What Is Trust Wallet?
Trust Wallet is a free, non-custodial mobile wallet for holding cryptocurrencies and non-fungible tokens (NFT). It is classified as a hot wallet because it is directly connected to the internet. Only iOS and Android smartphones can use the application, which is comparatively easy to set up and use.
Binance purchased Trust Wallet in 2018 to use as its official decentralized wallet. It supports over 65 blockchains and can hold more than 4.5 million digital assets. It has been downloaded more than 30 million times to far, making it a well-liked wallet among investors and traders.
Despite being compatible with many different blockchains, Binance’s Trust Wallet stands out from other well-known wallets thanks to its compatibility with almost all platforms built on Binance Smart Chain (BEP-20), including PancakeSwap.
What features does Trust Wallet offer?
Swap: You can quickly trade one cryptocurrency for another.
Purchase: You can purchase cryptocurrency with your credit card on third-party websites like Simplex or MoonPay.
Stake: By using the Trust Wallet’s staking feature or by using a selection of decentralized applications, you can earn interest (dapps).
Store: You can store your cryptocurrency on a variety of blockchain networks.
Collect: Using Trust Wallet’s dapp browser, you can access popular NFT marketplaces such as OpenSea or Rarible to collect NFTs.
How to start and set up a Trust Wallet account:
1. Installation
The Trust wallet is available on the following links for Android and iOS devices:
Android:
Trust Wallet on Google Play
2. After downloading the app, there are a few simple steps to get started.
1. Click “Create a new wallet” and then press “Continue” to agree to the terms. Get a pen and paper ready because Trust Wallet’s warning that you could lose access to your wallet and the cryptocurrency it contains permanently if you forget your recovery words, also known as a seed phrase or recovery phrase, is true.
2. You will be prompted to write down your recovery phrase on a new screen that will display. You must manually record it and keep it in a secure, confidential location. It is not advised to keep the words in digital form because it is less secure.
3. Trust Wallet’s recovery phase consists of 12 words. These phrases will be used in case you misplace your wallet, and they are the only method to get it back. So let us repeat: Keep them in a secure, private location.
4. Trust Wallet will ask you to put your recovery phrases down in the exact same sequence that you received them so that you can confirm that you properly backed them up.
5. You will get a screen stating, “Your wallet was successfully created.”
Who should use Trust Wallet?
Trust Wallet is beginner-friendly but also has options that will satisfy more advanced users with functionality for DeFi and NFTs.
For those looking for an all-in-one solution for managing their portfolio in the palm of their hands, Trust Wallet is an interesting alternative because it allows you to store a variety of cryptocurrencies.
