Trust Wallet: Binance crypto wallet review.

Eleven years after creating the first cryptocurrency, Bitcoin, digital money is used worldwide for purchases, sales and investments. Moreover, more and more users are using them as a means of payment. And the money needs to be stored in a safe place (in the case of crypto – in a super safe place).

Trust Wallet multi-currency wallet is a decentralized mobile application that allows you to receive, send, store and exchange popular cryptocurrencies.

Trust Wallet belongs to the popular trading platform Binance and is its official wallet.

The founders of the project – Viktor Radchenko and Maxim Rasputin – started working on Trust Wallet in the fall of 2017. In July 2018, their product was bought by Binance.

Initially, the wallet only supported Ethereum and ERC-20 tokens. It then added other cryptocurrencies and supported the Binance DEX decentralized crypto exchange.

And by integrating the protocol, Kyber Network Trust Wallet supports various decentralized exchanges. For example, it allows users to exchange digital money on different trading platforms without working with dedicated order books.

And the Trust Wallet Core, a cross-platform open-source software library, allows developers to create their decentralized applications and wallets.

Trust Wallet – it is the most popular wallet on the market.

Trust Wallet is software capable of performing certain functions:

• Create a digital wallet address and encoded secret keys to send and receive various cryptocurrencies;
• View DApps decentralized applications, as well as make transactions based on Ethereum, without installing software on your device;
• Store encoded wallet data on the device under the name Keystore JSON;
• Associate the secret key with the wallet address, thereby indexing the digital payment;
• etc.

Trust Wallet does not store any sensitive data other than the wallet address. Therefore, if the user loses the password or secret key, it will be impossible to restore the wallet.

Trust Wallet features a Web3 browser that allows you to interact with decentralized applications directly from the application. In addition, the service works now with DApps developers: all applications are thoroughly checked before being added to the local Marketplace. As a result, the list of available DApps is constantly expanding.

In addition, using Trust Wallet, users can purchase collection tokens: ‘Collections‘ section.

MULTICURRENCY WALLET.

Trust Wallet is a mobile multi-currency wallet that works with all top cryptocurrencies.

Initially, the application was created as an Ethereum wallet. That is why it works with almost all currencies built on the Ethereum blockchain. First of all, these are tokens of the ERC20, ERC721 and ERC223 standards.

The wallet directly connects to Binance’s decentralized exchange, Binance DEX, allowing users to make fast and anonymous cryptocurrency transactions.

For a detailed review of the Binance exchange, please read our article: Binance Exchange Review.

STAKING.

In October 2019, the app introduced the staking feature.

Staking – it is the process of storing funds in a cryptocurrency wallet to receive rewards by ensuring the health of the blockchain.

Thus, for the storage of funds in his account, the user of Trust Wallet receives dividends.

The concept of staking is closely related to the Proof of Stake (PoS) mechanism.

Unlike Proof of Work (PoW) blockchains that use mining to validate new blocks, a PoS system verifies and validates new blocks through staking without the need for special hardware (ASICs). Thus, PoS validators are selected not through expensive and labour-intensive mining but based on the number of coins they own.

Users, who have more coins, more likely, will be chosen as the next validator.

You can even calculate the income level per day/week/year using the staking calculator on the site.

Trust Wallet currently supports 8 coins for staking: TRON (TRX); VeChain (VET); IoTeX (IOTX); Tezos (XTZ); Callisto (CLO); Algorand (ALGO); Cosmos (ATOM); TomoChain (TOMO).

The platform uses the Trust DApp Browser, a full-featured Web3 browser that can interact with any decentralized application (DApp).

The purpose of the browser is to create a community of decentralized applications that any mobile device user can access.

INSTALLATION AND REGISTRATION.

Trust Wallet has a simple and intuitive design. The application is easy to use and use to purchase assets of interest – Bitcoin and altcoins.

The site supports 11 languages.

First, you need to find it in the App Store or Google Play, download and install it on your device.

Trust App: Crypto & Bitcoin Wallet:

• For iOS: Download Trust Wallet from the App Store.
• For Android: download Trust Wallet on Google Play.

