Trust Wallet (Trust Jack): an overview of the cryptocurrency wallet from the Binance exchange

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Trust Wallet is a cryptocurrency wallet presented in the form of a mobile application. Can be downloaded for free from Google Play and Apple’s app store. Allows you to send, receive and store tokens on the Ethereum blockchain (ETH, ERC20 and ERC223), Binance Chain (BEP2), Binance Smart Chain (BEP20). The platform is distinguished by its ease of use and an interface that is understandable even for a beginner. Internal wallet token – Trust Wallet Token (TWT).

Since 2018, Trust Wallet has been owned by the Binance cryptocurrency exchange. The editorial staff of Btcnewsweb.com offers you the most detailed overview of the Trust Jack application and all its functions.

Read also: how to buy Trust Wallet Token (TWT).

wallet Trust Wallet

Features of the app:

⭐  Users’ private keys are stored on their own devices.

⭐  To quickly restore access, a backup tool is provided.

⭐  The built-in Web3 browser allows you to interact with decentralized applications.

⭐  The ability to buy and sell coins (via connection to Binance DEX).

⭐  The wallet is anonymous – you can use it without providing personal data.

⭐  Open source and regular security audits.

⭐  Most other crypto wallets can be imported into Trust Wallet.

⭐  Passive staking income.

MacOS users can already use the desktop version of the wallet. Versions for Windows and Linux are under development.

General information

NameTrust Wallet
Official sitehttps://trustwallet.com/ru/
ServicesWallet, exchanger, decentralized applications
Russian languageYes
Year of foundation2017
Country of registrationSan Francisco, CA U. S.
CompanyBinance
TokenTWT
Supported cryptocurrenciesERC20, BEP2 and ERC721 tokens, as well as Bitcoin, Ethereum, BNB, other popular cryptocurrencies
Deposit and withdrawal commissionNetwork fees only
Working with fiatNot. But you can buy cryptocurrency from a card through the Simplex service
VerificationNeed not
SafetyPassword, access code, secret recovery phrase, storage of keys by the user, data backup
PlatformsAndroid, iOS, MacOS, Linux and Windows plans
ContactsSupport https://support.trustwallet.com/hc/en-us/requests/new, social networks

Wallet creation and sections

To start using Trust Wallet, you need to:

  1. Download the corresponding application in the Play Market or App Store and click “Create a new wallet”
wallet installation
  1. Agree to the terms of the license agreement.
  2. Save and confirm a 12-word secret phrase.
seed preservation

The safety of the phrase must be treated with special attention. In no case do not pass it on to unauthorized persons, as this way they will be able to access the funds. TrustWallet employees never, under any pretext, ask the user for a seed phrase.

After confirming the secret phrase, you can start using the wallet. Sections that it includes: tokens, finance and collections.

The “Tokens” tab contains a list of the main cryptocurrencies, the available amounts and information about the exchange rate.z

list of tokens
finance section

The “Finance” tab contains a list of cryptocurrencies for which staking is available and information about their APR (profitability). To start earning income, just select the desired currency and click STAKE. To do this, there must be a certain number of coins on the account (you can find out the exact information about a specific coin by clicking on it, and then select the “More” and “Stake Details” items.

collection section

The Collections tab contains information about the available collection tokens. If they are not there, then there is a link to the opensea.io page – this is a marketplace for buying and selling rare digital objects.

Settings

Trust Wallet settings include the following items and subsections:

  • Wallets. List of wallets connected to the account.
  • Activation of the dark theme of the interface.
  • To invite a friend. For each invited friend, 100 TWT tokens are given; in addition, a reward in the same tokens is distributed every month between users who have more than 500 TWT on their account (inactive accounts do not participate in the distribution).
  • Safety. In this section, you can activate the access code and automatic address change (for bitcoin and its forks).
  • Push notifications.
  • General settings. Here, the main fiat currency in which cryptocurrency rates will be displayed is changed, and the dApp browser used to view decentralized applications is enabled and disabled. Here you can clear its cache at any time.
  • WalletConnect. It is an open protocol for connecting DApps to mobile wallets using end-to-end encryption. To do this, you need to scan the QR code. In this way, it is easy to link other wallets to TrustWallet.
Trust Wallet wallet settings

TWT Token

information about the Trust Wallet Token

Trust Wallet Token (TWT) is a utility token that can only be used within this application. It is necessary for additional incentives for wallet users, as well as for raising their awareness.

Benefits of owning TWT:

✅  Discounts on the purchase of cryptocurrency and DEX services.

✅  Access to the collectible token market.

✅  Participation in decision-making on adding new tokens and functions.

✅  DApps reviews and promotions to support DApps developers furthering the adoption of Web 3.0 on mobile devices.

✅  Affiliate and Bonus Rewards In particular, the token can be converted to BNB or ETH and used to pay network fees.

✅  User reputation.

Tokens can be transferred to other users or exchanged. It is supported by any wallet that supports the Binance blockchain (token standard – BEP2). But it is not yet listed on stock exchanges, and whether it will be in the future depends on the wishes of users.

Buying cryptocurrency with a credit card

buying cryptocurrency

Trust Wallet provides an opportunity to purchase cryptocurrency from a card right inside the wallet. The application does not charge any commissions for this operation (or rather, the commission is immediately included in the operation).

