Individuals should not just look out for adopting cryptocurrency. Over time you would come to realize that the number one thing that is needed is simplicity and ease of use. There are several decentralized applications and cryptocurrencies built every day. This is why a universal wallet gives the user the ability to access and use them efficiently. In this article, we are going to give a review of a wallet called Trust Wallet.
The platform was bought by Binance in the year 2018, and since then it has been the official wallet for Binance. Binance is a centralized exchange platform, however, trust wallet is a decentralized platform, making users have more control over their wallet and private keys.
Trust Wallet allows individuals to receive, store and send cryptocurrencies of different chains safely in one place. It also allows you to swap/exchange Binance chain coins. It provides a decentralized web browser for DApps.
How to Install Trust Wallet
Setting up a Trust Wallet account is very easy. However, for newbies, a guide is necessary. Follow these steps:
- You can start by going to the official Trust Wallet site, App Store or Google Play Store and downloading the app there. For this guide, we will use Google Play Store.
- Click “Install” to install the Trust Wallet after downloading it.
- Open the installed Trust Wallet app.
- You will be asked to “CREATE A NEW WALLET” or access an existing account. Choose to create a new account. Those that already have a wallet they want to import can choose the “I already have a wallet” option.
- Accept to back up your wallet and continue to the next page.
- After following these steps you would be given a 12-word recovery phrase. I strongly advise that you write the phrase down in an offline document for safekeeping. If you lose it or it falls into the wrong hands, all your data and investments would be lost.
- Click on continue and verify the recovery phrase. Bam, your wallet is ready.
Supported Coins and Tokens in Trust Wallet
Trust wallet platform supports all major coins. It allows you to store different coins and tokens on the app, here is the list of the supported Coins:
- Ethereum and other Ethereum-based tokens
- Binance coin and other Binance Smart Chain tokens
- Bitcoin cash
- Tron and many others
Adding Coins and Tokens in Trust Wallet
In a wallet account, you have the freedom to add any coin or token that is suitable for you. In Trust Wallet, you are given some default coins that can be changed like Bitcoin, Ethereum, and Binance coins. To create your list of coins/tokens, follow these simple instructions:
- On the home screen of your wallet, there is a menu in the top right corner, there you would see a list of cryptocurrencies available on Trust Wallet.
- Select the coin/token you want on your wallet.
- If you can’t find your favourite coin, then you can search for your coin/token and select them. And if you can’t find it after a search, a message will pop up indicating no assets found and requesting you to add a custom token.
How to add a custom token in Trust Wallet
1. Access Add Token Screen
Click the sign at the top right corner of the screen, if the token is not available you would get a “no asset found,” then you can scroll down and tap on the add custom token.
2. Get custom token info
The best tool for getting your custom token information is the Coingecko website. Search for the token/coin in Coingecko and copy the contract address. You can also locate the Etherscan page of the token from here and gather more information.
3. Fill Out Your Token Details
You can use the information you’ve gathered from Coingecko and/or Etherscan to fill out your token details. Select the network the token is built on before filling in the contract address. Most times, other details are automatically filled in once you have filled in the contract address of the token.
When you are trying to make a transaction to an account, then you would first need to launch the Trust wallet app, followed by choosing your preferred coin/token that you wish to send. Select send and enter the recipient address, followed by the amount. Click on continue and it would take you to review your transaction.
If you want to receive it, then you would need to find your wallet address. You can do this by going to the main screen, clicking on the preferred coin/token that you wish to receive, and then tapping on COPY to get the address.
Trust Wallet Swap and Exchange
Trust wallet has a built-in Swap and Exchange that allows users to convert to any crypto of their choice at any time without filling or verifying any KYC. This exchange feature of Trust Wallet is linked to BinanceDEX. Mostly Binance chain tokens are traded here. So, do not expect to trade most of your Ethereum-based token on this integrated swap/exchange.
Another amazing feature that the Trust Wallet has is the DApps (Decentralized Applications) browser. This is a built-in Web3 browser. This application allows you to safely interact with the decentralized internet with your very own trust wallet app. Since it is compatible with ERC20, it now can create a secure connection to the Ethereum network, making it one of the most preferred apps used by Ethereum users. You can use this browser to make trades on Uniswap and other decentralized exchanges while on mobile.
WalletConnect is considered to be an open-source platform that allows users to safely connect to a decentralized application using QR codes through scanning or deep linking. Using WalletConnect, users can begin to interact with any Decentralized applications (DApps) using their mobile devices.
Understanding how to use Trust wallet or any other crypto wallet is your first step towards safeguarding your crypto assets. Many have lost their assets because they didn’t have a wallet. You can’t afford to repeat the same mistake.