What is a crypto wallet?

A crypto wallet is equivalent to a wallet where we can leave the private keys of our cryptocurrencies and be the only responsible and owner of them.

There are two types of wallets: custodial and non-custodial.

With the former we delegate responsibility for our private keys to a third party. In fact, we do not retain ownership over our currencies, although we may use them.

The second type, on the other hand, leaves us with full responsibility for our private keys and related currencies, with the attendant risks and benefits.

Understanding the diversity between these two wallets is essential to be clear about the rights and duties we will have over our digital currencies.

"Not your keys, not your coins - Andreas Antonopoulos"

How to create a cryptocurrency wallet

To create a new Trust Wallet we will first need to download the application from Google Play or the Apple App Store, depending on the operating system supported by our smartphone. Having done this step we will be able to log in and click on Create New Wallet, that is, create wallet.

Once this is done, we will display the 12 words that make up seed phrase. They are necessary to be able to connect our wallet on other devices, or to restore it in case of account loss.
The 12 random words given by the application are to be written in the exact order in which they are given to us.

Please note: the storage of the 12 words is crucial, in Trust Wallet as well as in any other application with which we decide to create a wallet.
Be sure to keep them safe, possibly offline and protected from cyber attacks. Remember that if another person were to get hold of your seed phrase they could get into and steal all of its contents irreparably.

The words can also be represented through a QR Code, which will have to undergo the same security rules.

Once the seed phrase has been written, the application will ask us to enter the words in the given order, so as to confirm that they are stored.

By confirming, we will access and finally be inside its application.

In the following image, we see the screen that should appear after we open the app for the first time.

Trust Wallet: how to import an old wallet

If you already have a Trust Wallet and want to import it to your device, you will need to click under the Create a new wallet button, on the words I already have a Wallet.

Once inside this section, we will need to select which type of wallet we want to import. If it is a Trust, you will only need to re-enter the 12 words of the seed phrase, or scan the QR code saved earlier. When the operation is done you will be back in the old wallet and find all the coins that were deposited inside.

Of course, Trust Wallet gives us the possibility to import wallets of other types, through backup phrases, JSON keystore or private key.

Trust Wallet application: mobile home screen

In this section we are going to display the main screen of Trust Wallet from mobile, as well as define the individual keys that make it up.

The Trust Wallet homepage immediately looks very intuitive.

We find the Send and Receive options, which will precisely allow us to send and receive all cryptocurrencies supported by this wallet.

Space then goes to the Buy function, with which we will be able to buy coins directly from the app. Let us specify that since the service relies on external companies such as MoonPay or Simplex, the fees will be very high compared to the more complicated market purchase through an exchange.

Under these three main functions, here we will be able to view the cryptocurrencies supported by the wallet, along with the current market price. Here we will also find those held in our personal wallet.

At the top left we have the classic bell that will alert us of any notifications; at the top right, a kind of abacus allows us to select which currencies we want to display (or not) in our home.

In the middle we find Tokens, Finance and Assets.

The Token screen is where we display our coins.

The Finance screen, on the other hand, allows us to put staking access and receive an APR on our coins.

Finally, Asset allows us to deposit and receive NFTs tokens purchased on the Ethereum network.

Finance: staking your assets

Let us delve deeper into an interesting option, namely the one accessed by clicking on the Finance tab.

Through this function we will be able to stake our coins, so that we can earn an annual interest on the amount of tokens deposited. The interest will be paid to us with the token from the platform itself.

So let’s see how to staking our cryptocurrencies on Trust Wallet.

From the Wallet menu it will be possible to click the Finance button, located at the top center. This will allow us to see which coins we can earn passive interest by staking them on their native chain.

Note: The annual interest we will receive is highlighted in green.

If we click on individual cryptocurrencies instead, the application will take us to the screen depicting the particular coin; clicking on the More button will open a drop-down menu. At this point we select Stake, the amount of coin on which we want to receive interest, and the validator that will take care of creating the node to validate network transactions.

We can change the validator by clicking on its name and then selecting the one we prefer from the available list.

Once we have determined who will be in charge of our staking and the amount of coins to bind, we can continue to the top right; on the next page we will see a summary on the information for this operation. We scrupulously check and, if all is well, confirm.

DApps: interact with decentralized applications.

In the DApps window it will be possible to link our Trust Wallet to decentralized applications that support it.

We will then be able to spend or use the coins deposited in the DApps visible on the list, as well as invest.

To connect to these applications we can go through the DApps section, or connect the wallet directly by clicking on Connect Wallet, which is present in all the various options.

Obviously, if the chosen DApp does not support Trust wallet it will be impossible to connect it.

DEX: exchange your cryptocurrencies.

In this window we will be able to exchange the tokens present in our Trust Wallet.

There are two possibilities: a simpler one and a slightly more complicated one.

