Trust Wallet Review 2022: Is It the Right Cryptocurrency Wallet for You?

GOBankingRates Score

4.3
Quick Take: Trust Wallet is a cryptocurrency wallet that supports more than 4.5 million assets including cryptocurrencies and NFTs across 65 blockchains. The users have the option of storing all types of tokens in a single mobile-based wallet. Assets and blockchains like Bitcoin, Ethereum, Binance Coin, Litecoin and many others are available on their platform. The process of setting up an account is user-friendly and simple. Trust Wallet offers a certain degree of safety to its users and provides secured storage of tokens.
  • Features
    4.5
  • Security and Privacy
    3.5
  • Setup
    5.0
  • Usability
    4.2
How did we calculate this?

Pros

  • Simple signup process that can be completed in only three steps
  • Mobile-friendly platform that allows users to conduct any transaction easily through their smartphones
  • Supports storing of stablecoins
  • Users can earn interest on the crypto that they hold in their wallet

Cons

  • Cannot keep your crypto safe if you have forgotten your keys
  • Previous phishing attack exposed the vulnerability and security issues of the wallet
  • Collects a 1% fee for every crypto purchase, unless you hold $100 worth of Trust Wallet Token
  • Unable to provide adequate technical assistance to users
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Trust Wallet Overview

Trust Wallet is a decentralized crypto wallet where the user has complete control over their funds. The wallet encrypts the keys to the wallet and stores all the funds belonging to the users on the blockchain.

It is a multi-currency crypto wallet that allows users to store their funds and access them from their smartphones. It supports all the coins on the Ethereum ecosystem along with all ERC20, BEP2 and ERC721 tokens.

The Trust Wallet development team is proactive about improving the platform and keeps adding new features every month. They allow the usage and access of multiple decentralized apps which enables the users to take part in the decentralized marketplace. Trust Wallet has a fully functioning Web3 browser that can be used for easy, mobile-friendly interaction with any DApp.

Key Features

Trust Wallet is a unique cryptocurrency wallet that is entirely mobile-based and provides numerous choices to users when it comes to tokens and currencies.

Simple Setup

The process of setting up a Trust Wallet account is very simple. All you have to do is download the mobile application from the respective app store and create a new wallet to get started. The download is free and you can start transactions immediately after you have completed the setup.

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Ease of Use

Trust Wallet is a mobile-based platform which makes it very easy to use. They have a user-friendly interface that can be accessed from Apple desktops and laptops or any smartphone. The platform has integrated with multiple partners to enable users to buy cryptocurrencies easily through their credit cards.

Allows Staking

Staking is a process where you get to earn rewards in the form of crypto tokens when you hold certain cryptocurrencies. It is a great source of generating passive income from the crypto that you are holding and Trust Wallet facilitates you to do so. Currently, Trust Wallet allows its users to stake 6 cryptocurrencies which include Algorand (ALGO), Cosmos (ATOM), Tezos (XTZ), Tron (TRX), Ontology (ONT) and VeChain (VET).

Security

Trust Wallet does not retain any funds that belong to the user and only acts as an intermediary for providing access to the Private Keys. Since it is a soft wallet, it cannot provide security like an offline storage device but Trust Wallet follows the industry standards to encrypt the users’ wallets.

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Access to DApps

Trust Wallet has a unique application programming interface that helps in the smooth integration of the wallet with various kinds of DApps. This API is compatible with both Android and iOS Smartphones. Trust Wallet takes special care in choosing and vetting the DApps which would eventually become a part of their Marketplace. It also has a Web3 browser that helps the users in accessing these DApps.

Cost

You do not need to pay for downloading the Trust Wallet app on your computer or smartphone. However, it does charge a 1% fee for every crypto purchase which they claim to use for developing their platform. The user has the option of waiving such fees by holding TWT, which is the native token of the platform.

How Trust Wallet Stands Out

Trust Wallet is a relatively good cryptocurrency wallet when it comes to usability or security. However, it truly stands out by providing a huge variety of options to its users in the form of coins and tokens. They support over 4.5 million digital assets including cryptocurrencies and NFTs which is much more than any of its other competitors.

