Trust Wallet—How Does it Work and How to Use It?

MORITZ PUTZHAMMER

14 February 20239 min read

Table of contents

Web3 and the crypto economy are increasingly becoming integrated into our daily lives, thanks in part to the meteoric rise of DeFi as well as the growing mainstream acceptance of cryptocurrencies. Having a multi-coin crypto wallet fit for purpose, with decentralized exchange (DEX) integration and direct access to Web3, will only make crypto transactions easier and cheaper, which is precisely where Trust Wallet, and decentralized finance (DeFi) in general, comes into play.

As its name suggests, Trust Wallet aspires to be the trusted crypto wallet in the space, offering a true decentralized exchange (DEX) environment for users to easily swap and exchange many different types of cryptocurrencies within a noncustodial wallet. It’s one of the more popular mobile cryptocurrency wallets available, with support for a range of crypto assets. Crypto investors typically hold multiple coins (unless you’re a Bitcoin maxi), but one wallet rarely has the capability to hold all of an investor’s digital currencies in one place. Rather, investors will typically need to use multiple wallets, which can complicate matters and even put people off investing in crypto entirely because the process becomes simply too inconvenient. But Trust Wallet has seemed to have found a solution to this problem.

In the following article, we’ll explore Trust Wallet’s features and how it works.

Trust Wallet—What Is It?

Trust Wallet, crypto, Bitcoin, BTC

Trust Wallet is a multi-chain self-custody crypto wallet available as a mobile app for Android and iOS devices as well as a browser extension for Chrome, Brave, Opera, and Edge browsers. The wallet allows users to store and manage over 4.5 million crypto assets across 65 blockchains, and also serves as a gateway to Web3 dApps. (The Trust Wall differs from the “cold” wallets offered by Ledger and Trezor.)

Trust Wallet’s functionalities transcend the usual storage capabilities of crypto wallets. It has a built-in DEX that has integrated multiple liquidity aggregators and is also directly integrated with the Binance DEX, allowing users to swap and exchange millions of tokens directly from within their wallets.

It also has a built-in dApp browser, which serves as a gateway to thousands of Web3 dApps already available in the Trust Wallet ecosystem. The obvious advantage here is that users can access these dApps without leaving their Trust Wallet app.

The wallet also has a crypto staking functionality and its own native token, the Trust Wallet Token (TWT). TWT holders can vote on major decisions impacting the wallet’s ecosystem, receive discounts when purchasing crypto with fiat, and use it to pay for Trust Wallet’s development. And as a truly decentralized crypto wallet, users have complete control of their private keys. Additionally, Trust Wallet doesn’t store its users information, and users are not subjected to KYC requirements.

Is Trust Wallet Safe?

In a word? Yes. As a decentralized crypto wallet, Trust Wallet focuses on user privacy and security. It doesn’t have any KYC requirements and doesn’t store any user information, and users are in control of their crypto private keys.

Trust Wallet also gives users the option to store their private keys locally on their device(s). And whenever a transaction requires a private key, Trust Wallet will automatically sign it without revealing the key. Moreover, although it doesn’t have a two-step verification process, the wallet is secured with Touch ID and Face ID. Note that users can also back up their Trust Wallet multi-coin wallet.

Benefits and Drawbacks of Trust Wallet

Below is a hand summary of some of the main benefits and drawbacks of the Trust Wallet.

Benefits of Trust Wallet

  • Users aren’t subjected to KYC policies.
  • It allows crypto staking.
  • Users are in control of their private keys.
  • It has a built-in dApp browser, giving users access to hundreds of dApps directly from their Trust Wallet app.
  • Users have access to more than 8 million crypto assets from over 70 blockchains.
  • The native TWT can be used to lower transaction fees.
  • The Trust Wallet can be secured with Face ID and Touch ID.

Drawbacks of Trust Wallet

  • Although Trust Wallet is available as a browser extension, it doesn’t have a desktop app.
  • Although users can add custom tokens to their wallets, non-supported blockchains cannot be added manually.
  • Buying cryptos with fiat currencies incurs an additional 1% transaction fee.

Does Trust Wallet Require KYC?

As mentioned above, Trust Wallet is a decentralized crypto wallet and doesn’t subject users to any form of KYC procedure.

