When we are new to this world of cryptocurrencies, it is essential to have a good wallet that suits our needs. However, the fear of the unknown can prevent us from knowing which of the many options to choose. It is natural for me to fall into a dilemma, which portfolio should I choose? Where you can not only store private keys, but also allow you to have a full experience: use dApps, decentralized exchanges, without leaving security aside. Right now we can count on Binance Trust Wallet.
Currently powered by Binance Trust Wallet, was originally conceived as an Ethereum wallet. Currently this wallet allows you to manage more than 40 different cryptocurrencies, with full support for tokens belonging to 12 chainsamong which we can single out Ethereum, Binance and Ethereum Classic.
Explore dApps without leaving your wallet
Decentralized applications (dApps) are a new way of interacting with the web, but in order to use them, you need to have a web browser plugin or extension that synchronizes our wallet with the application. However, Trust Wallet allows you to enjoy the dApps experience without leaving the platform environmentthanks to web browser integration with Web3 support, from where you will have a complete catalog with today’s most famous dApps. It also allows you to maintain an organized gallery of all the collectible tokens you acquire, such as CryptoKitties, MLB Champions, among others.
Complete control of your funds
Choosing a good wallet can be frustrating, but regardless of your preferences, you need one that prioritizes security. Trust Wallet gives us complete control over our funds. Thus, you will be the sole owner of the private keys of the crypto asset you manage in it, whether it is a token or a cryptocurrency. The funds will be supported by a BIP39 standard mnemonic seedwhich is created locally and without any data being stored inside the Trust Wallet server.
What confirms that my funds are safe?
First of all, since there are seeds of recovery, the responsibility for the safety of the funds is transferred directly to us, because we will be the guarantors of protection and preservation of the only existing way of recovery. Although some may ask, how do I know that the portfolio generation process is purely local? Well, given the Binance team’s commitment to the community, this wallet is entirely Open Source. Allowing users and security experts to audit and verify its operation.
The problem with very advanced portfolios is information saturation. While it’s great for advanced users to have all these options, for new and not-so-new users, the saturated interface can be annoying. That’s why Binance is Trust Wallet provides a clean and intuitive interface that does not leave security aside.
Trust the wallet features
- Open Source.
- Manage more than 40 different cryptocurrencies.
- Support for tokens from more than 12 different networks.
- Attractive and intuitive design.
- WEB3 browser integration, allowing you to explore dApps from over 7 different networks.
- It allows you to create a gallery to organize your collectible tokens.
Trust the wallet download and setup
For starters, and as a tip for any wallet you intend to use, always go to the wallet’s official portal to get authorized links. This way you avoid downloading fake apps that could steal our funds or save a copy of the generated recovery seed. Since there were already precedents, as in the case Atomic wallet.
To get official Trust Wallet links, we will go to yours director of the portal.
The download options we will have available are:
- Direct download for MacOS and APK installation for Android.
- Download from the Android or iOS app store.
Now you just need to install your app and run it. In our case it will be from an Android device. However, the setup process is the same for all operating systems.
Now we can start creating a new portfolio.
Create a new wallet in Trust Wallet
Creating a portfolio is quite simple. Let’s start from the previous image, which is the first thing we will see when we open the wallet for the first time. Here we will have two options that allow us to create a new portfolio or restore it from the recovery base. Since we want to generate a new one, we will press next Create a new portfolio.
The message we see on the screen is about the security we will provide to the recovery seed. Where we are suggested not to save backups online, as files in the cloud or inside our device, especially if you are connected to the Internet. Also, and as a tip, the safest way to protect your recovery phrase is to write it down on a piece of paper and keep it in a safe place.
In order to continue, we will have to check the box below, where we accept it If you lose your recovery seed, there is no way to get your funds back. from Trust Wallet.
In the next step, we will be shown a recovery phrase. The app will block all types of screenshots as a security measure. So you will need to copy the 12 words that make up your seed in an orderly manner. Then it will be necessary to confirm it in order to finally prepare our portfolio.
Now all you have to do is click Done and start using our Trust Wallet.