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Comparable Options

A wide variety of options and a mobile-friendly interface are some of the major advantages of Trust Wallet. Before you choose this wallet, here is a look at how Trust Wallet stacks up against its competitors.

Trust Wallet vs. Exodus Wallet

In comparison to Trust Wallet, Exodus Wallet allows the staking of seven cryptocurrencies including Algorand (ALGO), Cardano (ADA), Cosmos (ATOM), Solana (SOL) and more. The users can choose from over 225 cryptocurrencies in the Exodus Wallet whereas Trust Wallet supports over a million coins. Exodus Wallet has received great reviews about its educational community including regular blogs and a YouTube channel that focuses on user enrichment, which is absent in Trust Wallet.

Trust Wallet vs. Coinbase

Coinbase is one of the most secured cryptocurrency wallets on the market. It gives the users complete control over the crypto they are holding because it is a self-custody wallet and uses industry-leading technologies to encrypt the tokens. Unlike Trust Wallet, Coinbase offers only over 100 cryptocurrencies to choose from. Being established in 2012, it is among the older crypto platforms and that is why Coinbase has gotten many decent reviews over the years.

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Who Is Trust Wallet Best For?

Trust Wallet is suitable for people who are looking for a large variety of options when it comes to crypto trading. For beginners, it might be unsuitable because the customer support forum is not adequate. Trust Wallet is best for those who wish to be mobile savvy and conduct trades through their phones. Experienced traders might feel uncomfortable due to a lack of flexibility when it comes to exchanging crypto for fiat currency.

Final Take

Trust Wallet does a good job of bringing crypto to the mainstream by promoting a mobile-exclusive interface. Since it supports over a million cryptocurrencies, users can get their hands on some rare tokens as well. If you can look beyond the mediocre customer support, Trust Wallet can be a useful tool for integrating your crypto transactions and entering into the world of DApps.

Trust Wallet FAQ

  • Is Trust Wallet a good crypto wallet?
    • Trust Wallet is a good option for people who are looking for a lot of choices when it comes to crypto transactions. This wallet supports over 4.5 million assets including over a million cryptocurrencies and NFTs across 65 blockchains.
  • Which wallet is better than Trust Wallet?
    • Trust Wallet is great for people who wish to conduct crypto transactions through their phones because its platform is exclusively accessible through smartphones or Apple computers. If you are looking for more security, Coinbase might be a better option. Exodus Wallet is also better in terms of customer service and educational content.
  • Is Trust Wallet a good investment?
    • Users of Trust Wallet have the option of generating passive income through crypto staking, yield farming and earning interest through crypto lending. Apart from that, Trust Wallet also allows crypto trading through its platform. These features make Trust Wallet a good investment for its users.
  • What is the best cryptocurrency wallet?
    • The best crypto wallet will depend on your experience and expertise in the crypto space. Coinbase wallet is one of the safest options because it is a self-custody wallet and gives the users complete control over the crypto that they are holding.
  • Is Trust Wallet a legitimate site?
    • Yes, Trust Wallet is a legitimate site that follows industry standard protocols to encrypt the users' wallets and secure the recovery seed phrase.
  • How does Trust Wallet work?
    • Trust Wallet acts as an intermediary between the users and the blockchains that are a part of its platform. It does not hold any crypto nor store any information. The user is responsible to remember their keys and Trust Wallet cannot help if you forget them.
  • Is Trust Wallet a good Bitcoin wallet?
    • Since it is a safe and legitimate crypto wallet, Trust Wallet is a good option if you want to buy Bitcoin. If you want to buy Bitcoin through Trust Wallet using a credit card, the minimum investment is $50 and the maximum is $20,000. You would need to install the Trust Wallet app and tap on the Buy button to complete the transaction.
  • Can you make money on Trust Wallet?
    • Yes, you can make money on Trust Wallet by opting for any of the passive income-generating methods like staking, yield farming or crypto lending.
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Information is accurate as of July 26, 2022.

Editorial Note: This content is not provided by Trust Wallet. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Trust Wallet.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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About the Author

Suchetana Bhattacharyea is a financial writer and has a master’s degree in this field from the University of Calcutta. She writes about personal finance, real estate, law, cryptocurrencies, banking, economics and marketing. Suchetana has been a freelance writer for the last few years and has ghostwritten several books on finance.

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