However, it’s worth noting that Trust Wallet has integrated the services of third-party providers to allow users to buy crypto with fiat currencies. And depending on the partner provider, users will be required to complete a verification process with KYC before they’re allowed to buy crypto with fiat. In other words, users can buy cryptocurrencies via card payments, mobile payments (Apple Pay, Google Pay, Samsung Pay),and direct bank transfers (SEPA in Europe and ACH transfer in the US).

Generally, Trust Wallet users are redirected to the websites of the partner provider to complete this process. (Note that Trust Wallet doesn’t save any user information throughout this process.)

How Does Trust Wallet Work?

Trust Wallet is one of the more popular crypto wallets, largely thanks to a host of features integrated into its ecosystem. It’s designed to make crypto transactions quick and convenient, whether you’re using the mobile app or the Trust Wallet web browser extension. Below is a quick overview of how Trust Wallet actually works.

Trust Wallet Built-in DEX

Users can buy crypto directly from their Trust Wallet, thanks to the built-in DEX along with the various payment systems integrated into the wallet. Trust Wallet has a built-in DEX that utilizes Binance DEX, THORChain, 1Inch Network, and a multi-DEX with Kyber Network support to fulfill orders. So, Trust Wallet users can buy and sell cryptocurrencies through the built-in DEX using swap or exchange options.

Note that the Trust Wallet is integrated with the Kyber Network Protocol, which is an on-chain liquidity protocol whose cross-chain interoperability aggregates liquidity from crypto traders, holders, and the entire blockchain ecosystem. This is beneficial to users because it allows them to have access to multiple DEXs, and the exchange of tokens occurs through an interface without the need for an order book.

Trust Wallet is also directly connected to Binance DEX, which allows users to directly exchange tokens. In this option, an order book is available. The wallet also uses the 1Inch Network for interchain swaps and THORChain for cross-chain swaps.

In addition, as Trust Wallet notes on its website, users can receive liquidity mining rewards directly in their wallet: “Trust Wallet supports Venus Protocol to allow you to securely store all Binance Smart Chain assets - including pegged ETH and XVS - in Trust Wallet once you have received your interest payments and liquidity mining rewards.”

Trust Wallet Token Swaps and Exchange

Originally, Trust Wallet was designed for ERC-20 and ERC-223 tokens. It has since expanded and supports more than 8 million tokens from over 70 blockchains. Token swaps and exchanges on Trust Wallet are facilitated by the wallet’s built-in DEX utilizing multiple DEX protocols.

Trust Wallet integrated with the Kyber Network in mid-2020. And, as mentioned previously, the wallet is also integrated with the 1Inch Network to facilitate interchain swaps, and THORChain to facilitate cross-chain swaps. Trust Wallet users can also exchange tokens through Binance DEX, which is also integrated with the wallet.

Typically, token swaps and exchanges would attract higher fees without the availability of the built-in DEX (users would typically have to move a given token multiple times just to swap it for the token they want). Note that Trust Wallet doesn’t convert crypto to fiat. If you want to cash out of your crypto holdings, you’ll have to transfer them from your Trust Wallet to a crypto exchange that allows crypto-to-fiat conversion.

Trust Wallet Token (TWT)

Trust Wallet Token, TWT, crypto, Binance

Trust Wallet Token (TWT) is the native token of Trust Wallet. It’s available as a BEP-2 and BEP-20 token on the BNB Beacon Chain and BNB Smart Chain respectively. It’s also available as an SPL token on Solana. TWT has three key benefits for the users. Firstly, TWT holders can participate in the governance of the Trust Wallet by voting on major decisions and milestones related to the wallet’s development.

Secondly, TWT holders can use it to receive discounts in the Trust Wallet app. Usually, crypto purchases attract a 1% transaction fee and a conversion fee. The 1% transaction fee is waived for TWT holders. Note that you must have at least 100 TWT in your wallet to be eligible for the 1% fee waiver.

Thirdly, developers can also use TWT to pay for Trust Wallet development. Generally, TWT holders can contribute to the improvement of Trust Wallet. This is done by merging new code with Trust Wallet’s main code repository. This costs 500 TWT.

Trust dApp Browser

Trust Wallet has a built-in Web3 dApp browser, a fully-fledged Web3 browser that allows wallet users to interact with any dApp within the Trust Wallet ecosystem.

The dApp Browser currently connects to approximately sixteen networks, including Binance Smart Chain and the Ethereum network. However, iOS users don’t have direct access to the in-app dApp browser, but they can use WalletConnect to access dApps. You can access dApps ranging from DEXs like PancakeSwap and Uniswap, DeFi dApps, and blockchain games.

