A Complete Beginners Guide to Using Trust Wallet

More than 25 million people use Trust Wallet to store their cryptocurrency. That is a good indicator of the popularity Trust Wallet has gained, thanks to its simple and clear user interface. Moreover, as its is a non-custodial wallet, users retain control over their funds. Those two factors explain why Trust Wallet has managed to attract such a massive user base in only a few years. Firstly, in November 2022, Trust Wallet identified a security vulnerability that led to a loss of nearly $170,000 for some users. This issue, linked to the Wallet Core open-source library and its WebAssembly component specifically, affected new wallet addresses generated between November 14 and 23, 2022.

TWT (Trust Wallet Token)

Although Trust Wallet itself imposes no transaction fees, these external processors have a service charge. The staking process involves locking coins into a wallet for a specified period in exchange for rewards. This allows users to actively contribute to the functioning of the supported currency networks while earning additional coins in the form of staking rewards. Trust Wallet supports over 1 million cryptocurrencies and 53 different blockchains. That’s considerably more than most wallets, which makes Trust Wallet an excellent choice if you have a diverse crypto portfolio. Crypto wallets have gotten a bad rap for being difficult to use, but Trust Wallet is beginner friendly.

Installing and Setting up Trust Wallet

It protects online interactions using military-grade encryption and keeps your private keys secure with bank-level security. You can use FaceID, TouchID, or conventional passwords to access your wallet. If you like to invest in lots of different types of cryptocurrency, Trust Wallet is a great choice. It supports more than 50 blockchains and over 1 million cryptocurrencies.

Import Networks From Chainlist

You’ll be able to keep most, if not all, of the digital currencies you own in one place with this wallet. Located in California, Trust Wallet was founded by Viktor Radchenko in November 2017. Eight months later, in July 2018, Binance acquired the wallet to provide better service and security to its users.

Trust Wallet has some educational content along with features to help you review the performance of your crypto portfolio. We believe everyone should be able to make financial decisions with confidence. Note that you can only use the dApp browser with networks integrated into your wallet.

Despite the acquisition, Trust Wallet is a non-custodial wallet, which implies users have complete control over their digital assets. Trust Wallet has multiple features that users can use to make the most out of the crypto wallet. Below, we will take a look at some of the key functions and features the app has. As a leading https://cryptolisting.org/ self-custody multi-chain platform, we support millions of assets across 100+ blockchains. From Bitcoin, Ethereum, and Solana, to Cosmos, Optimism, and much more. The NFT support by Trust Wallet is the ideal option for NFT collectors that do not want to store their collectibles in a browser-based wallet or a cold wallet.

Refer to earlier parts of this article to see how you can manually network that are not pre-installed on Trust Wallet. Trust Wallet has demonstrated a commitment to security, maintaining a relatively clean record against direct hacks. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

1. Additionally, users can view self-help guides and articles to get started with the wallet.
2. Let’s take a closer look at those security measures to understand how they keep users’ digital assets safe and secure.
3. Trust Wallet is a hot wallet that can be connected to the Ledger cold wallet via the browser extension.
4. The lack of direct customer support service puts Trust Wallet behind several other software wallets.
5. In short, even though Binance created Trust Wallet, Binance can’t access digital assets you store in your own custody.

One of our core commitments at Trust Wallet is providing everyone with a safe and seamless Web3 experience. Sending and receiving NFTs using Trust Wallet is similar to sending and receiving cryptocurrencies. However, for NFTs, you will need to choose the network that you want to receive the NFT through. Losing your 12-word secret phrase means losing access to your account and funds. You have successfully created your Trust Wallet and are ready to start using the app to buy, sell, and swap 1M+ digital currencies and tokens on your smartphone.

If you lose your login information or someone breaches your personal devices, you won’t be able to rely on anyone else to back you up or restore lost funds. Trust Wallet has a mobile and browser-based application, but lacks a downloadable desktop version. It doesn’t offer two-factor authentication or multisignature support. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. Our partners cannot pay us to guarantee favorable reviews of their products or services.

Some crypto wallets are only designed to send and receive crypto, but the Trust Wallet app also lets you buy and sell. Crypto purchases in Trust Wallet go through Ramp, which is available in most of the United States. The lack of direct customer support service puts Trust Wallet behind several other software wallets.

In addition, we will also take you through what the Trust Wallet Token (TWT) is, the app’s safety and security features, and last but not least, how to troubleshoot and get support. Enjoy a smooth mobile app and desktop experience with how do you value a company based on financial statements easy-to-use, powerful tools to support your entire Web3 journey. Trust Wallet says its software works with 65 blockchains and 4.5 million assets. For multichain dApps, you can switch to any supported network from the dApp’s interface.

However, when it comes to purchasing cryptocurrencies within the app, Trust Wallet charges a 1% fee on top of the fees charged by third-party exchanges. Users can waive this fee by holding a minimum of 100 Trust Wallet native $TWT tokens. Simply download the wallet from the app store on your phone or tablet and start the installation process, during which the app will ask you to keep a backup of your recovery phrase. The wallet also supports staking for 23 cryptocurrencies, including Binance Coin (BNB), TRON (TRX), Tezos (XTZ), Cosmos (ATOM), Osmosis (OSMO), and Kava (KAVA).