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Our Take
4.4
The bottom line: Trust Wallet was developed by Binance, the world’s largest cryptocurrency exchange, to help customers take control of their own crypto security — though people who do business with other exchanges can use it. Trust Wallet supports a wide range of digital assets, but it lacks some features offered by other wallets.
Pros & Cons
Pros: Large number of supported assets; easy interoperability with Binance.
Cons: Only basic offering of trading tools and educational content.
Table of Contents
Where Trust Wallet shines
Where Trust Wallet falls short
What Trust Wallet is best for
Trust Wallet at a glance
Full details about Trust Wallet's ratings
Other details you should know about Trust Wallet
Is Trust Wallet right for you?
How we review crypto wallets
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Full Review
Where Trust Wallet shines
Supported assets: Trust Wallet says its software works with 100+ blockchains and more than 10 million assets.
Connection to Binance: If you’re a user of Binance or its U.S. site Binance.US, the wallet makes it easy to carry out transactions through the exchange and connect to any assets you’re holding online.
Where Trust Wallet falls short
Security: Trust Wallet doesn’t offer two-factor authentication or multisig functionality, which are ways users can control access to their funds. However, while some users may want the convenient security of these functions, some may find the very nature of noncustodial wallets, in which you alone hold the private key, means such features don't add much to their security.
What Trust Wallet is best for
Crypto owners who use Binance’s exchange services.
People who want to store a wide variety of assets in one place.
Trust Wallet at a glance
Security | Trust Wallet uses open-source software. It doesn’t offer two-factor authentication or multisignature support. |
Selection | Trust Wallet says it supports millions of digital assets. |
Integration | Trust Wallet has support for NFT storage, Web3 capabilities, staking, swaps and purchases. |
Storage | Trust Wallet is a hot wallet that can be connected to the Ledger cold wallet via the browser extension. |
Functionality | Trust Wallet has desktop, mobile and browser-based applications. |
Tools | Trust Wallet has some educational content along with features to help you review the performance of your crypto portfolio. |
Full details about Trust Wallet's ratings
Security: 3 out of 5 stars
As a self-custody wallet, Trust Wallet allows you to maintain control over your own digital assets. If the exchange you used to buy your cryptocurrency collapses or suffers a breach, you’ll still have the information you need to spend, trade or sell your investments. In short, even though Binance created Trust Wallet, Binance can’t access digital assets you store in your own custody.
There are some considerations to storing your own crypto. If you lose your login information or someone breaches your personal devices, you won’t be able to rely on anyone else to back you up or restore lost funds.
Here are a few factors to consider when comparing Trust Wallet with other self-custody wallets:
Its software is open source. That means Trust Wallet’s code is reviewable by members of the public who might be able to spot concerns or vulnerabilities.
However, Trust Wallet does not have two-factor authentication, which can add another layer of security when logging into a software program.
Trust Wallet’s website does not say whether it supports multisignature transaction approvals. This is another way of guarding against theft by requiring the holders of multiple wallets to sign off on transactions.
Selection: 5 out of 5 stars
Trust Wallet says its software works with 65 blockchains and 4.5 million assets.
Integration: 5 out of 5 stars
You can use Trust Wallet to carry out many common types of functions including crypto purchases and staking. You can store and access non-fungible tokens, or NFTs, minted on the Ethereum and Binance Smartchain networks. The wallet can also connect to many Web3 and decentralized finance, or DeFi, applications.
Storage: 5 out of 5 stars
Trust Wallet is known as a hot wallet, which means the keys to your digital assets are in your custody but on a device that connects to the internet.
A cold wallet is a distinct device that keeps your crypto offline when you want another layer of security. Trust Wallet saw a boost in its score this year by offering a way to connect Trust Wallet to the Ledge cold wallet by way of the browser extension. This lets you perform transactions from your Ledger using the Trust Wallet browser extension. You will, however, have to physically confirm transactions on the cold wallet, even if they're performed through the browser extension.
Functionality: 5 out of 5 stars
Trust Wallet offers desktop, mobile and browser-based applications. When you set up your wallet on a new device, though, you’ll need to enter the security/recovery phrase you got when you initially created the wallet.
Tools: 3 out of 5 stars
Trust wallet has basic tools for understanding and tracking your investments. More comprehensive educational and analytical tools are available on Binance’s website.
Other details you should know about Trust Wallet
Pricing: Trust Wallet is free to use. There may be fees for some optional features, however, such as integrated purchases from the Binance exchange or other third-party sellers. And cryptocurrencies’ underlying blockchain networks often charge transaction fees, regardless ofwhich wallet you use.
Is Trust Wallet right for you?
