Trust Wallet Review: How it Works And Common Issues
Trust Wallet provides you with a private access key making you the sole person with entry into your financial assets
A wallet as we all know is used to hold money and is invariably placed in your pocket or your handbag. Trust wallet is also a wallet, but comes as a software and allows you to purchase, sell and swap different coins, blockchains and other digital assets.
Imagine an internet banking app, but without the bank. Similarly, your Trust Wallet will let you into your balance, send transactions and connect to applications. It can be downloaded, totally free of cost on iOS and Android mobile devices and has no transaction fee.
This crypto software is used by businesses and individuals in various industries, including financial services and software development. Trust Wallet was acquired by Binance, the cryptocurrency exchange company, in June 2018.
Secure storage option
Once downloaded, Trust Wallet provides you with a private access key making you the sole person with entry into your financial assets and making it one of the most secure crypto storage options in the market. It makes your coins work for you by staking assets with a flexible interest rate. A validated proof-of-stake (PoS) certification allows you to collect interest on your digital resources, meaning they will earn you money on their own.
Trust Wallet also enables you to buy crypto with your credit card easily so that your trade becomes an easy option. In addition to this, the Decentralised Apps (DApps) browser helps you find businesses and vendors that accept cryptocurrency for their goods and services. It also means that you can use your wallet to explore various ways of using crypto, from earning and insurance to games and art.
So, how does the Trust Wallet work?
With Trust Wallet, you are in control over your funds. The Wallet, in fact, acts as a bridge connecting blockchain networks through nodes. It does not hold any cryptocurrencies in its servers; but only gives you, the user, access to your wallet.
Simple to use, the Wallet provides you with a unified address. This means you can use the same address to participate in many airdrops and send and receive Ethereum. An Ethereum is a decentralised supercomputer and is mostly used to track the ownership of digital currencies like Ether and ERC20 tokens.
Though Trust Wallet started off as an Ethereum wallet, it has evolved to become a multi coin crypto wallet capable of storing other cryptocurrencies, as well. And since it supports the main blockchains in the Ethereum ecosystem such as Ethereum, Ethereum Classic and Callisto, it has become an efficient tool in the crypto world.
Easy backup policy
Every blockchain network has its own set of public addresses called the public key where crypto assets are stored and encrypted. Supporting over 160K+ assets and blockchains, the Wallet allows you to stake your crypto coins to earn interest. Though the wallet was designed to hold only ERC20 and ERC223 tokens, it has been developed to hold even other leading cryptocurrencies like Bitcoin.
Trust Wallet also has an easy backup policy. It incorporates a 12-word recovery phrase at the time of setting up the Wallet on your mobile device. However, do ensure that the word is jotted down.
Safety and security are its outstanding features:
- Storing the keys of your wallet on your personal computers instead of on Trust Wallet servers makes you the sole authority to store private keys.
- Bank-level security safeguards your digital assets from potential threats.
- An application-level authentication system prevents unauthorised access through an unlocked device
The wallet, however, faces some issues that needs attention. With a cluttered support website, customer help is difficult to come around. Once on the website, it is an impediment to read, like and comment on other posts. It is crucial to understand the security system well if you do not want to be fooled. Also, note down your wallet key safely. Remember, if you lose it you lose your money.
However, with a simple, straightforward interface, Trust Wallet can be easily downloaded from Google Play Store or the Apple Store. It is easy to use and delivers full cryptocurrency management functionalities. Providing security and promising anonymity of users, the Trust Wallet is one of the most secure crypto storage options out there.