Trust Wallet Review 2024 – Everything You Need to Know

Our Verdict

Non-Custodial Wallet Used by Over 60 Million Customers

Trust Wallet is the top option for crypto investors looking to diversify their portfolios in a secure manner. Firstly, since it is a non-custodial wallet, Trust Wallet gives you full control over private keys, providing a PIN and a backup phrase.

Next, it connects to over 70 blockchain standards, allowing you to access the top altcoins on Ethereum, Solana, Tether, and other networks. While debit/credit card payments are expensive, you are not charged fees to store cryptos. Download this top wallet and connect with a range of decentralized exchanges and NFT platforms.

Pros

  • Connect with 70+ blockchain standards
  • Access decentralized exchanges and NFTs
  • No fees to store cryptos

Cons

  • Mandatory KYC process
  • High Debit/Credit card fees
  • No browser extension for Firefox or Edge

Trust Wallet is a popular cryptocurrency wallet that supports a wide range of digital assets across more than 70 blockchains. But is Trust Wallet the best crypto wallet to use in 2024?

In this Trust Wallet review, we explain everything there is to know about this leading wallet provider. We explore its core features, security, user-friendliness, fees, and much more.

Trust Wallet Review Summary 

Trust Wallet is a non-custodial wallet that gives users full control of their private keys. Used by more than 60 million people, Trust Wallet supports over 70 blockchain standards.

In addition to Bitcoin, Trust Wallet also supports some of the best meme coins, including Pepe, Shiba Inu, Dogecoin, and FLOKI. Trust Wallet is free to download and is available as a mobile app for iOS and Android. Trust Wallet is also compatible with Chrome via a browser extension. Trust Wallet also offers access to the decentralized web.

This means at the click of a button, users can connect to Uniswap, PancakeSwap, SushiSwap, and any other dApp. This enables users to earn passive income on the tokens they have stored in the Trust Crypto Wallet. For instance, through staking, savings accounts, or yield farming.

Trust Wallet also offers its own in-built staking tool that supports various cryptocurrencies. It has also partnered with third-party processors, enabling users to buy cryptocurrencies with a debit/credit card. In terms of safety, Trust Wallet is secured by a PIN and backup passphrase. Finally, we found that Trust Wallet is user-friendly. As such, this popular wallet is suitable for all experience levels.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Crypto Mobile App? Features
Browser extension and mobile app Non-custodial 4.5 million cryptocurrencies and NFTs across over 70 blockchain standards Fees are determined by third-party providers. Displayed at the time of purchase Yes Supports most cryptocurrencies in existence

No fees to download or store cryptocurrencies.

Easily connect to dApps like Uniswap and Pancakeswap

What is Trust Wallet?

Trust Wallet is a non-custodial wallet app and browser extension. It allows users to safely store their cryptocurrencies and take full control of their private keys. Trust Wallet also supports staking and connects to decentralized applications.

Launched in 2017 and purchased by Binance in 2018, Trust Wallet is a popular cryptocurrency wallet. Used by over 60 million people, Trust Wallet is free to download and maintain. It was originally launched as a mobile app for iOS and Android. Trust Wallet has since extended support for Chrome browsers.

All supported device types offer decentralized storage, meaning users control their private keys. The private keys are displayed as a 12-word passphrase when setting the wallet up. Trust Wallet is also secured by a PIN, which users enter to access the wallet. Our Trust Wallet review found that this is one of the best crypto wallets for diversified portfolios.

This is because Trust Wallet supports over 70 blockchains. This translates into over 4.5 million cryptocurrencies and NFTs. For instance, users can store Bitcoin, alongside some of the best emerging cryptocurrencies. Within the Trust Wallet interface, users can access a variety of tools.

Trust Wallet review

This includes staking, which is ideal for earning passive income. Users can also swap tokens at the click of a button, meaning there is no requirement to use a crypto exchange. Moreover, Trust Wallet is also popular for accessing the decentralized web. This means users can connect to dApps like PancakeSwap, OpenSea, and Uniswap.

Overall, Trust Wallet is user-friendly. It offers a simple wallet interface that is suitable for most experience levels. Trust Wallet offers plenty of guides and explainers for those needing a bit of guidance. In terms of drawbacks, Trust Wallet offers limited security features. Other than a PIN and backup passphrase, users are responsible for keeping the wallet safe.

