Is Trust Wallet Safe?

There are probably more types of software wallets than hardware wallets when it comes to the cryptocurrency market. In today’s article we will share about a popular software wallet called Trust Wallet to see if it is safe with users’ assets.

A wide range of cryptocurrency exchanges and platforms offer a wide variety of hardware wallets and software wallets. It mainly depends on the user’s business plan to determine which wallet they use. Both wallets offer their advantages and disadvantages.

Hardware wallets are much more secure but are limited in their scope. Software wallets can be accessed at any time and are much more convenient than hardware wallets. So is Trust Wallet software wallet safe?

What is Trust Wallet?

Trust Wallet is an open source, decentralized, mobile and open source crypto wallet for new users and investors, this wallet is one of the best crypto wallets supporting over 160,000 assets and blockchains, while also allowing traders to deposit their cryptocurrencies to earn interest. The wallet was originally designed to hold only ERC20 and ERC223 tokens but has now been developed to hold other top cryptocurrencies like Bitcoin.

The wallet has a built-in Web3 browser that allows users to purchase cryptocurrencies through a native DEX (decentralized exchange) that operates on the Kyber Network. It also allows users to access various DApps (decentralized applications) built on the Ethereum platform directly through the Trust Wallet app.

How it works

• It acts as a bridge connecting individual blockchain networks through their nodes. Each blockchain network has its own set of public addresses, commonly known as public keys. Crypto assets are stored and encrypted in these addresses.
• Trust Wallet does not contain any cryptocurrencies in its servers; it just grants the user access to its wallet.
• This is a free app that earns nothing when the user uses it. All accumulated gas fees (transaction processing fees) are paid to validators or miners.

Advantages and disadvantages

• Free and easy download.
• Store a large amount of cryptocurrencies.
• Allows staking and earning interest on multiple digital assets held.
• The user retains control over the private keys. The private key is not stored in the wallet’s server.
• Compatible with both iOS and Android devices.

Its only downside is that it’s not as secure as a hardware wallet.

Evaluate

Trust Wallet helps users manage their public addresses for sending and receiving cryptocurrency. The app also allows users to perform other crypto transactions, like cryptocurrency trading and staking.

According to our Trust Wallet review, there is no reason not to rate the mobile wallet as a trusted wallet. Also, according to many other Trust Wallet Reviews available online, customers have praised the wallet and called it a secure multi-crypto wallet without any complaints.

The simple interface and wide range of supported assets make it one of the top crypto wallets to date. Trust Wallet clearly gives a competitive edge to other wallets with wallet staking functionality that most wallets don’t even give the option to users.

Furthermore, the wallet grants users the ability to access different DApps through the Trust Wallet itself, which is again a visionary move that will have long-term benefits as DeFi expands. By using Trust Wallet, users can also earn interest on their own cryptocurrency. Trust Wallet’s partnership with Binance attracts more users (to invest funds) from around the world and is therefore a plus for the wallet.

Hopefully the article will help you have an overview of Trust Wallet in particular and software wallets in particular. The article is the author’s personal opinion, if you have any suggestions, please leave a comment to improve the article.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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