At this point we have a wallet ready to use. However, it is necessary to configure a security PIN that provides an additional layer of protection for our funds. Because every time you open the application, you will need to enter the specified code
If your device has biometric security, it will automatically configure itself after you set the security code.
To begin, we will have to go to the settings menu from the bottom menu via the following icon.
Next, we will turn on the switch for the Passcode option.
Now we will need to add a 6-digit security PIN. Avoid linking the security code you enter with your personal information as much as possiblebe it date of birth, social security number or any other.
The next step is to confirm the security PIN and with that we will have our secure application.
Explore Trust Wallet
Before we start using it, let’s take a quick tour of the different modules offered by Binance Trust Wallet.
At the first opening, we will meet in the section briefcase. From here we can see the cryptocurrencies and tokens we have. By default, at startup Trust Wallet will generate 3 wallets belonging to Ethereum, Bitcoin and Binance.
At the top of the Portfolio section we have Tokens and Collectibles, an organized gallery of the collectible tokens we acquired in the Dapp.
To add a cryptocurrency or token to your portfolio listing, you will need to click on the following icon.
When we open it, we will see a complete list of wallets that you can use in Trust Wallet.
To add, you just have to click on the plus symbol “+” corresponding to the selected crypto asset. If you want to remove any cryptocurrency from the list, just click on the minus “-” symbol.
Merge custom tokens
Trust Wallet has a fairly complete list of arguably the most popular ERC20, ERC721 and BEP2 tokens on the market, belonging to the Ethereum and Binance networks. However, within this wallet we can add custom tokens from 10 different networks in addition to the above. Among which stand out: Ethereum Classic, VeChain, Ontology and POA Network.
To add them we have to go to the end of the list of cryptocurrencies, where we will see the Add Custom Token option.
Here, first of all, we will have to select the network where the token we want to add is registered and click the appropriate button. Then we will have to provide its identifying information, such as: contract address, name, symbol and number of decimals it processes.
To finish, we will press the Done option, and if the information is correct, we will be able to see the token displayed in our portfolio.
One of the main attractions offered by Binance Trust Wallet is the ability to interact with dApps from the internal web browser.
They are organized by category, allowing us to discover the best and most popular dApps currently available.
Binance Trust Wallet’s internal decentralized exchange market is affordable and secure. However, it only allows exchanges between cryptocurrencies such as ETH or BNB and tokens supported by each network.
Receive funds in Trust Wallet
Receiving funds within Trust Wallet is quite simple. You only need to generate a public address corresponding to the cryptocurrency to receive.
In case you want to get a token, you can share the public address of the corresponding networkFor example: if you want to receive EtherCash, an ERC20 token, you need to share an Ethereum address. If, on the other hand, you need to receive BTCB, the BEP2 token, you will need to share a Binance address. This applies to all networks supported by Trust Wallet.
However, to avoid confusion, Every time you want to receive a particular token, go directly to its wallet and generate the corresponding public address. This way you avoid paying attention to which network it belongs to and which address you need to generate.
Now, to generate a public address, you will need to select the appropriate cryptocurrency or token from the Wallet module.
To copy your wallet you have two options: you choose the Copy button which will automatically add your wallet address to the clipboard, or you choose Receive.
Here you will be able to see, along with the public address of your wallet, its abstraction in a QR code. In addition to this, we will have options such as Set Amount, which allows, despite the redundancy, to set the amount to receive, which will generate a new QR code which, when scanned, will automatically enter the amount to send.
Upon receipt of the transaction, it will immediately appear in the transaction history within the selected wallet.
Send funds to Trust Wallet
Sending funds to Trust Wallet is not complicated at all. Let’s start by choosing the cryptocurrency or token we want to send. In our case it will be Ethereum where we will select the Send option.
To send, all you need to do is enter or scan the destination address along with the amount to send. As for the latter, it can be set either in a fiat currency that you have configured or in a token or cryptocurrency denomination.
Always remember to check that the amount and destination address are correct, as transactions are non-refundable.
To continue, we will have to click on Next where, before sending, Trust Wallet shows us the confirmation of the operation that we will perform. All you have to do is press Send and we will make a successful shipment.
