Choosing a cryptocurrency wallet is an eternal problem for crypto users. Today let’s analyze one of the popular wallets on the market – Trust Wallet: how it’s set up, what are the features, and what you need to start working. We’ll also look at a few ways to withdraw cryptocurrency from this wallet.
Let’s go!
What is Trust Wallet?
Trust Wallet is a hot wallet owned by Binance to store and send cryptocurrency. The wallet offers additional functionality, like stacking, a built-in browser for dApps, and a cryptocurrency converter, in addition to supporting hundreds of assets over 62 different networks.
Theoretically, Trust Wallet is a cross between a hot wallet and a non-custodial wallet: on the one hand, the service does not retain your access seed phrase, and on the other, it offers previously registered addresses for different networks.
Important: Trust Wallet is exclusively a mobile wallet and is available as an app for iOS and Android. There is no desktop app or browser extension. Keep this in mind before you start.
The majority of dApps across different networks support Trust Wallet, which is one of the most widely used and well-liked wallets available along with MetaMask. With it, you can easily access DEX, lending platforms, blockchain games, and other decentralized apps.
Benefits of Using Trust Wallet
Trust Wallet has gained its popularity due to a number of advantages that most other services do not have:
- Combination of hot wallet convenience and non-custodial security – although Trust Wallet offers addresses on various networks, you need a seed phrase stored on the user side to access them.
- DeFi integration – Through Trust Wallet, the user can connect to decentralized exchanges and lending platforms on supported blockchains directly in the mobile app.
- Multi-chain – Trust Wallet supports 62 different networks, including top blockchains, popular L2 solutions, sidechains, and lesser-known networks like Kin and GoChain.
- Integrated services for buying and exchanging cryptocurrencies – the wallet is integrated with several rump-on platforms, which support buying cryptocurrencies for fiat currency, and has a DEX converter, through which you can exchange coins without withdrawing them from the wallet.
Other advantages include a simple and intuitive interface, integration with some Binance services, and impeccable reputation – Trust Wallet has never been hacked.
How to Use Trust Wallet?
Trust Wallet is easy to use, so it will be a good option for beginners. To start using the wallet, all you need to do is:
- Download the smartphone app from AppStore or Google Play.
- Register a new wallet. To do this, after opening the application click on Create a new wallet.
- Next, you will see the seed phrase – this is the only way to access the wallet. Write the phrase down on a sheet or copy it.
- Pass the seed phrase check. You need to enter the words in the same order as you copied in the previous step.
- That’s it, now you have a cryptocurrency wallet. More precisely, there are 62 wallets in different blockchains packed into one handy application.
- After registering, you will see the main screen with the default coins like USDT and ETH added.
Trust Wallet displays 2 groups of assets (available at the top of the screen):
- Tokens – the same list of coins seen on the main screen. You can edit by adding or removing the desired tokens.
- NFTs – This is the section for displaying NFTs. It is not yet complete, so it simply takes users to the OpenSea site.
In addition to the coin list, you’ll see 4 tabs at the bottom of the screen:
- Wallet – This is the main screen we get to after launching the app. It displays the list of available assets, the exchange menu, and all the things we have already looked at.
- Discover – this displays the native tokens of the DeFi-platforms, as well as the coins available for staking and lending services. The APR is displayed in front of the assets for staking.
- Browser – built-in browser for decentralized applications. The applications are sorted by functionality (DEX, lending, etc.). You can connect to the desired platform directly in the application with automatic authorization of the wallet.
- Setting – the settings of the application. Here you can enable notifications about price changes of the tracked assets, turn on/off night mode, add ways to protect your wallet on your smartphone, etc.
At the top of the screen, you can also see the Send, Receive, Buy, and Swap buttons.
Swap is a built-in converter for the decentralized exchange of coins with Binance DEX liquidity. You can quickly swap from one asset to another. The converter is multichain, but not cross-chain, meaning that only coins running on the same blockchain form exchange pairs. There are relatively few exchange pairs.
Let’s break down the Send, Receive, and Buy buttons below.
Import Wallets
If you already have a registered wallet in one of the supported Trust Wallet networks, you can import it via a seed phrase:
- Click on “I already have a wallet” when you first log into the app.
- Or, after registering in Trust Wallet, go to Settings, and then click on Wallet in the upper right corner and select the desired wallet to import:
- Next, just enter the seed phrase of the wallet and your assets will appear in the Trust Wallet app.