Moreover, Trust Wallet does not directly accept fiat money payments. Those wishing to buy cryptocurrencies will need to go through a partnered third party – Simplex. While this can be achieved via the Trust Wallet app, the minimum deposit is $50. Plus, fees are high – with Simplex charging between 3.5% and 5% on debit/credit card payments.

Another popular non-custodial wallet is MetaMask. This decentralized crypto wallet allows users to store, send and stake cryptos via a single app. But what’s the difference between Trust Wallet vs MetaMask? Read our comparison review to find out.

Supported Coins – What Cryptos Can You Store on Trust Wallet?

If a token trades on cryptocurrency exchanges, then it’s likely supported by Trust Wallet. This is because Trust Wallet supports many digital assets across over 70 blockchain networks.

Our Trust Wallet review found that the provider supports virtually all digital assets. This includes every blockchain imaginable, from Bitcoin, Litecoin, and Solana to Polkadot, Binance Smart Chain, and Tron. Trust Wallet also supports Ethereum, meaning it can store the best ERC20 tokens.

Crucially, this makes Trust Wallet one of the best options for diversified portfolios. After all, investors can store their entire basket of cryptocurrencies under one roof.

Trust Wallet

Do note that in many cases, Trust Wallet requires users to manually add the crypto tokens they wish to store. This is usually the case if the cryptocurrency is a small-cap project.

Fortunately, this is a simple process. After clicking on ‘Add Custom Token’, users can paste the project’s contract address. In most cases, Trust Wallet will recognize the address and automatically populate the fields – such as the cryptocurrency name and ticker code.

Here’s a useful guide on how to add custom tokens on Trust Wallet.

In addition to cryptocurrencies, Trust Wallet also supports NFTs. Not in terms of storage, but users can view their NFT artworks without leaving the wallet interface.

Trust Wallet supports various NFT standards, including Ethereum, Solana, Polygon, Binance Smart Chain, Tezos, Arbitrum, Optimism, and Avalanche.

Is Trust Wallet Centralized or Decentralized?

Trust Wallet is a decentralized crypto wallet, meaning users take self-custody of their cryptocurrencies and private keys. Crucially, Trust Wallet does not collect any personal information from users – enabling them to store cryptocurrencies anonymously.

Trust Wallet allows users to store their cryptocurrency investments away from centralized exchanges. It’s a decentralized, non-custodial wallet – so users are not required to open an account or provide any personal information. There is no requirement to upload any KYC documents either.

Note: Verification and KYC documents are required when buying cryptocurrencies with a debit/credit card.

As a non-custodial wallet, Trust Wallet never has access to the user’s private keys. While it displays the private keys on-screen when users create a wallet for the first time, the data is encrypted. In other words, only users have access to their wallet credentials.

Whether or not this is suitable will depend on the user’s prior experience with cryptocurrency wallets and security. Sure, while users control their cryptocurrency investments, Trust Wallet cannot assist if the wallet is hacked.

Trust Wallet also cannot assist if the user forgets their PIN and subsequently loses access to their private keys. Beginners that do not feel comfortable with self-custodial storage should consider a custodial wallet. This means the custodian takes care of the cryptocurrency tokens and private keys on behalf of the user.

Trust Wallet Fees

In this section of our Trust Wallet review, we explore what fees users need to consider.

Storage

Downloading the Trust Wallet app and Chrome extension is completely free of charge. Nor are there any charges to store cryptocurrencies in Trust Wallet.

Transactions

Trust Wallet does not charge any fees when receiving cryptocurrencies or NFTs from another wallet location.

It does, however, charge fees when transferring funds from Trust Wallet to another user.  This is the same with all cryptocurrency wallets, as transactions attract GAS fees.

By default, Trust Wallet displays the ‘suggested’ network fee when transferring cryptocurrencies. This is based on real-time demand and usually ensures the transaction goes through smoothly.

That said, users can adjust the GAS fee they pay. This is risky because if the fee is too low it might be rejected. On the other hand, paying a higher fee can result in a faster transaction time.

Nonetheless, Trust Wallet does not make any money from GAS fees. Instead, it simply forwards the fees to the respective network.

Token Swaps

Trust Wallet does not charge any fees when swapping tokens from within the wallet interface. However, users should assess the exchange rate being offered.

This is because a more favorable exchange rate is likely available elsewhere.

Rather than using the in-build swapping tool, users might consider connecting to a dApp. Whether it’s SushiSwap, Uniswap, or PancakeSwap – all dApps can be accessed via the Trust Wallet app and browser extension.

