Table of Contents Hide
- What is Trust Wallet?
- Trust Wallet Review 2022: Features
- Trust Wallet Review 2023: History
- Starting Point
- Who Makes Use of Trust Wallet?
- Trust Wallet Review 2023: Pros and Cons
- Trust Wallet Hacked
- How to Lower The Risk of Your Trust Wallet Being Hacked
- Trust Wallet Review 2023: The Decision
- Is Trust Wallet Any Good?
- Is Trust Wallet Safe From Hackers?
- Is Trust Wallet Good for Bitcoin?
- Can Trust Wallet Make Money?
- Is Trust Wallet for Free?
- Which Is Safer Trust Wallet or Coinbase?
- Does Trust Wallet Charge Fees?
- Trust Wallet Review 2023: Conclusion
Cryptocurrencies are becoming more widespread, but sadly, so are scammers and their schemes. You’d agree with me that even though blockchain networks are notoriously difficult to hack, cybercriminals also find ways to exploit users to gain access to their funds. For instance, last year alone, more than $1B worth of crypto was stolen in various hacks. So, if you’re serious about keeping your crypto secure you should be thinking about putting it in a wallet of some kind. And if Trust wallet was the first that came to mind, then believe me when I say that you need a review on the app’s mode of operation and the fees they charge to help you conclude if it’s safe. You’d also want to know how to go about it if your Trust Wallet ever gets hacked
On that note, this article presents a detailed review of the viral Trust Wallet app. Basically, we’ll go over the specifications, take a look at what it can do, and weigh up its pros and cons. And by the end of this post, you should have a clear idea of whether or not Trust wallet is a safe choice for you, and also if the fees are okay.
What is Trust Wallet?
Trust Wallet is a mobile cryptocurrency wallet that supports over 160 digital assets and enables users to stake their coins in order to gain interest. It also includes a Web3 browser that allows users to access decentralized applications (DApps) built on the Ethereum platform.
Starting out, its original intention was to carry ERC20 and ERC223 tokens. Well now, it also holds tokens based on other blockchains, including, Bitcoin. Coins can be purchased through Trust Wallet’s partnership with the Kyber Network’s native decentralized exchange (DEX).
The Trust Wallet app is free to download for both iOS and Android. Furthermore, most of its versatility is due to the fact that its code was written in the native languages of each platform: Swift for iOS and Java for Android. The software is compatible with all iOS 10.0 and later, as well as Android 5.0 and later.
The Trust Wallet cryptocurrency app enables you to securely exchange various cryptocurrencies. It basically gives you a protected access key that safeguards your crypto assets from unauthorized access. It also supports multi-coin transactions, allowing you to buy and exchange thousands of coins and blockchain types; you can also buy coins with your credit card. Trust Wallet is available for download on iOS and Android devices.
Meanwhile, the code is completely open-source, so developers, security experts, and anyone else who wants to tinker around under the hood are welcome to do so.
Another important aspect of Trust Wallet is its focus on user privacy and protection. When creating a new account, it does not need any KYC. In addition, as a non-custodial wallet, it hardly stores any user data. It also enables users to keep their private keys on their devices rather than on Trust Wallet’s servers.
Trust Wallet Review 2022: Features
Some of the most important features of Trust Wallet include;
#1. The user interface is simple and easy to use
This feature makes it simple to download, install, and commence usage. Over the years, Trust wallet has accumulated 5 million users; thanks in large part to its ongoing collaboration with Binance, which was revealed in July 2018.
This collaboration with the biggest name in the crypto space – and its deep pockets – is sure to keep users flocking to Trust Wallet and will almost certainly fuel the growth of additional app features.
#2. Trust Wallet is totally free to download and use
There are no upfront charges or subscription services. The only costs that come up, however, are gas fees for transaction processing. But technically speaking, they are hardly on the account of Trust Wallet. These seemingly Trust Wallet fees often go to miners or proof-of-stake chains.
#3. Secure Access
The app allows users to incorporate additional security measures. These measures include pin codes or fingerprint scanning. This can be activated through the app’s settings feature. However, there is no option for two-factor authentication at this time.
Furthermore, the trust wallet app provides you with a private access key, ensuring that only you have safe access to your sensitive financial assets.
#4. Support for multiple cryptocurrencies
There are numerous cryptocurrencies available today, and Trust Wallet supports a large number of them. It enables you to buy, sell, and swap various coins, blockchains, and other digital assets, as well as provides full cryptocurrency management functionality.
#5. Earn interest
The program puts your coins to work for you by staking them at a variable interest rate. Furthermore, the program gives you a validated proof-of-stake (PoS) certification, which allows you to start collecting interest in your digital resources. This means they will continue to earn you money on their own.
#6. Credit card exchange
Several crypto exchanges make it difficult to purchase coins. Trust Wallet addresses this by allowing you to buy cryptocurrency with your credit card and start trading right away.
