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:
- 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 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.
- 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
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.
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.
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.
The Bottom Line
Trust Wallet is a secure, user-friendly and multi-currency compatible wallet that allows users to store, receive and send digital assets. The application offers an awesome range of features including; staking calculator, an in-built dApp browser, support for ERC721 and ERC155 NFTs (Non Fungible Tokens) and much more.
Trust Wallet is non-custodial, meaning that only you own your private keys and assets on networks, which makes it one of the most secure places to store crypto. The application also offers a range of security measures, including; pin code, fingerprint scanning and face ID to access the application and a 12-word recovery phrase.
Although Trust Wallet does not offer live customer support, its ‘Trust Wallet Community’ allows users to access blogs, FAQs, Announcements, How Tos and much more. So overall, it is a great wallet for storing digital assets in a secure and user-friendly way.