Introduction to Trust Wallet
Trust Wallet is an all-in-one mobile cryptocurrency wallet that allows users to do more than store and transfer cryptocurrency.
You can use Trust Wallet to store, exchange, and stake cryptocurrencies. Trust Wallet also works as a Web3 dapp browser, so you can explore and use dapps on your mobile device and also store and access crypto collectibles.
This review will talk about various topics that will help you get started with Trust Wallet, such as Trust Wallet fees, supported currencies, cryptocurrency staking, and using the Trust Wallet DApp browser.
Trust Wallet Fees
There are no fees for storing or transferring cryptocurrencies on Trust Wallet. But, as usual, you have to pay transaction fees when transferring your cryptocurrencies to other addresses.
When you want to send some crypto from your wallet to another address, the app automatically sets a transaction fee based on network congestion. Therefore, you do not have to worry about setting a transaction fee when transferring cryptocurrencies.
But like many other cryptocurrency wallets, you can set a custom transaction fee when making a transaction. For Ethereum transactions, you can check ETH Gas Station for current gas prices and see if the network is congested.
You may also want to trade your crypto using the built-in exchange or buy crypto through third-party providers like MoonPay.
With third-party providers, you typically pay high fees, so you can instead send crypto to your wallet from a crypto exchange you’ve already been using.
While trading on Trust Wallet’s built-in decentralized exchange, you will again be required to pay network fees. If you want to trade on DEX, you can take a look at this tutorial.
Trust Wallet supported currencies.
Trust Wallet supports a wide variety of cryptocurrencies. You can currently store and manage over 160 coins and thousands of tokens in Trust Wallet.
Considering the number of blockchains supported by Trust Wallet, you can basically use Trust Wallet to store and send/receive any cryptocurrency on the market.
You can download the app from Google Play or the App Store to see all supported assets.
How to configure Trust Wallet?
Trust Wallet is available on the App Store and Google Play. To get started with Trust Wallet, download the app to your mobile device. After that, you can create your wallet by following the steps below.
Step 1 – Download and open the Trust Wallet app
After downloading the app to your mobile device, open the app and click the “create a new wallet” button.
Step 2: Accept the terms.
Check the box to agree to the terms and click the “continue” button.
Step 3: Back up your recovery phrase
You will now see your recovery phrase, which consists of 12 words. You need to write words on a sheet of paper.
The app will ask you to enter the words in the correct order in the next step. After confirming your recovery phrase, your wallet will be created.
The app didn’t let me take a screenshot of this step, which makes sense considering the recovery phrase needs to be kept offline.
After creating your wallet, you can start exploring Trust Wallet. The app allows users to do pretty much anything with their cryptocurrencies.
You can trade with Trust Wallet’s built-in DEX or exchange tokens. While the built-in DEX is basically the mobile version of Binance DEX, the exchange feature is powered by Kyber.
Token exchange in Trust Wallet
Trust Wallet has built-in trading and exchange features. Instead of trading on centralized or decentralized exchanges, you can simply trade tokens in your wallet.
But, especially for large orders, there can be a large slippage that could result in significant losses, so you should consider using order book exchanges for your large orders.
Trust Wallet DEX
In addition to the exchange feature, there is also an exchange built into Trust Wallet. Trust Wallet DEX has a very simple and clean user interface, as shown in the image below.
Suppose you want to see the order book while trading and place limit orders; you should use the exchange. While trading on the exchange, you will again be subject to transaction costs.
Confidence in the Wallet Bet
Another great advantage of using Trust Wallet is that you can stake various cryptocurrencies from your wallet in a very simple way and start earning rewards.
Trust Wallet does not take any cut on staking rewards, so you will receive all staking rewards. It currently supports staking from Tron, Tezos, Cosmos, Kava, and Algorand.
It would be best if you considered the risks associated with gambling before gambling on any of these cryptocurrencies.
Is Trust Wallet secure?
In Trust Wallet, you are the only person controlling the private keys. The app uses advanced techniques to protect your private keys and never reveals them.
The backup of your recovery phrase is the most important thing for the security of your cryptocurrencies. You must keep it offline and store it in a safe place. Anyone who has access to your recovery phrase can spend your cryptocurrencies.
Since private keys are derived from the recovery phrase, you can extract the private key from any coin you store in your wallet with mnemonic converters like this one.
In addition to taking care of your recovery phrase, you can also put a passcode in the app that will prevent others from accessing the app. You can enable this feature in settings > security.
Trust Wallet dapp browser
You can explore and use dapps on your mobile device with Trust Wallet. The dapp browser is only available on the Android version of Trust Wallet. This feature was recently removed from the iOS version to comply with App Store guidelines.
Both iOS and Android users can also use various dapps like 1inch .exchange with their Trust Wallet via WalletConnect. WalletConnect connects desktop dapps to mobile wallets like Trust Wallet, MetaMask, and Coinomi with a QR code.
You can simply interact with various dapps such as decentralized exchanges, DeFi apps, and blockchain games on Trust Wallet. You can trade tokens on 1inch, one of the most popular decentralized exchanges, and use many other dapps on your mobile device.
Storage of crypto-collectibles in Trust Wallet
If you play blockchain games and/or have crypto-collectibles in your Ethereum address, Trust Wallet is a great option for you.
You can see all the crypto-collectibles on your Ethereum address in the collectibles tab in the app and trade collectibles on marketplaces like OpenSea.