Last updated on March 13th, 2023 at 06:36 am
Introduction
Despite the security of Blockchain technology, hackers still find a way to breach even the most secure networks. For instance, hackers stole crypto worth $600 Million, which they later returned in August 2021. The rate of crypto theft is comparatively lower now. This surely shows that the crypto community is getting more mature but it still has a long way to go.
One of the primary reasons that led to the wide adoption of crypto wallets like Trust Wallet is security. Trust Wallet gives you the ability to store your crypto holdings in one of the most secure ways possible – on software.
The crypto market is consistently growing. There are new assets every day that you can buy to invest in crypto. Besides, one of the common drawbacks of crypto is its inaccessibility and connectivity to a newbie user. Trust Wallet acts as a mediator (free of charge) and gives you almost everything possible under one roof.
If you are a crypto enthusiast wondering what Trust Wallet is, you have come just to the right place. In this article, I’ll talk about everything about Trust Wallet – its history, highlight features, pros & cons, and much more.
Let’s glide.
First things first, you can buy your cryptocurrencies from any of the Centralized Exchanges below:
1. What is Trust Wallet?
Trus Wallet is an open-source, decentralized, and non-custodial mobile crypto wallet that enables you to store tokens from 53 blockchains including Ethereum & Bitcoin, and more than 1 million assets. Other than these, Trust Wallet acts as a browser for decentralized applications (DApps) on Ethereum blockchain and Binance Smart Chain via its Web3 browser.
You can use Trust Wallet to trade different cryptocurrencies and store all your crypto assets including NFTs and other crypto collectibles in one place. It protects your crypto investment/holdings from hackers, scammers, or any kind of unauthorized access.
You can download Trust Wallet for free on Play Store, App Store, or its APK from the official website.
2. History of Trust Wallet
Viktor Radchenko founded Trust Wallet in 2017. The software developer initially launched Trust Wallet to support just standard ERC20 tokens. The accessibility and ease of usage of the wallet attracted thousands of users. It allowed users to buy cryptocurrencies using their bank accounts – credit & debit cards which even brought in new crypto investors.
Binance, the largest crypto exchange, took into account the popularity of Trust Wallet and bought it in 2018. Since then, Trust Wallet has grown to support cryptocurrencies from 53 blockchains, 1 million assets, and much more.
3. What are the Features of the Trust Wallet?
Trust Wallet offers a wide range of features which makes it one of the most popular crypto wallets out there. Here are a few of them.
- Trust Browser for Decentralized Applications: Trust Wallet connects you with Dapps on Ethereum and Binance Smart Chain network. The entire process is designed to offer a great user experience – seamless browsing and interaction.
- Easy Exchange: You can use Trust Wallet to easily exchange tokens your crypto holdings with other supported tokens. Trust Wallet supports tokens from 53 blockchains, which gives you a lot of options.
- Supports More Than 1 Million Assets: You can access 1 million+ assets under one roof using Trust Wallet.
- Earn 11% APR: You can put your crypto holdings at stake and earn up to 11% appreciation per year. Some of the tokens that you can put in Trust Wallet are – Kava (KAVA), Cosmos (ATOM), TomoChain (TOMO), and IoTeX (IOTX). The amazing thing is Trust Wallet does charge a penny from your profits.
- Access to NFTs: Now keep your ERC721 and ERC1155 crypto NFTs (on Ethereum and Binance Smart Chain network) in one place using your Trust Wallet.
4. Trust Wallet – Fees
Trust Wallet is an open-source mobile wallet and doesn’t charge any fees or take a cut of your steak profits. There are network fees related to transactions you make using Trust Wallet that go to award miners and validators who validate your transactions.
Depending on the network you choose for your transaction on the Trust Wallet app, the network fee may vary.
5. Is Trust Wallet 100% Secure?
Trust Wallet is as secure as software crypto wallets can be. It has all the necessary protocols in place to make sure that your crypto holding can only be accessed by its rightful owner. For instance, when you sign up for Trust Wallet, it gives you a 12 characters long seed phrase that you can use to retrieve or recover your account. With that, you cannot access your account if you ever lost it.
Besides, Trust Wallet has deployed a cybersecurity firm to do regular security checks and to carry out necessary updates as and when required. It still has a few cons, but let’s look at its pros first.
It is important for me to mention here that the safest cryptocurrency wallet in the market is Hardware Wallets. Like Trezor or Ledger. Most high-value investors store their cryptoassets for the long term in their Trezor or Ledger.
6. Pros of Trust Wallet
- Easy to Use Interface: One of the reasons behind Trust Wallet’s popularity is its easy-to-use interface. Unlike other crypto exchange wallets out there, Trust Wallet makes it super easy to buy, sell, and swap cryptocurrencies.
- Open Source: Trust Wallet started as an open-source project and its mobile app is available for download for free.
- Free of Cost: Trust Wallet doesn’t charge any transaction fee or any other hidden fees for its offerings.
- Privacy & Security: Trust Wallet is a software wallet, the second most secure crypto wallet after hardware wallets.
- Accessibility: Trust Wallet app is available for iOS and Android devices. Besides that, it is a hub for a wide variety of tokens, crypto assets, and Dapps.
7. Cons of Trust Wallet
- Trust Wallet doesn’t have a desktop application.
- Its support can be hard to reach at times.
- The fund withdrawal process in Trust Wallet is a bit more complex than it needs to be.
Conclusion
Trust wallet is a very safe wallet. The thing that makes it exceptional is the number of features and loads of cryptocurrencies that it supports. It has its own DEX as well. Apart from all of this Trust Wallet doesn’t charge any fee. You can certainly use it for storing your cryptocurrencies. Having said that, if you are planning to store for a longer term then the best option would be a Hardware Wallet like Trezor or Ledger.
