As a Crypto starter, Trust wallet is one out of the many apps you should have installed on your mobile device.
This article will explain to you what Trust wallet is, how Trust wallet is different from CEX like Binance, and how to create a wallet on Trust wallet.
Table of Contents
- What is Trust Wallet?
- Difference Between Trust Wallet and Binance
- How to Create a Wallet on Trust Wallet
- How to Create Multiple Wallets in Trust Wallet
- How to Import a Wallet on Trust Wallet
- Security Measures to Protect your Trust Wallet from Hackers or Theft
What is Trust Wallet?
Trust wallet is a mobile app that helps you to store your cryptocurrencies and other digital assets. For the basics, this is all you need to know.
Every blockchain or cryptocurrency has its own set of public addresses. These addresses are where the crypto coins are stored. Trust wallet serves as a bridge that connects to each blockchain and shows you the amount of assets you have in that network.
Let’s assume that you have a Bitcoin worth 20,000 USD. Your Bitcoin is on the Bitcoin network. Trust wallet connects to the Bitcoin network and shows you the amount of Bitcoin you have in there.
It is a bit similar to a Bank’s mobile app; your money is in the bank but the mobile app shows you how much you have in the bank.
Trust wallet was founded by Viktor Radchenko before Binance acquired it in July 2018.
Difference Between Trust Wallet and Binance
Binance is a centralized exchange (CEX) while Trust wallet is a mobile wallet for crypto.
To better understand the difference, you need to know how a CEX works.
A centralized exchange (CEX) works as a Bank.
When you take your money to the bank to deposit, the bank takes custody of your money. The bank uses this money to trade, invest, give loans, etc. However, you will get your money back from the bank whenever you need it.
A crypto centralized exchange is also involved in these activities like banks, the main difference here is that CEX users are actively involved with these activities and profit from them.
On the other hand, Trust wallet is mainly used to buy, store and swap crypto.
How to Create a Wallet on Trust Wallet
To start using the trust wallet app, you do not need to register or sign up.
Follow the steps below to get started on Trust Wallet;
Step 1: Download the App
Step 2: Click on create new wallet
Open the app after downloading and click on the create new wallet button to create a new wallet.
Step 3: Accept the Terms and Condition
Tap the box to accept the trust wallet terms and conditions.
Step 4: Set your Passcode
Type in a 6 digit Passcode twice to create a Passcode for your Trust wallet app.
The Passcode will be requested anytime you open the Trust wallet app.
Step 5: Backup your Recovery phrase
Tick the I understand box and click continue.
On the next page, click on the copy button to copy your recovery phrase. You can write down the recovery phrase on a piece of paper or save it on a notepad.
Keep the recovery phrase in a safe place where only you can see it. If your recovery phrase is stolen, you will be compromised and all your cryptocurrencies or tokens can be stolen.
Step 6: Verify the Recovery Phrase
Tap on the words according to how they were arranged in the previous step. You can check where you copied the recovery phrase and replicate it.
If you mistakenly tap on the wrong word, you need to remove it and tap the right word. Tap on the wrong word inside the box to remove it.
Click on done.
If you got all the steps correctly, you have successfully created your first crypto wallet.
Sorry, I could not take screenshots from steps 4-6, my Android device wouldn’t let me screenshot those parts.
How to Create Multiple Wallets in Trust Wallet
You can create different crypto wallets without having to download another Trust wallet app.
For me, I have a separate wallet for holding coins and airdrop.
Follow the steps below to create multiple wallets in the Trust wallet app;
Step 1: Go to Settings
Open the trust wallet app and go to settings.
Step 2: Select Wallets
Select the wallets option to reveal all the wallets in your Trust wallet app.
Step 3: Create a New Wallet
Tap on the + icon to start the wallet creation process. Click on create a new wallet. Tick the “I understand box” and click on continue.
Step 4: Backup your Recovery Phrase
Copy your recovery phrase in a notepad or anywhere safe. Click on continue.
Step 5: Verify your Recovery Phrase
Tap the words according to how it was arranged in the recovery phrase and click on done.
How to Import a Wallet on Trust Wallet
If your smartphone gets stolen, you can import your wallet to a new device. When you import your wallet, the funds will automatically appear on your new device.
Follow the steps below to import your wallet to a new device;
Step 1: Download Trust Wallet on your new Device.
Go to the app store of your device and download the Trust wallet app. If you already have the trust wallet app, you can skip this step.
Step 2: Click on “Already have a Wallet”
Since you already have a Trust wallet that you want to recover, click on the already have a wallet option to import your wallet to a new device.
Step 3: Select Multi-coin Wallet
You can import any kind of wallet to the Trust wallet app but this tutorial is not about that. Here, you are learning how to import from a previous Trust wallet to a new Trust wallet app.
Select multi-coin wallet in the list of options.
Step 4: Name your Wallet and Enter Recovery Phrase
Give your wallet whatever name you like. You can rename it later on.
Enter the recovery phrase according to how you copied it from your previous wallet.
Click on import when you are done to import the wallet.
Security Measures to Protect your Trust Wallet from Hackers or Theft
1. Create your Wallet by Yourself
Do not go about seeking the help of family, friends, or colleagues to help you create a wallet. They could copy your recovery phrase without your notice thereby compromising your wallet.
If someone helped you to create a wallet, you can delete that wallet and create another one by yourself. You do not need to delete the Trust wallet app, simply create another wallet inside the app.
2. Secure your Recovery phrase
Your wallet Trust wallet Recovery phrase is the key to your account. Anyone that has it has access to your wallet. The best way to store your recovery phrase is to write it down in a book or piece of paper and keep it safe where no one can find it except you.
You can also save it on your phone notepad. Note that if your phone gets missing and you do not have the recovery phrase saved somewhere else, you cannot recover that wallet with the funds in it.
3. Never Give out Your Recovery Phrase
Never do this. Do not give your recovery phrase to anyone.
I once posted about an issue I had on the Trust wallet Reddit community, while an admin was attending to me, a Reddit member that saw my post private chatted me and told me to send my wallet recovery phrase for him to help.
Even if a Trust wallet admin asks for your recovery phrase, do not share it.
This is a suggestion. You can if you want to.
Do not openly share how much you have in your wallet especially if the money in it is huge and you live in a country with poor security.
Sometimes, you may get tempted to screenshot and share your balance on social media platforms like Facebook. You definitely do not know who is watching.
Thank you for checking out my tutorial on how to register on Trust Wallet (create a wallet in trust wallet).
If you have any questions, use the comment section to ask your questions.