- The FTX collapse has renewed interest from the cryptocurrency community for self-custody options.
- Trust Wallet is a free mobile application and non-custodial wallet, which is connected to the internet.
It is necessary to remember that centralized cryptocurrency exchanges offer the custody service of your cryptos. This is so because when the user creates a wallet on this type of platform, he does not receive the private keys of the same and it is precisely these that give the true ownership of the cryptocurrencies to a person.
Yes, a centralized crypto exchange is useful for buying cryptocurrencies, especially with fiat currencies. However, it is always important to keep in mind self-custody options that allow the user to increase the protection of their cryptocurrencies.
Learning what is Trust Wallet and how to transfer cryptocurrency from Binance
TrustWallet It is a free mobile app and non-custodial wallet. The fact that it is “non-custodial” means that there is no third party in charge of protecting the crypto asset associated with the wallet, so it is entirely the responsibility of the user to take custody of their assets.
So, in addition to being non-custodial, it is a wallet considered “hot” because is connected to the Internet. This feature is important to be aware of because it can reduce the security of the wallet to some extent.
Trust Wallet was acquired by Binancehethe largest centralized crypto exchange by volume, in 2018. Despite this, this wallet is open source and decentralized.
This wallet is compatible with various BBockchains, including of course BNB Smart Chain.
What can a person do with Trust Wallet?
Unlike some non-custodial wallets, Trust Wallet offers:
- Staking: Yes, people can stake their cryptocurrencies directly from this wallet.
- Swaps: They can exchange cryptocurrencies from the application.
- Buy cryptocurrencies: Trust Wallet has fiat purchases enabled. Yes, it allows you to buy Bitcoin.
- Cryptocurrency storage in different Blockchain networks
- Among other things that Trust Wallet allows.
How to start in Trust Wallet?
Once the application is downloaded, a few steps must be followed:
1.- Select “Create a new wallet” and accept the terms and conditions.
2.- Enter an access code.
3.- Now comes the most important part: Trust Wallet will give you your secret phrase! Before doing so, it makes us accept warnings related to the security of this phrase. Once accepted, Trust wallet will display a 12-word phrase that you will need to type or copy to store securely.
4.- Enter your passphrase in the exact order in which it was given to you
And ready. You will now be able to send, receive and buy cryptocurrency.
Transfer cryptocurrencies to Trust Wallet with Binance
Next we will tell you the step by step of how to transfer cryptocurrencies to Trust Wallet from Binance.
1.- When you open your already downloaded wallet on the home page, click “Receive”. Subsequently, you will be asked to select which cryptocurrency you want to receive; Let’s assume it’s Bitcoin but it can also be Binance Coin or another.
2.- You will immediately get the QR code associated with your Bitcoin address in Trust Wallet which is useful if you want to receive Bitcoin from another crypto exchange other than Binance. In the case of wanting to receive funds from Binance, at the bottom you will find an option that says “Deposit from exchange”.
3.- There will be two options to deposit from the exchange: Binance and Coinbase. In this case we select Binance.
4.- Your Binance application will open immediately where you will select the amount of Bitcoin you want to send and the network fee that will be charged.
5.- You will be asked to confirm the operation and enter your payment details associated with Binance Pay.
Clever! As mentioned, Binance charges the network fee that goes to the miners or validators for processing the transaction.
Is Trust Wallet a good option?
The answer to this question must be found by each person after having carried out a thorough investigation in terms of security and compliance.
Trust Wallet is an attractive option for beginners due to its intuitive interface. However, it is necessary to remember that it is a non-custodial wallet, that is, the security of your funds depends 100% on your ability to keep your passphrase safe. If you lose it or share it with someone else, your funds could be lost forever.
likewise, also It seems like a suitable option for users navigating the DeFi and NFT ecosystem due to some of its options. Whether or not to use Trust Wallet is a decision that the investor must reach by himself, understanding the associated risks.
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