How to use Trust Wallet Review

Trust Wallet Review & Tutorial 2021: Beginners Guide

Written by LouiseElizabeth

17th May 2021

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Trust Wallet App is the official digital wallet from Binance. It’s a decentralised, secure crypto mobile wallet where you can buy, store, exchange and earn crypto.

In this tutorial, I provide a step-by-step guide on how to use the Trust Wallet App. I explain how to download and secure your crypto wallet. Then go through the process of how to send, receive and stake to earn interest on your crypto assets. I also show how to connect to DApps using the WalletConnect feature.

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How to Use Trust Wallet App

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What is Trust Wallet?

Trust wallet is a decentralized, secure cryptocurrency mobile wallet. The wallet allows users to buy, store, exchange, and earn crypto. It 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.

Trust wallet was acquired by Binance in July 2018 to provide better services and enhance safety for its users. With this partnership, Trust Wallet now also integrates with BSC (Binance Smart Chain).

How to use Trust Wallet

Trust Wallet App

Currently, the Trust Wallet 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 Trust Wallet.

Trust Wallet iOS & Andriod

Supported Cryptocurrencies

The Trust Wallet currently supports all the major cryptocurrencies, including Ethereum ERC20 tokens. Overall the Trust Wallet App supports more than +160K assets as well as 40 different blockchains.

You can see the current list of cryptocurrencies supported by the wallet below, which are correct at the time of this writing.

Trust Wallet Supported Cryptos

How to Buy Crypto with Trust Wallet

Trust Wallet use third-party providers such as MoonPay, which is integrated into the app. This allows users to easily buy crypto with a credit or debit card. Obviously, this option won’t be the cheapest way to buy crypto, but it is easy and convenient.

Simply enter the amount that you’d like to buy in USD and the amount of crypto you’ll receive will be shown underneath which will include the fees.  You can then choose your payment provider and it’ll show you the rate for each.

You’ll need to follow the instructions on screen by the 3rd party providers. Just be aware that depending on the type of crypto you purchase, there might be a delay before you receive the crypto into your wallet.

how to buy crypto with Trust Wallet

Because Trust Wallet is private, it doesn’t save any information you provide. The 3rd party provider processes the transaction on their end and then sends the crypto to your wallet once the payment is confirmed.

Now, this is a convenient way to buy your crypto but this won’t be the cheapest. Therefore it’s not a way that I’d personally use or recommend as you’ll definitely be paying a premium here.

If you want to sell your crypto and “cash out” to a bank or a card you will need to send your crypto across to an exchange like Binance or FTX. It’s not possible to sell and withdraw from the Trust Wallet App.

Is Trust Wallet Private and Secure?

DApp Browser

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 wallet.

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.

How to Add DApp Browser to iOS Devices

The DApp (Decentralized Application) browser feature is no longer available for Trust Wallet users on Apple iOS users. However, there is a way around this, check out our guide on how to add the DApp browser to the Trust Wallet on Apple iOS devices.

How to Add DApp Browser to Trust Wallet iOS

Trust Wallet NFTs

NFTs are also supported within the Trust Wallet 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.

Trust Wallet 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 Trust Wallet, 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 Wallet App is its staking feature. Where I currently stake my Binance BNB tokens and earn +20% APR. When staking BNB on Trust Wallet the APR will depend on the validator you choose and does change over time.

Staking is beneficial for earning interest in 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.

Staking on Trust Wallet

If you’re interested in how to make money from the Trust wallet, you can check out their Staking Calculator. Which will provide you with an estimate on daily, monthly, and yearly earnings.

When staking with the Trust Wallet, 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 its worth doing some research into who these validators are before staking with them.

Just be aware that when you’re staking your tokens you cant remove them from the wallet or exchange them, as they’ll be locked for a set period. 

Unstaking with Trust Wallet

The process of unstaking your tokens can only be done after 3 days of the last staking transaction. The unstaking of your tokens will stop the rewards from being generated. Once the unstaking is confirmed, your tokens will be transferrable.

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WalletConnect

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 wont be asked for your private key or wallet seed words, please never share this information with anyone.

WalletConnect works with the likes of PancakeSwap, UniSwap and 1inch Exchange Aggregator.

Trust Wallet WalletConnect

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 report on the wallet you can find here.

In terms of user security and privacy, you are able to store your private keys yourself locally. The wallet also states that they never store any of your personal information. Should you need to, you can use the wallet backup facility where you are able to restore your wallet from an encrypted file using a security key.

