confirmation times are an added bonus to all tokens that run on BSC.
The main purpose of TWT, a BEP-20 asset, is to provide value to Trust Wallet users. However, since it is based on the Binance Smart Chain (BSC), it can be either offered as a payment for services or swapped with other crypto assets.
The Vision Behind TWT
The founder believes that TWT is proving to be useful as it educates its holders about governance and the power of voting & decision making. He also believes that Trust Wallet can promote the concept of ‘adoption’ and ‘education’ for upcoming technologies in the vast world of crypto.
Is Trust Wallet Safe?
TWT is a highly secure hot wallet, incorporating military-grade encryption and bank-level security measures. The wallet is secured with Touch ID and Face ID implementation, although it lacks a two-step verification process.
As a decentralized wallet prioritizing user privacy and security, Trust Wallet doesn’t require KYC verification.
TWT is a non-custodial wallet that doesn’t store any user information, giving users complete control over their private keys. As the sole custodian of your private keys, you’re responsible for keeping them safe. Plus, since cryptocurrencies operate on a decentralized network, lost funds can never be recovered.
However, TWT provides a solution for recovery or backup of your funds in the event of device loss or mishap. It offers a seed or recovery phrase, a series of random words generated by your cryptocurrency wallet, for backup purposes. This backup mechanism adds an extra layer of protection and peace of mind for a Trust Wallet owner. So it’s crucial never to share your seed phrase with anyone or create a digital copy of it to avoid a permanent loss of funds.
Users have the option to store their private keys locally on their devices conveniently, and TWT won’t reveal the key when signing transactions automatically.
While Trust Wallet provides a secure system, it’s essential to acknowledge that it’s a hot wallet, i.e., it can be accessed via an internet connection.
Hot wallets are susceptible to phishing scams. Phishers can gain unauthorized access to users’ wallets by exploiting phishing websites to steal seed phrases. To mitigate risks, users should beware of fraudulent websites designed to mimic official wallet platforms and ensure they’re on the official TWT website before signing in.
Moreover, since Trust Wallet is a mobile wallet, if you were to lose your mobile device and someone gains unauthorized access to it, your funds could potentially be lost forever.
To avoid seeing your crypto wallet balance suddenly drop to zero, you may want to consider storing your funds in hardware or cold wallet. Hardware wallets provide offline storage, significantly reducing the risk of unauthorized access or theft.
While TWT offers significant advantages such as multi-coin support and flexible transactions, hardware or cold wallets remain the preferred crypto wallets for individuals seeking the utmost security for their long-term investment objectives.
Trust Wallet’s Features
TWT offers multiple features, along with the built-in Web3 DApp browser and the built-in decentralized exchange (DEX), enabling users to buy, sell, and swap cryptocurrencies directly on the Trust Wallet app.
Let’s explore the key features of Trust Wallet in detail below.
- Multi-coin Support: TWT supports the main blockchains within the Ethereum ecosystem and also functions as a Bitcoin Wallet. It has recently introduced support for Binance Smart Chain, expanding the range of compatible cryptocurrencies.
TWT also allows you to store stablecoins conveniently.
The TWT team continuously adds support for more cryptocurrencies on a monthly basis. It also encourages you to reach out to the team to add specific coins or tokens to Trust Wallet. - NFT Storage: TWT enables users to store and access all their NFT collectibles on Ethereum and BSC. Crypto collectibles are secured on the blockchain and associated with a public address.
- Staking and Rewards: TWT offers built-in staking with selected cryptocurrencies, enabling users to earn interest on the crypto they store in their wallet.
- Flexible Purchases and Withdrawals: Unlike most crypto wallets, TWT allows users to purchase cryptocurrency with fiat currencies. You can purchase over 40 cryptocurrencies on TWT using a credit or debit card. Moreover, Trust Wallet has partnered with Ramp and MoonPay, enabling easy crypto-to-fiat withdrawals. It currently allows users to easily convert their cryptocurrency into fiat currencies directly within the Trust Wallet app.
- Cost & Fees: TWT is free to download and use and doesn’t charge fees for swaps or transactions in-app. The only fees you’re charged are blockchain network fees on cryptocurrency transactions. Users must pay the corresponding network fee, which may vary depending on network congestion. However, users can manually set their preferred gas and network fees, depending on the transaction’s urgency.