#7. Decentralized apps (DApps)
Trust Wallet includes a DApps browser to help you find other businesses and vendors who accept cryptocurrency in exchange for their goods and services.
#8. Efficient Back-up System
Finally, there is the issue of backup, which Trust Wallet offers an effective solution by using a 12-word recovery term. Users receive one of these phrases to write down and store safely when setting up their wallet address.
If something goes wrong, you can regain access to the account by entering these phrases. Therefore, it is vital to note that when going through the setup process, this should be written down and stored with the utmost care.
Trust Wallet Review 2023: History
Trust Wallet is the brainchild of Viktor Radchenko, a Ukrainian software developer based in the United States who first learned about cryptocurrencies in the same way as some of us did: through the use of Bitcoin on the dark web.
However, it was via Ethereum that his interest in cryptocurrency began to grow. He honed his skills by creating an app to help truckers locate parking and other facilities while also diving deeper into the crypto waters.
Viktor started by creating Trust Wallet as a means to store the increasing number of ERC20 tokens he was accumulating through ICOs. Work on the project started in 2017, and it soon became the focal point of all his efforts.
In a short period of time, the functionality with ERC20 standard tokens attracted thousands of early users. The wallet’s increasing success drew the attention of Binance, purchasing the project (and its parent company Six Days LLC) in 2018 for a discreet amount.
Much of the focus, as with any crypto project, was on mass adoption through ease of use. Trust Wallet has remained true to Viktor’s vision of allowing people to purchase cryptocurrency with a credit card or bank account. The app has put in a lot of effort to make its user interface simple and open to all.
The Trust Wallet app can be downloaded from Google Play or the App Store. After downloading and installing the app, you get the option of importing an existing wallet or creating a new one. If you choose the latter, the 12-word recovery phrase comes up.
As previously mentioned, take good note of this information and keep it somewhere secure. Then you’ll see a checkbox that says, “I understand that if I lose my recovery words, I will be unable to access my wallet.” There you go. You can now send or receive cryptos from any platform or wallet.
If/when you would want to keep a cryptocurrency in your wallet, simply log in and press the “Receive” button. You will be presented with a QR code to search, or a wallet address you can copy. Copy and paste the address into the receiver address portion of the other wallet. The “Transactions” tab will show which transactions have been completed.
On the other hand, sending cryptos is just as easy. Proceed to your wallet, press the “Send” button, then copy and paste the receiving wallet’s address. After that, enter the wallet address to be submitted and press the “Next” button. Once you’re certain that all of the specifics are right, click “Send” and you’re ready to go.
The ease of use and intuitive interface of Trust Wallet contribute significantly to its appeal. This part of the Trust Wallet app has received a lot of appraisals, and user reviews are consistently positive.
Who Makes Use of Trust Wallet?
This crypto software wallet product is used by businesses and individuals in a variety of sectors, including financial services, accounting, and software development.
Trust Wallet Review 2023: Pros and Cons
The following constitute major pros and cons of the Trust wallet app on the basis of online reviews from several platforms. Some of these platforms include Google Play Store, G2 Platform, and so on. Well, there’ve been tons of positive reviews with a few drawbacks as expected.
However, if you’ve been following me closely, you would notice that the pros were already embedded in the features above. In other words, the no transaction fees, safe and secure mode of transaction, crypto staking and so on all talk about the Pros of the Trust Wallet app So all that’s left are the drawbacks.
Trust Wallet Drawback Reviews
#1. No desktop support:
A few reviewers expressed disappointment that the system was only available for mobile devices. Quite a number of them wished they could safely access their Trust Wallet assets from PC or Mac desktop computers. Furthermore, they feel the user interface is awkward and very out of date.
#2. No documentation:
Some users complained that the software did not have any documentation about various cryptos and that they had to rely on external sources to study coins.
#3. Cashing out:
This seems to be the most prominent of all. Most users expressed a desire for it to be easier to cash out their money. They reported that withdrawing conventional money was difficult.
However, despite these criticisms, the product seemed to be well-received by the general public. Customers thought it was simple to use and safe. They liked how it sponsored a wide variety of coins. Many reviewers were pleased with how easy the software was and seemed likely to recommend it to others.
Trust Wallet Hacked
Like I earlier mentioned it is important to know what to do if or when your Trust Wallet or crypto wallet ever gets hacked.
What Are the Signs That Your Trust Wallet Has Been Hacked?
Basically, hackers scour the Internet seeking weaknesses or vulnerabilities they can attack. While technological advancements are assisting in the security of crypto wallets, hackers often utilize social engineering techniques such as phishing scams to convince their victims to unknowingly give them access to their wallets.
So, how can you tell if your cryptocurrency wallet has been compromised?
Here’s all there is to it:
Your Trust Wallet or crypto wallet has most likely been hacked if you observe any transactions moving out of it that you did not make.
But then, setting up notifications for transactions entering and exiting your wallet will help you catch fraudulent transactions faster.