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Metamask vs Trust Wallet

MetaMask is similar to Trust wallet in the fact that it also supports DApps which is why it is compared. It can also be connected to the Binance Smart Chain much like the Trust Wallet. Although they are both Ethereum and Binance Smart Chain blockchain compatible wallets, they do have some differentiators.

Metamask is available as a browser and on mobile, whilst the Trust wallet is mobile-only. As we know, the Trust Wallet supports more than just Ethereum and you are able to earn interest by staking, hold NFTs and swap/exchange. This is not yet available on Metamask. For more information on Metamask, you can check out our tutorial here.

How to connect Binance Chain to MetaMask
LouiseElizabeth
Written by LouiseElizabeth

Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future.

After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.

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10 Comments

  1. Lee brookes

    Hi I was wondering if you could help please? I just watched your trust wallet video, because I’m having issues connecting my wallet to cascade so I can stake some tokens.
    When I try to connect it, its comes up with an error message saying please try a web3 enabled browser.
    I’m using an iPhone and need to be able to access the dap function that is no longer available on trust wallet.
    Do you know of a way around this or how I can over come this?
    Sorry to ask you but I’m kind of hitting my head against a wall.

    Reply
    • LouiseElizabeth

      Hi, it sounds like you need an alternate wallet, such as the likes of Metamask or Coinbase actually have their own wallet (not to be confused with Coinbase.com exchange) these are both web 3 wallets. Metamask is good for a browser and Coinbase Wallet is good as a mobile app. Or alternatively check out the likes of Argent or Dharma wallets as sometimes they might be able to do what you are trying to achieve.

      Reply
    • Rene Gade

      Hi Lee,
      I think you can still use your TrustWallet.
      They had been required to remove the dApp browser by Apple store rules.
      You just need to (manually) install the Dapps browser.
      Please follow the instructions at link: https://community.trustwallet.com/t/enable-dapp-browser-on-trust-wallet-ios-version//98308
      I am a noob at cryptocurrency. Started merely 3 months ago. It’s all very exciting. I have some experience with Ledger and Metamask too (not much though), but I like Trust Wallet best so far. I use it the most.
      This site by Louise I love it and your videos are so so very professional and clear! A treasue trove of guides to go through. I am learning so much, thank you so very much.
      I hope this is helpful to your cause by the way,

      Reply
  2. Christopher

    Good evening
    I am totally new to trust wallet and I watched your tutorial video which was very helpful, but I can’t swap ethereum over to cardano BEP2
    Tried the DEX way swap method,but can’t get them to stay on screen goes back to BNB which I do not hold any of this currency. I fell like I am just doing something slightly wrong.Any help would really be appreciated thank you.

    Reply
    • LouiseElizabeth

      I haven’t used Trust wallet for a while and I’m not 100% sure without looking at it. But they might be on different blockchains. Are you trying to convert Ethereum (ERC20) over to Cardano BEP2?

      Again on the DEX, they might not have an ETH and ADA pair to exchange/swap.

      Reply
    • Rene Gade

      Hi Christopher,

      If you are able to access your dApp browser (refer my comment above on this) then you could hop over (no pun intended) to PancakeSwap. At the DEX of PancakeSwap they have a “Binance Bridge” where you can easily convert coinst from one network to the other (I have seen Tron, BEP2 (=Binance), Ethereum and BEP-20 (=Binance Smart Chain) as some of the available options there. I haven’t used it myself as of yet though so I cannot vouch for its functionality.

      I hope this helps,

      Reply
  3. Iambu Ion

    Hello,
    I have in my Trust Wallet some XYO tokens and I can`t transfer them to an exchange app because it requares some ETH fee. I don not have ETH and I do not intend to buy.
    How can I exchange those XYO tokens in ETH in TrustWallet ?
    Thank you!

    Reply
    • LouiseElizabeth

      It sounds like you would need to transfer to another token first, before you can then swap. For example you may be able to swap this for BNB and then transfer these out.

      Reply
  4. Sidney

    Hello. I watched your video about staking and earn 5000$ dollars. I see that for most staking we need to choose a validator. Can you make a videos on how to choose a good validator which will be efficient in terms of rewards for exemple. Like some criteria for choosing.
    Thank you and thank you for all your vids.

    Reply
    • LouiseElizabeth

      It depends on the cryptocurrency that you are staking and where you are staking as not all require validators. In terms of staking the likes of BNB in Trust Wallet I usually stick with the names I know and dont always chase the highest APR rates.

      Reply

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