Trust Wallet Review 2024: Pros, Cons and How It Compares
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Our Take
4.3The 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: Only basic offering of trading tools and educational content.
Table of Contents
NerdWallet rating 4.8 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 4.6 /5 |
Fees $0 per online equity trade | Fees $0.005 per share; as low as $0.0005 with volume discounts | Fees $0 |
Account minimum $0 | Account minimum $0 | Account minimum $0 |
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Full Review
Where Trust Wallet shines
Supported assets: Trust Wallet says its software works with 100+ blockchains and more than 10 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
Security: Trust Wallet doesn’t offer two-factor authentication or multisig functionality, which are ways users can control access to their funds. However, while some users may want the convenient security of these functions, some may find the very nature of noncustodial wallets, in which you alone hold the private key, means such features don't add much to their security.
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
Security | Trust Wallet uses open-source software. It doesn’t offer two-factor authentication or multisignature support. |
Selection | Trust Wallet says it supports millions of digital assets. |
Integration | Trust Wallet has support for NFT storage, Web3 capabilities, staking, swaps and purchases. |
Storage | Trust Wallet is a hot wallet that can be connected to the Ledger cold wallet via the browser extension. |
Functionality | Trust Wallet has a mobile and browser-based application, but lacks a downloadable desktop version. |
Tools | 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: 5 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. Trust Wallet saw a boost in its score this year by offering a way to connect Trust Wallet to the Ledge cold wallet by way of the browser extension. This lets you perform transactions from your Ledger using the Trust Wallet browser extension. You will, however, have to physically confirm transactions on the cold wallet, even if they're performed through the browser extension.
Functionality: 4 out of 5 stars
Trust Wallet offers mobile and browser-based applications, but to use it on your desktop, you'll have to use a browser extension, rather than download it. When you set up your wallet on a new device, 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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