Trust Wallet has become a popular choice for cryptocurrency investors looking for a secure and user-friendly way to store their digital assets.
However, with the rise of scams and security breaches in the crypto space, many are left wondering: Is Trust Wallet really safe? In this article, we will explore the security features of Trust Wallet and provide tips on how to keep your funds secure while using the platform.
What Is Trust Wallet? A Summary
- Trust Wallet is a non-custodial wallet that serves as a secure and user-friendly platform for storing, sending, and receiving cryptocurrencies, as well as interacting with decentralized applications (dApps).
- Founded in 2017 by Viktor Radchenko, Trust Wallet has quickly grown to become one of the most popular cryptocurrency wallets. In 2018, it was acquired by Binance.
- Trust Wallet supports more than 10 million assets across 70+ blockchains, and its non-custodial nature is also well worth mentioning — these features are undoubtedly the key ones. Additionally, Trust Wallet allows users to stake coins and earn interest, as well as buy coins through its native decentralized exchange.
- It is available as a free smartphone app and Chrome browser extension, making it accessible to a wide range of users.
- Trust Wallet is considered safe due to its non-custodial nature, which means users have full control of their private keys and funds.
- If we were to name the pros of Trust Wallet, a wide range of supported assets and a user-friendly interface would certainly make it to the list. A potential con, however, could be the lack of desktop application.
Overall, Trust Wallet offers a secure and user-friendly option for managing a diverse range of digital assets.
Is Trust Wallet Safe?
Yes, Trust Wallet is recognized for its robust security, thanks to features like non-custodial access, open-source technology, and biometric authentication.
However, users must complement these with strong security practices to mitigate risks, especially from phishing attacks, which remain a significant threat in the crypto space. Make sure to download Trust Wallet from official sources and maintain vigilant password management and recovery phrase protection.
Additionally, verifying communications and updates through the official Trust Wallet website is crucial for safeguarding your Trust Wallet account against phishing schemes. Remember, the security of your wallet also depends on the safety of your device and network, so keeping them secure is essential for overall wallet security.
Security Measures Implemented by Trust Wallet
Having focused their efforts on users’ peace of mind, Trust Wallet has implemented various measures to protect against unauthorized access and potential threats. Let’s take a closer look at those security measures to understand how they keep users’ digital assets safe and secure.
Trust Wallet Requires PIN or Password
For starters, Trust Wallet offers an extra layer of security for its users by requiring a PIN or password to access the application. To set up a PIN for the mobile app, users can navigate to the settings menu and select Security. From there, they can choose to enable the PIN feature and set a unique 4-6 digit PIN. In the Chrome browser extension, users can set up a password by going to the settings and selecting the Security tab.
Setting up a strong PIN or password for Trust Wallet enhances its security by preventing unauthorized access to user digital assets. So, users can feel at peace knowing that even if their devices fall into the wrong hands, their funds and personal information are protected.
Trust Wallet Provides Non-Custodial Storage
At its core, Trust Wallet is a non-custodial storage solution that gives users full control over their private keys. This means that users retain ownership and control of their funds, unlike with custodial wallets where a third party holds the private keys. With Trust Wallet, users can enjoy the benefits of anonymity and extra security. No registration required!
Non-custodial storage is significant in promoting privacy and security as it ensures that users are the sole custodians of their funds and personal information. With Trust Wallet, users can rest assured that their assets are secure and private because no personal information is required to use the wallet.
The concept of non-custodial storage has a significant impact on user experience: it allows for a seamless and secure way to manage digital assets without the need for third-party intervention.
Wallet Recovery via 12-Word Seed Phrase
The 12-word recovery phrase is a crucial component in recovering wallets and accessing cryptocurrency funds. It serves as a backup that allows users to regain access to their wallets in case the original wallet is lost or damaged.
It is imperative to emphasize the importance of keeping the seed phrase private and never sharing it with anyone. Sharing the seed phrase with others can compromise the security of your digital assets and expose you to potential theft.
Best practices for storing and protecting your 12-word seed phrase involve physical storage methods rather than digital. This is crucial in preventing hacking and data breaches. Consider using a fireproof and waterproof container to store your seed phrase safely.
Was Trust Wallet Hacked?
The short answer is no. But, in addressing this question, it’s essential to consider two separate incidents that raised concerns about Trust Wallet’s security.
Firstly, in November 2022, Trust Wallet identified a security vulnerability that led to a loss of nearly $170,000 for some users. This issue, linked to the Wallet Core open-source library and its WebAssembly component specifically, affected new wallet addresses generated between November 14 and 23, 2022. Trust Wallet took swift action upon discovering this through their bug bounty program in April 2023, patching the vulnerability and initiating a reimbursement process for the affected users, including covering $7,700 in gas fees for fund transfers to new, secure wallets.
