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Add a Due to past hacks and breaching incidents, most cryptocurrency exchanges have made their security protocols robust to insure their clients’ funds and other details. Despite these precautions, it is always safe to store the crypto holdings in a reputed wallet- either hardware or software.
In this article, we will review a software wallet called Trust Wallet, how to use Trust Wallet, what are its pros and cons, etc. Software wallets are applications installed in your mobile devices and thus can be operated at any time. Though they are not as secure as hardware wallets, they are still a better option for storing your crypto holdings instead of storing them on a centralized exchange.
At the end of this Trust Wallet review, traders will be able to gauge whether this wallet is a convenient option for them or not.
The Trust Wallet mobile app works in the following ways:-
Trust Wallet was founded by a US-based Ukrainian software developer Viktor Radchenko, who first heard about digital currencies via the use of Bitcoin on the dark web. But it was not Bitcoin but Ethereum that urged him to try his luck in the crypto industry. He began to feel motivated when he began to develop a mobile application to help truckers find parking lots and other amenities. After successfully launching the tracking app, Victor gained the confidence to design a wallet that can hold ERC20 tokens acquired through ICOs.
He began his Trust Wallet project in 2017, and soon its functionality with the standard ERC20 tokens attracted thousands of users all around the world for crypto investment by trying the wallet crypto portfolio. The onus of the project was mass adoption of cryptocurrencies which is only possible if the means are easy to use. Letting people buy digital assets through convenient means like a bank account or a credit card will urge them to buy more, and this is what Trust Wallet counts on. It also gives bank-level security to the users.
Thus, the app is made user-friendly by designing an easy user interface that is accessible to all. The app’s growing popularity caught the attention of leading cryptocurrency exchange Binance, which acquired the project along with its parent company, Six Days LLC, in 2018.
Trust Wallet is a software wallets that operates as an app installed on a mobile device and thus helps traders to execute trades at any time during the day, even while they are traveling. It is a non-custodial wallet that does not store or save any users’ information on its servers.
Trust Wallet does not charge any fees from its users while installing or setting up their accounts on the wallet. There are also no subscription charges for using the wallet’s services. As such, the platform allows for a free download from Google PlayStore or Apple Store. The only fees charged on the app are the gas fee which are the fees for processing transactions (network fees) on the app that are either paid to the miners or to the PoS (Proof-of-stake) chains that charge them.
Getting started with the Trust Wallet app is pretty simple. All the users need to do is download the app for free, either from the Google PlayStore or the Apple Store. Once the download and the installation process are complete, the users are asked to select an option to create new wallet or import an existing one.