Trust Wallet is a mobile wallet for storing, exchanging and transferring cryptocurrencies with a simple and user-friendly interface. It is a non-custodial cryptocurrency wallet i.e. storing encrypted secret keys on your device.
It supports around one million tokens and over fifty blockchain ecosystems. You can use it to make transactions not only with thousands of cryptocurrencies, but also to send, receive and store NFT tokens and interact with a variety of decentralized Dapps applications via the built-in browser.
Mobile wallets are easy to use but less reliable than hardware wallets: Trezor, Ledger, BitBox, CoolWallet and others. You can access them directly from your phone. To use the app, you need to properly create or restore an existing account. If you want to find the answer to a specific question, use the navigation at the beginning of the article.
What is a Trust Wallet and what is it for
The founder and developer of Trust Wallet is Viktor Radchenko, a programmer from America. The service was launched in 2017, and in 2018 it was bought by the blockchain ecosystem and exchange, Binance. Having appeared in 2017, it supported only a few popular coins, such as Bitcoin, Ethereum, Litecoin, Dash and others. Now it is one of the most popular mobile wallets, having formed a large circle of users – more than 25 million people. For them, there are quizzes and events, as well as voting for changes concerning the app’s operation. In March 2020, the developers launched their own cryptocurrency to reward the community.
Because the wallet was bought in 2018 by the blockchain ecosystem Binance, which is the largest centralised exchange for cryptocurrencies. Many expect Trust Wallet to integrate with Binance in the future to facilitate transfers between services.
Trust Wallet features and mobile wallet security
Trust Wallet belongs to the category of “hot” cryptocurrency wallets, i.e., those connected to the internet. Unlike web wallets, which are also connected to the internet, mobile wallets store all data on users’ devices. This way, the company has no access to your passwords and private keys and, in case of a cyber-attack on the company’s servers, your funds will remain safe. In other words, it is a decentralized cryptwallet, using which only you are responsible for the safety of your funds.
Are funds safe if the company does not have access to them? Unfortunately no, there are still many ways for attackers to gain access to your assets.
Consider the risks to users:
The phone on which the wallet is installed could fall into the hands of intruders, they could hack it and gain access to the funds;
The user has downloaded a file infected with a virus to the phone, thus giving access to all the data to the intruder;
The user may connect to an unknown Wi-Fi network, thereby compromising their data.
There is also the risk of losing the seed phrase, which we will discuss later. Before installing and using it, keep security in mind:
If your device is stolen or lost, be prepared to restore your account and create a new one to which you will transfer your security credentials;
Check files carefully when downloading to your device. Check download reviews on the website and trust trust trusted sources;
Do not connect to Wi-Fi networks unless you are sure they provide a secure connection.