Trust Wallet – The ultimate user guide
by Nancy Lubale
A crypto wallet is among the first things a crypto investor needs to set up in order to invest in cryptocurrencies. There is much information out there, so many investors are left unsure which digital asset wallet to use. Trust Wallet is an excellent choice if you are looking for a secure and intuitive all-in-one experience.
This article reviews one of the best crypto wallets currently available.
## What is Trust Wallet
Trust Wallet is a decentralised mobile-based multi-cryptocurrency wallet that offers self-custodial services for digital currencies and non-fungible tokens (NFTs).
The wallet supports more than 4.5 million assets across 70+ blockchains and allows users to earn interest by staking their crypto.
Launched as a mobile wallet in 2017, it originally supported Ethereum-based ERC-20 and ERC-223 tokens. It was designed to address the needs of mobile-first crypto adopters, allowing them to access and safely interact with decentralised applications (DApps) across supported blockchains.
The wallet enables users to buy, store, receive, send, stake, and trade cryptocurrencies, as well as managing their NFT collection, in a single app.
It also has an in-built Web3 browser through which users can buy cryptocurrencies using the native decentralised exchange (DEX) on the Kyber Network.
It is a hot wallet, meaning it is only accessible when there is internet connection. This is opposed to a cold wallet that can be accessed offline and is only connected to the internet when needed.
Key features of Trust Wallet
The wallet offers users the following features:
Multi-cryptocurrency support: Unlike most centralised wallets that support a particular type of assets, Trust Wallet supports multiple cryptos.
NFT support: It also supports NFTs, allowing users to buy, sell, store, and trade their digital art collectibles. It supports BEP-721 and BEP-1155 NFTs on the Binance Smart Chain (BSC) in addition to ERC-721 and ERC-1155 NFTs on Ethereum.
Allows staking: The wallet enables users to stake several leading digital assets and earn rewards. The digital wallet currently supports Binance Coin (BNB), Cosmos (ATOM), Kava (KAVA), VeChain (VET), and Algorand (ALGO), among others.
Easy inter-wallet and inter-blockchain transfers: Users can easily move assets from other wallets across different blockchains to their Trust Wallet using private keys, a secret recovery phrase or a keystore file.
Security and privacy features: The mobile wallet uses industry-leading security measures, such as pin code or fingerprint scanners, to ensure the safety of user funds. It also conducts regular audits through Stateful, a leading security firm.
## How Trust Wallet works
The mobile wallet acts as a link between blockchains and their associated nodes. Note that every blockchain has a unique set of public addresses, where digital assets are encoded and secured.
The wallet does not hold or control users’ assets because it is decentralised and non-custodial. It operates entirely on mobile devices, granting users ready access to every blockchain the app supports.
To ensure privacy, Trust Wallet claims it does not store user information or share it with third parties. All contact information is accessible to transacting parties.
It has an in-built DApp browser that provides access to BSC-based and Ethereum-based applications. Users can use these DApps directly using the app without registering for each DApp. Supported DApps include OpenSea, Uniswap, and PancakeSwap.
How to get started with Trust Wallet
Trust Wallet is easy to use and available for Android and iOS users. It can also be installed across multiple phones or tablets. Here are three basic steps for setting up your wallet.
Step1: Download and install the wallet
The app is available from sources including Google Play and Apple App stores, or through the Trust Wallet website. Always ensure that you are downloading the official app to ensure the safety of your funds.
Step 2: Create an account
Next, create a six-digit password – this serves as your secret security code for accessing the wallet. Keep this code in a secure place and never share it with anyone else.
Next, you are required to back up your wallet using a 12-word secret phrase that you need to note down and keep it safe. You must then enter the 12-word secret phrase in the correct order. Your wallet is ready to use!
Step 3: Fund your account
To do this, select a crypto from the Buy Menu on the main wallet screen. This will connect you to a third-party provider. Verify the transaction fees and tap "Confirm". Wait for funds to appear in the wallet.
One of the biggest challenges of crypto adoption is the complexity of dealing with wallets, smart contracts, and DApps for first-time users.
Trust Wallet provides a simple way to access, manage and interact with crypto assets making it enjoyable for new and old users.
Nancy is a self-taught crypto, blockchain and tech news author and researcher with more than six years of experience producing news coverage in the cryptocurrency, NFT, the Metaverse, blockchain technology, investing and technology fields. Driven by her passion for technology, she has worked for top crypto companies, including Business2Community, Kraken Learn, InsideBitcoins, Blocknews.com, Vauld Insights, Coingape, Forexcrunch, and Economywatch. Her research interests are in technical analysis of crypto assets, DeFi, NFTs, and on-chain data analysis and of late tech and AI news.