Take
Bottom line: Trust Wallet is a product of Binance, the largest cryptocurrency exchange in the world. It allows customers to take control over their crypto security. However, it can also be used by people who trade with other exchanges. Trust Wallet can support a variety of digital assets but lacks certain features that other wallets offer. |
Pros & Cons
Advantages: Numerous supported assets; simple interoperability using Binance.
Con: No conversion to offline storage.
Table Of Contents
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Fees $0 Per trade for online U.S. stocks or ETFs |
Fees $0.005 Per share, as low as $0.0005 for volume discounts |
Fees $0 per trade |
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Full Review
Trust Wallet shines
Supported Assets: Trust Wallet claims its software can work with 65 blockchains, and 4.5million assets.
Binance Connection: For users of Binance.US or Binance.US in the U.S., the wallet allows them to connect to their assets online and make transactions through the exchange.
Where Trust Wallet falls down
Conversion Trust wallet doesn’t allow for easy interoperability to cold-storage wallets. This means that users might need to take additional steps to transfer crypto assets to a dedicated storage device not connected to the internet.
Which trust wallet is best for?
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Binance’s exchange service is used by crypto owners.
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Individuals who wish to keep a variety of assets together in one location.
Trust Wallet at a Glance
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More information about Trust Wallet’s ratings
Security: 3 stars
Trust Wallet is a self-custody wallet that allows you to keep control of your digital assets. You will still have all the information you need to trade, spend or sell your cryptocurrency investments even if the exchange that you purchased it falls apart or is breached. Binance has created Trust Wallet but Binance cannot access digital assets that you have in your custody.
You should be aware of the risks involved in storing your crypto. You can’t rely on anyone to help you if you lose your login information, or someone hacks your personal devices.
These are some factors to consider when comparing Trust Wallet and other self-custody wallets.
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Open source software is used by Trust Wallet. Trust Wallet’s code can be reviewed by the public, who may be able spot vulnerabilities or concerns.
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Trust Wallet doesn’t have two-factor authentication. This can be added to your security when you log in to a program.
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Trust Wallet’s website doesn’t state whether multisignature transaction approvals are supported. This is another way to protect against theft, as multiple wallet holders must sign off on transactions.
Selection: 5 of 5 stars
Trust Wallet claims its software can be used with 65 blockchains, and 4.5 Million assets.
Integration 5 out of 5 stars
Trust Wallet can be used to perform many common functions, including crypto purchases and staking. Non-fungible tokens (or NFTs) that have been minted on the Ethereum or Binance Smartchain networks can be stored and accessed by Trust Wallet. You can connect the wallet to many Web3 or decentralized finance applications, such as DeFi.
Storage: 1 of 5 stars
Trust Wallet is also known as a hot wallet. This means that the keys to your digital assets are not only in your possession, but on a device which connects to the Internet.
A cold wallet is an additional layer of security that allows you to keep your crypto offline. Trust Wallet is not like other competitors. It does not provide a direct connection to cold wallets.
Functionality: 5/5 stars
Trust Wallet is available in desktop, mobile, and browser-based versions. To set up your wallet on a different device, however, you will need to use the recovery/security phrase that you received when you first created it.
Tools: 3 of 5 stars
Trust wallet provides basic tools to track and understand your investments. Binance offers more comprehensive analytical and educational tools.
Additional details about Trust Wallet
Trust Wallet has no fees. Some optional features may require fees, such as integrated purchases with the Binance exchange and third-party sellers. Transaction fees are often charged by cryptocurrencies’ underlying blockchain networks, regardless of the wallet you use.
Trust Wallet: Is it right for you?
Trust Wallet is a good choice for Binance users and others who are looking for a low-cost, simple storage solution. If you are planning to move assets frequently between cold and hot storage, trust Wallet may be a good choice.
We review crypto wallets
NerdWallet’s thorough review ranks and evaluates products that enable U.S. customers store, send, and receive cryptocurrency. Our objective is to give you information that will enable you to make informed decisions about which provider best suits your needs. We follow strict guidelines regarding editorial integrity.
Firsthand observation and testing are conducted. The results drive our proprietary assessment process, which scores each provider across more than 15 variables. The final output gives star ratings ranging from poor (1 star) up to excellent (5 stars span>
To learn more about the categories that were used to rate wallets and our methodology, please see our complete methodology .