After downloading the application to the device, proceed to the installation.

If you do not have a Trust Wallet, the system will prompt you to ‘Create a new wallet‘.

The first step is to install a seed phrase – 12 words that will allow you to install a wallet in case of loss. It is a mandatory part of the Trust Wallet security system.

To continue, you must confirm that you understand and accept the consequences of losing your passphrase, which is equivalent to losing access to your wallet.

Check the box and click ‘Continue‘. Then, create a recovery phrase in a new window consisting of 12 words, copy it, and save it in a safe place. And we never share it with anyone!

The final step in creating a wallet will be to verify the seed phrase: you need to place all 12 words correctly.

After this action, a message will be displayed that your wallet has been successfully created on the screen.

Access to your account and the full functionality of the application is open to you.

TRUST WALLET SECURITY.

A high degree of security is one of the main advantages of Trust Wallet. It is achieved because:

• The storage system makes it possible to have private keys on a mobile phone or another device;
• Private keys never leave the device;
• The degree of security does not allow viruses (the protection system surpasses even some banking ones) and account hacking through unlocking the device.

The following security measures will help increase the security of your wallet:

• Create a unique password that is not used anywhere else;
• Use private key and seed phrase to prevent access to PC and digital wallet;
• Use backup;
• Report suspicious activity from your wallet to prevent hacking attempts.

Trust Wallet has never been hacked for all the use, even though only one seed phrase is used for protection.

HOW TO USE A TRUST WALLET?

Trust Wallet is easy to install and manage, making it one of the most sought after cryptocurrency wallets.

The main points of working with the Trust Wallet:

• When entering the wallet, there are three coins by default: Bitcoin, Ethereum and Binance Coin. For another cryptocurrency to appear, select + in the upper right part of the interface and add the coins of interest;
• In the ‘Collections’ section, there are links to particular items (they are required for some applications);
• At the bottom of the screen, you can go to the section of decentralized applications (Dapps);
• In the ‘Settings → Wallets’ section, you can add wallets by clicking on the ‘+’ at the top right of the interface. Here you can rename an existing wallet, view the seed phrase and export the account’s public keys;
• In Settings, you can activate ‘Push notifications’, which will report all transactions;
• Here, you can also select the fiat currency in which the balance will be displayed (the default is USD);
• When you click on a digital coin, we go to the form for transferring and receiving cryptocurrency;
• To send funds from the wallet: select ‘Send’, enter the recipient’s address and the number of coins;
• To receive funds to the wallet: select ‘Receive’, copy the address, enter the amount and send the data to the sender.

HOW TO DEPOSIT AND WITHDRAW FUNDS FROM TRUST WALLET?

Account replenishment is carried out through payment systems supported by the service. By initiating the operation of depositing funds to the wallet, the user enters the ‘Payments’ platform, where the replenishment is made.

How to withdraw money from Trust Wallet?

Withdrawing funds from the wallet directly to fiat is not supported. Instead, it would help transfer assets to another wallet to withdraw funds. It needs to select the cryptocurrency for withdrawal and fill out the form in the ‘Submit’ field.

Buying cryptocurrencies with a credit card is based on the exchange rate at that particular moment, which is not final. If the price changes by 2.5%, it will prompt the user to confirm the transaction via email from Simplex.

Terms of work with Trust Wallet:

• Simplex fee is 3.5% per transaction or $10 (whichever is higher);
• The minimum transaction amount is $50;
• Daily limit – $20,000;
• The monthly limit is $50,000.

HOW TO SEND AND RECEIVE CURRENCIES?

To send and receive funds on the main screen of the wallet, ‘choose a cryptocurrency’ and go to the tab where the ‘Send’ and ‘Receive’ options are available.

For example, we are interested in sending Bitcoins.

To the right of the currency’s name, there is an information icon, by clicking on which you can see the current data for the selected currency: market capitalization, trading volume, total supply, daily/weekly/monthly/yearly rate chart.

