Trust Wallet Review 2022 | #macos | #macsecurity | #education | #technology | #infosec



Type of wallet Non-custodial software-based hot wallet available for Apple Silicon computers and mobile devices running iOS and Android
Price  Free 
Fees  No transaction fees, but users are responsible for network fees and a 1% fee for purchasing cryptocurrency 
Number of cryptocurrencies supported  Over 1 million, including Bitcoin, Ethereum-based tokens, and Binance BEP-2 tokens 
Bitcoin and Ethereum supported?  Yes
Earn (staking/rewards)  Yes 
Customer Service  Self-help center and ticket system for e-mail support 
In-App Features  Buy cryptocurrency and NFTs through third-party providers; send and receive cryptocurrency and NFTs with other users  
Hardware Compatible  No 
SPV or Full Node  SPV 
Mobile App  Yes – Available on iOS and Android 

Pros Explained

  • Supports over 1 million cryptocurrencies: Trust Wallet supports a multitude of cryptocurrencies and NFTs on several blockchains, including Bitcoin, the Ethereum Main blockchain, and the BNB Chain (formerly known as the Binance Smart Chain).
  • Convenient setup and use on smartphones: Setting up a new wallet or migrating to Trust Wallet takes minutes, and can be restored using a 12-word secret phrase.
  • Easy to buy and stake cryptocurrency directly in the wallet: Cryptocurrency can be purchased from six different providers, with interest-earning staking available for 12 coins.

Cons Explained

  • No ability to recover lost accounts through customer support: Wallets can only be recovered using the 12-word secret phrase.
  • Susceptible to social engineering and phishing attacks: Scam decentralized app websites and fake customer support scams may result in a users losing their stored cryptocurrency.
  • Limited usage with web-based decentralized apps through popular browsers: Trust Wallet does not integrate with mobile browsers, forcing users to engage with decentralized apps using the built-in web browser. 

Features

The key feature of Trust Wallet is its versatility across blockchains. With one app downloaded to a smartphone, users can send and receive Bitcoin, Ethereum-based coins and non-fungible tokens (NFTs), and cryptocurrency and NFTs on the BNB Chain (formerly known as the Binance Smart Chain). As a result, the wallet supports over 1 million tokens, while allowing users to purchase many different cryptocurrencies through third-party providers Mercuryo, MoonPay, Ramp Network, Simplex, Transak, and Wyre. 

Trust Wallet also allows users to earn interest on their cryptocurrency by staking directly from their wallet. Currently, 12 tokens are available for staking, including BNB, Cosmos, and Tezos. 

New users can also migrate their current wallets to Trust Wallet. Those who have accounts with MetaMask or MyEtherWallet can backup and import wallets using their secret recovery phrase, keystore file, or private key, or import using a public key to see the balance in a wallet. 

Top 5 supported cryptocurrencies:

  • Bitcoin
  • Ethereum
  • BNB Coin
  • Litecoin
  • Solana

Security

Although Trust Wallet’s biggest advantage is in flexibility, its major disadvantage may be in security. Each wallet is secured by a 12-word secret phrase and accessible on mobile devices and Apple M1-powered computers using either a PIN or biometrics (like a face scan or fingerprint). Currently, however, Trust Wallet does not support multi-factor authentication, meaning users can’t set up a confirmation code to email, text message, or authenticator app to protect unwanted log-ins to their wallet. 

While limiting access to smartphones and certain Mac computers makes it more difficult to access a wallet, anyone who can steal the device and PIN or get the 12-word secret recovery phrase through phishing or other social engineering attacks can ultimately set up their own copy of the wallet and steal any cryptocurrency held in it.

Privacy and Anonymity

One area Trust Wallet embraces well is the privacy and anonymity of their users. Because the app is decentralized and user-controlled, users do not have to share any personally identifiable information when they get started. The only time they will have to potentially provide information about themselves (like name, address, and government-issued ID) is when they purchase cryptocurrency from one of their partners. 

While cryptocurrency transactions are more anonymous than traditional banking transactions, it’s important to note that sending and receiving cryptocurrency using Trust Wallet is pseudonymous. While identities are not disclosed, all transactions are public record on the respective blockchain. Therefore, it is possible for a person or group’s identity to be traced back to a wallet. 

Setup 

Getting Trust Wallet setup is a very easy process, and starts by downloading and running the app. After installing and opening the app, users will be prompted to either import a wallet or create a new one. 

