What is Trust Wallet

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    What is Trust Wallet

    Cryptocurrency is expanding globally, but unfortunately, scammers and hackers are as well. Undoubtedly, even though blockchain networks are the most challenging to hack, hackers track down different ways to take advantage of users to compromise their assets. For example, in just one year, more than $1 billion in cryptocurrency was stolen through various hacks. Such events force crypto holders or users to look for a secure means to store and maintain their crypto assets.

    Even though, other than security concerns, people usually use decentralized applications to store crypto, it’s a higher priority than ever to have a streamlined and secure method for users to access their assets. Whether you are a crypto trader or investor, using DApps, having multiple answers for various activities is exceptionally quick.

    Here comes the simple-to-utilize and feature-packed application, Trust Wallet. TrustWall is one of the famous wallet services, with its clean mobile application system for managing digital coins. Suppose you seek to adopt a trusted wallet as the primary wallet for cryptocurrencies and want to know before using it. This guide is intended for you to discover everything from features that are easy to use to security.

    What is Trust Wallet?

    Trust Wallet is a cryptocurrency wallet based on a mobile application platform. It supports more than 160 digital assets, and users can also gain interest in their stacked coins. Additionally, a trusted wallet is also available as a Web3 browser through which users can access decentralized applications (DApps) based on the Ethereum network.

    In the initial stage, the Trust Wallet’s main aim was to carry ERC20 and ERC223 tokens. However, its support is currently extended to tokens on other blockchains, including Bitcoin. Users can easily purchase coins through Trust Wallet’s linked network of Kyber, as a decentralized exchange (DEX). The mobile application of Trust Wallet is entirely free to download for the Android and iOS platforms. Moreover, the versatility of the wallet comes from its code for each platform, written in the native language of Swift for iOS and Java for Android. The app is compatible with all iOS 10.0 and later devices, as well as Android 5.0 and later.

    The Trust Wallet application allows users to exchange and trade different digital currencies. Simply put, it permits the protected access key that protects crypto assets from unapproved authorization. With multi-coin transactions, users can buy or sell numerous coins on the blockchain, even though credit card payment is also available to purchase crypto.

    One more significant part of Trust Wallet is its emphasis on users’ security and protection. As a non-custodial wallet, it does not store users’ personal information, and you don’t need KYC to create an account. For security reasons, users can store their private keys on devices instead of the Trust Wallet.

    What are the features of Trust Wallet?

    Looking through the features of a trusted wallet is quite an important part of how to better understand the trust wallet and its functionality. Whether you are a new user or an old one with a trusted wallet, examining the in-depth features would also help maintain and use a trusted wallet easily. Below are some essential key features that a trusted wallet offers to its users.

    1. Simple & Easy to Use UI

    Easy-to-use is essential factor users look at when deciding to use any crypto application. Whether you are an expert crypto trader or a newcomer, having a streamlined process for trading and storing crypto is essential.

    Fortunately, the Trust wallet has simplified downloading, installing, and starting utilization. Currently, it has around 5 million active users, which is also due to the coordination with Binance since July 2018. Binance’s collaboration with the biggest crypto exchange offers users a simple method to buy cryptos on Binance and quickly shift to Trust Wallet. These factors certainly fuel the development of the trust wallet app.

    2. Free to download & Use

    To download or use Trust Wallet services, there are no charges, fees, or membership requirements. The main costs, however, are the gas expenses for transaction handling. In any case, the gas costs of transactions on trust wallets are minimal, if not negligible. These Trust Wallet fees are frequently paid to miners or proof-of-stake chains.

    3. Secure access

    Clients can customize the application by adding extra security features. These security features include pin codes and fingerprint authentication. Both security features are easily activated from the app settings in the account and security section. In any case, it does not currently support two-factor authentication. Furthermore, the trust wallet application provides users with a private access key, ensuring secure access to the account’s valuable assets and personal information.

    4. Support Various Cryptocurrencies

    Nowadays, users love to trade in various types of cryptocurrencies, including Bitcoin, Ethereum, BNB, Dogecoin, SHIB, etc. While examining the present need, the trust wallet supports an enormous number of cryptocurrencies. It enables you to purchase, sell, and trade different digital coins, blockchains, and other digital assets. Moreover, you can also access the cryptocurrency management functionality.

