With so many cryptocurrencies slowly gaining popularity, users are always on the hunt for software wallets to store their assets and to know how to add money to Trust wallet.
Luckily, several wallets have emerged at the forefront in recent years and proved their competence and level of security.
However, among so many wallets gaining traction, there is one software wallet that remains incomparable and that is Trust Wallet.
Binance’s official wallet, Trust Wallet was launched in 2018 and since then has become the go-to destination for storing funds for many crypto enthusiasts.
Yet, many Trust Wallet users do not know how to add money to Trust Wallet. But, no need to worry.
We will be covering how you can get started on the platform, in this blog. Keep on reading!
What is Trust Wallet?
Before we discuss how to add money to Trust Wallet, let us give a brief introduction to Trust Wallet, for the ones who are new to the app.
Trust Wallet is a software wallet that supports more than 150,000 cryptocurrencies and digital assets.
Although the platform existed prior to 2018, it was acquired by Binance in 2018.
Today, it is an open-source and decentralized wallet that allows users to send, receive, store and exchange a large number of cryptocurrencies with just one account.
Because of previous hacks and breaches, major cryptocurrency exchanges have strengthened their security processes to protect their clients’ assets and other data.
Regardless of these measures, it is always a good idea to keep your crypto assets in a reputable wallet, and what better software wallet than Trust Wallet.
At the time of the platform’s inception, Trust Wallet was only meant to hold ERC223 and ERC20 tokens. However, presently, it stores multiple other tokens.
With Trust Wallet, not only do you get to store your digital assets but you also get to access the different decentralized apps (DApps) the Ethereum network has to offer.
Moreover, the Trust Wallet app is supported across all devices and can be downloaded from the Google Play Store or App Store without any hassle.
The best part is that you don’t have to shell out any money for installing the software.
How Does Trust Wallet Work?
Traditional financial markets are built around their slow and predictable nature.
However, the world of cryptocurrency isn’t anything like conventional markets and works in entirely different ways.
Known to be more volatile, you never know when your cryptocurrency assets are at risk, hence it is always better to keep track of and closely monitor your funds.
Fully decentralized, the Trust Wallet platform offers you a simple mobile application where you manage your coins and tokens and simultaneously exercise full control over your private keys.
In this section, we will be listing a couple of ways in which Trust Wallet functions:
- Trust Wallet serves as a link between blockchain networks via their nodes. Each of these blockchain networks has its own public address, commonly referred to as the public key. Under these public addresses, the crypto assets of users are encrypted and stored.
- The platform does not store any cryptocurrencies on its servers. Instead, all they do is provide the users with access to the wallet.
- Trust Wallet is an entirely free application that generates no revenue when people use it. The gas charge collected on the platform, i.e the transaction fee imposed on exchanges, is used to pay off miners or validators.
- Apart from just using the app for sending or receiving cryptocurrencies, users can also use it for other purposes like crypto staking and trading.
Is Trust Wallet Safe?
If you are looking for a short answer to that question, then yes. Trust Wallet is a safe application to use even though it may not be a hardware wallet.
But, if you are seeking the long answer, then it gets complicated.
Owing to the fact that Trust Wallet is not a cold wallet, it does have its fair share of risks.
Still, despite not having the same level of protection as hardware wallets, Trust Wallet does a remarkable job when it comes to protecting its users’ assets.
Trust Wallet is among the most reliable software wallets available right now, although it is still possible that it might be hacked (just like anything linked to the internet).
This might come about as a result of social engineering breaches or software security flaws.
You may reduce your chances of being hacked by practicing a few fundamental safety precautions.
If you believe your Trust Wallet account has been breached, the smartest thing you can do is establish an account and move your assets to a different wallet right away.
You must also check all devices which you use for accessing your account to make sure that they are free of dangerous malware.
Trust Wallet prioritizes consumer security and privacy.
When creating a new profile, it does not require any KYC and, being a non-custodial platform, makes sure not to keep any user information.
Also, as mentioned, it enables customers to keep their public address on their own devices instead of the Trust Wallet servers. This gives an added layer of security.
