Trust Wallet is one of these cool hybrid wallets that you have on your mobile for quick and easy access to your crypto holdings, while at the same time remaining in full ownership of your digital assets.
What I mean by that is – you have a seed phrase that protects your wallet data and is available only to you, thus, you are the true owner of your private keys – something that not many of the mobile phone wallets offer but there are more reasons why I recently started using it and I will list them all here.
Trust wallet started as a simple Ethereum wallet that supports all ERC20 tokens but that was two years ago. Now it has evolved into a fully operational multi-crypto wallet with support for hundreds of coins and all ERC20, BEP2 and ERC721 tokens.
In addition to that, you can not only buy and store your coins and tokens there but you are able to access the BinanceDEX platform (the decentralised Binance exchange) directly from the app on your mobile phone. This is how you can trade on the go, from anywhere, without any KYC needed.
This was in fact the main reason I started using Trust Wallet when I was looking for a quick and easy way to buy DEFI – an altcoin that is still not very well known and only available on a couple of platforms.
2. Safe, Secure and Private
Privacy is something that is becoming a luxury these days. With all the regulation and government pressure to track our activity and everything we do, there’re not too many options left for protecting our privacy anymore. I really like Trust for the fact that they are committed to keeping their users anonymity. Here a few of the things they do to justify this claim:
- We never access our users’ wallets.
- We never ask for or require any personal information.
- We offer a client-side security model with private keys hosted locally.
- We focus on building simple to use, intuitive interfaces.
- We use commonly accepted and recognised standards to ensure that keys can be used with other services.
- We leverage industry-leading security features found in modern smartphones to ensure your wallet is safe at all times. We only store private keys locally.
- We allow for the wallet to be easily recovered from a backup that can be stored digitally or on paper.
3. It is accessible and free
Anyone with a mobile device or tablet can get the Trust Wallet app. It is available on both iOS and Android platforms. No installation limits, you can even have it on multiple devices. It is completely free to use and does not need any kind of subscription. No registrations or forms to fill out, your personal data stays with you.
NB: The wallet as I mentioned was designed to work with the Ethereum platform and as such they use ETH to execute a variety of functions, so you should have some ETH in there to be able to cover fees when needed. This could be a tiny amount of ETH, for it will only be used to facilitate transactions. This is called a gas fee. This fee is paid to miners like on the Ethereum network or in some Proof-of-Stake chains that require a small fee to process your transaction. Trust Wallet does not collect any fees and they do not have access to any funds you have on the wallet.
4. It is user friendly and feature packed: Staking, trading, lending…
Trust Wallet is very easy to use and understand, with both an intuitive user interface and a whole lot of useful features designed with the user in mind.
Besides the usual sending and receiving of coins/tokens, they are adding more features that will drive the future of Decentralized Finance. This includes access to DApps, Staking, Lending/Borrowing and Decentralized Exchanges (DEX).
Wallet Connect one of the recent features released by the team, is an open protocol for connecting desktop DApps to mobile wallets using end-to-end encryption.
When talking of Staking, you have the option to stake Tezos, Tron and Cosmos right now but more will be added soon. It’s an instant, soft staking option which means you get interest on the coins you hold and you are able to “un-stake” them whenever you choose. It’s a win-win scenario for those who plan on holding some of these assets for longer term. Tezos is by far my top choice for staking right now and I will soon make a post about it, so watch this space.
5. It is permissionless
I already mentioned this but it is really the most important of all features. With cryptocurrency wallets you have to be the only custodian of your assets and never compromise that. Cryptocurrency exchanges (Bittrex, Poloniex) and some online trading platforms (Coinbase) store digital currency for you and provide accounts and balances. They are the real custodians of your assets and they hold the private keys to your wallets with their platforms which means you are vulnerable to changes in their T&C’s and other account handling AML requirements that they follow. Coinbase is notorious for freezing users accounts and investigating the origin of their crypto holdings which goes against the core principles of working with crypto in the first place.
This is not the case with Trust Wallet. You have full access to your funds anytime, anyplace and transact freely where cryptocurrencies are accepted. By allowing you to keep a digital representation of coins and tokens (“keys”) to yourself, this wallet gives you full security and control over your portfolio.
6. It is Blockchain agnostic (multiple coin support)
Blockchain agnostic means that it is a single platform that allows multiple different chains.
Here are some of the major coins/tokens that Trust Wallet supports:
- Ethereum (ETH), including all ERC20 tokens
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ripple (XRP)
- Ethereum Classic (ETC)
- Tron (TRX), including TRC10 and TRC20 tokens
- Dogecoin (DOGE)
- Cosmos (ATOM)
- Binance Coin (BNB), including BEP2 tokens
7. Mass Adoption
Last but not least, the biggest exchange, Binance, acquired Trust Wallet in 2019 which is how it began its path to mass adoption. This is a key factor for the growth of any company – an ever-growing ecosystem: adding new features and expanding the use-case of the product, gaining more users and ultimately, becoming an industry leader. All of that is already happening. They recently added a “buy” option with a credit card for all cryptocurrencies – something that propelled Coinbase and other wallets to the very top. The good things is that you are now able to buy crypto WITHOUT the need to share your ID or any KYC for that matter. There are limits to what you can spend without going through identity verification, but that’s understandable, after all they have to restrict any AML activity.
So these are my arguments in favour of Trust Wallet and why I think it’s a must-have for any true crypto investor or trader.
If you want to download and start using it for free, use this invite link.
Let me know if you agree or have any reservations about it. Did you download it after reading this and how do you find it? Or maybe you are already a user? Leave a comment below and don’t forget to click “follow this blog” in the top of the sidebar of this page.
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