On the other hand, if your debit or credit card is linked to your wallet, a wallet hack could potentially result in unauthorized transactions. However, most hackers aren’t just interested in your crypto. If they can get their hands on it, they’ll go after the money in your bank account as well.
What Are Your Options Now?
If you believe your Trust wallet has been hacked, you must act quickly.
To begin, create a new wallet as soon as possible and transfer all of your money there if the attacker does not have access to them already.
Alternatively, you may immediately update your login credentials and set up two-factor authentication to keep the attacker out.
But then, if the hacker has already wiped your wallet clean, the first option would be the best move. Create a new wallet and do away with the old one completely. Remember that a hacked wallet cannot be used again because it has already been compromised.
You can also contact the police and report your stolen funds if you want to pursue legal action to recover your funds.
Furthermore, check your devices for infection after completing these steps.
On the other hand, a crypto wallet hack can be accomplished in a number of methods, with crypto-theft malware being one of the most common.
So if you suspect your Trust wallet has been hacked, you should examine all devices you use to access it for dangerous software.
However, other signs you should look out for are suspicious transactions or charges on your bank card or bank account (especially if they are linked to your crypto wallet in any way). Contact your bank right away to report unauthorized transactions. Also, make efforts to cancel those cards linked to your crypto wallet.
So, how can you reduce your chances of being hacked in the future?
How to Lower The Risk of Your Trust Wallet Being Hacked
- Make sure you’re not storing your cryptocurrency on an exchange. Exchanges should only be used to store your cryptocurrency briefly while you buy or sell it.
- Keep your recovery phrase in a safe place off the internet and don’t give it out to anyone.
- When possible, use two-factor authentication. Crypto service providers, exchanges, and wallets can use two-factor authentication to add an extra degree of protection.
- Keeping big amounts of cryptocurrency in a cold wallet is a good idea. Cold wallets enable you to store your bitcoin offline, reducing the risk of hackers gaining access to and stealing your assets.
Trust Wallet Review 2023: The Decision
It’s difficult not to like Trust Wallet, and its flaws are few. It’s simple to download and get started with, and the user interface makes using it as simple as these kinds of stuff should be. Then there’s the vast array of supported assets.
Furthermore, staking has become more important to many cryptocurrency holders as more people become aware of it and its benefits. Trust Wallet has done an excellent job of anticipating this demand, and its staking function gives it a useful advantage over other wallets that do not yet provide this option to their users.
It’s difficult to argue with Trust Wallet’s fee structure (or lack thereof), and for those wanting anonymity. The wallet’s lack of KYC and non-custodial existence will tick all the right boxes. However, if we’re splitting hairs, it would be pretty nice to see a two-factor authentication applied for an additional layer of protection for safe transactions on the Trust wallet app.
Is Trust Wallet Any Good?
Despite the fact that they are not as safe as hardware wallets, they are still a better solution for storing your crypto holdings than a centralized exchange.
Is Trust Wallet Safe From Hackers?
Hackers have a hard time cracking Trust Wallets because they are so secure. However, just because something is hard doesn’t mean it can’t be decrypted, and with the surge in crypto theft, you need to be cautious.
Is Trust Wallet Good for Bitcoin?
Trust Wallet is one of the best Bitcoin wallets for Android and iOS phones, plus it’s also a multi-coin crypto wallet, so instead of just downloading a Bitcoin wallet, you can use Trust Wallet to store a variety of crypto coins and tokens.
Can Trust Wallet Make Money?
With Trust Wallet, you can earn bitcoin by staking from within the app while maintaining complete control over your assets. BNB staking returns can be as high as 30% + APY, and Trust Wallet doesn’t take a cut.
Is Trust Wallet for Free?
It’s free to download and set up Trust Wallet, and it doesn’t charge any fees. But when you send cryptocurrencies or NFTs to other places, you will have to pay network fees. These fees vary based on how busy the network is.
Which Is Safer Trust Wallet or Coinbase?
Trust Wallet is the best and safest way to store cryptocurrency in a decentralized way. Trust Wallet works with almost all of my crypto assets and gives me interest in staking some popular coins like BNB, TRX, and others.
Does Trust Wallet Charge Fees?
Trust Wallet doesn’t charge any fees to use its wallet, not even when you send or receive money or change one cryptocurrency for another. Fees are paid to miners or people who check that a transaction is valid to use the blockchain network.
Trust Wallet Review 2023: Conclusion
There is a collaboration with Binance. The adoption of Trust Wallet as an official partner by the largest exchange and one of the most recognizable brands in the crypto space is a vote of confidence that speaks volumes.
Think about it, if CZ and the company are willing to place their confidence in Trust Wallet, the rest of us should be able to do so as well.
Either way, it will be interesting to see what other features Trust Wallet introduces in the coming years. And with Binance on their side, you can bet the development team is well-supported and motivated. The future appears to be promising.
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