Trust Wallet Review 2023: Pros, Cons and How It Compares
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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: No simple conversion to offline storage.
Table of Contents
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Where Trust Wallet shines
Supported assets: Trust Wallet says its software works with 65 blockchains and 4.5 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
Conversion: Trust Wallet doesn’t offer easy interoperability with a cold-storage wallet, which means users may have to take extra steps if they want to move crypto assets to a dedicated storage device that isn’t connected to the internet.
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
Trust Wallet uses open-source software. It doesn’t offer two-factor authentication or multisignature support.
Trust Wallet says it supports millions of digital assets.
Trust Wallet has support for NFT storage, Web3 capabilities, staking, swaps and purchases.
Trust Wallet is a hot wallet that does not offer easy connections to dedicated offline storage devices.
Trust Wallet has desktop, mobile and browser-based applications.
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: 1 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. Unlike some competitors, Trust Wallet does not offer a simple connection to cold wallets.
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 of which 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.
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