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What is Trust Wallet? How to use Trust Wallet

What is Trust Wallet? How does Trust Wallet work? Can Trust Wallet be hacked? Is it secure? Learn more about Trust Wallet in this article.
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lochoang
10 min read
Published Apr 01 2020
Updated May 30 2024
what is trust wallet

What is Trust Wallet?

Trust Wallet was founded in 2017 by Viktor Radchenko and Kevin Moen. Trust Wallet is a secure, open-source mobile wallet for Ethereum and other ERC20 tokens. The wallet enables users to store, send and receive cryptocurrencies in a user-friendly interface. Trust Wallet also supports the mainnet of popular cryptocurrencies such as Bitcoin, Litecoin, Dogecoin and more.

The wallet is available for both Android and iOS devices. Trust Wallet is a subsidiary of Binance, one of the world's largest cryptocurrency exchanges. Trust Wallet is the official wallet of Binance, one of the largest cryptocurrency exchanges in the world.

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Trust Wallet is available for both Android and iOS devices

Who use Trust Wallet?

Trust Wallet is used by a variety of people for various reasons. Some use it as their primary crypto wallet, while others use it as a way to store their crypto assets securely offline. Trust Wallet is also popular among traders and investors, as it allows buying, selling, and exchanging multiple cryptocurrencies.

Trust Wallet is also popular among developers, as it has an easy-to-use API that allows it to integrate into a variety of applications. Trust Wallet is used by people all over the world who are looking for a secure and easy-to-use crypto wallet. If you are looking for a safe and easy-to-use cryptocurrency wallet, then Trust Wallet is a great option.

How does Trust Wallet work?

Trust wallet is a cryptocurrency wallet that allows storing, sending, and receiving digital assets. It is designed to be simple and easy to use, while also providing security and peace of mind.

Trust wallet works by creating a private key for each user, which is used to access their account. All of the user's information is stored locally on their device and is encrypted. Trust wallet also offers fingerprint and facial recognition for added security.

What is Trust Wallet used for?

Trust wallet works by creating a private key for each user, which is used to access their account. All of the user's information is stored locally on their device and is encrypted. Trust wallet also offers fingerprint and facial recognition for added security.

Trust Wallet acts as a bridge that connects to individual blockchains via their nodes.  The user's private keys are stored on the device and are never shared with any third party. This ensures that the user has full control over their funds at all times.

The Trust Wallet team is constantly working to improve the security and ease of use of the wallet while maintaining advanced features such as support for multiple currencies and languages.

Is Trust Wallet decentralized?

Trust wallet is a decentralized wallet that stores your private keys on your device and not with a third party. This means that you are the only one who has control over your funds and no one else can access them.

Trust Wallet also allows you to interact with apps directly from the app, which makes it a great choice for those who want to use cryptocurrencies for more than just investment purposes.

As a non-custodial wallet, Trust Wallet gives you full control over your private keys, which are stored locally on your device and not with a third party. This means that only you have access to your funds and no one else can access them.

People also use Trust Wallet to store their private keys offline in a secure environment, which is known as cold storage. This means that your private keys are not stored on any internet-connected device, making them much more secure.

There are many reasons why you might want to use a decentralized wallet like Trust Wallet. One of the main reasons is that it gives you more control over your funds. With a centralized wallet, you are at the mercy of the company or service that holds your private keys. If they are hacked, or if they go out of business, you could lose access to your funds.

Another reason to use a decentralized wallet is for privacy purposes. When you use a centralized service, you have to trust that they value your privacy. Trust Wallet allows anyone with a smartphone to securely access decentralized applications (dApps) while providing secure storage for their private keys.

Trust Wallet also allows you to interact with dApps directly from the app, which makes it a great choice for those who want to use cryptocurrencies for more than just investment purposes.

Overall, Trust Wallet is a great option for those who want a secure and decentralized way to store their cryptocurrency.

Trust Wallet fees

In essence, there are two types of fees:

Network fees are charged every time a cryptocurrency transaction occurs.
Gas fees are charged by the Ethereum blockchain.

