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Trust Wallet Review: Is it legit, safe and trustworthy for UAE citizens and residents?

The majority of cryptocurrency exchanges have strengthened their security procedures in response to previous hacks and data breaches in order to protect their customers' cash and other sensitive information. Even with all of these safeguards in place, the safest place to keep cryptocurrency assets is in a reputable wallet of some kind, be it hardware or software. In this post, we will discuss a software wallet known as Trust Wallet, including how to use it, what its benefits and drawbacks are, and other related topics. Software wallets are software that are downloaded and installed on mobile devices, and because of this, they are always accessible. Even though they are not as safe as hardware wallets, they are still a better alternative for storing your cryptocurrency holdings than storing them on a centralized exchange. Even though they are not as secure as hardware wallets, they are still a better option. At the conclusion of this study of Trust Wallet, investors will be able to determine for themselves whether or not using this wallet is a practical alternative for them. Visit Trust Wallet Website.

For novice users and investors, Trust Wallet is one of the best crypto wallets since it supports over 160K+ assets and blockchains and enables traders to stake their crypto coins to earn interest. Trust Wallet is an open-source, decentralized, mobile cryptocurrency wallet. The wallet's sole purpose when it was first conceived was to store ERC20 and ERC223 tokens; however, it has since been expanded to accommodate a wider variety of prominent cryptocurrencies, including Bitcoin. Users are able to acquire cryptocurrencies by using the native DEX (decentralized exchange) that runs on the Kyber Network thanks to the wallet's integrated Web3 browser. Additionally, it enables users to immediately access the many DApps (decentralized apps) that have been created on the Ethereum platform by utilizing the Trust Wallet app.





There is no cost associated with downloading the Trust Wallet app from either the Apple Store or the Google Play Store. Because its code is written in the native languages of each of the platforms—iOS Swift and Java for Android—it is also compatible with devices that run on the Android operating system. The program will run on versions of iOS 10.0 or higher, as well as versions of Android 5.0 or higher.


Brief Description of the Trust Wallet:

Trust Wallet is one of the most well-known software wallets available today.
In June of 2018, Binance completed the acquisition of Trust Wallet.
Offers trading support for a diverse assortment of cryptocurrencies.
Provides access to a wide variety of crypto assets for staking (Trust Wallet token).
Users of Trust Wallet are not required to pay any upfront fees or ongoing membership fees in order to utilize the service.
Have more than 5 million people using it actively all across the world.

The mobile application for Trust Wallet operates in the following ways:

It performs the function of a bridge, linking the various blockchain networks by way of their nodes. Every blockchain network has its own unique collection of public addresses, which are also commonly referred to as the public key. These addresses are used to hold crypto assets, which are then encrypted.
It is important to note that Trust Wallet does not store any cryptocurrency on its servers; rather, it just provides access to its wallet to its customers.
When users make use of the software, the developer does not get any compensation in any kind. The validators and miners are entitled to receive payment for their share of the gas costs, also known as transaction processing fees.
Users of Trust Wallet have an easier time managing their public cryptocurrency addresses for making and receiving transactions thanks to the app. Users are also able to engage in other types of cryptocurrency transactions within the app, such as trading and crypto staking.

Viktor Radchenko, a Ukrainian software developer living in the United States, initially learned about digital currencies through the use of Bitcoin on the dark web. Radchenko then went on to build Trust Wallet. However, it was Ethereum and not Bitcoin that motivated him to enter the cryptocurrency market in the first place. When he started working on a smartphone application to assist truck drivers in locating parking spaces and other facilities, he began to experience a surge of motivation. Victor obtained the self-assurance to create a wallet that is capable of holding ERC20 tokens that were bought through initial coin offerings (ICOs) after the successful launch of the tracking app.

In 2017, he kicked up the development of his Trust Wallet project. Soon after, the flexibility of the wallet to support standard ERC20 tokens drew thousands of users from all over the world interested in investing in cryptocurrencies by testing out the wallet's crypto portfolio. The widespread usage of cryptocurrencies was essential to the success of the project; however, this could only be accomplished if the necessary tools were straightforward to use. Trust Wallet is banking on the fact that giving users the ability to purchase digital assets using easy payment methods like a bank account or credit card would encourage them to acquire more of those assets. Additionally, it provides consumers with security on par with that of a bank.

