In this Trust Wallet review for 2021, I take you through the features of one of the most popular crypto apps. We take a look into the Trust Wallet fees, supported cryptocurrencies, and if the wallet is safe and secure?
Trust Wallet is a market-leading multi-cryptocurrency wallet and official digital wallet from Binance Exchange. With over 5+ million users, the beginner-friendly wallet allows users to securely store 160+ digital assets including NFTs. As well as the ability to make in-app crypto purchases, stake to earn interest and interact with Web 3.0 applications via their DApp Browser.
Trust Wallet Review
What is Trust Wallet?
Trust Wallet is a decentralized, secure cryptocurrency mobile wallet. The wallet allows users to buy, store, exchange, and earn crypto. The Trust Wallet was founded in 2017 by Viktor Radchenko with a focus to “build a better interface for storing and accessing funds, as well as laying the infrastructure for other developers to build DApps.” It was originally built to support tokens in the Ethereum ecosystem but now supports 40 other blockchains such as Binance Smart Chain (BSC).
Currently, the Trust App is only available on mobile and downloadable for Android and Apple devices. With this, you are then able to use the app on your phone/tablet and access your crypto easily, on the go.
If you already have a mobile wallet, you can also use the app to move all your crypto assets over to the Trust app.
Trust wallet was acquired by Binance in their first public acquisition in July 2018. Stating this was to provide better services and enhanced safety for its users.
Binance said that the acquisition of Trust Wallet “shows the importance of secure wallet technology for the future development of cryptocurrency as a whole”. With this partnership, Trust Wallet now also integrates with BSC (Binance Smart Chain).
Trust Wallet Supported Cryptocurrencies
The Trust Wallet currently supports all the major cryptocurrencies, including Ethereum ERC20 tokens. Overall the crypto app supports more than +160K assets as well as 40 different blockchains.
You can see the current list of cryptocurrencies supported below, which was correct at the time of this writing this post.
Trust Wallet Fees
When sending or trading crypto there will always be an associated fee in order to process the transaction on the network. The fee you pay will vary depending on the network you use. For example, a Bitcoin transaction will have different fees compared to transactions on Ethereum or Binance Smart Chain. Again the amount you pay will fluctuate depending on market demand and network capacity.
Users will be charged fees by 3rd party fiat-to-crypto providers, MoonPay, and Simplex when purchasing crypto with the likes of a credit card. However, Trust Wallet doesn’t charge any additional fees on top of these. Nor any additional fees when swapping from one crypto for another in the in-app DEX or when using the DApp Browser to interact with Decentralised applications.
Is Trust Wallet Safe?
The great thing about Trust wallet is that it is open-sourced, so anyone can view the code. They are also audited by Stateful, a security firm whose reports can find here.
Trust Wallet has a lot of popular features built into the app and continues to innovate. Below are a few we have highlighted that should appeal to both the crypto newbie and the more experienced investors;
Free to Download & Use
The Trust Wallet is a free-to-use app with no charges to download the app. The only charges incurred as those to the miners for transactions to be processed on the network.
Trust Wallet is an easy-to-use app, built with the beginner in mind. Starting with the initial download, sending your crypto is made simple with easy addresses and users can also purchase their crypto with a credit card. Ideal for those just getting started with crypto.
Supports Multi Crypto Assets
Supporting more than 40 different blockchains means that there is a huge range of supported cryptocurrencies and tokens with the Trust Wallet. Enabling its users to buy, sell, and trade various coins all within a single interface.
Quickly Buy Crypto with Card
Buying your first cryptocurrency is made very simple with the ability to buy cryptocurrency with your credit card. Meaning you don’t need to have any crypto on an exchange like Binance or Coinbase to get started using Trust Wallet.
Simply select the cryptocurrency you want to purchase, enter your credit card details and your wallet will be topped up in a matter of minutes.
Please be aware buying Bitcoin/crypto with a credit card isn´t recommended as you will pay high fees for the convenience.
Swap & Exchange Crypto
With the Swap or Exchange functions built into the Trust Wallet, users can easily trade one cryptocurrency for another. This can be done using a simple swap or by using more advanced trading options using the BinanceDEX.
If you’re an Android user, you can enjoy an inbuilt DApp browser where you can safely interact with DApps from right within your wallet. Connect to decentralized applications such as PancakeSwap or UniSwap without ever having to leave your Trust App.
Trust Wallet allows users to earn interest on many different cryptocurrencies by staking the tokens inside the app. This includes receiving variable interest rates with popular cryptos such as the likes of BNB, Tezos, Tron, Cosmos, or Algorand.
Private & Secure
When you store your crypto within Trust Wallet you have complete control with access to your private keys. The wallet is decentralized therefore no one can access your crypto but you. Plus no personal data is collected or stored and your identity is kept safe.