Although the app does not yet support two-factor authentication, traders can secure it by facilitating a fingerprint as well as a pattern lock under the settings menu.
However, just as with any other wallet, if you happen to lose your private keys as well as your recovery phrase, there is no way you can retrieve or obtain access to the account you use.
Take this into consideration.
How to Get Started With Trust Wallet?
Navigating through the Trust Wallet platform is a cakewalk and does not require much technical expertise at all.
All you have to do is download and install the official Trust Wallet from either Google Play Store or App Store and set it up using the on-screen instructions.
The next thing you need to do is create a new account on the app.
Once you have gone through the process of getting yourself registered on the platform, you will be provided with a recovery phrase.
Make sure to keep this phrase safely with yourself.
You will be asked to tick a section that says “I understand that if I lose my recovery words, I will not be able to access my wallet” – once you lose your recovery phrase, you basically lose access to your account.
These recovery phrases are usually 12 words long.
How to Add Money to Trust Wallet?
There are essentially two methods you can use when you want to add money to your Trust Wallet account.
The first is to purchase tokens from the Trust Wallet app itself and the second is to receive tokens from some external address.
We will show both the methods below.
Method 1: Purchase Tokens on Trust Wallet
The platform doesn’t sell any kind of cryptocurrency token on its own and avails them to users through Third-Party providers.
Step 1: Go To the “Buy” Section
After you have launched the application on your device and successfully logged into your account, you will come across a dashboard that displays the total number of currencies you have in your wallet.
Over there, you will notice three sections, namely “Send”, “Receive” and “Buy”. Tap on the “Buy” tab.
Consequently, you need to choose the cryptocurrency you wish to purchase and enter the amount you can afford to spend when buying the token.
Keep in mind that some tokens have a minimum value that you need to spend on them.
After you are done with everything, the app will connect you with the relevant third-party provider depending on the cryptocurrency you have selected.
Step 2: Go Ahead With the Transaction
Next, you will be asked to provide your card details. Check the amount you will be required to spend on the transaction.
After you are done with everything, tap on “Continue” and your transaction will be complete.
As previously mentioned, whatever transaction fee the platform imposes at this stage, it does not use it for itself but rather pays validators and miners.
Method 2: Receive It from External Address
The second method allows you to receive the crypto assets you have saved on some external wallet.
Follow the instructions below:
Step 1: Go To the “Receive” Section
After you have launched the application on your device and successfully logged into your account, you will come across a dashboard that displays the total number of currencies you have in your wallet.
Over there, you will notice three sections, namely “Send”, “Receive” and “Buy”. Tap on the “Receive” tab.
After that, you will come across a field where you will be asked to enter the address of the wallet from where you wish to receive your tokens.
You could also scan the QR code.
Step 2: Transfer the Tokens
The senders will be notified that Trust Wallet has made a request to receive tokens.
The senders will then use the address or the code to transfer the crypto assets to your account.
After you are done with everything, tap on “Transactions” to see your wallet transaction history.
Tap on “Confirm” after you see that you have received the amount on your account.
If you are the sender, the process is almost the same. Just create an account on some other wallet like Coinbase and then send the tokens.
This is how to add money to your Trust Wallet. The process is very easy, thanks to the simple interface of the app.
How Long Would It Take To Deposit Funds Into Trust Wallet?
The amount of time required for the funds to appear in your account is determined by a variety of considerations.
For instance, the first factor to take into account is internet speed. Money transmission can take more time than planned if the bandwidth speed is not up to standard.
Next, you must complete all of the stages correctly. If done correctly, the full method of money transmission to your trust wallet profile must not take over 30 minutes.
Final Thoughts
In this blog, we discussed what Trust Wallet is, whether it is safe, and most importantly, how to add money to Trust Wallet.
It is a breeze to add money to your Trust Wallet account.
The wallet, however, can only be accessed via its iOS and Android mobile applications.
Install the Trust Wallet app today and know how to add money to Trust Wallet if you wish to start buying cryptocurrencies.