As a result, the software is made more user-friendly by the creation of a straightforward user interface that is available to everyone. The ever-increasing popularity of the application attracted the attention of the prominent cryptocurrency exchange Binance, which ultimately led to the acquisition of the project by Binance in 2018, along with its parent business, Six Days LLC.



The following essential functionalities are made available to customers of Trust Wallet:

Basic and Straightforward User Interface — Trust Wallet's user interface is simple and uncomplicated, making it simple to use and easy to download and install on your mobile devices. Because of this, the site has been able to amass more than 5 million active members to this day and has also been successful in securing a collaboration contract with Binance, one of the most successful cryptocurrency exchanges in the world.

Download at No Cost: Whether you get it through the Google Play Store or the Apple Store, Trust Wallet may be downloaded at no cost. The clients of the platform are not required to pay any startup costs or ongoing subscription fees in order to make use of the platform's services.

Privacy and Security Despite the fact that Trust Wallet, due to its nature (being a software wallets), is unable to guarantee security measures as robust as those offered by hardware wallets, the platform does its best to ensure that the customers' money are kept secure. Regular inspections are carried out by the industry-leading security firm Stateful.

An additional layer of protection is provided by the application by way of the utilization of additional security measures such as the scanning of a PIN number or a fingerprint. As soon as the user logs into his wallet for the first time, he is given the opportunity to manually activate these safeguards by modifying the "Settings" feature inside the program.

Never Saves User Information on Its Servers — Users of Trust Wallet are able to save the keys to their wallets on their own personal computers, rather than having Trust Wallet save them on their behalf. This ensures that user information is never saved on Trust Wallet's servers. The full responsibility for safely storing private keys now falls squarely on the shoulders of the users.

Because it is a non-custodial official cryptocurrency wallet app that does not store any user data on their servers, Trust Wallet does not ask its users for any KYC compliances while they are setting up their account on the Trust Wallet app. This is because Trust Wallet does not require its users to provide any KYC confirmations.

Allows Staking - The Trust Wallet platform enables users to stake the following cryptocurrencies: Tron (TRX), Tezos (XTZ), VeChain (VET), Callisto (CLO), Cosmos (ATOM), Kava (KAVA), IoTeX (IOTX), TomoChain (TOMO), and Algorand (ALGO). In a very short amount of time, Ethereum (ETH) and Cardano (ADA) will also be included to the list.

Built-in Graphs and Charts - Traders are able to monitor the values of cryptocurrencies without having to exit the Trust Wallet app because it is equipped with built-in charts.

Connection with Binance - Trust Wallet's partnership with Binance Smart Chain keeps more people from all over the world flocking to the app. This is anticipated to fuel the creation of more complex and innovative features on the mobile app in the near future.

Tweets by TrustWallet Easy Backup – Trust Wallet solves the problem of backup that affects the majority of wallets by requiring users to create a 12-word recovery phrase when they first set up the wallet on their mobile devices. This ensures that users never lose access to their funds. Users are obligated to record these words on paper and store them in a secure location so that they may be retrieved and utilized to regain access to the wallet in the event that something goes wrong.

The Good and the Bad of Trust Wallet:

Downloading is both quick and painless.
Hardware wallets offer a higher level of security.
Holds a wide variety of digital currencies in its storage.
enables the staking of numerous digital assets and the earning of rewards on those assets.
The users continue to have control over the private keys; the servers used by the wallet do not keep the private keys.
Compatible with mobile platforms including iOS and Android.

Trust Wallet is a software wallet that functions as an app that is loaded on a mobile device. As a result, it enables traders to carry out transactions at any time of the day, including while they are traveling. It is a wallet that does not keep or maintain any information about its users on its servers, hence it is not considered a custodial wallet.

When it comes to installing the wallet or setting up their accounts on the wallet, Trust Wallet does not charge any fees to its customers. Utilization of the wallet's services does not need the payment of a subscription fee either. As a result of this, the platform supports free downloads from either the Google Play Store or the Apple Store. The only costs that may be charged on the app are the gas fees, which are the fees for processing transactions (network fees) on the app. These fees can either be paid to the miners or to the PoS (Proof-of-stake) chains that charge them. The gas fees are the only fees that can be charged on the app.

