What is Trust Wallet? Pieces of information to know before using Trust Wallet.

TutorialsDecember 21, 2021

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Trust Wallet is one of the most accessible and most popular crypto wallets. The following article explores detailed information: What is Trust Wallet? Pieces of information to know: Pros and cons; And how to install it?

What is Trust Wallet?

Trust Wallet is a cryptocurrency wallet application created in November 2017 by Viktor Radchenko, the founder of Six Days LLC. And it was acquired by Binance on July 31, 2018.

It is one of the digital asset custody applications on mobile devices. It supports the leading blockchains of the Ethereum ecosystem but also derivative tokens such as ERC20, BEP2, and ERC721. It also allows managing cryptocurrencies like Bitcoin, Litecoin, Dogecoin, and all digital assets based on Binance Smart Chain.

It allows users to connect to Web3, that is, to blockchain-based decentralized applications like PancakeSwap. It makes it possible for users to keep NFT and connect to all kinds of Defi DApps or blockchain gaming platforms.

Should Trust Wallet be used?

It is a decentralized mobile crypto wallet that supports over 160 digital assets and allows users to stake their coins for a profit. It also provides an integrated Web3 browser that allows users to access decentralized applications (DApps) built on the Ethereum platform.

It originally contained ERC20 and ERC223 tokens but now also includes codes built on other blockchains, including – of course – Bitcoin. Users can purchase coins through the Native Decentralized Exchange (DEX) through Trust Wallet’s partnership with the Kyber Network.

This app is free to download for iOS Android mobile devices. The app works on iOS 10.0 and above and Android 5.0 and higher versions.

The other two main features of Trust Wallet focus on user privacy and security. It does not require any KYC when creating new accounts and, as a non-custodial wallet, does not store any user data. It also allows users to keep their private keys locally on their devices rather than Trust Wallet’s servers.

The user interface is simple, making it easy to download, install and start using.

Trust Wallet is entirely free to download and use in terms of fees. The only costs incurred are processing transactions to pay miners or proof of stake chains that confirm transactions.

The app allows users to add security in a PIN or fingerprint scan, activated through the app’s settings function. There is no option for two-factor authentication yet.

Trust Wallet uses a 12-word recovery phrase to back up accounts. When setting up a wallet address, users are provided with words to write to and securely store. If something goes wrong, the user can retrieve and import this content to regain access to the account. Users should write and keep account recovery keywords carefully during setup.

Some disadvantages

  • Very low level of anonymity
  • Not completely open source
  • Unable to access wallet on PC/MAC/Linux
  • Apps are less secure than hardware wallets

How to install Trust Wallet?

Step 1: Download Trust Wallet App

Please visit the official Trust Wallet website or download it from Google Play and Apple Store. Once downloaded, you will have to run the app to install it on your mobile device.

Download Trust Wallet App

Step 2: Create a Trust Wallet account.

After installing the application, click [Create a new wallet]. Read and agree to the app’s terms and conditions, then click [Continue].

Read and click on the instructions on backing up wallet information, select [Continue].

Create a Trust Wallet account.

Step 3: Save 12 security words that appear on the screen.

Users need to record these words to recover their account later, select [Continue].

The following window asks the user to choose 12 security words in the order shown in the previous step, then select [Continue].

That is the successful installation and account creation process.

Conclusion

Trust Wallet ranks among the most popular crypto wallets in the crypto market. However, users cannot use Trust Wallet on Windows PC or macOS. Therefore, if any instructions are involved, it may be malware or phishing.

Investiki.com

Read more: Binance

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