Secondly, in February 2023, a high-profile case involved a Trust Wallet user losing $4 million due to a social engineering scam by a criminal organization in Rome, Italy. This incident was not a direct hack of Trust Wallet’s infrastructure but a targeted attack where criminals exploited human trust. Trust Wallet’s investigation concluded that the theft was executed through a sophisticated social engineering scheme, not a direct vulnerability in Trust Wallet’s system.
In conclusion, while Trust Wallet itself has not been directly hacked through its infrastructure or codebase, these incidents underscore the importance of vigilance against social engineering tactics and the necessity of promptly addressing software vulnerabilities. Trust Wallet has demonstrated a commitment to security, maintaining a relatively clean record against direct hacks.
Read also: Best crypto wallets for 2024.
Trust Wallet’s Key Features
From its multi-currency support to its robust security measures, Trust Wallet offers a comprehensive solution for managing digital assets on the go. In this part of the article, we will explore some of the key features that make Trust Wallet stand out in the crowded crypto wallet market.
Easy Staking
Trust Wallet offers users the opportunity to stake their cryptocurrencies and earn rewards through staking. This feature allows users to earn interest from their crypto holdings and participate in governing currency networks. Currently, Trust Wallet supports staking of 23 cryptocurrencies, including Tron (TRX), Tezos (XTZ), Cosmos (ATOM), Kava (KAVA), Solana (SOL), Terra Classic (LUNA), Binance Coin (BNB), and Cardano (ADA).
The staking process involves locking coins into a wallet for a specified period in exchange for rewards. This allows users to actively contribute to the functioning of the supported currency networks while earning additional coins in the form of staking rewards.
NFTs Support
Trust Wallet offers comprehensive support for NFTs (non-fungible tokens), allowing users to view, store, and transfer their digital collectibles with ease. Since the NFT storage and gallery feature in Trust Wallet supports various token standards such as ERC721, ERC1155, BEP721, and BEP1155 on both Ethereum and Binance Smart Chain (BSC), users can actually manage their NFT collections seamlessly across multiple blockchains.
A Variety of dApps
Trust Wallet provides access to a wide range of decentralized applications (dApps) for crypto enthusiasts. Users can explore popular dApps such as Uniswap, PancakeSwap, Curve, 1inch, and OpenSea directly from their Trust Wallet app.
Uniswap and PancakeSwap, for example, are popular choices for token swapping, allowing users to trade between different cryptocurrencies. Curve is a great tool for stablecoin and token swapping, while OpenSea is the go-to marketplace for NFT enthusiasts.
Trust Wallet’s integration with these dApps enhances the overall user experience, offering users more opportunities for managing and growing their crypto portfolios. Whether you’re a casual investor, trader, or DeFi enthusiast, Trust Wallet’s dApps provide a versatile platform for accessing the world of decentralized finance.
Built-in Crypto Purchases
Trust Wallet offers a convenient feature that allows users to make crypto purchases directly within the app using various payment methods, including credit or debit cards.
One of the benefits of buying crypto in Trust Wallet is that there are no wallet fees. However, it’s important to note that blockchain network fees for transactions are still there and vary depending on the cryptocurrency and network congestion.
Trust Wallet Fees
Are you considering managing your digital assets with Trust Wallet? Let’s dive into their fee policy to understand better what to expect.
Trust Wallet Installation Fees
Trust Wallet is free, which means that you can download or install Trust Wallet at no cost.
Trust Wallet Storage Fees
There are no storage fees associated with using Trust Wallet, so users don’t have to worry about extra charges when holding and managing their digital assets. This makes Trust Wallet a cost-effective solution for individuals looking to securely store their various crypto assets. With no hidden costs or ongoing fees, Trust Wallet provides a reliable and economical storage option for crypto enthusiasts.
Trust Wallet Transaction Fees
Trust Wallet’s policy of not charging any fees for receiving funds makes it an attractive option for users looking to easily and cost-effectively manage their cryptocurrency holdings. This feature allows users to freely receive funds from other wallets without worrying about any additional costs or deductions.
However, when it comes to transferring funds from Trust Wallet to another user, users should be aware of gas fees. These fees are necessary as cryptocurrency transactions require computational resources to execute, and the gas fees help cover the network costs associated with processing these transactions.
Trust Wallet users must understand that the gas fees incurred during transfers are not a source of revenue for Trust Wallet. They are utilized to pay the respective network for transaction processing. The wallet provides users with information about the tentative network fee before proceeding with a transfer, giving them transparency and control over their transaction costs. While these fees may be unavoidable when using Trust Wallet, users may be somewhat reassured that these funds support the network infrastructure.
Trust Wallet In-Wallet Token Swap Fees
Trust Wallet offers a convenient and cost-effective way for users to swap tokens within their wallet interface without incurring any additional fees. This is a significant advantage for users who want to easily manage and exchange different cryptocurrencies without having to worry about extra costs eating into their profits. While there is an exchange rate that needs to be considered when swapping tokens, Trust Wallet ensures that users are informed of these rates so they can make a well-informed decision.
