I cannot emphasize enough on how important it is to have the right cryptocurrency wallet for the safety of your crypto funds.
But finding the right wallet can be challenging, given the multitude of options out there in the market. Hardware wallets are the most secure ones, but one cannot have it all the time.
That’s why it is essential to have secure, easy-to-use mobile wallets to be able to use your crypto funds on the go.
In the past, almost all mobile wallets, whether for Ethereum or Bitcoin, have faced issues related to their safety.
Developing a secure, easy to use mobile wallet is tough because we are unacquainted with developing blockchain wallets. And with this being our first shot at building such tools, mistakes are bound to happen.
But one wallet is being built in style and in an entirely secure way to set a benchmark for others to come – Trust Wallet. We are going to dig deeper into it today based on the following points.
- What is Trust Wallet?
- Trust Wallet Features
- Supported Currencies
- Supported Platforms
- Final Thoughts
What Is Trust Wallet?
Trust wallet is a secure, open-source mobile wallet for Ethereum and Ethereum tokens. Trust wallet is also a web3 browser that allows you to access Ethereum DApps.
With Trust wallet, you get a fully audited wallet that is competent enough to store, send, and receive all Ethereum based tokens. Oh, and you have complete control over your private keys!
Phenomenal, isn’t it?
Trust wallet provides a very intuitive UI to manage and store your Ethereum and Ethereum-based tokens. This is no exaggeration. You can figure it out with just one look. I have not used this wallet yet, but I already have itchy fingers because of its compact UI, which is also laden with features.
With Trust wallet, you get bank-level security encryptions and also have an option for PIN and biometrics to enhance your security. Also, as it is a client-based wallet, you always remain in control of your funds.
Like modern crypto wallets, Trust wallet is also an HD wallet where you don’t need to take a backup of each public/private key pair. Instead, you can keep using the same wallet and it will back-up things in the background. But the seed is required to be backed-up to access your wallet.
With Trust wallet, you also get the liberty to configure your gas price, gas limit and thus can customize your transaction fee with these two variables. If you want to know more about gas, gas limit, read this: Ethereum-Ether, Ether Gas, Gas Limit, Gas Price & Fees
Support for ERC20 and ERC223 tokens is a must in modern Ethereum wallets, and Trust wallet supports these tokens in a very simple UI. In another article, we will talk about how to go about adding these tokens in Trust wallet.
KyberNetwork: A decentralized exchange service is also built-in the Trust wallet so that users can exchange tokens using the app.
- Watch Any Cold Storage Wallet
With Trust wallet’s watch feature, one can see the performance of other tokens stored on Trezor or Ledger Nano S. This way you can keep an eye and also not risk losing your private keys given they are in the cold storage.
DApp browser is their most exciting feature. Using Trust wallet, you can access all web3 applications, better known as decentralized apps like CryptoKitties or IDEX. With this feature, Trust wallet wants to make a community of decentralized apps that can be accessed through Trust wallet.
Trust wallet is a complete wallet for the Bitcoin and Ethereum ecosystem. Currently, more than 20,000 tokens built over the Ethereum blockchain are accessible through Trust wallet.
Trust wallet is ready for a mobile generation as they have both iOS and Android support available for Ethereum, Ethereum tokens, and other Ethereum DApps.
Final Thoughts: Is Trust Wallet Safe?
Trust wallet has been around for a while and is undoubtedly well tested by time, so you can trust it with your funds.
Moreover, the Trust wallet has prepared a comprehensive security review case to prove its worth in the market. And I am yet to see such a thorough security review by another mobile wallet in the cryptosphere.
However, no matter how much safe a mobile or software wallet is, one should never store their fortune in it.
For that, we strongly recommend you to use Ledger Nano-like hardware wallets. For daily use, and accessing your favourite DApps, you can use Trust wallet.
- Supported Operating System: Android & iOS
- In-built Exchange: Popular Dapps
- Private Keys: Controlled by owner
- Cost: Free to use
- Segwit Enabled: No
Lastly, Binance has acquired the Trust wallet, which in itself speaks about its quality.
Thrilled to announce that @TrustWalletApp is becoming a part of @binance!
Our focus and goal will remain the same – building a great product for our users.https://t.co/Z3ghz3n0tW pic.twitter.com/jYMHOG3iX0
— Trust – Crypto Wallet (@TrustWalletApp) July 31, 2018
That is all it from my side in the introduction of the Trust Wallet. I will be back soon with something more interesting very soon.
I hope this detailed analysis helps you in making the right decision. Share your take with us in the comments below!
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Harsh Agrawal is the Crypto exchanges and bots experts for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in fintech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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