Trust Wallet Logi🅝 : Trust Pros, Co🅝s & Features
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 Trust wallet.
Top 5 supported cryptocurrencies:-
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 wallets.
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 its 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 records on the respective blockchain. Therefore, it is possible for a person or group’s identity to be traced back to a wallet.
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 wallets 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.