Trust wallet review (2020)

Trust wallet is a dynamic cryptocurrency wallet that facilitates crypto storage and transactions on the Ethereum blockchain. This open-source wallet aims to make mobile trading on exchanges seamless. In this review let’s look at some of the highlight features, security arrangements, currency support, and partnerships.

Key Features

• Mobile support-Trust wallet is compatible with Android and iOS and is downloadable of the respective app stores.
• Decentralized exchange and dApp compatibility.
• ERC20 & BEP2 Compatible.
• A secure mobile wallet.

Security Features

Wallet security is obviously an indispensable consideration when using any crypto wallet. Trust wallet allows users to store their private keys on their own devices. This is an important security feature and also comes with a backup facility for simple recovery. The fact that you don’t need to store private keys on Trust wallet servers reduces exposure in case of compromise. This means that the wallet is secure enough to support mobile trading activities with wallet security primarily in the hands of the user. 

It also provides a great deal of anonymity. This is because you can download, install and set up the Trust Wallet without having to provide any personal details. Moreover, the wallet developers promise not to store your personal data. To the extent that a user cares about personal data integrity, this wallet does a good job. In addition to that, the open-source nature means users can review the app code online and are sure of audits by security experts

Regardless, if you go for wallet security as an absolute consideration, hardware wallets still have the edge.

Multicurrency Support

The Trust wallet initially worked only for all Ethereum ERC20 and ERC223 tokens. Now, the wallet also supports other leading cryptocurrencies like BTC, XRP, TRX, XLM, BNB, and others. This means that the wallet generally has impressive versatility in its multicurrency support. A short-list of ERC tokens is as follows: 

• Ether (ETH)
• Ethereum Classic (ETC)
• OmiseGO (OMG)
• Qtum (QTUM)
• Populous (PPT)
• Binance Coin (BNB)
• Status (SNT)
• Maker (MKR)
• Augur (REP)
• VeChain (VEN)
• ICON (ICX)

These are certainly some of the leading coins in the market. A trader looking to have a wallet with decent multicurrency support needs to go no further. ERC 20 tokens certainly number in the thousands and it does no harm to have seamless integration. 

Partnerships

Binance acquired Trust wallet about a year ago. This deal added an on-chain mobile wallet to the list of Binance services with other future integration possibilities. Trust wallet had cultivated its reputation as a secure, private mobile wallet for over a few years. This is what made Binance view the acquisition favorably. Accordingly, Trust wallet now acts as the official cryptocurrency wallet of Binance.

Additionally, the Kyber network facilitates Trust wallet’s decentralized capabilities. This decentralization is indispensable in ensuring the wallet is secure and operates smoothly in line with blockchain technology ideals. Moreover, you can trade instantly on the Binance decentralized exchange. 

Finally, the wallet Web3 Browser allows users to interact with decentralized applications (DApp) directly from the app.

Is Trust wallet worth installing?

The acquisition from Binance took Trust wallet operations to a whole new level. This is because of the exchange’s marketing sheer marketing reach and user base. Regardless, Trust wallet has its own reputation even preceding Binance. The hallmarks of a great crypto wallet are convenience and security which Trust certainly serves up in great portions.

For a trader on Binance, this mobile wallet ticks pretty much all of the boxes. Nonetheless, for a person who is a stickler for asset security, you may want to look at hardware wallets. In summary, it is an excellent and secure mobile wallet to support instant trading needs.