How To Use Trust Wallet App By Binance – Crypto & Bitcoin Wallet

In this post we will take a detailed look on How To Use Trust Wallet App By Binance;


Step 1: Visit the official Trust Wallet site HERE .
Step 2: Scroll down to the Apps section ( It reads “Trust – Crypto & Bitcoin Wallet” ). You have the links to Google Play Store and Apple App store. Click the link you want > Opens the respective App stores.
Step 3: Tap on the Install button ( If your mobile prompts with any messages, hit OK ).
Step 4: You will see the app getting downloaded & installed ( will take a few minutes, based on your internet speed ).
Step 5: Once the app is installed, Click on the Open button.

How To Use Trust Wallet App By Binance - Crypto & Bitcoin Wallet

Once you have installed the application, you need to create an account to use all the services provided by the application. To do this, run the application from the menu screen. The first user interaction, would be to check if you “Already have a wallet” or you need to “Create a new wallet”. Since you are a first time user, Tap on “CREATE A NEW WALLET”.
How To Use Trust Wallet App By Binance - Crypto & Bitcoin Wallet
The next step is to Back Up you wallet, before which you have a check a box which state “I undersand that if I lose my recovery words, I will not be able to access my account“. Your recovery words are going to be 12 phrases in a certain sequential order, which will be your unique code to access your wallet. Make sure you write it down / store it somewhere safely. Tap on “Continue” once you are done.
How To Use Trust Wallet App By Binance - Crypto & Bitcoin Wallet
  • Recovery Phase
    A series of 12 phrases in a sequential order will be shown to you next. Kindly note that it is important to remember them in the same order as shown to you. There is an option to copy the code too.
  • Verify Recovery Phase
    On this page, select the 12 phrases in the order that it was shown to you. Once you have correctly selected them in the order that was shown to you, click on “Done“.

With this your default wallet has been created under the name “Multi-Coin Wallet 1”. You can edit this default name later from the homepage of the application. Click on “Done” to finish the process. How To Use Trust Wallet App By Binance - Crypto & Bitcoin Wallet

Understanding The App

  • Wallet
  • DApps
  • Settings

On opening the app, by default you are taken to the Wallet page. Here you are shown a summary of your balances that are available on your Bitcoin and Ethereum network.  The page also presents you with a live fiat comparison of the crypto too. The “Search” icon on the top right corner enables you to choose any other kind of token that you wish to receive / send via the wallet. Tap on the plus sign beside the name of the coin to add it to the (home) Wallet page.

How To Use Trust Wallet App By Binance - Crypto & Bitcoin Wallet

Trust Wallet is open source, secure, easy to use, and compatible with different operating systems. It’s a mobile app, which means you can carry it around and use it anywhere, anytime.

Why is it secure?

  • Trust Wallet provides a codebase that is open source and audited by the community of security experts.
  • It leverages industry-leading security features found in modern smartphones to ensure your wallet is safe at all times. The private keys are only stored locally.
  • It also allows the wallet to be easily recovered from a backup that can be stored digitally or on paper.

Desposting / Withdrawing Bitcoin [BTC]

From the homepage click on the Bitcoin tab to Send/Receive bitcoins from/into your Trust wallet.

How To Use Trust Wallet App By Binance - Crypto & Bitcoin Wallet

To Send:

Click SEND > “Enter the Recipient Address” > Enter the amount of BTC that you wish to transfer (Click “MAX” if you want to send everything that’s there in you wallet) > NEXT

On clicking NEXT, the confirmation page will load for sometime, this is to verify the address that you entered and to calculate the network fees that is to be charged. Hit “Confirm”. In a few minutes the amount will reflect in the receiver’s account.

{You also have the option of buying BTC with fiat. Simply click on the “Buy BTC”option on your screen and enter amount for which you choose to buy the token. The minimum amount is $50 and the maximum amount is $20000 for which you can purchase BTC. You will need a valid credit card to  carry out this operation.}

To Receive:

Click Receive > You will be directed to a page where your public address will be displayed, in the form of both a QR code and a manual address. You can copy the address and share it across. In case you are to receive any other form of token other than BTC, select the “Switch Asset” option and select it from the list. The “Enter Amount” option enables you to request for a specific amount of token.

How To Use Trust Wallet App By Binance - Crypto & Bitcoin Wallet

Binance officially rolled out its new cryptocurrency wallet for its users and it is called Trust Wallet. The company behind Trust Wallet has been working to offer a secure, anonymous, multi-currency and easy to use crypto wallet for users. Back In July 2018, Binance decided to acquire Trust Wallet to provide better services and enhance safety for users. During the time Trust Wallet was acquired, it supported Ethereum (ETH) and other Ethereum-based tokens such as ERC-20, ERC-223 and ERC-721 coins. But now, the list is way more bigger.

Trust Wallet provides enhanced security features that help users protect their crypto-related holdings. Users’ private keys are not stored on any server. Trust Wallet App owners can safely view and control all coins and tokens associated with their account, confident that only them have access to their private keys. Users can also restore their funds. There is an option that allows users to back their wallet up and encrypt all the information for when it is needed. Furthermore, individuals can add a wide range of biometric market authentication systems to the wallet, including PIN and fingerprint scanning.

Thus, the two main features offered by Trust Wallet are related to its security and a large number of tokens that are supported. Moreover, Trust Wallet supports almost all types of ERC-20 tokens, which is very useful for those users that have participated in different Initial Coin Offerings (ICOs). Trust Wallet gives users control over their private keys and completely preserves users’ anonymity, which is very important for crypto enthusiasts in the space. At the same time, the wallet is already integrated into exchanges such as Coinbase, Shapeshift and also Changelly, making it easy for users to purchase digital assets.

Hope you have learnt How To Use Trust Wallet App By Binance – Crypto & Bitcoin Wallet. Consequently, do post your views and queries in the comments section below and we’ll get back you at the earliest with solutions for the same!

FAQ

How to Restore/Import a wallet in Trust? 

Settings > Wallets > Press the plus sign (+) in the top right corner > Click Import Wallet > Select Network of the wallet you are importing > Here you can import a wallet using

  • Backup phrase
  • Keystore
  • Private key
    > Click Import

What is the difference between Trust Wallet and; Coinbase, Bittrex and other exchanges?

Similar to banks, exchanges (Bitrex, Poloniex) and some online trading platforms (Coinbase) store digital currency for you and provide you with accounts & balances. However, there are several key differences between banks and online currency storages. Currency storages, unlike banks, don’t insure your investments or guarantee a full refund if something happens. There have been several large breaches that led to massive losses of funds— $70 million lost or $32 million from Parity.

The easiest way to prevent losing money is to “withdraw” your digital assets and transfer them to a controlled location, such as a digital currency wallet. By allowing you to keep a digital representation of coins and tokens (“keys”) to yourself, wallets give you full security and control over your portfolio.

 

 

Written By
More from Joel M Johnson

How To Use Pypestream App?

Let’s check out How To Use Pypestream App and the features on...
Read More