Trust Wallet is a non-custodial multi-crypto wallet application. This means it allows users to own and control the private keys of cryptocurrencies, so they have full access to their personal funds.
In addition, Trust Wallet provides users with millions of cryptocurrencies and non-fungible tokens (NFTs) and offers features such as staking and buying cryptocurrencies.
It is configured as the official crypto wallet of Binance and currently supports 65 blockchains such as Bitcoin, Ethereum, Tron and Ripple, as well as more than 4.5 million crypto assets. It also includes access to decentralized apps (dApps).
The Trust Wallet app is free to download on Android via PlayStore or on iOS via AppStore. It has a simple, straightforward and interactive user interface, which has helped the platform accumulate more than 10 million active users.
Trust Wallet: the main features of Binance’s wallet
As anticipated, Trust Wallet is not only a wallet for storing cryptocurrencies, but it also allows users to store tokens such as NFTs or collectible cryptographic digital assets. Specifically, the main features of the Binance wallet include, first of all, the fact that it is free.
Indeed, there is no need to pay to download and use the application, nor are there any hidden costs within the application. Moreover, it is multi-asset: it is possible to own a wallet with several currencies in one place (TrustWallet supports more than 40 blockchains, which means there are thousands of cryptocurrencies and tokens supported).
With Trust Wallet it is possible to send cryptocurrencies to common blockchain addresses, QR codes or address names thanks to partners such as ENS, FIO and Unstoppable Domains directly from the app. Trust Wallet is also a decentralized wallet, meaning the user is the only one who controls his or her private keys and has complete freedom over his or her cryptocurrencies.
In addition, Binance’s crypto wallet is designed to keep its customers’ funds safe and does not collect or store personal data. It has a very comprehensive interactive charting system and has a search engine for decentralized applications that helps find dApps from the Internet without leaving Trust Wallet.
Trust Wallet also incorporates multi-card payment processors, so you can buy cryptocurrencies without leaving the app and top up your Bitcoin holdings, among others.
How does Trust Wallet work: dApp and staking
Using Trust Wallet is quite simple. In fact, all it takes is to download the app to your cell phone and choose the currency you want to buy. After that, enter your card details and finally, you will receive the funds in your wallet within minutes.
Trust Wallet does not hold users’ funds, and users have exclusive access to their private keys or seed phrases. It also acts as a mediator that helps connect different blockchains through the use of its nodes.
As anticipated above, Trust Wallet provides seamless access to various DApps built on Ethereum’s blockchain and Binance’s Smart Chain. This means that DApps can be used directly on the Trust Wallet mobile app without having to access them. Supported dApps include PancakeSwap, OpenSea, and Uniswap.
In addition, after downloading the app and following the instructions for creating the wallet, one can access the staking functions right away. First, it is necessary to navigate to the “Discover” section of the platform. At the top of the page, a list of coins will be available under “Staking.”
Select “See All” to view the other coins available for staking and the annual percentage rate (APR) offered. Once you find the desired coin, you can purchase the cryptocurrency with a bank card through MoonPay, a third-party payment provider on Trust Wallet. You then purchase the crypto in question on your Trust Wallet and choose the amount to start earning passive income.
A positive aspect of staking in Trust Wallet is that there are coins that you can start staking directly from the platform itself, and you also have the option of using the Trust Wallet browser to stake coins on a decentralized exchange.
More information about Binance’s crypto wallet: fees and security
As noted above, there is no cost involved in downloading and using this wallet. You can download it from the App Store if you are an Apple/iOS user. If you are an Android user, you can download it from the Google Play Store.
However, if you transact with cryptocurrencies, there is a network fee to pay for outgoing cryptocurrency transactions. As for security, in case of loss of the device, Trust Wallet offers secure storage of private keys or recovery phrases for backup purposes.
A recovery phrase, often called a seed phrase, is a string of random words produced by one’s cryptocurrency wallet and used to access funds in decentralized wallets.
However, there are still risks, as Trust Wallet is a hot wallet and is therefore prone to phishing scams. Through phishing websites, phishers can easily steal recovery phrases and gain access to a user’s wallet. In addition, Trust Wallet is a mobile wallet, so if you lose your cell phone and someone gets into it, your funds will probably disappear forever as well.
At any rate, as far as the company is concerned, by company policy, they cannot store customer data. Therefore, users are the only ones who can access their cryptocurrency wallet.