Trust Wallet Review Australia: Is It A Reliable Crypto Wallet?
Hello everyone we are back with yet another crypto wallet review, Trust Wallet Review Australia to help our Australian readers know more about this leading crypto wallet
Cryptocurrency exchanges are strengthening their security procedures to ensure that the funds of their users remain safe in a digital world where there is a constant increase in online wallet hacks and major security breaching activities.
Despite taking all the necessary precautions and following all the good habits, it is always crucial to store your crypto asset holdings in a secure, swift, and reputable crypto wallet.
In the light of these scenarios, a lot of software wallet solutions come into the picture, but one of the most prominent online crypto wallets is the Trust wallet.
Trust Wallet Review Australia – Complete Wallet Overview
Trust Wallet is a very popular, easy-to-use, and multi-platform software wallet that comes with various security protocols to safeguard your private keys and other digital assets.
In this Trust wallet review Australia, we will discuss why Trust wallet is one of the leading wallets and could it be a right fit for you?
We will dive deeper into the technical aspects of this wallet to know whether it is as good as it sounds. So, without further delay, let’s get started.
Key Points On Trust wallet
In this Trust wallet review Australia, the various aspects of this leading wallet will be discussed and for there in this segment, we will look at the 5 key highlights of the wallet.
◾ Trust wallet was acquired by Binance in 2018. Binance is the world’s leading cryptocurrency exchange that allows its users to trade in hundreds of cryptocurrencies from around the globe.
◾ The decentralized structure of the Trust wallet makes it possible for its users to use the wallet without the need to share any personal data.
◾ Trust wallet covers over 40 blockchains in its support which makes it one of the most compatible wallets in the market with a total cryptocurrency coin support going beyond thousands.
◾ The recovery phase, touch ID, anti-phishing, and end-to-end encryptions are some of the most prominent security protocols followed by Trust wallet.
What Is A Trust Wallet Australia?
Trust wallet is an online crypto wallet that was developed to operate on the Ethereum blockchain but now has multiple currency support.
Trust wallet is one of the most convenient and easy user-friendly mobile crypto wallets. It entertains an open-source software structure and comes with support for other DApps.
Trust Wallet also allows its users to earn a sizable interest through the process of staking their digital assets.
It comes with many third-party integrations to allow its users to directly connect to a decentralized crypto exchange.
A wide range of crypto support for the Trust wallet makes it a fine choice for those investors who are willing to deploy a variable crypto portfolio.
Which Cryptocurrencies Can I Store On Trust Wallet?
Trust wallet supports over 40 blockchains due to which the total supported coins of Trust wallet are immense.
As per Trust Wallet Review Australia, The wide range of crypto support of Trust wallet allows it to support a whooping 1,60,000+ cryptocurrencies from around the world which is almost next to insane.
This immensely wide support of Trust wallet makes it an ideal choice for those who are willing to put extreme variety in their portfolio.
Also, whenever you find a new currency that is highly unlikely to be supported by any other wallet, you can always reach out to the Trust wallet.
Major coins supported by the Trust wallet include Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), Tron (TRX), and more.
Trust Wallet Australia Fees
Things get slightly interesting here as Trust wallet does not charge a wallet fee for its users.
Other than not charging a wallet fee, Trust wallet does not charge a coin swapping or DApps fee.
But if Trust wallet is not charging a wallet fee, does that mean it charges no fee at all? Trust wallets charge a basic blockchain fee that goes to blockchain support.
So if you are a new crypto user and have no plans to spend a fortune for a hardware wallet or pay a hefty fee for an online wallet solution, then Trust wallet is something that you can surely go for.
Trust Wallet Token
The trust wallet Token is a BEP-20 based token launched by the Trust wallet only as the holders of the Trust wallet token can avail some major benefit over the trust wallet application.
They get some discounts on the overall fee structure and trading off the coins.
The TWT holders can also avail a trust wallet exclusive user membership that allows them to vote on some of the major decisions that Trust wallet takes like any future updates and the things they want to change.
Other major benefits of holding TWT include discounts on using Decentralized applications over the Trust wallet.
Trust Wallet Review Australia 2022: Features
In this segment of the Trust wallet Australia review, we will discuss some of the most prominent features of the Trust wallet. Some of the key features of this wallet include:
Trust wallet allows the users to stake their digital assets and earn interest on it.
Staking the cryptocurrency creates new blocks which are added to the blockchain after the group agreement algorithm and that is why the generated revenue is shared with the user.
The users get coins if they stake and those coins can be used for new transactions.
The stacked coins are stored for a specified duration and once completed, they are added with coins earned as interest.
The staking is for those users who are willing to earn interest from their crypto holdings.
Decentralized apps (DApps)
This feature of the Trust wallet is one of the most widely used features in their mobile applications and has the potential to grow as their main USP.
Many DApps are being built on several platforms and many new DApps have already been added to the marketplace, making Trust wallet an important player in this DeFi space.
Various businesses are starting to use cryptocurrency and the users can get access to them for buying goods and services through this feature.
The Trust wallet examines and verifies each new DApps before bringing them to the platform to create a safe and secure environment for its users.
Efficient Back-up System
Many times our carelessness and our terrible memory make us forget some of the most important passwords or recovery methods, leading to a long and tedious recovery process.
This issue might also arise with your crypto holdings and to ensure a safe recovery process, the Trust wallet has an efficient backup system.
It offers a “twelve-word” recovery term that the user gets during the setup process called ‘seed’.