To send BTC coins:

1. Select the ‘Submit’ option;
2. Specify ‘address of the recipient and the amount of the transfer’ → ‘Next’;
3. The service immediately shows the amount of the transaction fee, which is added to the total amount;
4. We confirm the transaction if all the data is entered correctly and the commission suits.

To receive money, select the ‘Receive’ option, copy the generated wallet address and send it to the sender. You can also use a QR code.

At the beginning of 2019, the company could buy cryptocurrencies with a card through the Simplex payment system.

To carry out the operation, you will need to enter the following data: email, phone number, date of birth and address.

IMPORT OF WALLETS.

Using a private key and a Keystore file, you can import wallets from other services into Trust Wallet.

To import wallets:

1. In ‘Settings’, select the ‘Wallets’ tab;
2. Click on the ‘+’ on top;
3. Under the button ‘Create a new wallet’, select the item ‘I already have a wallet’;
4. Select the currency for which we will import the wallet and enter the necessary data;

If this is a Keystore file, open it in a text editor, copy the information and paste it into the appropriate field.

5. Enter the ‘password’ and click ‘Import’.

SUPPORTED CRYPTOCURRENCIES.

The wallet works with Bitcoin and any ERC20, BEP2 and ERC721 tokens.
Supported cryptocurrencies include: Bitcoin (BTC); Litecoin (LTC); Ethereum (ETH); Binance Coin (BNB); Ripple (XRP); Stellar (XLM); Dash (DASH); TRON (TRX); Tezos (XTZ); Dogecoin (DOGE).

It can view the complete list of supported coins and blockchains on the Trust Wallet website.

The Trust Wallet team adds new tokens regularly, so be sure to check back for updates.

Users can also add their cryptocurrency using the ‘Add token’ option.

ESTIMATES.

The average rating from wallet users is 4.7 to 5 points (on a 5-point scale), indicating the application’s tremendous demand and excellent performance. That’s why Trust Wallet lives up to its name: ‘trust’.

One of the main features of the wallet is complete anonymity. The service does not have access to users’ personal information.

Trust Wallet users control 100% of their wallet funds.

Security issues have also been worked out at a high level. Even though only one seed phrase is used for protection, Trust Wallet has never been hacked during the entire period of use.

Trust Wallet is easy to set up and manage, making it one of the most sought after hot vaults. In addition, the application is highly responsive suitable for regular use because it is compatible with Android and IOS.

The project team promptly responds to user reviews, including negative ones. Furthermore, all comments are accompanied by answers from Trust Wallet representatives, who listen to their audience and are willing to make contact.

ADVANTAGES AND DISADVANTAGES.

The main advantages and disadvantages of the Trust Wallet wallet:

? Pros:

• The official wallet of the top crypto exchange Binance;
• Multicurrency;
• Support for a large number of tokens;
• Ability to add your token;
• All cryptocurrencies are in one place;
• Concise and easy to use interface;
• 11 application languages;
• Private keys are stored locally and never leave the device;
• Compatibility with decentralized exchanges;
• Anonymous trading in cryptocurrencies;
• Buying cryptocurrency with a card through the Simplex payment system;
• Staking and receiving dividends for keeping funds in your account;
• Web3 browser that allows you to interact with decentralized applications directly from the application;
• Potential hacks are blocked by a reliable security system that is superior to banking;
• Prompt and responsive technical support;
• Team dialogue with users.

? Minuses:

• Withdrawing funds from the wallet directly to fiat is not supported;
• Incomplete option search system: for example, it is impossible to rank cryptocurrencies according to the functionality available when working with them.

CONCLUSION.

A cryptocurrency wallet is a conductor for operations with cryptocurrencies and a repository of assets. The added safety of your digital capital depends on how correct your choice is.

The Trust Wallet mobile wallet looks attractive, works fast, supports many tokens, allows you to operate cryptocurrencies, and works with decentralized applications within one platform. And at the same time – it does not charge any fees for any of its services.

And just one fact that one of the world’s largest exchanges – BINANCE owns the wallet, already speaks of its reliability and high level of security.

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