Explore dApps and Trust Wallet
Without a doubt, being able to explore dApps without leaving your wallet is great news. This is because it is one of the main problems we face when using a traditional web browser to use a decentralized application is a lack of security and privacy. Because we can be victims of fake apps.
To try to avoid this, wallets love MetaMask tries to blacklist phishing or fake sites that want to take our funds. However, the vulnerability may still be latent, as new applications come to the market every time.
Consequently, Trust Wallet integrates its own browser that allows you to use decentralized applications without leaving the security of your wallet at any time. Keeping our private keys hidden and secure.
Another aspect worth highlighting is that from the Trust Wallet explorer itself, you can interact with dApps belonging to 7 different networks, among which Ethereum, Ethereum Classic and Callisto stand out.
That being said, we can explore the app market from the dApps menu in the bottom menu.
dApps are organized by category. However, you can search for the application of your choice from the top bar or enter the direct URL of its web portal.
Abir dApps and Trust Wallet
After choosing which dApps you want to open – in our case Compound – you need to click on it.
The first thing is to check that we are on the correct app network as such. To do this, in the upper right corner we will see a symbol corresponding to the network to which we are connected. Where in our case is Ethereum.
And with this, we can now use Dapp without any kind of exchange.
Decentralized exchanges in Trust Wallet
Inside Binance Trust Wallet we can find a completely decentralized exchange market, platform specific. However, this is a bit special: in the first case, you can only exchange between Ether and ERC20 tokens like BNB and its BEP2 tokens or between tokens on the same network. Direct exchange between cryptocurrencies is not possible.
Now, to access the exchange, you need to click on the DEX menu.
Here you will need to specify the pair to replace. You must keep in mind that you will only be able to exchange between cryptocurrencies and tokens from the same network.
In our case, we will choose to exchange ETH for WETH, an ERC20 token. We will enter the amount and click next.
To finish, it will be necessary to verify the exchange information. Note that in this exchange the charged commission corresponds to the network fee, since the process is executed directly in the smart contract. Once confirmed, we will be able to see the available funds in our portfolio.
Give your wallet back
Trust Wallet is a deterministic wallet, meaning it relies on recovery seeds to generate the private keys it stores. This seed consists of 12 words in Englishand it is the only means available to recover the funds you store in it.
So, if you want to recover your wallet, the first thing is to have a recovery source, then you need to install Trust Wallet and select the option I already have a wallet.
but, if your intention is to add a wallet on top of an existing one within the appyou need to go to the settings menu and select the Wallets option.
The list you see here corresponds to all existing wallets within the app. Now, to add a recovery seed wallet, you will need to click on the “+” icon in the upper right corner, which will bring up the initial screen you saw when you first opened the wallet, from where you will need to select the option I already have a wallet.
Here you will need to select the type of wallet to import. If in your case you want to fully introduce a wallet in which you have multiple currencies, select the Multi-currency Wallets option. Trust Wallet makes it easy to import a private key, public address, JSON file, or recovery phrase certain cryptocurrency or token.
In our case, since we will return the complete Trust Wallet, we will choose Multi-Currency Wallet. Where for import it will only be necessary to enter the recovery phrase, we click on import and we will have our funds available for use.
Conclusions about Trust Wallet
It’s worth noting how easy this wallet is to use. Once you install it, customizing it is quite simple and comfortable, even for users with little knowledge of cryptocurrency wallets.
Another interesting aspect is that you can not only manage cryptocurrencies, but also a whole range of tokens from well-known networks such as Ethereum or Binance and including 10 other different cryptocurrency networks.
Administration of dApps is another significant point. Not only because it allows us to integrate our own browser to give us more security, but also because it allows us to explore decentralized applications from other networks, an unusual aspect in multi-currency wallets in the current marketl.
As for the negative points, it could be said that there are none. Backed by giants like Binance, it’s a well-developed wallet that provides a very good user experience.
In conclusion, Trust Wallet easily gets 8.5/10 as a final rating. It does not achieve a perfect result because it is not fully cross-platform. But we can be sure that Binance is already working on that aspect.