The first is Exchange, which will allow us to exchange one coin for another at market, that is, at the price that the two coins have at that particular moment. This will make it much easier and immediate, but also economically unfavorable in case we want to buy the coin at a lower price.

The second type of exchange can be used through the Exchange option.

Thanks to this second function we can set up a limit buy or sell, thus defining the exact price at which we intend to make the transaction. This will allow us to set the order at the desired price and not have to wait for it, as the application will do the exchange automatically. This is a slightly more complex method, but one that offers the possibility of being more varied in our exchanges.

By clicking above the names of the respective coins, either in the Exchange function or in the Exchange function, we can change the coins we intend to trade with.

Settings: customize your wallet

The settings are also quite intuitive. For the sake of completeness we are going to list and explain them briefly:

• Wallet: button that will give us access to our wallets, as well as add others, rename them, export the public keys of the account and show the seed phrase (in case we want to make a backup);
• Night mode: classic dark mode that allows us to make the background of our app dark;
• Security: allows us to set a passcode for our app (6-digit passcode or fingerprint);
• Push notifications: to enable or disable notifications sent by the app;
• Preferences: we can change the reference currency in which we display the value of our coins;
• Price alerts: allows us to receive notifications if the coins we have deposited in our wallet undergo strong upward or downward movements;
• WalletConnect: allows us to connect to other DApps that do not support Trust Wallet;
• Help Center: we can find a series of guides that will help us in the use of Trust wallet, as well as FAQ, the most frequently asked questions;
• Socials: by clicking on each symbol, the application will take us to the various Trust Wallet social accounts.

Money management on Trust Wallet

Let’s quickly answer two questions about withdrawals and deposits.

First, how to deposit money on Trust Wallet? The operation is really simple, but it should be noted that we can only deposit cryptocurrencies and not euros, dollars or traditional currencies on this wallet.

We buy coins and tokens of our interest on classic centralized exchanges (like Bitget, click to sign up with great benefits!). That done, we withdraw from the exchange to our Trust Wallet: we only need to check the compatibility of the application with that particular cryptocurrency, and then provide the address. If in doubt, see our guide on wallets.

Conversely, how to withdraw money from Trust Wallet? Very simple: we go the reverse route by turning over the cryptocurrencies we wish to sell on an exchange with which we have opened an account. We sell the crypto and select the desired euro (or other fiat currency) withdrawal option. Again, our exchange tutorials come to your aid: we explain everything!

Please note: selling cryptocurrencies and getting fiat currencies back is a cashout transaction that may be subject to a tax. See our guide on cryptocurrencies and taxes to learn more.

Last super touted question: how to buy on PancakeSwap using Trust Wallet? Nothing could be easier:

• Let’s connect to the platform;
• Following our advice from the guide just shared, let’s buy the cryptos we want. Very simple indeed!

Tips for proper use of a wallet crypto

As we mentioned, safety and caution can never be too much when it comes to wallets, especially when they belong to the non-custodial category.

Here are some tips we can give regarding securing your cryptocurrencies through the use of a wallet:

• Update the wallet directly from the official application;
• Set a different password/pin for each wallet;
• Beware of phishing emails;
• Keep the seed phrases written on a paper whose location we know well, placed in a safe place;
• NEVER GIVE YOUR SEED PHRASES TO ANYONE, not even to supposed members of the wallet team itself-they would never ask for them!

Is Trust Wallet safe?

By itself, Trust Wallet is a crypto wallet that guarantees high security standards. As is often the case, problems can arise from the dangerous behaviors of the holder; therefore, we recommend that these points be respected:

• As we said earlier, save the seed phrase on a physical medium and keep it safe in at least two different places so that you have a backup;
• Do not share the seed phrase with anyone;
• Sign transactions only on reputable platforms, avoiding exotic portals;
• Pay attention to suspicious links, counterfeit platforms and so on;
• More generally, operate with utmost caution.

By following these simple rules, we can rest easier and let Trust wallet keep our crypto assets safe.

For U.S. users: is Trust wallet tracked by IRS?

Short answer: no.

Trust Wallet does not provide any data to the IRS. It is up to the owner of the crypto assets to pay any taxes according to applicable laws. We recommend that you also inform yourself properly through a professional to be sure that you are always in compliance.

Final Thoughts on Trust Wallet

We conclude by saying that Trust Wallet is perfect for all users who want to deposit and keep their cryptocurrencies safe on a mobile wallet.

In fact, it stands out for its immediacy and ease of use, as well as the various features that allow the exchange and purchase of cryptocurrencies without having to use external sites.

Trust Wallet works perfectly for those who do not wish to access too many applications, or for those who want to have all their crypto at their fingertips without resorting to a PC.

The limitation-not limitation-of the application is its poor presence in several DApps, a problem partially solved by the WalletConnect feature, which, however, remains not up to par with some competitors.

Another limitation to note is found in the number of coins present on the application. Comparing Trust Wallet with other competitors, we will notice that some interesting currencies are missing.