Trust Wallet Pros and Cons
Here’s a summary of Trust Wallet Pros and Cons at a glance:
Pros
- Multi-coin support
- NFT support
- Easy set-up & Intuitive user interface
- Built-in staking
- DApp browser
- Built-in DEX
- Easy Purchases
Cons
- Limited customer support: The team is only available via e-mail and doesn’t have a direct chat
- No cold storage: Trust Wallet doesn’t support hardware wallets for offline storage.
Trust Wallet Ecosystem: A Comprehensive Overview
TWT has evolved beyond being a simple cryptocurrency storage solution. It has become a robust platform that supports a vast array of digital assets and decentralized applications (dApps). This ecosystem offers a user-friendly interface to interact with the complex world of blockchain technology.
Key Components of the Trust Wallet Ecosystem:
- Multi-Chain Support:
- Handles a wide range of blockchains, including Ethereum, Binance Smart Chain, Solana, Polygon, and many more.
- Allows users to manage diverse crypto assets and interact with various dApps.
- DApp Browser:
- Built-in browser for accessing decentralized applications directly from the wallet.
- Provides a secure environment for interacting with DeFi protocols, NFT marketplaces, and gaming platforms.
- NFT Support:
- Stores, displays, and manages non-fungible tokens (NFTs).
- Integration with popular NFT marketplaces for buying, selling, and trading.
- Decentralized Finance (DeFi):
- Access to DeFi protocols for lending, borrowing, staking, and yield farming.
- Simplified interface for complex financial operations.
- Web3 Gaming:
- Supports in-app gaming experiences with integration of blockchain-based games.
- Allows users to earn, own, and trade in-game assets.
- Security Features:
- Prioritizes user security with features like biometric authentication, security scanners, and private key management.
- Open-Source Nature:
- Transparent development process with community contributions.
- Enhances trust and security.
Benefits of the TWT Ecosystem:
- Accessibility: Simplifies complex blockchain interactions for users of all levels.
- Security: Prioritizes user funds and data protection.
- Versatility: Supports a wide range of digital assets and dApps.
- Community: Active community and ongoing development.
In essence, TWT aims to be a one-stop solution for individuals to explore and engage with the decentralized world of cryptocurrencies.
Trust Wallet Token (TWT) Tokenomics
As of now, the TWT token supply is set at 1 Billion. The circulating supply, however, is 1/4 of the total supply. The token distribution is as follows:
- 40% to user acquisition
- 15% to developers
- 15% to TWT community
- 30% to reserve stores
Trust Wallet Token (TWT) Price
TWT is now trading at $0.898, as of Aug. 30, 2021. Its 24-hour trading volume on exchanges is around USD $31,261,799.
Trust Wallet Token (TWT) Price Prediction?
As of Aug. 30, 2021, the token is trading at $0.898. Whether TWT will hit $10 in the near future depends on a lot of factors.
The TWT is built on the Binance Smart Chain (BSC), which is one of the leading blockchain networks in the world. BSC supports popular DeFi wallets, offers low transaction costs with near-instant transfer speeds, and its ecosystem is expanding aggressively with hundreds of assets (tokens) running on the network. Its growing popularity may have a significant effect on the price of TWT and $10 may be a goal it can reach in the near future.
Unlike many other tokens in the cryptocurrency world, TWT is supported by a wallet with a growing number of users and a community behind it. Just like BNB got its support from Binance, TWT can bank on the popularity and credibility of the Trust Wallet app to take it to new heights in a short period.
Now, considering a lot of volatile factors, it is very hard to say in which direction TWT will tilt, which is why it is advisable to keep an eye on market indicators and technical opinions of cryptocurrency experts before investing in this token.
Conclusion
Trust Wallet aims to make cryptocurrency more accessible for everyone by enabling users to easily buy, send, receive, stake, trade, and store cryptocurrencies.
It offers a user-friendly interface for managing cryptocurrencies, interacting with decentralized applications (DApps), and participating in DeFi protocols from the convenience of your smartphone.
TWT is a good fit for investors looking for a non-custodial, multi-coin wallet offering an all-in-one solution for all their crypto needs.
However, investors should take appropriate precautions and follow best practices to safeguard their assets when using any cryptocurrency wallet, including Trust Wallet.
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