Debit/Credit Card Purchases

The only feature of Trust Wallet that uses centralized third parties is its debit/credit card facility.

Buy Bitcoin with a Credit Card on Trust Wallet

This is backed by MoonPay and Simplex. The latter charges between 3.5% to 5% on debit/credit card purchases. This is expensive, considering that eToro offers the same service at 0.5% or 0% for USD payments.

Nonetheless, Trust Wallet does not add a markup on the fees charged by its partnered processors.

Incoming Transfers No fees
Outgoing Transfers Standard network GAS fees
In-Wallet Swaps No fees – but users should check the exchange rate
Buying Crypto With Fiat Money Determined by third-party processors. Simplex charges between 3.5% and 5%

Trust Wallet Security – Is it Safe?

In this section of our Trust Wallet review, we explore how safe the wallet is for storing cryptocurrencies.

Decentralized Storage 

As noted earlier, Trust Wallet is a decentralized wallet that offers non-custodial storage. In turn, this means that users can store their cryptocurrencies anonymously – without needing to register an account.

This will appeal to users that wish to keep their cryptocurrency investments private and secure.

PIN / Password 

When using the Trust Wallet app, users are given the option of setting up a PIN. This is highly recommended, as it adds an extra layer of security to the wallet. Moreover, users should consider adding a lock-screen password on their smartphone devices.

Those using the Trust Wallet extension for Chrome will instead need to set up a password.

Backup Passphrase 

In addition to a PIN/password, Trust Wallet provides users with their private keys. This is provided when setting the wallet up for the first time.

The private keys are converted into a 12-word passphrase. To access the wallet with the passphrase, the 12 words must be entered in the correct order.

As such, users should take care when writing the backup passphrase down. Crucially, this should never be stored online. A common mistake made by beginners is saving the 12-word passphrase on a document, email draft, or Google Drive.

In doing so, this means the private keys are connected to the internet – making them vulnerable to hackers.

Best Practices for Staying Safe

As a non-custodial wallet, Trust Wallet is prone to hacking attempts and scams.

Here are some tips on how to stay safe when using Trust Wallet:

  1. Scammers will impersonate a Trust Wallet customer support agent to trick users into giving their private keys. Never share any information about the wallet online – especially on apps like Telegram.
  2. Watch out for email phishing attempts. These are frequent emails that impersonate Trust Wallet but are actually run by scammers.
  3. Avoid clicking links from unknown sources. This could be a keylogger or a virus, potentially giving hackers access to the wallet’s credentials.

Ultimately, if the private keys are compromised, it’s likely the funds will be transferred to the hacker’s own wallet. In this instance, Trust Wallet will not be able to assist.

Users should understand the risks associated with non-custodial wallets and ensure they follow the best practices above to keep their funds safe.

Trust Wallet Features

Now let’s explore some of the best features available when using Trust Wallet.

Staking

Our Trust Crypto Wallet review found that users can stake their tokens without leaving the wallet interface. Unlike other wallet providers, staking does not go through a third party.

Trust Wallet staking

Currently, Trust Wallet supports eight of the best staking coins, including:

  • Osmosis
  • BNB
  • Kava
  • Algorand
  • Cosmos
  • Tezos
  • Terra
  • Tron

APYs will vary widely depending on the chosen staking coin and broader market conditions.

To offer some insight, Osmosis is currently yielding 84%. While BNB and Kava are yielding 11% and 10%, respectively.

Real-Time Valuations

One of the benefits of being owned by Binance is that Trust Wallet scrapes real-time pricing from CoinMarketCap. This is because CoinMarketCap also falls within Binance’s portfolio.

In turn, this means that users can see the real-time valuations of the cryptocurrencies they store in Trust Wallet. This is the case as long as the token is listed on CoinMarketCap.

Decentralized Web

Trust Wallet is one of the best crypto wallets for accessing the decentralized web. After clicking on the ‘dApps’ button, users are presented with a huge range of applications. This includes everything from PancakeSwap, 1inch, and OpenSea to Aave, Curve, and Uniswap.

This means that users can access decentralized exchanges, staking tools, yield farming, dual investments, crypto loans, and more. There is no requirement to go through a verification process, as Trust Wallet directly connects to the chosen dApps.

As such, any token swaps or interest earned will directly reflect in the Trust Wallet interface.

Trust Wallet User Experience

Our Trust Wallet app review found that the wallet is very user-friendly. This is also the case with the browser extension for Chrome, which will appeal to those preferring desktop devices. Either way, we found that it takes just seconds to create and set up a new wallet.