This term must be stored securely because it can recover the account’s access in case of any misadventure.
Credit Card Exchange
Many crypto exchanges even today don’t allow buying the coins using a credit card, thus making it difficult for the users who are willing to do so.
For that, the Trust wallet has collaborated with various payment networks across the globe for the smooth purchase of crypto assets.
providing a seamless experience to its users while transacting through their credit cards or debit cards.
Trust Wallet Australia History
As per our research for Trust Wallet Review Australia we found that Trust wallet was founded in 2017 by Maxim Rasputin and Viktor Radchenko as a purely Ethereum and ERC-20 based crypto wallet solution.
However, things took a wild turn when Binance, the leading trading exchange in the world, acquired the Trust wallet in 2018 and since then there has been no turning back for the Trust wallet.
Trust wallet moved from being the only ERC-20 based wallet to a wallet that supports 40+ blockchains as of today and more than 1,60,000+ cryptocurrencies, as claimed by them officially.
In 2020, Trust wallet launched its official cryptocurrency project called Trust wallet Token on BEP-20 or Binance blockchain.
Trust wallet Token is presently being used for delivering in-app advantages for its users and developing a major community that is loyal enough to hold on to this token in its dips.
Getting Started With Trust Wallet
In this Trust wallet review, we are providing a quick list of steps that one must follow while getting started with the Trust wallet.
- Download and install the Trust wallet application from the play store or the App store.
- After installing the application, select create a new wallet from the starting screen
- Note down the 12-word recovery phrase shown on the screen to use in case of any emergency.
- Verify that you noted down your seed phase as it is ‘The’ most important part
- Once the verification is done, you are good to go and can start using the Trust wallet.
How Do I Make Or Receive Payments With Trust Wallet?
To send or receive your cryptos over the Trust wallet, follow the following steps:
- Sign in to your Trust wallet
- Select the ‘Send’ button from your home screen.
- Paste the wallet address of the user you want to send your money to or scan their QR code
- Add the number of cryptos that you want to send.
- Click on the send button
To receive the payment, show your QR code to the sender and ask the sender to follow the above-mentioned process.
Trust Wallet User Experience
While checking various Trust Wallet Review Australia it is clear that The wallet provides a smooth user experience when it comes to their mobile wallet applications.
Trust wallet applications are designed to provide a clean, simple, swift, and a hassle-free user experience to their users.
The intuitive design, well-thought application structure, and innovative user interface enhance the overall experience of its users.
A continuous effort towards delivering a better user experience makes Trust wallet stand out from the crowd.
How Secure Is Trust Wallet
Even though online wallets can not be as good as a hardware wallet when it comes to the overall privacy and security terms, Trust wallet makes sure to take all the industry-standard security protocols to provide a safe, private, and secure online wallet experience.
Trust wallet makes sure to deploy end-to-end encryption for all the private keys of their users.
Additional and accurate face ID and touch IDs along with the traditional passcode access come as an additional layer of protection for the Trust wallet.
A thorough check before the induction of any DApps is conducted as an additional se4curity protocol.
Is It Possible To Hack Trust Wallets?
Asking this question is as similar to asking a question about whether Facebook can be hacked?
Theoretically yes, but when we see it practically a lot of security firewalls are in place to avoid any major information breach.
Trust wallet does not need any user information to operate and hence personal information can not be compromised on that aspect with end-to-end encryption in place it will take millions of years of constant brute forcing to crack them.
Thus the chances of getting an account hacked at Trust wallet are minimal unless the user leaks its passwords, seed phrase, or private keys from its own end.
What Are The Signs That Your Trust Wallet Has Been Hacked?
Seeing any unknown wallet transactions or any misbehavior from the end application could be a sight that should alarm a user.
How To Lower The Risk Of Your Trust Wallet Being Hacked
To lower the risk of getting your Trust wallet hacked, you can follow the following some of the following digital good habits:
- Using HTTPS over HTTP connections
- Avoid any suspicious website for any financial transaction
- Keeping your seed phrase to yourself
- Not leaking or sharing your password with anyone else
Trust Wallet Australia Pros and Cons
- No wallet fee in place and easy to set up
- Supports a wide range of crypto assets
- Maintain good security protocols
- Apps are available for both Android and iOS
- Provides end to end private key encryption
- Not for those users who want to avoid Binance completely
- Not the safest option out there in the market
Trust Wallet Contact And Customer Service
Trust wallet comes with a strong community of users who create an ever-helpful environment for new users.
Other than that, the users can also use the detailed help page curated by the Trust wallet team to solve simple queries.
You can also raise a ticket for your problems and they will respond to these queries within a quick time frame.
Trust Wallet vs Metamask Wallet
Trust wallet is a purely mobile-based crypto wallet on the other hand Metamask is a predominantly browser-based wallet solution trying its hand at mobile applications.
Another key difference lies in the availability of supported coins, as Trust wallet supports tons of blockchain projects while Metamask only entertains coins based on the ERC-20 blockchain.
Trust Wallet Review Australia: Conclusion
Trust wallet stands out as an online wallet solution when it comes to user experience, product pricing, and overall ease of usage.
If you are looking out for an online wallet that makes sending and receiving cryptos easy for you, then you can surely try Trust wallet.
Trust wallet allows you to stake your cryptos to earn some extra interest on them and the DApps compatibility opens a new dimension of opportunities in front of you.
We hope that this Trust wallet review Australia will help you to know more about Trust wallet and make an informed decision while selecting your next wallet.