Trust Wallet Credit / Debit Card Purchase Fees
Trust Wallet facilitates the purchase of cryptocurrencies via credit or debit cards using services from third-party processors like Simplex and MoonPay. Although Trust Wallet itself imposes no transaction fees, these external processors have a service charge.
Typically, Simplex’s fees range from 3.5% to 5% for credit/debit card transactions, which might be considered steep compared to standard transaction fees. It’s advisable for users to familiarize themselves with these charges to prevent any unexpected costs on their bank statements.
When buying crypto directly through the Trust Wallet app, users encounter an extra 1% fee added to the charges levied by third-party exchanges.
However, there’s a way to bypass this extra fee. By owning at least 100 Trust Wallet tokens ($TWT), this additional charge is waived. $TWT tokens are available in various forms, including TWT BEP2, TWT BEP20, or TWT SPL. Holding these tokens exempts you from the extra fee associated with purchasing cryptocurrencies.
Trust Wallet’s Customer Support
Despite Trust Wallet’s strong customer satisfaction and high ratings on the Apple App Store (4.7/5 from over 190,000 reviews) and Google Play Store (4.6/5 from more than 1.3 million reviews), its customer support struggles to match this excellence, as evidenced by a low 1.3/5-star rating on TrustPilot, with 88% of reviewers rating it the lowest possible score.
Trust Wallet lacks traditional customer service options like a contact number. For support, the best resource is the Trust Wallet community forum, where users can find comprehensive assistance, including announcements and responses from the Trust Wallet support team. For more specific issues, submitting an online ticket is advised.
Trust Wallet: Pros & Cons
Trust Wallet, as a prominent mobile cryptocurrency wallet, offers a range of features designed to facilitate the secure management of digital assets. Like any platform, it has its strengths and weaknesses. Here’s an overview of the pros and cons associated with using Trust Wallet:
Pros
- Extensive Cryptocurrency Support: Trust Wallet’s ability to support millions of assets, including Bitcoin, Ethereum, and numerous ERC20 and ERC721 tokens, positions it as a versatile choice for users with diverse portfolios.
- Ease of Setup Process and Use: The wallet is renowned for its user-friendly interface. Accessible for novices, it still offers the depth appreciated by more experienced cryptocurrency enthusiasts.
- Full Control Over Funds: As a non-custodial wallet, Trust Wallet ensures users retain complete control over their private keys and, by extension, their funds, enhancing the security of their assets.
- Direct dApp Interaction: With its integrated Web3 browser, Trust Wallet users can interact with decentralized applications directly within the app, streamlining their experience on the decentralized internet.
- Opportunities to Earn through Staking: The app not only supports the staking of various crypto tokens but also simplifies the process, allowing users to earn rewards on their assets directly within the platform.
- Robust Security Measures: Trust Wallet employs multiple security measures, including PIN code, two-factor authentication, and biometric access, safeguarding user funds against unauthorized access.
- Accessibility: The wallet is free to download and use, with no hidden installation or maintenance fees, making it widely accessible to a broad audience.
Cons
- Mobile-First Focus: The absence of a desktop version may deter users who prefer managing their digital assets on a computer, limiting its appeal to strictly mobile users.
- Inherent Mobile Wallet Risks: The nature of mobile wallets exposes users to risks such as device theft, loss, and vulnerability to mobile-specific malware and phishing attempts.
- Limited customer support feedback indicates that some users have encountered difficulties with customer support, which could be a concern for those needing prompt and effective assistance.
What Trust Wallet Is Best for
Trust Wallet is best recognized as an excellent choice for users seeking a reliable wallet that seamlessly bridges the gap between the convenience of a hot wallet and the interactive capabilities of a Web3 wallet. With its built-in Web3 browser, Trust Wallet offers millions of users direct access to decentralized applications, making it an indispensable tool for those deeply embedded in the DeFi and NFT ecosystems. Its support of a wide range of tokens and user-friendly interface cater to beginners and seasoned crypto enthusiasts alike. The platform’s non-custodial nature ensures that users retain full control over their private keys, providing a level of security and autonomy that is highly valued in the digital asset space. For individuals prioritizing ease of use, quick access to a broad spectrum of digital assets, and direct interaction with the decentralized web, Trust Wallet stands out as the software wallet of choice.
Where Trust Wallets Falls Short
However, where Trust Wallet falls short is in its inherent limitations as a hot wallet and a software wallet, particularly for users seeking the utmost security for their digital assets. Unlike hardware wallets or cold storage solutions, which store private keys offline and are less susceptible to online hacking attempts, Trust Wallet, being a mobile application, cannot offer the same level of security. This makes it less ideal for storing large amounts of cryptocurrencies or for users who prioritize security above all else. Additionally, while Trust Wallet’s versatility as a Web3 wallet is commendable, the absence of a built-in exchange feature and the reliance on third-party services for certain transactions can introduce complexity and inconvenience for some users. For those requiring the enhanced security features of cold wallets or the comprehensive functionality of hardware wallets, Trust Wallet might not fully meet their needs.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.