    5. Earn Interest on Crypto

    Unlike other crypto wallets, you don’t get any interest in stored crypto assets. A trust wallet puts your work away by stacking them at a variable interest cost. Moreover, the programme provides you with an approved proof-of-stake (PoS) certification, allowing you to begin accumulating interest in your stored digital assets. Therefore, your coins stored in a trusted wallet will keep on bringing in your money.

    6. Credit Card Payments

    Because they do not support all payment systems, various crypto platforms make it difficult to purchase coins. Trust Wallet, on the other hand, accomplishes this by allowing you to purchase cryptocurrency with your credit card and immediately trade in cryptocurrency.

    7. Decentralized Apps

    Trust Wallet incorporates a DApps browser that assists users with observing different businesses and sellers who acknowledge cryptocurrency in return for their goods and products.

    8. Unique Backup system

    Last but not least, standard crypto doesn’t offer a secure backup feature to access or backup the account. At the same time, Trust Wallet offers a viable arrangement by utilizing a 12-word recovery phrase. You will get the unique recovery phrase while creating an account and store it securely while setting up wallet addresses. In any case, if you lose your account or want to prevent unauthorized access, you can regain access to it with the recovery phrase. Along these lines, it is indispensable to note that this ought to be recorded and saved somewhere with complete care while going through the process.

    Pros & Cons of Trust Wallet

    Based on the online reviews and ratings by the users, trustWallet comprises pros and cons. The online review platforms consist of the Google Play Store, G2 Platform, etc. There’ve been numerous positive reviews with a couple of disadvantages to the wallet.

    With the features mentioned above, you will see that the pros and disadvantages of trust wallets are already embedded in them. Simply put, no exchange charges, safe and fast transactions, staking coins, and many others all discuss the pros of the Trust Wallet application, so they all left behind the cons and disadvantages to discuss.

    Disadvantages:

    1. Not available for desktop

    Many users express their dissatisfaction regarding the trust wallet accessibility of applications just for mobile platforms. Many users wish that they could securely access their Trust Wallet account and services from PC or Mac platforms. Moreover, some also rated the expiration dates and old UI of trust wallets more than other crypto wallets.

    2. No documentation

    Documentation about different cryptos is also lacking in trust wallets. Therefore, users must rely on external sources for information about cryptocurrencies.

    3. Cashing out

    It is one of the most noticeable of all. Most users expressed a desire for an easy withdrawal of their money. Trust wallets don’t offer an easy way to withdraw money. However, the wallet appeared to be generally welcomed by the overall user population despite this issue. Users think it is easy to use and safe, along with the various cryptocurrencies available to buy. Even though users also entertain the easy software of a wallet, in the end, the complex cashout system concerns them always.

    Is it worth using a Trust Wallet?

    It’s pretty hard not to like Trust Wallet, and its drawbacks are few. The process of downloading, getting it started, and the clean UI involve it as a decent and straightforward wallet to use. Then, there’s the vast swath of supported assets at that point. Besides, staking has become more essential to numerous digital currency investors as more individuals become mindful of its advantages. Trust Wallet has worked effectively on guessing this interest. Its staking element capacity gives it a valuable benefit over other wallets that don’t yet provide this choice for their clients.

    Even so, it’s hard to argue with Trust Wallet’s charge structure and for those needing anonymity. The wallet’s absence of KYC and non-custodial presence will mark the appropriate boxes for users. Nonetheless, if you consider the details, it would be great to see two-factor validation applied for an extra layer of security for safe exchanges on the Trust wallet application.

    Final thought

    It’s difficult not to like Trust Wallet, and its flaws are few. The process of downloading, getting it started, and the clean UI all point to it being a good and simple wallet to use. Then there’s the massive amount of supported assets at that point. Furthermore, as more people become aware of the benefits of digital currencies, staking has become more important to many of them. Trust Wallet has done an excellent job of predicting this interest. Its staking element capacity gives it a significant advantage over other wallets that do not yet offer this option to their customers.

    Even so, Trust Wallet’s charge structure and anonymity features are hard to argue with. The wallet’s non-custodial status and lack of KYC mark appropriate boxes for users. However, if you consider the details, it would be great to see two-factor validation applied to the Trust wallet application for an additional layer of security.