After the recent incident of the FTX company, which specialises in trading cryptocurrencies, and its collapse and stopping withdrawals in front of its users, the masses of crypto users realised the need to keep their digital currencies away from the trading platforms, which have become more vulnerable than ever, and to keep the cryptocurrencies in external digital wallets they control. themselves in their own keys.
Among these wallets that have gained popularity among users is the Trust Wallet. This article highlights the most important strengths and weaknesses of this wallet.
What is Trust Wallet?
Trust Wallet has more than 5 million users. With 65 blockchains accepted and over 4.5 million cryptocurrencies accepted, its numbers are impressive. The Trust Wallet is the official wallet of Binance. This mobile wallet boasts the security of a “cold wallet” with “hot wallet” features.
Trust Wallet is a free crypto wallet available in two versions:
- Mobile application (Android / iOS)
- Add-on for the web browser (Chrome / Brave / Opera)
There is no email address to provide and no identity verification to be able to use the wallet. The Trust Wallet stores the private keys associated with the digital currencies on the device, not the server. More than 4.5 million coins are supported on all 65 blockchain networks.
Trust Wallet is technically categorised as “hot wallets” or “online wallets”. However, Trust Wallet has specific features such as “cold wallets” or “offline wallets”, so it is impossible to open the app without biometric authentication and a 6-digit PIN.
It is also impossible to take a screenshot of the application. The Trust Wallet is primarily used to store cryptocurrencies (private keys, to be more technically precise).
Advantages of Trust Wallet
- Swap: The exchange of one cryptocurrency for another.
- Purchase: Possibility to purchase cryptocurrency with a credit card without leaving the application, which will be subject to third-party services such as MoonPay and Simplex.
- Staker: Putting crypto into a stake account on the blockchain.
- Storage: The ability to securely keep private crypto keys on different blockchains.
- Collect: Hold non-fungible tokens (NFT) using Trust Wallet’s dApp browser to access popular NFT marketplaces such as OpenSea or Rarible.
- DeFi: Connect to popular decentralised applications (dApps), such as Uniswap, Curve Finance, and PancakeSwap.
Trust Wallet Strengths
- High safety score, no significant defects so far
- Availability in several languages
- Availability as a browser add-on
- Support for 65 blockchain networks
Trust Wallet Vulnerabilities
- Low security compared to cold wallets.
- The Help Center is only available in English at this time
History of TrustWallet
Trust Wallet was founded by US-based Ukrainian software developer Viktor Radchenko, who first heard about cryptocurrency and Bitcoin on the dark web. But it wasn’t Bitcoin but Ethereum that made him try his luck in the cryptocurrency industry.
Radchenko started by designing a wallet that could contain ERC20 coins obtained through ICOs. He then launched the Trust Wallet project in 2017, and soon thousands of users started using his crypto wallet.
The project’s goal was the mass adoption of cryptocurrencies and the ability to store them in one place, a goal that can only be achieved if the functions and options offered are easy to use. By designing a simple and accessible user interface for everyone, the app is straightforward to use.
Its growing popularity then caught the eye of major cryptocurrency exchange Binance, which acquired the project along with its parent company, Six Days LLC, in 2018.
Trust Wallet is a mobile app that supports cryptocurrencies like Bitcoin, Ethereum, Solana, Polkadot, and almost every other major cryptocurrency. You can participate and stake BNB and others like Tezos and Cosmos. But Solana and Dot stakes are not supported so you will need another wallet.
Trust Wallet and NFT
Trust Wallet also supports NFT. Currently, the wallet supports ERC721 and ERC1155 tokens, which are NFT tokens built on the Ethereum blockchain. If you buy an NFT on Opensea or Rarible, you will likely use this type of token. So it’s nice to know that Trust Wallet supports it and even allows you to see it in your wallet, which is only the case with some wallets.
Trust Wallet also provides excellent ways to exchange digital tokens through the app. The DEX function can also be used via the code below. The swap function is typical of a DEX (Decentralized Exchange Platform), where you exchange currencies at the current market rate. Ethereum token swaps are supported by Uniswap, one of the largest decentralised platforms that support Ethereum token swaps and digital tokens built on the Binance Smart Chain.
But bitcoins cannot be exchanged directly, as the user has to send their bitcoins to a centralized platform to exchange them. In the case of using the Binance Smart Chain for the exchange, the network fee is small.
If you swap Ethereum tokens, you will likely pay more because you will be using Uniswap, which is based on Ethereum.
Exchange Functionality in Trust Wallet
Trust Wallet also has an entirely unique exchange feature, where it can enter limited orders and choose prices to trade private digital tokens. But you will have to wait until you are in contact with another trader who will accept your trade. Trading pairs in the exchange feature are limited to token pairs built on Binance. Therefore, you will need digital tokens such as BNB or BUSD.
It is also possible to purchase with fiat currency through a third-party provider on the main wallet page. Trust Wallet will send you to a third party platform where you need to enter your contact details and card information, after which they will send the coins to the wallet address.
Other online applications can also be connected through Wallet Connect, such as Uniswap or Pancake Swap, two popular DEX platforms. Android users can also use the dApp browser in the app. However, it is not available for iOS yet.
Although Trust Wallet, by its nature (being a software wallet), cannot guarantee security measures as strong as hardware wallets, the platform tries to ensure that customers’ funds are safe. Hence, they do regular audits.
The app also uses other security measures, such as PIN scanning or fingerprint scanning, to add an extra layer of security. The user can activate these settings manually by customising the “Settings” function in the app.
Trust Wallet never stores user information on its servers. Instead, Trust Wallet allows users to store their wallet keys on their personal computers instead of on the company’s servers. Accordingly, Trust Wallet puts users’ funds under their sole responsibility.