It is important to note that Trust Wallet does not get a single penny from these, and all crypto is transferred to the miners who operate the Blockchain. When it comes to fees, Trust Wallet is very transparent. They have a list of all fees associated with their services on their website.

Trust Wallet Review

Pros

Trust Wallet is a secure way to store your cryptocurrency.
Trust Wallet provides a user-friendly interface that makes it easy to use for beginners.
Trust Wallet supports a variety of different cryptocurrencies, making it a good choice for those looking to invest in multiple coins.
Trust Wallet offers a built-in exchange feature that allows you to easily swap between different cryptocurrencies.
Trust Wallet has been integrated with ShapeShift, allowing you to easily convert between different cryptocurrencies.

Cons

Trust wallet does not offer a mobile app, so you will need to use the desktop version if you want to access your wallet on the go.
Trust Wallet charges a small fee for each transaction.
Trust Wallet is not available in all countries.
Trust Wallet is not compatible with all exchanges.

Trust Wallet Features

Trust Wallet is a secure, decentralized cryptocurrency wallet that supports popular coins like Bitcoin, Ethereum, Litecoin, and more. Trust Wallet allows you to send and receive cryptocurrencies, as well as store them securely on your device.

In addition to being a cryptocurrency wallet, Trust Wallet also provides a number of other features, including:

A built-in exchange that allows you to instantly trade one cryptocurrency for another.
A news feed that keeps you up-to-date on the latest cryptocurrency news.
A portfolio tracker that lets you keep track of the value of your cryptocurrency holdings over time.
A data dashboard that provides insights into your cryptocurrency portfolio.

Whether you're new to cryptocurrencies or a seasoned investor, Trust Wallet has the features you need to manage your digital assets and the features are also being improved significantly.

Trust Wallet Download

Mobile App

You can easily download Trust wallet on your mobile app in just a few simple steps:

1.
Open the app store and search for Trust Wallet.
2.
Select the Trust Wallet app and tap "Get" or "Install".
3.
Once the installation is complete, open Trust Wallet and follow the prompts to create a new wallet or import an existing one.
4.
That's it! You can now use Trust Wallet to send, receive, and store your cryptocurrencies.

Extension

How to download the Trust Wallet extension?

First, open the Google Chrome browser
Next, click the "Trust Wallet" extension icon.
Finally, click the "Download" button. Your download should start automatically. If it doesn't, try again.

You have successfully downloaded the Trust Wallet extension.

How to use Trust Wallet

How to create a new wallet on Trust Wallet

Step 1. To get the latest Trust Wallet App, you should follow one of the download links on the website trustwallet.com.

how to create trust wallet

Step 2. Once you have downloaded and installed the app, open Trust Wallet and tap on "Create a new wallet". In the next step, you will receive your 12-word recovery phrase, which acts as a backup for your funds.

how to create trust wallet 2

Step 3. Before you finish the step of creating the wallet, verify that you wrote down the 12-word phrase in the correct order.

how to create trust wallet 3

IMPORTANT: There is no way to change or recover your 12-word phrase if it's lost or forgotten.

How to add coins/tokens to display on Trust Wallet

add token on trust wallet
You can add any coins that are available in your wallet

At the main interface:

Step 1: Click the plus icon in the upper right corner.

Step 2: Tick the type of token, or coin you want to add.

Step 3: Return to the main screen to see the selected coins.

From now on, any coins in your wallet that you want to display, just add them as above.

How to withdraw from Trust Wallet

withdraw token trust wallet

You can’t directly withdraw tokens from Trust Wallet, so you have to use other exchanges:

Step 1: Swap your crypto assets to a popular cryptocurrency like Bitcoin or Ethereum in your Trust Wallet account.

Step 2: Create an account on a popular cryptocurrency exchange like Binance.

Step 3: Now that you have the Binance address you want to send your cryptocurrency to, open the Trust Wallet app. Navigate to the Smart Chain page. Tap Send to send your Ethereum to Binance and enter the total assets you want to transfer and click Send.