The Trust Wallet dApps marketplace provides a selection of all the dApps available for use within the wallet’s ecosystem. One of the biggest advantages is that Trust Wallet vets and optimizes all dApps for mobile before they are integrated into its platform, providing users with a measure of quality.

And for dApp developers, Trust Wallet offers a simple-to-use API to enable them to create multi-chain dApps, which is only available, however, for mobile app users (Android and iOS).

Which Assets Does Trust Wallet Support?

Trust Wallet is a multi-currency and multi-coin crypto wallet supporting 70 blockchains and over 8 million crypto assets including BTC. As a true multi-chain crypto wallet, it allows users to safely store their crypto and NFTs.

In terms of NFTs, Trust Wallet currently supports Ethereum NFTs (ERC721 and ERC1155 NFTs), Binance Smart Chain NFTs (BEP721, and BEP1155), and Avalanche NFTs.

Note that Trust Wallet also allows users to easily add or remove custom tokens to and from their wallets. Users can also create up to ten wallets on their Trust Wallet mobile app, and also import third-party wallets such as MetaMask.

Trust Wallet Fees

Trust Wallet is a no-fee wallet. The only cost incurred is the transaction fees, which are all paid to miners and validators.

Trust Wallet sets the applicable blockchain fee based on network congestion at the time of the transaction. However, users can manually override this and set their preferred gas and network fees, depending on the urgency of the transaction. Note that the range of gas fees varies depending on the network you use.

Trust Wallet and Staking

Trust Wallet provides a crypto staking functionality  (a way to earn passive income in crypto) for its users instead of just letting users’ coins sit idle in their wallets. Currently, Trust Wallet allows users to stake twelve coins, excluding ETH. Stakers are offered guaranteed daily, monthly, and yearly returns, which vary depending on the coin being staked. With Trust Wallet staking, users can earn between 4.1% and 84% APY. Once the staking period is over, you’ll get back the staked cryptos inclusive of the interest earned.

Best Alternative to Trust Wallet—The Trality Wallet

There are plenty of alternatives to Trust Wallet, with one of the most exciting options being the Binanced-backed Trality Wallet.

The official Trality Wallet has a number of user-friendly features for seamless transactions, allowing users to directly deposit funds and immediately start trading with automated strategies without the need to configure additional settings between an exchange and Trality.

While everyone knows that wallets are used for storing funds, the Trality Wallet excels as a trading wallet, offering additional ease-of-use and convenience. In three simple steps, users can create, fund, and start automatically trading crypto with trading bots—all in one place.

After a standard KYC process, simply add funds to the Trality Wallet using a preferred funding method, whether by credit card, bank transfer, Apple Pay, or Google Pay. With the funds in place, users can then convert fiat to any of the over 350 cryptocurrencies directly within the Trality Wallet and start trading right away—instant approvals for maximum flexibility.

Rent the Most Advanced Trading Bots

Trality’s Marketplace offers a range of bots created by industry experts—all tailored to your investment goals to help you minimize risk and increase profits in any market condition!

The final step involves choosing a crypto trading bot on the Trality Marketplace (or creating your own) and enjoying the many benefits of crypto copy trading with automated investment strategies!

The Trality Wallet provides a seamless integration between the world’s most trusted exchange and the world’s best crypto trading bots—full flexibility without API keys. Trade directly on Trality without having to connect your exchange’s API key. With the Trality Wallet, you no longer have to manually configure and manage API keys from an exchange account in order to connect to Trality.

Final Thoughts on Trust Wallet

If the high-profile implosion of crypto giants in 2022 and the subsequent losses taught us anything, it’s that your crypto is only safe when you’re the only one in control of them.

And this explains the rising popularity of fully decentralized crypto wallets like Trust Wallet. It’s not just a wallet to store your cryptocurrencies. It has a built-in DEX allowing users to swap and exchange coins without leaving the wallet.

But the Trust Wallet is not the only one offering this type of flexibility and convenience. Since it’s powered by Binance, the Trality Wallet is built on the industry’s safest and most secure custodial wallet infrastructure. Any and all funds deposited into the Trality Wallet are backed by Binance. Enhanced security and risk mitigation protocols mean that your funds are always safe and always yours.

Enjoy all of the benefits and functionality of your Binance account while being able to deposit, withdraw and manage your funds all in one place—all with Trality’s Wallet.