Several exchange platforms are facing insolvency risks, the bear market not helping. Also, it is natural to dwell on the reliability of the tools allowing you to keep your cryptos in the safest way. The Binance Trust Wallet seems to provide a solution to this problem. However, can we really trust it?
What is Trust Wallet?
The wallet is the essential to have to hold your cryptos. Hots wallets such as Trust Wallet make it possible to store hot private keys with permanent access to the internet.
Launched in 2017 by Viktor Radchenko, it was in 2018 that it became Binance’s official wallet. Trust Wallet is a non-custodial wallet where cryptos and NFTs can be kept.
The wallet comes in the form of a mobile application and provides access to different blockchains. To this end, it positions itself as a bridge between crypto traders and blockchains. Thus, these are available once the application has been downloaded.
In addition, the wallet has an integrated DApp browser that opens access to DeFi. Also, users have access to DApps such as OpenSea, PancakeSwap, or Uniswap without leaving the Trust Wallet interface. In addition, stacking, exchange and trading services, crypto purchases are available within the Wallet.
A flawless wallet?
Trust Wallet is an open-source wallet. Therefore, no personal data is collected or stored. The fact that it is non-custodial is a first guarantee of security. Also, it is ideal for storing digital assets over the medium term.
Accessibility to the wallet is subject to enhanced security since it is done via a PIN code and a biometric scan. In addition, backup features are also available. Thus, both the portfolio and the assets can be recovered.
With Trust Wallet, the user is in control of managing and keeping their keys. In other words, he has full control and can use it as he wishes.
However, as with any internet-related application, Trust Wallet is exposed to the risk of cyberattacks from the platform in general and from the user in particular. This risk is not specifically linked to this portfolio which, it should be noted, is subject to regular audits.
Although there is no zero risk, the reliability of Trust Wallet is undoubtedly one of its strengths. It is a non-personal wallet where the user has their cryptos and keys as they wish. On the other hand, we can never say it enough: do not share your keys under any circumstances and keep them in a safe place, preferably on paper. And for security enthusiasts, hard wallets remain the most optimal solution.
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