In this article, we will tell you everything you need to know to answer: is Trust Wallet safe? And we will also take a quick look at what it offers and if it really suits your needs.
Is Trust Wallet Safe And Legit?
What is a Trust Wallet? What does Trust Wallet offer and how does it work?
Cryptocurrencies are and will be one of the main financial assets of the future. Therefore, it is key to find a way to store them safely and efficiently. Companies such as Trust Wallet were born for this purpose and became a wallet for cryptocurrencies.
Trust Wallet is a multi-currency cryptocurrency wallet that is used to buy, exchange, store and view the prices of dozens of cryptocurrencies. However, it is not just any Wallet, but it has characteristics that make it much more interesting:
It has a very complete and intuitive interactive graphics system.
It allows you to earn cryptocurrencies simply by keeping your crypto with them.
You can exchange cryptocurrencies quickly and with the best rates on the market.
They have a decentralized application search engine with which you can find the best Internet DApps without leaving Trust Wallet.
Is Trust Wallet safe, how secure is it?
Trust Wallet is nothing more than a program that creates cryptographically encrypted addresses and private keys to be able to send and receive all the cryptocurrencies that work under the Ethereum ecosystem and the ERC20, BEP2 and ERC721 tokens.
Therefore, the security of the Trust Wallet software lies primarily in the security of the Ethereum blockchain.
In addition, Trust Wallet has its own security systems. Among them, it stands out that, as a company policy, they cannot store any data of their clients. Therefore, you are the only one who can access your cryptocurrency portfolio.
However, this only covers IT security. But what about the company itself, can we trust it?
The truth is that it is a difficult question to answer. At the moment there is nothing that can tell us that Trust Wallet is a scam, but there is nothing that tells us otherwise.
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One point in favor of this wallet is that it is based in California, the United States, one of the countries where the financial world is regulated the most strongly.
The main problem is that the world of cryptocurrencies has advanced faster than laws and regulations, so there is still no stable legal framework for these types of companies.
However, Trust Wallet is a company that does not hide and that seems quite transparent with what it offers. Therefore, and although it can never be 100% insured, we believe that Trust Wallet is a trustworthy company. Of course, this is an assessment that each one must make personally.
Trust Wallet Advantages
- You can create an account in less than 3 minutes and you don’t need an email or phone number.
- When you go to buy cryptocurrencies from the platform they always look for the best price automatically.
- You can do staking to earn interest with the cryptocurrencies that you earn by buying and selling assets or with those that you add to your wallet.
- They make use of the Ethereum blockchain, so all their transactions are well encrypted.
- It is a cryptocurrency wallet for mobile devices, so you can access it whenever you need it.
- Allows you to store NFTs safely and quickly.
- The mobile application loads fast and is easy to use.
Trust Wallet Disadvantages
- The commissions for buying cryptocurrencies do not depend on them, but on the provider you choose. Therefore, it may be more profitable to buy them on another crypto exchange and then send them to the Trust Wallet.
- Most of the cryptocurrency exchanges that can be done on the platform are done with BNB (Binance Coin).
How does it work?
If you are looking for a wallet to store your cryptocurrencies, you are surely wondering what Trust Wallet can offer, right? Below is a small summary of all their services:
Being a wallet, Trust Wallet can store hundreds of coins and tokens in one place. Specifically, it is compatible with more than 40 blockchains and more than 160,000 different assets.
In fact, you can transport your assets safely on your mobile phone. To do this, they have an app for both Android devices and iOS devices. In addition, they have an average rating of 4.6 and 4.8 out of 5 respectively.
One of the great novelties of Trust Wallet is that it allows you to do staking. When it comes to cryptocurrency transactions all of it must be validated on the network.
In some cryptocurrencies such as Bitcoin, this process is done by the famous “mining” of Bitcoin. The problem with these processes, also known as Proof of Work, is that they consume large amounts of energy.
Luckily, mining is not the only method to validate transactions on the blockchain. There are other mechanisms, such as the Proof of Stake, a consensus process. But why is it interesting for you?
As a holder of cryptocurrencies, you get a certain power in the network (the more cryptocurrencies, the more power). This allows you to generate income in the form of “interest”, so it represents a 100% passive income for you.
But this is not the only advantage of staking over traditional mining. In addition, with this validation method you get guaranteed rewards, that is, the percentage of return is always the same.
To this is added that the cryptocurrencies obtained by Proof of Stake can only see their value affected by the fluctuation of the price of the cryptocurrency, and not by the process of obtaining it. All this is not to mention that much smaller amounts of energy are required than for mining.
Surely you are wondering, what cryptocurrencies can I choose to stake? Trust Wallet is constantly increasing the list, but at the moment you have the following available:
- Binance Coin (BNB)
- TRON (TRX)
- Tezos (XTZ)
- Cosmos (ATOM)
- VeCHAIN (VET)
- Callisto (CLO)
- Kava (KAVA)
- TomoCHAIN (TOMO)
- IoTeX (IOTX)
- Algorand (SOMETHING)
As you can see, Trust Wallet allows you to choose from a large number of crypto assets for staking. The choice of one or the other depends entirely on your preferences and your analysis.
Trust Wallet is not only a wallet to store cryptocurrencies, but it also allows to store tokens such as NFTs, but what exactly are they?
NFTs are collectible cryptographic digital assets, that is, they are limited edition items that can be collected. Although it may seem strange, surely you see it clearer with an example.
Let’s say that Van Gogh only made 20 paintings in his life. Of course, these paintings are unique, and cannot be created anymore. What you can do is create a copy, but never a certificate of authenticity.
If we were to liken it to current times, each of those frames would be an NFT. In this way, the owners of these NFTs have in their possession an unrepeatable work because the system itself makes it impossible to create more NFTs once they are created.
Trust Wallet is presented as one of the best alternatives for you if you are looking for a wallet to store your cryptocurrencies cheaply, quickly and safely.
In addition, one of the points that makes Trust Wallet much more interesting is that it not only serves as a “warehouse” for cryptocurrencies, but also allows them to be exchanged, bought and even staked, something that is always appreciated.