Using the Trust Wallet app for the first time is a very straightforward process. The only thing that is required of the consumers is that they go to either the Google PlayStore or the Apple Store and download the software for free. After the user has finished downloading and installing the software, they will be prompted to choose between two options: either creating a new wallet or importing an already existing one.

When users elect to generate a new wallet, they will be provided with either a 12-word seed or a recovery phrase, either of which should be carefully guarded. Users are required to click a box that reads, "I realize that if I forget my recovery words, I will not be able to access my wallet." It goes without saying that if the 12-word seed words are misplaced, the wallet cannot be accessed in any way.

The Trust Wallet app requires the following procedures to be completed before coin transfers or additions may be made:

Create an account with the mobile application for Trust Wallet.
You have two options: either click the "Receive" button and then paste the address of your digital wallet into the area that appears, or you may scan the QR code that appears.
This is the code or address that the senders will need in order to deposit funds into your wallet.
Once the money have been deposited, you may check the history of your wallet's transactions by selecting the "Transactions" icon and then clicking the "Confirm" button.

Traders should give the following procedures a go if they want to make direct payments using the Trust Wallet app:

After users log in to their Trust Wallet apps and select the "Send" button, a box opens up where they may paste the wallet address of the person who is receiving the funds. Users also have the option to scan the QR code instead of inputting the wallet URL into their browser.
After you have entered the amount of money you wish to transfer, click the "Next" option.
Examine the specifics of the transaction in addition to the price of the gas.
Just hit the "Send" button.
Cryptocurrencies That Your Wallet Supports Should Be Trusted
Trust Wallet supports a total of over 160K assets and Blockchains with cryptocurrencies, including the most popular ones like Bitcoin and Ethereum, in addition to a great number of others. However, if you want to see the whole list of assets that are supported, go here.

The TrustWallet mobile wallet is supported by a knowledgeable customer service team that is reachable through a ticketing system. The customer support team immediately answers to every trader who submits a ticket as soon as the ticket is made available to them. There is also a thorough Help Centre with a Frequently Asked Questions section that aims to address all of the questions that the traders are most likely to have. Before moving on, it is highly recommended that users become familiar with the TrustWallet mobile wallet.

According to the findings of our Trust Wallet analysis, there are no valid objections to labeling the mobile wallet as a trustworthy option. Additionally, according to a variety of additional Trust Wallet Reviews that can be found online, buyers have lauded the wallet and referred to it as a safe multi-cryptocurrency wallet without expressing any dissatisfaction with the product. Because of its user-friendly design and extensive list of supported assets, it is now one of the most popular cryptocurrency wallets available. Because most other wallets don't even provide their customers the opportunity to stake their coins, Trust Wallet obviously has a competitive advantage over other wallets thanks to the wallet staking functions that it offers.

In addition to this, the wallet gives its customers the opportunity to access a variety of DApps directly through Trust Wallet, which is another forward-thinking step that will have long-term advantages as DeFi continues to grow in popularity. Users of Trust Wallets have the opportunity to earn interest on their own cryptocurrency holdings. The fact that Trust Wallet has partnered with Binance makes it more appealing to users (for the purpose of financial investment) from all over the world, which is beneficial for the wallet.

Is Trust Wallet Safe? The simple answer is yes; however, according to our Trust Wallet Review, we discovered that the cryptocurrency wallet software utilizes a variety of security features to secure customer cryptocurrency holdings from hacking or theft. Because Trust Wallet satisfies all of these requirements, we can deduce that using it is risk-free.

Bitcoin and a wide variety of other cryptocurrencies may be stored securely in a wallet called Trust Wallet.

The Trust Wallet software makes it incredibly easy to deposit funds into the wallet. All that the users need to do in order to transfer funds to your wallet is log in to their wallet account, click the "Receive" button, and then paste your public key into the box that appears. The cash will then be sent.

Trust Wallet is a software wallet that may be utilized for the safe and secure sending, receiving, and storage of Bitcoins as well as a wide variety of other cryptocurrency assets.

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.