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Home Craft What Is Trust Wallet and How Does It Work?

What Is Trust Wallet and How Does It Work?

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If you have anything to do with crypto, you may have heard of Trust Wallet. While it is a cryptocurrency wallet like any other, it has some unique features that make it more of a Web3 wallet than most.

If you wish to find out what these features are and how Trust Wallet works, read on for all the details you need to help you decide if Trust Wallet is for you.

What Is Trust Wallet?

Trust Wallet is a non-custodial cryptocurrency wallet built to enable the easy buying, sending, receiving, trading, and storing of cryptocurrencies. The wallet is simple and easy to use, so its design makes it suitable even for absolute beginners in crypto.

Apart from the regular use of cryptocurrencies, which most wallets have, Trust Wallet allows you to stake cryptocurrencies and earn rewards. Trust Wallet supports a huge number of cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, Litecoin, and XRP. This is much more than most crypto wallets can support.

Indeed, Trust Wallet is also a non-fungible token (NFT) wallet, as it lets you buy, store, and sell NFTs. You can trade NFTs on your mobile device as the wallet is strictly mobile-based. Being decentralized, it does not have anybody in charge, and every user is independent and responsible for their own safety.


Trust Wallet is a hot wallet, which means it is always online as long as there is an internet connection. See how this compares with cold wallets, which are mainly offline and only connected to the internet when you want to use them.

What Are Trust Wallet’s Features?

One of the major unique features of Trust Wallet is that it supports heaps of cryptocurrencies from different blockchains, unlike wallets like Metamask and MyEtherWallet, which support mainly Ethereum ERC20 tokens.

With Trust Wallet, you can buy cryptocurrencies from different third-party platforms, including Mercuryo, MoonPay, Ramp Network, Simplex, Transak, and Wyre.

Another thing that sets the wallet apart is its ability to buy and sell NFTs. What’s more? You can also use Trust Wallet to stake 12 cryptocurrencies, including BNB, Cosmos, and Tezos, and earn rewards right within the mobile app.

If you have cryptocurrencies on other wallets, such as Metamask and MyEtherWallet, you can easily transfer them to Trust Wallet using your secret recovery phrase. You can also use a keystore file, private key, or even a public key to migrate your wallets.

How to Set Up Trust Wallet

As mentioned earlier, Trust Wallet is a simple wallet designed for everyone, so setting it up is a simple process. But, first, you need to download and install it on your mobile device.

Download: Trust Wallet for Android | iOS (Free)

After installing, select the highlighted Create New Wallet button if you don’t have one.

Next, read the privacy policy and Terms of Service. If you are satisfied, check the button under to accept, and then click Continue. You’ll then be asked to create a six-digit passcode. This will be your secret security code for accessing the wallet. You should never share this with anyone.


The next step is crucial. You’re expected to back up your wallet. This will be the only way to recover your wallet should anything happen to your mobile device. Remember, you cannot contact anyone at Trust Wallet to retrieve your wallet because the wallet is non-custodial.

You’ll need to check the three boxes on the page to confirm that you know the implications of those things happening to you.

Click Continue when done. The app will then display the 12-word recovery phrase, which you should write down in the correct order and keep somewhere safe. Click Continue when done.

On the next screen, you’ll be asked to select the words in the recovery phrase in the order you wrote them down. This is to ensure you copied the words somewhere, preferably on a piece of paper. Once you do that correctly, click Done, and your wallet is set up!

From here, you can easily navigate the wallet, first by adding funds (cryptocurrencies) either from a different wallet or you can buy them to start.

What Are Trust Wallet’s Fees?

Trust Wallet is free to download and install and does not collect any fees. However, when sending cryptocurrencies or NFTs to other destinations, you will incur network fees that vary depending on how busy the network is.

Ethereum gas fees can be a headache, but there are ways to reduce the gas fees and make the transactions cheaper.

How Secure Is Trust Wallet?

The fact that Trust Wallet is a decentralized wallet confers some level of security on it already. No one has central control, so they cannot steal your funds. The wallet also has a 12-word recovery phrase that you can use to recover the wallet anytime you lose your device.

However, there is a need for more security features such as two-factor authentication so that no one can access your wallet or set up another wallet using your recovery phrase and passcode without getting a notification.

7 Pros and Cons of Trust Wallet

You’ve heard all about Trust Wallet, but before you make your final decision, check out the final list of pros and cons.

Pros

  • It is a decentralized wallet with no central control
  • Supports many assets
  • Very simple and beginner-friendly

Cons

  • Fees for buying crypto from third-party providers are quite high
  • Needs additional security features
  • Not compatible with hardware wallets
  • Hot wallets are generally more susceptible to attack than cold wallets

Should You Use Trust Wallet?

Having known what Trust Wallet is and what it is used for, should you use it? That depends on your goals as a crypto or NFT user or trader. If you are new to the space and looking for an easy wallet to use, Trust Wallet may be a good fit.

It is also a good fit if you need a wallet that enables the trading of NFTs directly. You should, however, know that you are responsible for the safety of your wallet, and no one can help you recover it—not even the Trust Wallet team.

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