Trust Wallet is one of the most popular mobile crypto wallets. This article is a Trust Wallet review and beginner’s guide. We’ll go through the installation and main functions of Trus Wallet in a beginner-friendly format. We will also share our experiences of using Trust Wallet.
Basic information about Trust Wallet
Trust Wallet is a cryptocurrency wallet that was created in 2017. Initially, it was a wallet for storing Ether (ETH), the native token f the Ethereum blockchain. Nowadays, it is possible to store all popular cryptocurrencies and NFTs in the app.
Cryptocurrencies can be stored in different types of wallets. Trust Wallet is a mobile wallet, i.e. an app that can be downloaded to a mobile device. There is currently no version of Trust Wallet that can be installed on a computer. To learn more about different crypto wallets, check out this article: a beginner’s guide to crypto wallets.
In 2018, Binance bought Trust Wallet as part of its own product portfolio. Despite the purchase, the Trust Wallet team has developed the wallet independently. Cryptos stored in Trust Wallet are therefore not controlled or managed by Binance.
Trust Wallet is a free crypto wallet that can be downloaded from the App Store or Google Store. Using the app also costs nothing, unless you use the service to buy cryptocurrencies.
Installing Trust Wallet
Installing Trust Wallet is easy and fast. First, you need to download the Trust Wallet application from Google Play or Apple Store. Go to trustwallet.com and click the download link. You should always download crypto apps through the manufacturer’s official website.
Trust Wallet can also be installed in the Chrome browser as an add-on, but presumably, most of the readers will use it on a mobile device. Hence, we will only go through the use of the mobile app in this article.
After downloading the application, you can do one of the following things:
- Create a new wallet
- Restore an old wallet
Since we are creating a new wallet in this case, we press the Create New Wallet button to continue.
Recovery keys are the most important part of a crypto wallet
Next, a prompt appears on the screen to create a backup of your wallet keys. These recovery keys consist of 12 English words that are unique for each user. With recovery keys (backup keys), it is possible to install an existing wallet on several mobile devices. You can also use these keys to clone your wallet on a Chrome extension.
This means that the keys must not be handed over to anyone under any circumstances and must be taken good care of.
If you lose the recovery keys, anyone can restore your wallet to their own device and manage your funds. The person holding the recovery keys has control of the crypto funds in those wallets. If someone steals your keys and empties your wallet, there is no way to recover your funds.
Below is an example image of Trust Wallet recovery keys during installation.
It is recommended to write the recovery keys on paper and store the paper in a place where no one can access them without authorization. Store the keys in a place you remember so you can actually use this list if your phone breaks.
It is not recommended to store recovery words on a computer or as notes on your phone. Don’t take a picture of your keys either that would be stored on your mobile phone. This is a security risk.
The importance of recovery words cannot be overemphasized. It is critically important that you write the words correctly and in the correct order. For the recovery to be successful, the words must be typed in correctly in the order in which they were originally presented when the backup was created.
Trust Wallet ensures the correctness of the recovery keys in case of typos. You have to type in each recovery word to Trust Wallet to ensure that you have saved them in the correct order. This is done before the wallets are created.
Once you have entered the recovery keys correctly, the Trust Wallet app is ready to be used.
Receiving cryptocurrencies
You can monitor the prices of your cryptocurrencies on the front page and send, receive, buy, and exchange currencies. In the following sections, we will go through in detail how each of these features works. Let’s start by sending coins to your newly-created wallet.
To receive cryptocurrencies in your Trust Wallet, click Receive on the home page.
Next, you will see a list of all possible coins that you can receive in your wallet. The list is really long, so at this point, it is worth using the search feature and typing the name of the cryptocurrency you want to receive.
Click the desired cryptocurrency and Trust Wallet generates a new wallet address for you. This is an address where you can send coins from an external service. Trust Wallet also generates a QR code for the address, which allows you to receive cryptocurrencies by sharing the QR code with the sending party.
A QR code is a convenient way to receive cryptocurrencies, for example, in a situation where both the sending and receiving parties are physically in the same place. The QR code can be read in practically every wallet application when sending cryptocurrencies.
At this point, it is also good to remember that the address of your crypto wallet should never be typed in character by character. It should always be done with copy-paste or using the QR code to avoid errors. If you misspell even one letter, the cryptocurrencies will either go to someone else’s wallet, or the transfer will be lost completely.
If you are making large transactions, you can always ensure the success of the transfer with a small amount first and make sure it appears in the correct wallet. It is a good idea to make such tests because it’s impossible to recover cryptocurrencies if they are sent to the wrong address.