How to buy tokens on Trust Wallet

buy token on trust wallet
Buying tokens on Trust Wallet is quick and easy

At the main interface, you can buy tokens by these steps:

Step 1: Access the Buy Menu, then open up your wallet and select the crypto that you want to Buy.
Step 2: Indicate Purchase Amount.
Step 3: User Verification. Depending on the crypto provider, user verification will be required before making a purchase.

In case you want to sell your tokens:

Step 1: Go to the DEX section on the main screen.
Step 2: Choose Swap to trade quickly at the market price.
Step 3 (optional): If you want to trade with a limit price, or preset price, choose Exchange, the pair you want to trade & set the desired price.

How to check transaction history on Trust Wallet

Steps to Download Trust Wallet Transaction History:

Step 1: Open the Trust Wallet App.

Step 2: Click on DApp and choose PancakeSwap.

Step 3: Click the Connect Wallet button on the right side of the page, and a pop-up window will show up with wallets

Step 4: Click Trust Wallet, and it will automatically connect.

Step 5: Click the profile button in the upper right corner, and it will open a menu

Step 6: Select the wallet option and tap View on Bsc Scan.

Step 7: It will then redirect You to the BscScan website to see all the transactions made on Trust Wallet.

Step 8: Now click the download CSV file button.

Step 9: You will then get an option to select the start and end date of the download history.

Step 10: Tap on the Captcha and click download.

How to import Trust Wallet to Metamask

import trust wallet
If you already have a Metamask Wallet, you can import it to Trust Wallet

This is how you add your existing cryptocurrency wallet to Metamask. You have to have your Metamask wallet first, then follow these steps:

Step 1: Click on the icon in the upper right corner to open the MetaMask extension, and read and accept the terms. Click Continue.

Step 2: Click Import With Seed Phrase.

Step 3: Enter your wallet's seed phrase (mnemonic phrase).

Step 4: Enter a strong password.

Step 5: Click Import.

How to find Trust Wallet recovery phrase or private key

To view the recovery phrase in Trust Wallet:

Step 1: Select the Setting option and select the Wallets option to display your wallets.

Step 2: Then select the blue info mark next to the wallet to display the Show Recovery Phrase option.

Step 3: Click to enter and by clicking on I understand the risks, you’ll see the recovery phrase and can copy it.

How to delete a Trust Wallet account

delete account trust wallet

Step 1: Enter the Trust wallet software and select the Settings option at the bottom right corner.

Step 2: On the settings page, select the first Wallets option to display the wallets which are active in your Trust Wallet application.

Step 3:Then swipe the wallet you want to delete to the left to show us the confirmation to remove the wallet.

Step 4: Finally, by selecting the Delete option, the wallet will be deleted.

How to make money with Trust Wallet

There are various ways to earn money with Trust Wallet such as:

Staking: The activity of depositing your crypto assets on blockchains to earn passive income paid in crypto.
DeFi Lending.
Providing Liquidity to Automated Market Makers (AMMs).
Yield Farming: A strategy used by cryptocurrency investors to generate passive income from their investments.
NFT Farming.

Some questions when using Trust Wallet

Can Trust Wallet be hacked? Is it secure?

Since its launch, Trust Wallet has not faced any accusations of hacking or loss of assets.

Does Trust Wallet report to IRS?

No, the Trust Wallet platform does not give any tax report, form, or any such document. You can just download the transaction history and calculate taxes yourself to file it.

Why can't I buy BNB on Trust Wallet?

It's because BNB isn’t available on Trust Wallet’s integrated exchanges. When you purchase cryptocurrency on Trust Wallet using fiat money, you are actually going to one of the integrated crypto exchanges

How long does a Trust Wallet purchase take?

The confirmation of a transaction can take from minutes to just seconds depending on the network.

How do I contact Trust Wallet customer service?

You can contact customer service regarding comments, questions, concerns, or suggestions. Send them a message on their contact page at [email protected] or via Discord, Facebook, Telegram, or Twitter.