Trust Wallet is a free, non-custodial mobile wallet for storing cryptocurrency and non-fungible tokens (NFT). It is categorized as a hot wallet because it is directly connected to the internet. The app is only available on iOS and Android devices and is relatively simple to set up and use.
Though Binance’s Trust Wallet is compatible with various blockchains, Trust Wallet distinguishes itself from other popular wallets due to its interoperability with virtually all platforms based on Binance Smart Chain (BEP-20) such as PancakeSwap.
Read more: Your First Crypto Wallet
What can you do with Trust Wallet?
- Swap: You can easily exchange one crypto for another.
- Buy: You can buy cryptocurrencies with your credit card via third-party platforms such as MoonPay or Simplex.
- Store: You can store your crypto on various blockchain networks.
How to get started and create a Trust Wallet account
Once you download the app, there are a few simple steps to get started.
1. Select “Create a new wallet” and press “Continue” to accept the terms. Get a pencil and paper ready because the warning Trust Wallet gives you is real: If you lose your recovery words (sometimes also known as a seed phrase or recovery phrase) you may lose access to your wallet and the crypto within it forever.
2. A new screen will appear, prompting you to write down your recovery phrase. It is important you manually write it down and keep it in a safe, private place. Keeping the words in digital form is less secure and not recommended.
3. The recovery phase for Trust Wallet consists of 12 words. These words will be used in case you lose access to your wallet – and they are the only way to regain access to the wallet. So we’ll say it again: Keep them in a safe, private place.
Read More: Why Your Seed Phrase Is So Important
4. To verify that you backed up your recovery phrases, Trust Wallet will prompt you to write them in sequential order as you’ve received them.
5. You will get a screen stating, “Your wallet was successfully created.”
How to fund your Trust Wallet
Buying tokens in Trust Wallet
1. Now that you have your wallet, you’ll want to get some crypto into it. Start on the home screen by pressing the button labeled “Receive.”
2. You will now be brought to a screen where you need to select which cryptocurrency you want to receive. For our example, we’ll use BNB Smart Chain.
3. You can press “Buy” to enter a payment gateway to purchase BNB with your credit card.
4. Upon pressing the “Buy” button you can input the amount you want to buy in U.S. dollars, as the screenshot below shows (in the blue box), and choose the payment gateway such as MoonPay (shown in the red box).
Transferring tokens to Trust Wallet
1. If you opted not to buy tokens yet, you can also transfer tokens to your wallet. The process is similar to buying tokens. So, go to the home screen and press the button labeled “Receive.”
2. Then, you will be brought to a menu screen of cryptos where you select which cryptocurrency you want to receive. For our example, we’ll use BNB Smart Chain again.
3. Finally, press the middle button, “Receive,” to transfer your tokens to that address, as in the screenshot below.
Using decentralized apps with Trust Wallet
Once you create your wallet account, you will notice a variety of buttons with different functionalities at your disposal such as having access to dapps to perform various transactions, as shown in the screenshot below.
These functionalities make Trust Wallet a Swiss Army knife type of solution for decentralized finance (DeFi). The one thing you can’t do within Trust Wallet is to exchange your crypto assets into fiat currency the way you can on exchanges such as Binance or Coinbase.
Who should use Trust Wallet?
Trust Wallet is beginner-friendly but also has options that will satisfy more advanced users with functionality for DeFi and NFTs.
Having the option to store a wide array of cryptocurrencies within Trust Wallet makes it an appealing choice for those who want an all-in-one solution for managing their portfolio in the palm of their hands.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.