Procedure:

  1. Open a wallet and select the cryptocurrency of interest.
  2. Click on the “Buy” button at the bottom of the screen.
  3. Enter the amount in fiat that you are willing to spend (minimum $ 50, maximum $ 2000). Click “Continue”.
  4. Enter the card details: number, expiration date, name / surname of the holder, security code on the back.
  5. If necessary, check the box to save the card for future transactions.
  6. Enter your mailing address.
  7. Enter contact information: email, phone number.
  8. Enter your date of birth.
  9. Agree to the privacy policy and terms of service.
  10. Click the “Pay Now” button.
order payment

Simplex – the payment service through which the operation is carried out – supports work with VISA and MasterCard. After providing all the necessary information, the user receives a transaction ID and must wait for its completion. The speed depends on the blockchain loading.

Sending and receiving cryptocurrency

These transactions in Trust Wallet are no more complicated than in other wallets. To transfer the crypto to another user, open the wallet, select the desired coin and click “Send”.

Paste the address or click on the button at the end of the line to recognize the QR code. Please indicate the amount of funds transferred below. Review the details of the transaction, including the commission, and confirm the payment.

To accept the payment, you should click the “Receive” button instead of “Send”. The wallet number and QR code will open. You can copy the number and transfer it, or you can create a link for payment. One of the unique features of Trust Wallet is requesting payments. The application generates a public link with the receiving address, and the user can also include in it a specific amount of the request. You can share the link through social networks and instant messengers.

When the recipient opens the link, the application will start (if he has it installed), the address and the amount will be automatically filled in. He will only have to click “Next” and then send the funds.

Built-in DEX trading

Trust Wallet connects directly to Binance DEX to enable users to trade. Outwardly, everything looks like a traditional crypto exchange with an order book, where you can create your own buy and sell orders. It should be remembered that trading on the exchange requires a network fee as money is transferred directly from wallet to wallet.

How to create a buy order:

  1. Open Trust Wallet and click on the button with two arrows below. Then select the Exchange tab at the top.
  2. Select a trading pair in the upper left corner, by default it is a MITH / BNB pair. If you enter a token name but cannot find it, it is possible that it has not yet been added to DEX.
  3. Indicate the price of the token and the amount to purchase. You can also choose the price automatically by clicking on any order from the order book.
  4. On the next screen, confirm the transaction and the token will automatically go to your wallet.

Selling is carried out in the same way, only you need to switch to the “Sell” section in the order creation field.

Swap

cryptocurrency exchange

The Swap option is a simplified way to buy and sell tokens that is fully integrated into Trust Wallet. It is possible to carry out ETH swaps through Kyber Network 25, as well as BNB swaps through Binance DEX – this applies not only to BNB and ETH, but also to other tokens located on the same blockchains.

To make an exchange:

  1. Open Trust Wallet, click on the button with two arrows below. Then select the Exchange tab at the top.
  2. Select the given token, then the received token.
  3. Indicate the amount to be exchanged. It is automatically converted according to the exchange rate so that you can immediately see how much you will receive in the end. Whatever amount you enter, the output will always be a multiple of 10.
  4. Click on the next button and confirm the transaction.

The confirmation time depends on the type of tokens. ETH swaps take some time to confirm from miners, while BNB swaps are instant.

Working with dApps

Trust Wallet has a built-in browser for working with decentralized applications: games, exchanges, lending platforms, marketplaces, etc. It is a full-fledged Web3 browser that provides a seamless and secure connection between the user, the Ethereum network, and a decentralized application (DApp). The interface is fully optimized for mobile devices.

Trust Wallet has partnered with developers to provide users with the largest selection of decentralized apps available. All apps on the list have been tested and adapted for Trust Wallet. The list is regularly updated. A simple API is provided for developers, which currently allows working with accounts and transactions for different blockchains and on different sites.

Collections

Collectible digital assets (most often ERC721 and ERC1155 tokens) are usually either highly limited in quantity or unique. This is a kind of digital value, just like in real life – paintings by famous artists or collectible figurines.

collections

Crypto assets of this kind usually represent real objects – from works of art to pets. There are limits on the number of tokens generated. Trust Wallet provides an easy way to securely store such assets. Tokens are linked to a public address and protected by blockchain funds. Some examples of objects have become quite popular in recent years – CryptoKitties, Decentraland, CryptoPunks, etc.

Advantages and disadvantages

Pros:

✅  The wallet is convenient and easy to use.

✅  Positive reputation thanks to the patronage of Binance.

✅  Works with a large number of tokens on the Ethereum and Binance blockchain.

✅  Leaves the user in control of their private keys.

✅  Connects to a decentralized exchange.

✅  Allows users and developers to interact freely with dApps.

✅  Works from mobile devices, so transactions can be performed from anywhere.

Cons:

❌  Security is slightly lower than that of desktop wallets. In particular, there is no two-factor authentication.

❌  Supports tokens from only two blockchains and not all, but only those added to the Binance DEX exchange.

❌  There are no versions for Windows and Linux yet,

Questions and answers

What is TrustWallet?

Decentralized wallet from the Binance exchange, designed to work with cryptocurrencies and tokens, their quick exchange, sending, receiving.

Who controls the private keys?

Exclusively you. No one from the project team can access them.

What is a seed phrase?

A set of 12 words required to restore access to the wallet (for example, if you bought a new phone and want to continue using TrustWallet). Must be stored in a safe place and not passed on to anyone.

Can I buy cryptocurrency from a card?

Yes, for this, the Simplex payment system is integrated into the service.

What are the trading and exchange fees?

Network commission only.

What are dApps?

Decentralized applications. They can be very different, from lending platforms to games, and differ in that they do not have centralized management, but allow users to interact directly with each other.

What are the opportunities for passive earnings?

Staking – storing a certain number of tokens on an account and receiving a reward for this. Currently, only a few tokens are staked.

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