One of the many benefits of using Trust Wallet is its wide range of supported cryptocurrencies. Unlike any other, Trust Wallet can be used to store more than 160,000 different assets. It supports nearly every Ethereum-powered token and thousands of Binance Smart Chain and Bitcoin tokens.
To make it even better, Trust Wallet also supports NFTs under the tab of ‘Collectibles’. This is not quite common amongst other wallets. Of course, the biggest cryptocurrencies like Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and Cardano (ADA) are also supported by Trust Wallet. Moreover, most of the supported Proof-of-Stake (PoS) cryptocurrencies are eligible for staking under the ‘Finance’ tab in Trust Wallet.
As we mentioned before, the founder of Trust Wallet built the wallet with decentralization on his mind. He wanted to give people back the benefit of being in control over their own funds. By doing so, Radchenko said that the power of controlling money should undergo a transition, from governments and banks to the people. So, he created a decentralized, anonymous, and efficient wallet that made cryptocurrencies more accessible to everyone.
Since Trust Wallet is a non-custodial wallet, you are the only one that has access to the private keys of your wallet. Even though there are people who consider this too much of a burden to carry, being in charge of your funds is better than letting a third party control them.
Other than being very safe, Trust Wallet provides numerous features for its users, and it does it perfectly. First off, the users of Trust Wallet can use the built-in browser to access thousands of DApps. The browser can also be used to buy NFTs from marketplaces like OpenSea or Rarible.
Moreover, similar to Exodus, Trust Wallet also has a built-in decentralized exchange. Having a built-in exchange is a necessary part of a non-custodial wallet since it makes swapping tokens for one another easier. For example, if a decentralized wallet does not provide an exchange, one is forced to move specific crypto multiple times to swap it for another, resulting in more fees.
Trust Wallet charges you no fees when swapping your coins or using the provided DApps. This makes it one of the few cryptocurrency wallets that do not charge any fees other than network fees. This is one of the biggest benefits when using Trust Wallet since you can practically exchange your cryptos instantly with no additional fees. Unlike centralized exchanges like Coinbase, Kraken, or even ByBit, swapping cryptos is practically free when using Trust Wallet.
Even though this may be considered as good by many, we at Crypto Academy are all about decentralization; and a fully centralized exchange owning a completely decentralized wallet just doesn’t sit right with us. For us, this makes Trust Wallet less credible. Nevertheless, Binance has claimed that they are seeking to slowly decentralize their entire platform. In 2019, Binance released the initial version of a decentralized exchange called Binance DEX. Until now, this DEX has seen considerable growth. At the time of writing, it has a trading volume of $3 million.
So, as for now, we believe that Binance owning Trust Wallet should be considered a drawback for this non-custodial wallet. However, since Binance has plans to create a decentralized network where it provides its users with the same services it does in its centralized exchange, our opinion might shift in the future.
One of the other limitations of Trust Wallet is the fact that it is only available for mobile devices. Its main competitor, Metamask, has the upper hand when it comes to this aspect. As of today, other than having a mobile app with a built-in DEX, Metamask also has a browser extension available, making it eligible to use with most browsers on desktop devices. This is something that Trust Wallet must consider in the future since it would greatly increase the level of control one has over their funds, being able to access them from their mobile phone as well as from their personal computer.