How do you feel about mobile cryptocurrency wallets? Personally, I like that kind of wallet because it’s like a cryptocurrency wallet in my hand. But is it actually safe? Let’s find out that and everything in this trust wallet review.
What are the advantages of a mobile cryptocurrency wallet? The security improves, the usability improves. Most importantly, easy to access and make transactions.
However, if you read my previous articles, the most commons things to look at in a wallet are,
Security, Supported coins and Fees. I used to discuss these facts in my every review because these are the most important things when choosing a wallet.
Therefore, how it changes when we’re into mobile cryptocurrency wallets? Then let’s find out.
Trust Wallet Overview
I’m 100% sure you know this company. Because of this Trust wallet came from the popular cryptocurrency exchange called “Binance”. Familiar?
Created in 2018 by Binance cryptocurrency exchange. I would say that the Trust wallet is one of the best mobile multi-cryptocurrency wallets. Also, this is the main wallet of Binance.
However, The trust wallet does not support in desktop platforms. In a short period of time, the trust wallet acquired a lot of user trust. Therefore, this wallet is completely legit and safe to use.
Initially, the trust wallet was created to provide better services and upgraded security to Binance account holders. But with its reliability, the Trust wallet gained a lot of user attractions worldwide.
Additionally, the trust wallet has access to the Binance DEX which is a decentralized exchange to make instant trades.
Here are the main features of the trust wallet. Don’t worry, I will be reviewing each one of them. First, let’s discuss the supported assets on the Trust wallet.
Supported Assets
I would like to mention all the supported coins in this trust wallet review. First of all, what is an asset? Simple. you call them coins/cryptocurrencies instead. But the thing is, there are types of cryptocurrencies and blockchains. That means different wallets support different cryptocurrencies.
But does this actually matter? Absolutely. When you send coins to a different blockchain that doesn’t match, you will lose your cryptocurrencies. This is a common mistake most beginners do.
Therefore, Let’s find out the assets supported in the Trust wallet.
There are a lot of cryptocurrencies are supported. Including from various blockchains. This is one of the wallets that supports a lot of cryptocurrencies.
Here you can see most major cryptocurrencies listed. But something special about the Trust wallet. And that is this wallet supports all the ERC-20 based cryptocurrencies also known as cryptocurrencies using ethereum blockchain.
Security Of Trust Wallet
The most important thing to look at when choosing a wallet. You are looking for a wallet because you need to store your funds for longer.
In that case, it needs to be well secured. But let me explain my opinion. I think mobile cryptocurrency wallets are more secure than web wallets.
Why?
Because unlike web wallets, mobile wallet is always in your hand. Easy access, easy to make transactions. Increasing the security as well.
Then let’s find out. There are a couple of different security methods available in the trust wallet. And some missing features too.
Encrypted Private Key
The private key is the main thing you need to keep secure. If someone has your private key, the person has access to your funds too. In some wallets, the wallet gives to the private key when creating the wallet. Like myetherwallet.
But trust wallet developers say, the private key of your wallet stored locally and encrypted with many security layers. Is it actually good? Basically, the private key is in your device it means difficult to track.
I think this is a good feature for a mobile wallet.
Enhanced Security With Biometrics
This is one of the additional features of mobile wallets. That means you can use your biometrics to increase the security of your wallet if your device supports biometrics.
This is really important when your device gets lost or being used by a different person. No one can access your wallet without your biometrics. Awesome right?
Instead of biometrics, you can also set up password protection if your device does not support biometrics.
Backup Phrase
Useful when you need to recover your wallet. But here’s a thing. There are no recovery methods if you lose your backup phrase of your wallet.
So keeping it safe is really important. And secured of cause. You need to secure it like the private key.
If you lose your device or forget your password, then you can use your backup phrase to access your wallet. I highly recommend you to write down or print your backup phrase and keep it locally.
Beyond that, here are some official security steps from the Trust wallet.
Fees
The trust wallet is 100% free to use. It can be easily downloaded from the App Store or Google Play store.
Please note there are transaction fees from each blockchain. Especially in ethereum, you can choose your transaction type which is cheap, regular, and fast. I wrote an entire article about this. Usually known as ethereum gas.
Setting Up Trust Wallet
Setting up a trust wallet is simple. Please note that I will continue this trust wallet review with the android application from now.
Access play store from your device. Search for trust wallet or click this link. Then download and install.
Once successful, Open the trust wallet application. That will show you some introductions. Then click on “Create A New Wallet”
The next step is the important part. Setting up backup phrase.
As soon as you clicked continue, that will show you your backup phrase which contains 12 words. Carefully write down these words in the right order. Once you done, go to the next step.
In that step, you have to enter your backup phrase which you just wrote. Enter them in the same order. After, you should get to your wallet dashboard.
Important: Store your wallet backup phrase in a secure place. Never share your recovery phase with anyone.
Security Options
In this section, I’m going to show you how to enhance the security of your trust wallet.
In the settings section. Enable passcode first. Choose a passcode that you can instantly remember. After enabling it the advanced settings should appear.
Now you can set up biometrics.
This will automatically recognize your existing fingerprints. Now you are ready to use your trust wallet.
Advantages And Disadvantages
This trust wallet review doesn’t complete without its advantages and disadvantages. Knowing those would help you to decide whether to choose this wallet or not.
Advantages
1) A lot of assets supported. One of the main features that most people interested in.
2) Exchange features. As I mentioned earlier, the trust wallet supports Binance DEX which is a decentralized cryptocurrency exchange. That means you can trade or swap your funds instantly.
3) Biometric security features. One of the toughest security options. With this, the trust wallet gaining user trust continuously.
4) Compatibility. Supports both iOS and Android mobile operating systems.
5) Easy navigation user interface. Trust wallet offers a clean and optimized user interface. Therefore, beginners won’t have any issue with the trust wallet.
Disadvantages
1) No two-factor authentication support. It’s one of the best security features that support various different cryptocurrency wallets. But sad to say that trust wallet doesn’t support two-factor authentication.
And that’s all it.
My Thoughts
The trust wallet is simple to and simple to make transactions anytime anywhere. Also, its security features are awesome. But in my point of view, it would be much better with two-factor authentication.
In fact, a lot of cryptocurrency support is the biggest advantage of this wallet. Because most people looking at this kind of wallet.
Choosing the right wallet is really important. You can’t just choose and store your funds. Need to research instead which I have done for you today.
Also, this wallet received a rating of 4.6 out of 5 in google play store. And on the App store got 4.8 out of 5.
Here’s something I missed in this trust wallet review. Trust wallet released a DApp browser which is known as a decentralized application browser.
Alright. Do you like my review? Then why don’t you leave a comment? Also, make sure to share this article everywhere so other cryptocurrency beginners won’t miss.
Have a look on my previous educational, reviews and guides too.
