Trust Cryptocurrency Wallet Review (2024)

Pros & Cons Explained

Pros Explained

• Supports over 10 million digital assets: Trust Wallet supports a huge amount of cryptocurrencies and tokens, including near limitless support for custom tokens. Additionally over 600 million NFTs are supported and over 100 blockchains.
• Easy setup: Getting set up with Trust Wallet on iOS and Android is easy. Start by downloading the wallet from the app store on your preferred device. You can either create a new wallet or import your old wallet using the 12-word seed phrase.
• Non-custodial: With a non-custodial wallet like Trust Wallet, users have sole control of their private keys, which puts them in control of their digital assets.
• In-app decentralized exchange: The wallet's native decentralized exchange (DEX) allows users to buy and sell multiple digital assets within the app through two options—wap and exchange. However, the exchange option is available for only BNB and BEP-2 token standards.
• Available staking options: Since Trust Wallet supports multiple proof-of-stake blockchain networks, it enables users to stake 23 cryptocurrencies, including Binance Coin (BNB), TRON (TRX), Tezos (XTZ), and Cosmos (ATOM), among others.

Cons Explained

• Hot Wallet: Trust Wallet is a software wallet, or hot wallet, meaning it's connected to the internet. While there is nothing wrong with using a good software wallet, and they do have many advantages, those advantages come with trades offs. Once of which is that software wallets don't offer you the iron-clad security of an offline, cold storage hardware wallet. For those who want the best of both worlds, Trust Wallet works in tandem with Ledger hardware wallets.
• Limited customer support: Trust Wallet lacks direct customer support, although it allows users to contact the team via email, submit tickets to a chatbot, and has a help page for frequently asked questions.
• Private Android source code: The iOS version is open source that is available on GitHub. The Android source code hasn't been published for years and the repository is inactive.
• No iOS dApp browser: Trust Wallet had to remove the dApp browser on its iOS application to comply with the guidelines of the Apple App Store.

Features

Trust Wallet supports a diverse range of digital assets, allowing users to sell, swap, and purchase cryptocurrencies, collect NFTs and explore dApps on Ethereum and BNB—all directly from within the app. Users can also add custom tokens to their wallets. For a more seamless Web3 experience, Trust Wallet launched a browser extension on November 14, 2022, with support for Ethereum, Solana, and all EVM chains like BNB, Avalanche, and Polygon.

The wallet also supports staking for 23 cryptocurrencies, including Binance Coin (BNB), TRON (TRX), Tezos (XTZ), Cosmos (ATOM), Osmosis (OSMO), and Kava (KAVA). The earnings vary for each coin and can be calculated on the official website of the Trust Wallet.

One of the key features of the Trust Wallet is its dApp browser, which allows users to interact with decentralized applications like UniSwap, Compound, Aave, etc. This browser can also be used to access NFT marketplaces like OpenSea to view, collect, and exchange NFTs. While Android users can still connect with dApps directly from the Trust Wallet app, Apple or iOS devices no longer include the dApp browser. The wallet removed the functionality in June 2021 in order to comply with Apple's App Store guidelines.

Security

Trust Wallet is a non-custodial wallet that allows users to retain control of their private keys and digital assets, including cryptocurrencies and NFTs. However, users must keep their private keys (also referred to as recovery phrases) safe and in the correct order for backup purposes.

While the safety of Trust Wallet depends on its users' ability to secure their recovery phrase, an extra layer of security can be added to the mobile app by enabling Touch ID or Face ID for their wallet app. Furthermore, users can set the auto-lock time to restrict unauthorized people from accessing their wallets.

Nevertheless, Trust Wallet is a hot wallet. It is possible for hackers to breach hot wallets in some instances. Although, Trust Wallet appears to have strong security. Additionally, phishing scams often attempt to obtain wallet passwords and recovery phrases. Therefore, users must secure their recovery phrase to avoid a permanent loss of funds.

Privacy and Anonymity

Since it is non-custodial, Trust Wallet never asks users for Know Your Customer (KYC) compliance during the setup. Therefore, users need not share their data to install or use the wallet.

However, if a user registers on the official website, Trust Wallet collects information like name and email address. This data is protected by using multiple security measures and is never shared with outside parties except for the ones that Trust Wallet trusts.

As users do not need any personal ID for downloading Trust Wallet, it is anonymous, too. However, if you have added two-factor authentication (2FA) to your app or use exchanges that ask for KYC, your identity can be revealed.

Setup

Setting up the Trust Wallet on iOS and Android is easy. 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 is completely free to use.

If you want to use Trust Wallet on your browser, it can be installed as an extension on Chrome, Brave, Opera, Edge, and more. The installation process on browsers is similar to that of mobile and requires users to note down a 12-word secret phrase.

Usability

Desktop

The Trust Wallet browser extension allows users to turn their desktop browser into a web3 wallet through which they can store, send, and receive millions of digital assets and access thousands of decentralized applications. The extension has a slick user interface that makes it easier to use, while features like network auto-detect make navigating the world of dApps smooth.

Mobile App

The mobile version of the Trust Wallet is available for both operating systems, iOS and Android. A big part of the mobile app's appeal is its intuitive interface and ease of use. Users can access multiple tokens on different blockchain networks and even access dApps directly within the app. However, iOS users cannot access dApps on Trust Wallet.

Customer Service

The lack of direct customer support service puts Trust Wallet behind several other software wallets. However, users who face issues can submit a ticket. The app also has a provision to send an email to the support team. Additionally, users can view self-help guides and articles to get started with the wallet.

Cost & Fees

Like most software wallets, Trust Wallet is free to use and does not require any subscription. Forin-app transactions or swaps, the wallet does not charge any fees, although users need to pay the network fee. This fee is customizable.

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. They can either hold TWT BEP2, BEP20, or SPL tokens.

Final Verdict

Trust Wallet is one of the most widely used software wallets, thanks to its simple UI and support for multiple blockchain networks and digital assets. From a single interface, users can trade or store cryptocurrencies, interact with decentralized applications and NFT marketplaces, and stake their assets for additional earnings. These features make Trust Wallet a one-stop solution for all crypto-related needs. Besides, the wallet is non-custodial, thereby preserving the privacy and anonymity of its users.

However, the fees for in-app purchases can confuse new users as the wallet includes multiple third-party exchanges. Each of these providers charge different amounts for buying cryptocurrencies. Users should research and find the exact fee before making a purchase.

Methodology

One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets.

Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.

Read our full methodology.