How to Send and Receive Currencies
To send and receive cryptocurrencies, use the Receive and Send buttons on the start screen. To receive a transfer:
- Click on Receive on the start screen.
- Choose the desired token and network.
- You’ll see the address of the wallet to which you want to transfer and send the cryptocurrency to it.
- You can also scan the QR code for direct deposit from another purse with a built-in QR scanner.
An alternative way: first choose the desired token on the start screen and immediately get a top-up address in its window or initiate the transfer.
How to Deposit and Withdraw Money from Trust Wallet
Depositing
The way to top up Trust Wallet depends on whether you already have the purchased cryptocurrency or not:
- If you have, go back to the previous section. Get the address of your Trust Wallet and transfer the assets from the service where you have them now.
- If not, we will click on the Buy button on the start screen. Trust Wallet is integrated with several cryptocurrency buying services for fiat, including Moonpay, Ramp, Binance Connect, and others. When you try to buy cryptocurrency, the wallet will automatically highlight the site with the best rate.
Through these services, you can top up Trust Wallet directly from your bank card or e-wallet. The interface is intuitive and does not differ from the usual exchanger, so there should be no problems with the purchase. If you have a registered account, it is best to use Binance Connect to recharge.
Important: Cryptocurrency buying platforms collect users’ personal data. The terms differ from service to service: on some, email and date of birth are enough, while others will require a full KYC verification.
Withdrawal
To withdraw cryptocurrencies from Trust Wallet, go back to the previous section again. Get the address of the wallet you want to withdraw and make a transaction through Transfer (Send).
It is more difficult to withdraw assets directly into fiat, so let’s see a few more ways below.
How to Withdraw Money from Trust Wallet to Your Card
While Trust Wallet’s crypto entry services are built-in, there are no ways to convert cryptocurrency into fiat, so you’ll need third-party platforms to withdraw your savings. You can withdraw cryptocurrency from Trust Wallet to your card through:
- Binance Exchange
This will require you to register an account on Binance + KYC, as well as the seed phrase of your Trust Wallet (optional). If these conditions are fulfilled, then let’s move on.
First, you need to transfer money from your wallet to the exchange. To do this:
- On Binance, go to Deposit, then click Crypto and look for the desired cryptocurrency;
- Copy the address for the deposit and open the Trust Wallet. Press Transfer and in the line with the recipient’s address we put our exchanger wallet:
- Confirm the transfer and wait for the funds to be credited to the Binance account.
Alternatively, on the Binance site go to the Wallet and look for a term to connect a decentralized wallet:
- Enter the seed phrase of your Trust Wallet wallet and connect directly to Binance.
- Now convert cryptocurrency to fiat. The easiest tool is the built-in converter. To open it, look for the Trade tab, then OTC Portal.
- Just fill out the application and confirm the exchange.
The second option is to find a suitable trading pair in the Binance trading terminal. The terminal is available in the Trade tab, and then Spot.
When assets on the exchange account are converted to fiat, search for the Withdrawal button in the Wallet and withdraw fiat to the linked payment instrument. And, you can always use other crypto exchanges for this.
- Through Exchangers
If there is no account on the exchange and you do not intend to register it, you can use the good old exchangers. To do this:
- Go to the exchange aggregator BestChange and specify the desired direction of the exchange. Then select the appropriate exchanger in the list.
- Fill out an application for exchange on the site of the site:
- After completing the application, you will receive the wallet address of the exchanger to transfer the cryptocurrency. Transfer the required amount from your Trust Wallet wallet and confirm the payment on the website.
All you have to do is to wait until the money arrives at the bank card specified in the application.
Conclusions – Trust Wallet & Crypto Casinos
A popular mobile wallet that lets users safely store and manage their cryptocurrency holdings is called Trust Wallet. As it enables customers to quickly deposit and withdraw money from their casino accounts using mobile devices, it has grown in importance for players in the cryptocurrency casino business.
Trust Wallet is a well-liked option among players and casinos due to the convenience and security it provides. A lot of cryptocurrency casinos have integrated Trust Wallet as a payment method, enabling users to fund and withdraw funds straight from their Trust Wallet balance.
This has had a big impact on the crypto casino market because it has made playing these games more convenient and accessible for gamers. Also, players’ trust and faith in these casinos have grown as a result of the security offered by Trust Wallet, which is crucial for the long-term expansion and profitability of the sector.
As more players and casinos use this well-liked mobile wallet, Trust Wallet will probably continue to play a big part in defining the crypto casino sector.
