The concepts behind the cryptocurrency world may be so much to understand for some people. It is a good thing that innovators and developers continuously introduce tools to help traders and investors manage their account. One emerging app is Trust Wallet. It was acquired by Binance in July 2018 and has grown into popularity and is now being utilized by more than 5 million users worldwide.
If you are interested to know what makes people want to learn how to use Trust Wallet, read this article about this app’s powerful capabilities. Read a guide on how to use it on the latter part, too.
Trust Wallet Explained
Trust wallet is a mobile app that helps traders and investors manage their crypto finances. With all the complexities of the crypto technology, this tool is dedicated to help storage and transactions simpler. Here are its key capabilities and the reasons why you should learn how to use Trust Wallet.
Trust’s Universal wallet supports at least 160,000 crypto currencies including some of the most in-demand coins like Bitcoin, Ethereum, and Ethereum Classic. It has the capability to store, send, receive, and even trade these currencies while offering the convenience of having the need for just one account.
Secure Your Own Private Key
The usual catch of crypto currency management applications is that they also manage your private keys. Well, with Trust wallet, you can keep transactions completely decentralized by having wallet full control of these access keys.
How can this be possible?
No one has the access to your private keys but you. Whenever these keys are being asked to complete a transaction, the Trust Wallet approves the transaction on your behalf, but the keys do not really leave the app. Only when you have to do a recovery that these keys will be derived using an industry standard operating procedure. So if you want these keys to remain as private as it is, handle it carefully! No one from the backend team and infrastructure will get a hold of it.
Completely Decentralized Transactions
We have a sneak peek of this point already. Because you are the one who only have access to your private keys, you can maintain transactions decentralized, too. That is, you can trade directly.
So what is the role of Trust Wallet in these transactions? Picture it like this: when you buy a house and lot from an owner, this is called a decentralized transaction, too, right? Because you do not have to deal with a middleman. However, your can opt to do such a transaction in a meeting place – a bank, or a private reservation in a restaurant. That is the role of Trust Wallet. It serves as the venue for traders to meet where they can do an exchange.
This may surprise you, but even big cryptocurrency exchanges do not always offer credit-card payments to buy in crypto assets. An example of this is Coinbase. In Trust Wallet, however, you can conveniently do this. With any VISA or Mastercard credit card, you can buy Bitcoin for a minimum value of 50 US to 20,000 USD.
Using Trust Wallet
Here is a guide on how to use trust wallet from downloading the app to making your own transaction.
Download the App
First and foremost, you have to install the Trust Wallet app into your mobile devices. Currently, it is available in both iOS and Android operating system. Get these in App Store or Google Play.
Create an Account
Once you have installed the app, the next step to learn how to use Trust Wallet is to create your own account. Open the app and select “Create a new wallet” to start this process.
Next, you have to key in your recovery phrase. This phrase is so important, just in case you lost your access to your private keys, this will allow you to instantiate the recovery phase and derive the lost keys. If you forget this, there will be nothing else to help you to regain your access. Write it down and keep it in a secure place if you must.
After typing your recovery phrase, a verification process will start where you should type it again in the correct order. Once verified, the account creation process is completed.
Set-up a Trust Wallet
To set-up your Trust Wallet, first you must choose your FIAT currency. By default, the FIAT currency is in US dollars. Should you need to change this, do the following:
- Go to SETTINGS.
- Click CURRENCY.
- Scroll between the available Fiat currencies and choose.
You may also configure the following in SETTINGS, too:
- Enable Notifications
- Click the PUSH NOTIFICATION.
- Select ALLOW PUSH NOTIFICATION.
- Select Transaction Speed
- Click TRANSACTIONS
- Click TRANSACTION COST
- Choose your preference between CHEAP (low speed, low cost), FAST (high speed, high cost), or REGULAR (middle between speed and cost).
Receive Coins in Trust Wallet
To be able to receive crypt coins in your Trust Wallet, you must first recover your wallet address.
- Go to WALLET tab.
- Click the coin currency of the assets you wish to receive.
- See the status of your account on the next page.
- Click RECEIVE and acquire your wallet address.
Conducting Trust Wallet Transactions
To conduct a transaction and learn how to use Trust Wallet, do the following:
- Go to WALLET tab.
- Click the subject of transaction.
- Click SEND.
- Add the receiver’s wallet address.
- Type the Amount.
- Complete the transaction.
Management and security assured – that is the edge of the Trust Wallet. With Binance as the app owner, we can only expect more innovations and helpful features that can possibly change the crypto trading landscape.
With the guide you have read above, you can experience yourself how to use Trust Wallet. Let it make trading life simpler for you. Learn more about Trust Wallet here!