- Trust Wallet is a user-friendly crypto wallet which gives users access to an eclectic variety of digital assets, and operates on iOS, Android and as a browser extension on Desktop.
- This decentralized and non-custodial application allows you to sell, swap and exchange your cryptocurrencies.
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Trust Wallet is a popular mobile cryptocurrency wallet that allows users to store, send, and receive a wide range of assets including NFTs and cryptocurrencies.
The digital wallet was created by Viktor Radchenko in 2017 and was acquired by Binance in 2018. Since then, it has become one of the most popular mobile wallets in the cryptocurrency space.
However, with the rise in online fraudulent activities and hacking, many users are understandably concerned about the safety of using Trust Wallet.
Scroll down to find out more about the safety features of Trust Wallet and know if it is the right choice for you.
Is Trust Wallet Safe to Use?
Trust Wallet is considered as a safe option to carry out your digital asset transactions. The platform uses various industry-standard measures to secure user data and transactions.
Since Trust Wallet is a non-custodial wallet, it means that the user is in complete control of their private keys. This is generally considered a more secure option than a custodial wallet, where a third party holds the user’s keys. However, it also means that the user is responsible for protecting their own keys and ensuring the security of their device.
The digital wallet also offers some other standard features such as passcode and biometric authentication. You can also use FaceID and TouchID to access your wallet.
Apart from this, Trust Wallet also provides a unique backup option called seed phrases to enhance security. This recovery phrase is a set of random words which is produced by your wallet which helps you to gain access to your digital assets across other decentralized wallets.
Users should make sure that they enable these security features and keep their seed phrase in a safe place, such as a hardware wallet or a secure offline location.
In addition to this, Trust Wallet is regularly audited and updated to address any security vulnerabilities that may arise. Therefore, it is important to keep the app updated to ensure that any security patches are instantly installed to keep your wallet safe.
However, it is worth-mentioning that Trust Wallet is a hot wallet which means it is connected to the Internet and could fall prey to phishing scams. Cyber criminals could easily gain access to your wallet by stealing your seed phrases. Once lost, you cannot get your funds back due to the decentralized nature of your assets.
Therefore, the safety of your wallets mostly depends on keeping your seed phrases and mobile devices safe.
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How to Keep Your Trust Wallet Safe?
Trust Wallet is generally considered a safe option for storing and managing your digital assets. However, as with any digital asset, users should take the necessary precautions to protect their private keys and ensure the security of their device.
Here are some steps you can take to keep your Trust Wallet safe:
Enable security features: Trust Wallet offers various security features such as passcode and biometric authentication. Make sure to enable these features to protect your wallet from unauthorized access.
Backup your seed phrase: Trust Wallet generates a seed phrase when you create your wallet. This phrase is a backup of your private keys and should be kept in a secure location. You can write it down on a piece of paper and keep it in a safe place or use a hardware wallet to store it.
Keep your devices secure: Ensure that your device is protected with a strong password or passcode, and avoid downloading apps or clicking on links from unknown sources. Regularly update your device’s software and security updates.
Beware of phishing scams: Be cautious of emails, messages or social media posts that ask for your wallet information or seed phrase. Trust Wallet will never ask for this information and you should never share it with anyone.
Check for app updates: Trust Wallet regularly releases updates to address any security vulnerabilities. Make sure that all the security updates are quickly installed.
Double-check transactions: Before confirming any transactions, double-check the wallet address and amount to make sure they are correct. Once a transaction is confirmed, it cannot be reversed.
By following these steps, you can help to ensure the security of your Trust Wallet and the cryptocurrencies you store in it.
Is Trust Wallet the Right Option For You?
Despite garnering positive reviews from the crypto community, Trust Wallet might not be the best option to keep your crypto and other digital assets safe as compared to other hardware wallets. It doesn’t offer users a cold storage which makes it susceptible to cyber attacks. Moreover, if you forget or lose your seed phrase, no customer support can help you get it back.
However, many customers appreciate the user-friendly interface of the mobile application and the wide range of crypto and blockchain varieties available on the platform.
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