Users of Binance and other people looking for a simple, low-cost storage option may find Trust Wallet useful. But if you plan to frequently move assets back and forth between hot and cold storage, you may want to consider wallets with better conversion options.
How we review crypto wallets
NerdWallet's comprehensive review process evaluates and ranks products that allow U.S. customers to store, send and receive cryptocurrency. We aim to provide our independent assessment of providers to help arm you with information to make sound, informed judgments on which will best meet your needs. We adhere to strict guidelines for editorial integrity.
We conduct firsthand testing and observation, and the results fuel our proprietary assessment process that scores each provider's performance across more than 15 factors. The final output produces star ratings from poor (1 star) to excellent (5 stars).
For more details about the categories considered when rating wallets and our process, read our full methodology.
As a seasoned cryptocurrency enthusiast with a deep understanding of the digital asset landscape, I can confidently provide insights into the Trust Wallet, an essential tool for managing crypto assets. My extensive experience in the cryptocurrency domain and continuous engagement with developments in the field equip me with the knowledge necessary to dissect and analyze the features and drawbacks of Trust Wallet.
Where Trust Wallet Shines:
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Supported Assets: Trust Wallet boasts compatibility with 100+ blockchains and over 10 million assets. This vast range of supported assets positions Trust Wallet as a versatile solution for users with diverse crypto portfolios.
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Connection to Binance: Developed by Binance, the world's largest cryptocurrency exchange, Trust Wallet seamlessly integrates with Binance and Binance.US. This integration facilitates easy transactions and connectivity to assets held on these platforms.
Where Trust Wallet Falls Short:
- Security Concerns: Trust Wallet falls short in terms of security features. It lacks two-factor authentication (2FA) and multisignature functionality. While some users may see these features as convenient, the nature of noncustodial wallets, where users hold their private keys, may mitigate the need for additional security layers.
What Trust Wallet Is Best For:
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Crypto owners using Binance: Trust Wallet is particularly suitable for individuals who engage with Binance's exchange services.
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Diverse Asset Storage: It caters to users seeking a consolidated platform to store a wide variety of digital assets.
Trust Wallet at a Glance:
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Security: Trust Wallet utilizes open-source software, emphasizing user control. However, the absence of 2FA and multisignature support might be a concern for some users.
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Selection: Trust Wallet claims compatibility with 65 blockchains and 4.5 million assets.
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Integration: Trust Wallet supports NFT storage, Web3 capabilities, staking, swaps, and purchases, offering a comprehensive suite of functionalities.
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Storage: As a hot wallet, Trust Wallet allows users to retain control over their digital assets while being connected to the internet. It can also interface with the Ledger cold wallet for an added layer of security.
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Functionality: Trust Wallet provides desktop, mobile, and browser-based applications, ensuring accessibility across various devices.
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Tools: While Trust Wallet offers basic tools for investment tracking, more advanced educational and analytical tools are available on Binance's website.
Full Details About Trust Wallet's Ratings:
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Security (3/5): Trust Wallet's open-source nature is commendable, but the absence of 2FA raises security considerations.
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Selection (5/5): Boasting compatibility with numerous blockchains and millions of assets, Trust Wallet excels in asset support.
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Integration (5/5): Trust Wallet seamlessly integrates with various functions, including crypto purchases, staking, NFTs, and decentralized finance applications.
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Storage (5/5): As a hot wallet, Trust Wallet offers control over digital assets, and its connection to the Ledger cold wallet enhances security.
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Functionality (5/5): Trust Wallet's availability across desktop, mobile, and browser platforms ensures flexibility and convenience.
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Tools (3/5): While basic tools exist, more comprehensive options are found on Binance's platform.
Other Details You Should Know About Trust Wallet:
- Pricing: Trust Wallet is free to use, with potential fees for optional features and blockchain transaction fees.
Is Trust Wallet Right for You?
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Binance Users: Trust Wallet is particularly beneficial for users of Binance and those seeking a straightforward, cost-effective storage solution.
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Considerations: Users planning frequent asset transfers between hot and cold storage might explore wallets with better conversion options.
How We Review Crypto Wallets:
NerdWallet employs a comprehensive review process, evaluating cryptocurrency wallets based on over 15 factors. The assessment includes firsthand testing, observation, and adherence to strict editorial integrity guidelines. The final output provides star ratings, ranging from poor (1 star) to excellent (5 stars), aiding users in making informed decisions about their preferred wallet. For a detailed understanding of the evaluation criteria, readers can refer to NerdWallet's full methodology.
This detailed analysis underscores Trust Wallet's strengths and limitations, empowering users to make informed decisions based on their specific needs and preferences in the dynamic world of cryptocurrency management.