Users who want to import their wallet from MetaMask or MyEtherWallet can migrate their data in one of three ways. MetaMask users can use their seed phrase to migrate to Trust Wallet, while MyEtherWallet users can move using their keystore file or private key. In both cases, it’s recommended wallet holders create a backup of their information before attempting a migration.  

Those who are setting up a new wallet will be prompted to accept the terms of usage and get their 12-word secret recovery phrase. After saving it, new wallet users will be prompted to input that recovery phrase in order to ensure they have it. Once complete, the wallet will be ready to use. 

Usability

Although Trust Wallet is built primarily for mobile devices, it is also available for newer Apple Mac desktop and laptop computers running the Apple M1 chip. It is not available for older Apple Mac platforms or Windows PCs. 

Desktop

Trust Wallet for Apple Mac desktop and laptops running the Apple M1 chip is available using the App Store. Users can search for the app in the store, and download it directly to their computers. The interface is exactly the same as the mobile app, with the exception of being able to connect with decentralized applications (DApps) through their browser of choice. Instead, Mac users must use the Trust DApp Browser within the application. 

Mobile App 

Even though Apple M1 Mac users can access Trust Wallet on their computers, the wallet was primarily built for smartphones. The app is available in both the Apple App Store and Google Play store, billed as the “official crypto wallet of Binance.”

On the App Store, Trust Wallet has a rating of 4.7 stars out of five, based on more than 171,000 ratings. In Google Play, the app holds a 4.6 stars out of five rating, on nearly 1 million reviews. Negative reviews in both stores note how easy it can be to lose cryptocurrency due to a social engineering attack, difficulty in sending tokens across the correct blockchains, and glitches when trying to send cryptocurrency to an exchange-based wallet for fiat conversion and withdrawal to a bank account. 

Customer Service

As with most decentralized and non-custodial wallets, Trust Wallet’s customer service severely limited. Users are directed to a self-help center and community forum to find the answers to most questions. If the answer isn’t in one of those two sections, users can also reach out to Trust Wallet for assistance using a ticketing system on their site for direct email support. 

In the case of Trust Wallet, customer aid is limited to technical issues while navigating the app or sending cryptocurrency from one wallet to another. Because the company does not collect user information, it is impossible for the customer service team to help individuals recover their PIN or 12-word secret phrase to access their account. In addition, if a user attempts to send coins across blockchains, those tokens can get lost forever, and customer service cannot assist in getting them back.   

Cost & Fees 

There is no cost to download and set up Trust Wallet, and the setup process only takes a few steps. This doesn’t mean Trust Wallet is completely free to use, however. When sending cryptocurrency and NFTs from Trust Wallet to another wallet or smart contract, users will be responsible for paying gas fees associated with the transaction. Users will also be required to pay fees when purchasing cryptocurrency from one of the six third-party providers. Trust Wallet also charges an additional 1% fee on crypto purchases made through their app, but is waived for those who hold the app’s proprietary TWT token in their wallet. The currently published fees are: 

  • Mercuryo: 3.5% when buying with a credit card
  • MoonPay: 1% when buying with a bank transfer, 4.5% when buying with a credit card, or $3.99 minimum, whichever is greater  
  • Ramp Network: 2.9% fee on credit and debit card transactions
  • Simplex: 3.5% fee on credit and debit card transactions or $10, whichever is greater
  • Transak: 5.5% fee on U.S. Dollar credit and debit card transactions, minimum $30 per transaction 
  • Wyre: 2.9% fee plus $0.30 on credit or debit card transactions or $5, whichever is greater

Final Verdict

Unlike other cryptocurrency wallets, Trust Wallet truly stands out for supporting over 1 million coins across multiple blockchains. By limiting access to mobile devices (and Apple Mac computers with the M1 chip), the app wants to reduce the chances of attacks, and allow users to incorporate cryptocurrency into their everyday life. For those living in a place where crypto payments are being accepted by more users, or want to hold a multitude of coins in one place, Trust Wallet has a lot of upside.

But those on either side of the spectrum may find themselves frustrated with the interface. New cryptocurrency users will get frustrated with the high fees for buying cryptocurrency and lack of customer support, while experienced traders may not like the limited ability to connect with dApps to exchange cryptocurrencies or trade NFTs.

Methodology

One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets. 

Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.



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