Trust Wallet DApps
The Trust wallet provides access to popular decentralized apps (DApps) including the likes of PancakeSwap, UniSwap, or SushiSwap. Meaning that you can access these sites seamlessly either using their DApp Browser or using the WalletConnect function.
DApps integration is a newer feature for the Trust Wallet. With the app, you are able to access web3 applications on Binance Smart Chain or Ethereum network. Trust works with the developers of the individual DApps to ensure the best possible user experience. Because of this, each DApp that is integrated has been vetted and optimized for the Trust app.
Unfortunately, Trust Wallet had to remove this feature for their iOS users to comply with the Apple App Store guidelines. However, Android users are unaffected by this.
WalletConnect is an open-source protocol for connecting decentralized applications to mobile wallets with QR code scanning or deep linking. Users can interact securely with any Dapp from their Trust Wallet, making it a safer choice compared to desktop or browser extension wallets.
By using WalletConnect you won’t be asked for your private key or wallet seed words, please never share this information with anyone.
How to Connect DApps to PancakeSwap
Since June 2021 the DApp (Decentralized Application) browser feature was completely removed for Apple iOS devices. However, there was a workaround, but this was also later removed. To connect to DApps such as PancakeSwap you can use the WalletConnect feature. To find out more on how to connect via WalletConnect please check out our guide and tutorial here.
Trust Wallet NFTs
NFTs are also supported within the Trust app. These are ‘Crypto Collectables‘ that are sometimes represented as avatars or computer-generated works of art. These collectibles are associated with a public address and are secured on the Blockchain within the wallet.
The Trust app provides you an easy way to store and access all your crypto-collectibles and NFTs with peace of mind and security. Over the last few years, there have been various versions of crypto-collectibles such as the likes of CryptoKitties, Decentraland, and Lordless. Plus more recently there’s been a rise in interest with NFTs.
To store your NFTs or collectibles within the app, simply click ´Receive´ and you’ll be prompted with a QR code and address to send across to.
Staking on the Trust Wallet
One of the reasons I personally use the Trust app is its staking feature. Where I currently stake my Binance BNB tokens and earn +20% APR. When staking BNB on Trust, the APR will depend on the validator you choose and this does change over time.
Staking is beneficial for earning interest on your crypto or having a say in the governance of a particular coin. Unfortunately, not every token is available to stake and earn rewards.
You can currently stake; BNB, ATOM, KAVA, ALGO, TRX, VET, TOMO, XTZ, CLO, and IOTX.
If you’re interested in how to make money from the Trust app, you can check out their Staking Calculator. Which will provide you with an estimate on daily, monthly, and yearly earnings.
When staking, you’ll need to choose the validator that you’d like to delegate your stake to. You can view a list of validators and their current rates and it’s worth doing some research into who these validators are before staking with them.
Just be aware that when you’re staking your tokens you won´t be able to withdraw or exchange them, as they’ll be locked for a set period.
Unstaking with Trust Wallet
The process of un-staking your tokens can only be done after 3 days of the last staking transaction. The un-staking of your tokens will stop the rewards from being generated. Once the un-staking is confirmed, your tokens will be transferrable.
Trust Wallet Token (TWT)
Trust Wallet Token or TWT was relaunched in October 2020 as a BEP-20 token on Binance Smart Chain, providing benefits and incentives to Trust Wallet users.
Holders of TWT tokens unlock a variety of benefits when using Trust Wallet, including discounts on in-app purchases and on the use of decentralized exchange services. TWT holders can also participate in the governance of the Trust App and can vote on updates and proposals, helping to shape the development of the app.
Trust Wallet Support
As with many similar decentralized applications, Trust Wallet does not have a dedicated support team. This is one of the biggest downfalls I personally find with the Trust App. However, they do have a relatively in-depth ¨Help Centre¨ available online which includes a predefined list of Frequently Asked Questions. Support tickets can be raised through their help center, with a response expected within 2-3 business days. Although we haven’t had to raise a support ticket, I´ve heard that responses can be slow.
When searching Trust Wallet reviews on TrustPilot the majority are negative with a Bad score of 1.5/5. However, Trust App reviews on both the Apple App Store and Google Play fair much better with an impressive 4.7/5, with 110k reviews and 4.5/5 with a huge 410k views.
We have been using Trust Wallet for a number of years, and love how simple and easy it is to use. We mostly use the Trust app to stake our BNB tokens and have been earning between 10% to 40% APY.
Trust Wallet is free to use, beginner-friendly, and has some great features especially if you´re interacting with the Binance Smart Chain. So, it’s definitely up there with Exodus wallet as one of our best free crypto apps.
Personally, we haven’t had any issues, but not having issues resolved in a reasonable timeframe can quickly lose the support and trust of users, however small that query may be. So it would be nice to see them increase their level of customer support.