Exchange Review

Trust Wallet Review

Summary: We break down fees, security, features and more in this comprehensive review of the mobile crypto wallet, Trust Wallet. Trust Wallet is supported on 65 different blockchain networks and has over 4.5M available assets.

Serah Huels
August 13, 2022

Trust Wallet is a diverse decentralised, mobile cryptocurrency wallet that supports over 4.5M+ digital assets. It is the second best and most used cryptocurrency wallet after Metamask. The Californian-based wallet was brought to inception in 2017 by Founder and CEO, Viktor Radchenko. 

Initially, it was built to exclusively hold ERC20 and ERC233 tokens but has since grown to adopt BEP2 tokens and supports all blockchains within the Ethereum ecosystem. Not only has it expanded in terms of supported blockchains, it now offers more features and services besides being a crypto wallet. On Trust Wallet, you can now trade and stake cryptocurrencies.

Table of Contents

What features does Trust Wallet offer?

Trust Wallet is not only a place to store your cryptocurrencies but an investing platform with a myriad of features including:

A DEX (decentralised exchange) 

Trust Wallet offers a native built-in DEX where investors can buy and sell cryptocurrencies via its Swap (crypto-to-crypto) or Exchange (fiat-to-crypto) features.

Crypto staking options

There are currently 12 tokens you can stake on Trust Wallet including: BNB, TRX, XTZ, ATOM, LUNA, VET, CLO, OSMO, KAVA, TOMO, IOTX & ALGO. For a full breakdown of the staking APY (Annual Percentage Yield), you can use the Trust Wallet Crypto Staking Calculator

Swap feature

The Swap feature allows users to swap Trust Wallet-supported cryptocurrencies on the app but through a third party service like Binance.

Trust Wallet Token (TWT)

TWT is Trust Wallets native token and when users hold this token they are waived for certain fees charged by the Trust Wallet application such as crypto purchasing fees.

NFT Storage

On Trust Wallet you can now store all ERC721 and ERC155 NFTs (Non-Fungible Tokens) and Crypto gaming assets.

Trust Wallet Staking Calculator.
Trust Wallet Staking Calculator.

Trust Wallet Fees

To download and use the Trust Wallet app is completely free but you will need to cover deposit and gas (network transaction) fees. Refer to the list below for a breakdown of the Trust Wallet fees schedule.

Deposit Fees

  • Mercuryo: 3.95% fee for credit card
  • MoonPay: 1% fee for bank transfer, 4.5% for credit card
  • Ramp Network: 2.9% fee for credit/debit card
  • Simplex: 3.5% fee for credit/debit card 
  • Transak: 5.5% fee for credit/debit card
  • Wyre: 2.9% fee for credit/debit card

Trading Fees

When investors use the Swap or Exchange feature they will incur a small fee, however, the fees that Trust Wallet charge for this are not listed anywhere. You will simply see the fee appear when you use the features. Although, if you hold the TWT token in your wallet, these fees are waived.

Gas (Network Transaction) Fees

These fees vary depending what blockchain you’re using and how congested the network is at that time. Generally, fees will range between $1 - $15, but can get as high as $100 during the bull season.

Supported networks on Trust Wallet

Trust Wallet currently supports 4.5M+ assets on 65 different blockchain networks. At the start of 2022 there was only 53 supported networks, Trust Wallet continues to add more and more chains to its platform to diversify. For a full list of available tokens and networks, you can visit the Trust Wallet Assets page.

Supported Assets & Networks on Trust Wallet.
Supported Assets & Networks on Trust Wallet.

How to download and use Trust Wallet

Trust Wallet is only supported as an application and cannot be added as a browser extension. To download this app simply find it on the App store or on the Google Play store and download it. Once you have downloaded a few prompts will come up, make sure to store your secret phrase somewhere secure as you’ll need it to recover your account if you ever lose access to your wallet. 

Trust Wallet iPhone Screenshots.
Trust Wallet iPhone Screenshots.

Is Trust Wallet a secure place to store Crypto?

The application has implemented a range of security measures to ensure privacy and security for its users. It offers investors the following security practices to help keep their accounts safe; ​​a pin code, fingerprint scanning and face ID to access the application and a 12-word recovery phrase.

Additionally, Trust Wallet is considered a non-custodial wallet, meaning that only you own your private keys and assets on networks. Your secret phrase is completely encrypted and Trust Wallet has zero access to user funds. So yes, Trust Wallet is a secure place to store your cryptocurrencies when comparing to extension wallets that are not non-custodial.

Does Trust Wallet offer customer support?

Unfortunately, Trust Wallet does not offer live customer support. The support team can only be reached via its online ticketing system, although once you have made contact you will continue to speak via email.
However, if you need immediate support, it offers a ‘Trust Wallet Community’ where you have access to blogs, FAQs, Announcements, How Tos, a translation service and a feedback forum. 

Trust Wallet Online Ticketing System.
Trust Wallet Online Ticketing System.

Trust Wallet Token (TWT) Live Price in AUD

Below you can find the live price and chart of the cryptocurrency Trust Wallet Token (TWT) in Australian dollars. 

Visit Trust Wallet

Author Bio

Serah is our Editor in Chief and was the first person to join the Buy Crypto Australia team. She is a digital & crypto native, having been in the space since 2015.

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