Sending cryptocurrencies
Sending cryptocurrencies from Trust Wallet is as easy as receiving them. Sending is done by clicking the Send button from the main menu.
After clicking the Send button, a list of cryptocurrencies appears that you can send from your wallet. If you have dozens of different cryptocurrencies in your possession, you can use the search function to find the desired coin. After choosing the coin to send, the app will ask you to input the recipient’s address.
Just like with receiving, you should copy the address instead of writing it. You can also scan the QR code if it’s available. It’s never a bad idea to send a small test transfer first if you are dealing with large transactions. It’s not only the address you must have 100 percent correct, but also the network.
After confirming the receiving address and selecting the desired amount, click Continue to complete the transfer. The transfer takes anything from seconds to a couple of minutes depending on the blockchain. If you send coins to a crypto exchange, it depends on the exchange how fast they will process the deposit into your account.
Buying cryptocurrencies on Trust Wallet
In addition to sending and receiving cryptos, Trust Wallet makes it possible to buy cryptocurrencies directly into your wallet. Purchases are made by clicking Buy from the main menu.
Next, a list opens on the screen, from which you can choose the cryptocurrency you want to buy. The picture below shows an example of buying Bitcoin.
When you buy cryptocurrencies from Trust Wallet, it is done by using third-party service providers. Trust Wallet searches for the best price from service providers and suggests it for you. In this case, the best offer was found at Mercuryo.
Once you’ve selected the service provider you are directed to that service. Next, you must enter the details of the payment method you want. Most people use debit or credit cards, so be prepared to have your payment card ready. You also need to create an account for these service providers before purchases can be done.
After the purchase is complete, the cryptos are transferred to your wallet, from where you can send, track and manage them.
Swapping cryptocurrencies
In addition to the previously mentioned features, there is a fourth function in the main menu, titled Swap. With the swap button, you can exchange cryptocurrencies you have for other cryptocurrencies. For example, you can exchange your bitcoins for stablecoins if you want to cash in some profits.
Exchanges take place on Trust Wallet’s own decentralized exchange (DEX). Note, that it is not possible to exchange cryptocurrencies into fiat money (EUR, USD, GBP, etc.). In order to change cryptos to fiat money, you must send your coins to a crypto exchange.
Apps like Trust Wallet are not meant for active trading. Some people like to purchase crypto directly into Trust Wallet, but most people prefer using crypto exchanges where fiat purchases and sales are available. Trust Wallet is first and foremost a wallet for storing coins.
Safe use of Trust Wallet
As a user of Trust Wallet or any wallet app, you are also responsible for the security of the wallet. You can view the security features of the Trust Wallet by clicking Settings from the home screen. Click Security from the settings menu to find all the features that are possible to use.
From the security menu, you can choose the lock method. Trust Wallet offers biometric identification and the possibility to set a passcode for the app. We strongly recommend setting a passcode to prevent unauthorized use in case your mobile device is stolen.
The passcode should be separate from other services and especially from your phone’s password. If your phone is stolen, the intruder may already have the password for your phone. If the password is also used in Trust Wallet, the attacker can steal your cryptocurrencies.
In the security menu, you should also click on the option that sets the application to ask for a password every time funds are transferred out of the wallet.
Even more important than the password are the recovery keys i.e. the 12 words that you should now have written on paper. The importance of the backup keys cannot be overemphasized. We remind you once again that if these keys (words) are lost, there is no way for you or anyone else to recover your funds.
Be also vary of phishing attacks on the internet. Trust Wallet, or any other entity, will never ask you for your recovery keys by email, message, phone, or in any other way. Any request like this is done by criminals. Don’t input your recovery keys anywhere.
Using Trust Wallet is easy and safe if you follow these instructions carefully.
Trust Wallet experiences and overview
Our team has accumulated a lot of Trust Wallet experience in recent years. It is a very easy-to-use and high-quality wallet. The best feature of Trust Wallet is the wallet’s extensive support for cryptocurrencies. Thousands of different cryptocurrencies can be stored in Trust Wallet, so it is almost guaranteed to be suitable for every crypto investor.
Trust Wallet also offers a lot of different DeFi applications, where you can e.g. stake your cryptocurrencies or take a loan against your funds. You can find the services offered by Trust Wallet on the home screen under the Dapps tab. There you can browse through a wide selection of services that Trust Wallet supports.
In our opinion, Trust Wallet is suitable for both beginners and professionals. The app is so easy to use that Trust Wallet can be recommended as a beginner’s first mobile wallet. A professional investor can also diversify part of the crypto portfolio to Trust Wallet and/or use DeFi apps through it.