After choosing a PIN or password, users will then be asked to write down their 12-word passphrase. After confirming the passphrase on-screen, the setup process is complete. Users can then click on the cryptocurrency they want to add to the wallet. Trust Wallet will then display the user’s unique wallet address.

Trust Wallet review

We also found that sending cryptocurrencies to another wallet is seamless. After clicking on the ‘Send’ button, users can paste the wallet address or use the in-built QR scanner. Before the transaction is confirmed, Trust Wallet displays the required GAS fees and asks for final authorization.

Other features, such as Trust Wallet staking and token swaps, are also user-friendly. Regarding the latter, users simply need to select which tokens they want to swap and the required quantity. Within seconds, Trust Wallet will complete the exchange and add the new tokens to the user’s balance.

Trust Wallet review

As noted earlier, Trust Wallet’s integration with CoinMarketCap is ideal for keeping tabs on market prices. All cryptocurrencies stored in the wallet will have a real-time valuation, based on the prices scraped from CoinMarketCap.

Trust Wallet reviews on Google Play and the App Store are very positive. For example, the App Store rates Trust Wallet 4.7/5 across 190,000+ independent reviews. While Google Play rates Trust Wallet 4.5/5 across 1.5+ million reviews.

How to Transfer Funds to & From Trust Wallet

Now let’s explore how to transfer funds from Trust Wallet.

First, open Trust Wallet and choose which cryptocurrency to transfer.

Trust Wallet how to transfer funds

Then, click on the ‘Send’ button.

Trust Wallet will then display two boxes:

  • Recipient Address: This is the unique wallet address of the receiving location. It’s best to paste this in rather than typing it.
  • Amount: This is the number of crypto tokens to send. Remember that GAS fees also need to be covered.

After confirming the transaction, Trust Wallet will transfer the funds. This usually takes anywhere from 0-20 minutes, depending on the blockchain networks.

How to Buy Crypto on Trust Wallet

Now let’s explore how to buy crypto with a debit/credit card on Trust Wallet.

First, click on the ‘Buy’ button. Then, choose the preferred fiat currency (e.g. USD) and the crypto to buy (e.g. Ethereum).

Trust Wallet review

As per the above screenshot, Trust Wallet will then display a list of partnered payment processors with their respective exchange rates.

After choosing a provider, Trust Wallet will redirect the user to its website. From there, the user will need to go through a KYC process. This means providing personal information and uploading a copy of a government-issued ID.

After completing the payment, the crypto tokens will reflect in the user’s Trust Wallet interface.

Withdrawing From Trust Wallet

The process of withdrawing cryptocurrencies from Trust Wallet is the same as we explained in the section above.

Users simply need to:

  • Click on the cryptocurrency they want to withdraw from Trust Wallet
  • Click on the ‘Send’ button
  • Paste the receiving wallet address
  • Specify the number of tokens to withdraw
  • Confirm the withdrawal

Trust Wallet will then execute the withdrawal via the blockchain.

Trust Wallet Contact and Customer Service

With over 60 million customers, it is not feasible for Trust Wallet to offer a fully-fledged customer service team. After all, the vast majority of its features and services are fee-free.

That said, users can submit a support ticket with their query. Trust Wallet doesn’t state how long it takes to reply, so do bear this in mind.

If the query is super-urgent, it might be best to use the Trust Wallet forum. This enables other Trust Wallet users to offer assistance. However, never share any sensitive information – especially the wallet’s private keys.

Trust Wallet also offers a wealth of guides that cover the most commonly asked questions. In most cases, this should resolve the issue.

How to Use Trust Wallet

In this section of our Trust Wallet review, we explain how to create and secure a new wallet.

Step 1: Trust Wallet Download

Visit the Trust Wallet website and choose the preferred device type. For avid Android users, Trust Wallet is considered to be one of the best crypto wallets for Android devices.

This includes:

  • iOS app
  • Android app
  • Chrome browser extension

For this Trust software wallet walkthrough, we are using the Chrome extension.

Step 2: Create New Wallet

Next, open Trust Wallet and click on ‘Create a New Wallet’.

How to use Trust Wallet

Those looking to recover a wallet remotely can choose the ‘Import or Recover Wallet’ option.

Step 3: Create a PIN/Password

Next, to secure the wallet, Trust Wallet will ask the user to create a PIN or password.

how to use Trust Wallet

Chrome extension users will need a password, while app users will set up a PIN.

