Is Trust Wallet a safe place for my Tokens?

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A Brief History of Trust Wallet

Trust Wallet was the brainchild of the visionary Viktor Radchenko, an ingenious Ukrainian investor and founder. His journey began in Ukraine and took a significant turn when he moved to the US in 2011, driven by his ambitious goal of making a global impact. It was in the US that he continued his adventure and eventually founded Trust Wallet. 

After its launch in 2017, it swiftly climbed the ranks to become a top contender in the cryptocurrency utility list. Its initial users were drawn to its unique ability to identify and reveal any ERC-20 token associated with their address. 

As 2018 approached, the founders of this popular cryptocurrency wallet stepped up their game, enhancing its features and addressing the growing concerns of its user base. 

On July 31, 2018, the famous exchange company Binance acquired Trust Wallet, adding another layer of security to Binance’s services. Even though Binance had acquired the cryptocurrency wallet, Viktor stayed through and continued to steer the wallet toward advancement. It is no wonder Trust Wallet made it to the list of the top ten most downloaded cryptocurrency wallets in 2023. 

Related: Your Ultimate Guide to Cryptocurrency Wallets

What is Unique about Trust Wallet? 

Trust Wallet is a software-based cryptocurrency wallet that is user-friendly and easy to use on desktop computers and mobile phones. It’s a cheap option for new and experienced crypto users, with only fees for sending assets and a 1% fee for buying crypto in the app. 

It works with 61 cryptocurrencies and lets users add their coins to track digital assets. Additionally, it works with Bitcoin and Ethereum, making it compatible with major players in the cryptocurrency world.

There are several ways to get help with the wallet’s customer service, such as a help page that caters for frequently asked questions and a direct email to the customer centre.

Trust Wallet works conveniently on desktop computers and Android and iOS phones. It checks blockchain transactions with Simplified Payment Verification (SPV), so you don’t have to download the whole blockchain. 

Note- Trust Wallet is not compatible with hardware.

Related: NOTABLE CRYPTOCURRENCIES: Revolutionary Impact, Pros and Cons. 

How to set up an account with Trust Wallet

Setting up an account on Trust Wallet is a breeze. It’s straightforward, just like installing and activating any other application. Start by downloading from your Google Play Store or Apple Store onto your phone or tablet. 

During the installation, make sure to keep a backup of your 12-word recovery Phrase. If you’re using a desktop or laptop device, you’ll need to install Trust Wallet as an extension on your preferred browser, such as Chrome. Again, during the installation, you’ll be prompted to back up the 12 keywords provided to you.  

Trust Wallet Desktop Download

What if I lose my 12 keywords for Trust Wallet?

Upon setting up your wallet, you are asked to agree to the terms and conditions of the cryptocurrency wallet company. The agreement page read:

“Upon losing my recovery words, I will not have access to my wallet.”

Trust Wallet Agreement Phase

On agreeing to this term and condition, the security of the keys is now in your hands. If they get into the hands of the wrong person, you are susceptible to losing a great deal of your fortune. The same applies to losing your recovery words. You will not be able to access your assets. They will be safely kept until you can provide the recovery words.   

Takeaway on Trust Wallet

  • It is a non-custodial wallet, which means it’s safer and puts you in complete control of your wallet’s security. This feature ensures that your digital assets are protected and secure. 

  • It is so easy to use—all you have to do is download and set up your wallet or input your 12 recovery words to import your asset to your new device.

  • Users can safely send, receive, exchange, and hold digital assets ranging from cryptocurrencies to NFTs

  • As of the end of 2023, it does not support hardware wallets to store cryptocurrency assets offline. 

  • As of now, it doesn’t support a live chat feature for customer service. However, you can access their customer service via e-mail. 

  • To follow Apple’s rules, Trust Wallet removed its dApp browser from the iOS version of its software. 

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1 Comment

  1. Trust Wallet can be a safe place for your tokens if you follow best security practices. However, for large amounts of cryptocurrency or long-term storage, a hardware wallet might be a more secure option.

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