Trust Wallet is a cryptocurrency wallet app that allows you to store and access your cryptocurrency from your devices. This ‘soft’ wallet is available for both Android and iOS devices. The Trust Wallet has a built-in feature to sign into decentralized apps or dAPPs. The dAPPs component was recently removed from iOS versions to comply with the app store rules but is still available for Android. You can still access dAPPS on IOS by using your browser and linking to the Trust Wallet.
Within the Trust wallet, you can quickly check for current prices for cryptocurrencies and you can exchange your currency (dollars, pounds, euros, etc.) into cryptocurrency (Bitcoin, Etherium, etc.). The opposite works too, you can go from cryptocurrency into fiat currency. In addition to the most popular coins, you will also have access to over 160,000 blockchains or assets.
Can you trust the Trust Wallet?
Trust wallet is an extremely popular crypto app, and has an excellent reputation. The app does not store any of your personal data and does not require you to store your private key on the app. Users can anonymously download the app without providing any personal information. The Trust Wallet is open source and the source code is available for anyone to review and was audited by Stateful. In July of 2018 the app was acquired by Binance.
Does more than store coins
If you are using an Android device, the Trust Wallet supports ERC20 and ERC223, allowing you to interact with other decentralized apps (dAPPs). With access to dAPPs can securely connect to a growing amount of cutting-edge sites that allow users to buy digital assets like art, tokens, documents, and many more.
For example, sites like Rarible or AirNFT allow users access to purchase NFTs, then hold and store them. Another popular feature under dAPPS is swapping coins or tokens for others not found in the mainstream. Exchanges like Pancake, Sushi, and Uni Swap provide an easy-to-use tool that swaps your tokens fairly quickly.
Installing Trust Wallet
A quick search in the app store should be all you need to do to download the app. Next, hit the install button, and It should be a fast download. Once the installation is complete, open the application. Choose to either create a new wallet if you don’t already have one, or you can access an existing wallet.
When creating a new wallet, you will need to read and accept the privacy policy and terms of service. Next, you’ll be asked to create a backup of your wallet, something you should do right away. You’ll be given a passphrase. It’s very important to save a paper copy of this phrase in a secure location (not on your device). If you ever need to recover access to your wallet, you will need this passphrase.
Verify the passphrase and your wallet will be created.
Once the wallet has been successfully created, you get a popup screen to let you know it’s done.
You can now choose to enable/disable notifications before going to your home screen.
Secure your wallet
To secure your Trust Wallet, the first thing you are going to want to do is to set up a passcode.
Go to Settings
Then choose the Security option.
Move the Passcode toggle to On, enter in your code, and verify the code by re-entering it. Make sure you accept the changes.
Back in the security tab, you can change your Lock Method to passcode. As an alternative to a passcode, you can use a biometric option like a face scan or a fingerprint reader instead.
Whichever option you choose, it is best to have some type of lock on your wallet.
Select default currency
You can change the default currency that the app uses to display the active prices.
To make changes, select Settings
Then select the Preferences option.
Select Currency
By default currency is USD, but you can go through the list and choose any currency of your preference. If you don’t see your choice in the list, click on the ‘All’ option at the bottom to reveal more choices.
Quickly Add Alt Coins
Returning to the main screen, under the tokens tab, you’ll see four default tokens available. If you don’t want to use one of those, or if you want to add something else, go to the Options menu at the top.
You can now search for the token you’d like to add by typing in the name or by scrolling down the list. Move the toggle switch to on for the token you’d like, and you will now be able to see it listed on your main screen.
Send, Recieve, Buy, and other Features
For each coin listed on your main screen, you’ll see three buttons: send, receive and buy.
When you choose to send, you will go to a screen where you can enter the recipient’s address and the amount of coin to send. Using the receive option gives you a QR code or address. There is a quick and easy-to-use button that will copy the address so that you can easily paste it into a message or email.
Selecting the Finance tab from the main screen will let you start staking coins.
Staking is where you are earning interest over a period of time on a selected cryptocurrency. You choose the one that works for you and lock it in for a set period (day, weeks, months, etc.). Each token can be different, so select the one that suits your needs.
The last tab on the main screen is Collectibles.
This is where you can store any NFTs that you’ve purchased, like pets or avatars.
At the bottom of your screen, you can switch to dAPPs (if this feature is allowed on your device).
You can now connect to different communities like NFTs or you can swap using an app like Rarible. You’ll be able to sign in to these dAPPs using your wallet as an authentication tool and then begin trading your art. One of the last features at the bottom of the screen is the DEX button. DEX is the built-in decentralized exchange feature, which is where you can buy cryptocurrency or swap from coin to coin.
Video: How to install the Trust Wallet
For a more in-depth tutorial on purchasing coins or doing transactions, see our full installation and overview video.