Step 4: Write Down the Backup Passphrase

This is one of the most important steps when learning how to use Trust Wallet.

The 12-word backup passphrase (private keys) will now be displayed on the user’s screen.

Write all 12 words down onto a sheet of paper, ensuring they are in the correct order as displayed.

Next, Trust Wallet will ask the user to confirm the 12 words that we displayed on the previous screen. Click on each word in the correct order.

The backup passphrase should never be shared with anyone. Nor should it be stored on a device that connects to the internet.

Step 5: Add Crypto to Trust Wallet

The setup process is now complete. Naturally, the wallet will be empty at this stage.

To add cryptocurrencies to Trust Wallet, choose one of the following options:

  • To buy crypto with a debit/credit card within Trust Wallet, click on ‘Buy’. Choose the fiat currency to pay with and the crypto to receive. Then choose a payment provider and complete the KYC processes. The crypto will then be added to the user’s wallet.
  •  To receive tokens from another wallet, click on the cryptocurrency followed by ‘Receive’. Then, copy the wallet address and scan the QR code. Complete the transfer from an external wallet.

Best Wallet – All-in-One Web3 Crypto Wallet is a Better Alternative to Trust Wallet 

Emerging as a top option for Web3 traders and crypto fanatics, Best Wallet can manage all your crypto wallets, digital assets, and provide registration-free access to its own decentralized exchange.

Best Wallet home img

Unlike Trust Wallet or other wallet alternatives, Best Wallet is not used to simply store your digital assets. Among the upcoming features this AI-integrated wallet will offer are trading insights and market monitoring capabilities. 

Since Best Wallet offers cross-chain compatibility with the Ethereum and BNB Smart Chain, users can trade thousands of cryptos instantly. The project roadmap states that Best Wallet can also be used as an NFT wallet. By phase 4 of the roadmap plan, users can buy, sell, and trade NFTs. Through the NFT gallery, users can organize their collections stored on other cryptocurrency wallets. 

Investors looking to diversify their portfolios will be able to track new token launches and airdrop updates. Trades can also be made by accessing the Best DEX – which offers cheap trades by connecting you to the top liquidity pools. Lower-cost trades can be accessed on the DEX by holding the $BEST token. The DEX will soon offer top-quality features such as token analytics – offering user sentiment analysis, and market insights.  

One of the upcoming events on the BEST ecosystem is the $BEST token airdrop, which will distribute tokens to the top users of the Best Wallet and decentralized exchange. Therefore, loyal members will be rewarded for the time spent on this platform. 

Best Wallet upcoming tokens and airdrops

$BEST can also be held to access advanced market analysis tools and early token launches. Furthermore, investors can generate passive income once the $BEST staking mechanism is launched by the fifth roadmap phase. The staking mechanism will allow token holders to vote on new projects and access zero gas fees. 

The Best Wallet app can be downloaded from the App Store or Google Play. The wallet will be desktop-compatible within the coming months. Join the Best Wallet Discord and follow the project on Twitter for further information. 

The Verdict

Diversified investors will appreciate that more than 4.5 million cryptocurrencies and NFTs are supported on Trust Wallet. What’s more, there are no fees to use Trust Wallet, including storage, incoming transfers, staking, and token swaps.

That said, there are many other crypto wallets in the market that might be more suitable for users. For example, Best Wallet will help users by incorporating market insights, new token information, and will feature its own decentralized exchange.

This new multi-chain wallet will also let users access its native token, $BEST, to access lower trading fees and feeless swaps. Other upcoming features on the Best Wallet include an upcoming NFT gallery, staking mechanisms, and portfolio management options.

References

https://trustwallet.com/

https://www.binance.com/en/support/announcement/binance-acquires-trust-wallet-a-secure-mobile-crypto-wallet-360010790652

https://www.finra.org/rules-guidance/rulebooks/finra-rules/2090

https://support.simplex.com/hc/en-gb/articles/360014078420-What-fees-do-you-charge-for-card-payments-

https://community.trustwallet.com/t/how-to-add-a-custom-token/213

https://ethereum.org/en/developers/docs/gas/

https://play.google.com/store/apps/details?id=com.wallet.crypto.trustapp&hl=en&gl=US

https://apps.apple.com/us/app/trust-crypto-bitcoin-wallet/id1288339409

FAQs

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Kane Pepi
Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…