Trust Wallet is a mobile wallet for “hot” storage of cryptocurrency. It is one of the most popular cryptocurrency wallets, the official wallet of the Binance exchange.
Why do I need a cryptocurrency wallet?
Storing all cryptocurrency in an exchange trading account is not safe. A user’s account can be hacked or blocked. A more exotic option is the bankruptcy of the exchange itself. Therefore, we recommend to keep on the exchange account only active capital, which the trader trades every day. It is safer to keep profits and coins for steaking in a wallet.
Trust Wallet features
In addition to storing funds, Trust Wallet allows you to buy cryptocurrency, steal it, store NFT tokens and use the DApp browser to trade on decentralized exchanges.
download Trust Wallet from the wallet’s official website. The app is available for iOS and Android.
Trust Wallet supports over 40 blockchains and more than 160 thousand coins. Buy cryptocurrency in the wallet through exchangers Mercuryo, Simplex and MoonPay. A cheaper way is to buy coins on Binance and transfer them to Trust Wallet. We wrote about the ways to deposit on Binance here.
trade cryptocurrency in Trust Wallet in “Exchange” and “Exchange” mode in the “DEX” tab. Only coins from the same network can be exchanged, e.g. ECR-20 tokens for ECR-20 tokens. In the “Exchange” mode, only the BEP-2 network is available for trading. Users can place limit orders to buy/sell tokens.
Note: ECR-20 tokens work on the Ethereum network. BEP-2 tokens in the Binance Chain blockchain network. In the Trust Wallet, they can be exchanged for BEP-20 tokens of the BNB Smart Chain network (Binance Smart Chain).
Steaking at Trust Wallet
There are 6 coins available for staking in Trust Wallet: Algorand, Cosmos, Tron, BNB, Kava and Tezos. To stack coins, you need to go to the “Finance” section and select the desired asset, for example BNB.
By clicking the “More” button, we can
- Find out the details of steaking (minimum amount, interest, term).
- Send the coins to the steaming.
- Stop Steaking.
- Trade BNB.
- Exchange BNB (BEP-2) for BNB (BEP-20).
Official website: coinbase.com
Coinbase Wallet is a cryptocurrency wallet from the American firm of the same name. It was created in 2012 under the name Toshi. In 2018, the service got its real name and was included in the ecosystem of the same name. The user can access the online version of Coinbase.com, applications in iOS and Google Play and an extension for the Google Chrome browser.
Briefly about Coinbase
So, let’s understand what Coinbase is? This service was founded in 2012 in San Francisco (USA). At first, it only provided wallet services, but over time it was used as the basis for GDAX, a cryptocurrency exchange for professionals. Now this trading platform has more than 100 million registered clients, more than any other exchange except Binance. The company operates in full compliance with regulators’ rules. On April 14, 2021, the company went public with an IPO on NASDAQ.
However, as a full-fledged exchange Coinbase does not work in Russia, because it, like other post-Soviet states, does not have appropriate agreements with the owners of the resource. As a full-fledged trading platform, it is available to residents of only 32 countries. The rest of the service can only be used as a wallet. To date, this opportunity has used more than 68 million users, the amount of currency exchange exceeds 200 billion dollars.
- transfer, storage and acceptance of cryptocurrency through the use of a network blockchain;
- purchase for fiat, 50 currencies available;
- NFT token storage. More than 4000 standards are supported.
The service works with more than fifty digital coins. This list includes:
- Etherium (ETH);
- Bitcoin (BTH);
- Lightcoin (LTC)
- Bitcoin Cash (BCH);
- Etherium 2 (ETH2);
- Tether (USDT);
- USD Coin (USDC);
- Cardano (ADA);
- Solana (SOL).
The main difference from other exchangers is that users are offered to buy coins directly from the service at the current market price, rather than trading in the market. This approach greatly speeds up the acquisition of digital coins and allows users to use credit cards in addition to bank transfers. This service is not provided by all sites, though it is not unique. The competitors in this area are CEX.IO and Coinmama.
Depending on the method, the withdrawal of funds is subject to a corresponding fee. Its value is higher when using credit cards (3.99%), while the fee for transactions with bank transfers is estimated much cheaper (1.49%). Withdraw bitcoins to a bank account and save money, but you will have to go through a number of additional procedures.
Coinbase also has a debit Shift card, which takes bitcoins directly from the wallet for each transaction. Shift is popular because there is no need to keep a separate bitcoin vault and transfer the right amount of funds from it to the card-wallet before each payment.
Strengths and weaknesses of the resource
Compared to Blockchain and other similar services, Coinbase has a number of advantages that make it used by millions of people around the world. Let’s briefly highlight the strengths of the resource.
- Accelerated transaction confirmation mode. Of course, one should not expect instant transactions based on the confirmation system of transactions in the network, but Coinbase is far superior to many competitors. After all, there is a difference in hours waiting for funds transfer or days.
- Advantageous commissions for transactions.
- The use of “cold storage” protocol for security purposes. Its essence is the following: cryptocurrency, or rather, its bulk, which is used relatively rarely, is stored on secure technical means, disconnected from the network. And only a small portion of the actively used money is placed on a working server. This approach prevents hacking of the system and theft of significant amounts of cryptocurrency.
- The ability to sell and buy bitcoins without leaving your wallet, exchange them for fiat currencies (euros, dollars) and pay for purchases in some online stores. The first purchase of crypto requires crediting the Coinbase bank account with traditional money and providing personal bank details. Verification will be required from the customer to withdraw funds to plastic. However, verification is not required for the simple purchase and sale of coins.
In addition, Coinbase Wallet has a feature set inherent in other similar resources:
- mobile applications for Android and iOS;
- double authentication;
- Availability of a secure payment gateway for settlements with online stores;
- key storage at the service.
Some users also point out the weaknesses of the wallet. The main complaint is that private keys are stored on an insecure server, which reduces the level of anonymity online. In addition, the site claims to be similar to standard banking organizations, i.e., the ability to track transactions, blocking accounts, freezing payments, cooperation with law enforcement agencies, and poor customer support.
The service occasionally bans transactions that make the administration suspicious. First of all, it concerns the transfer of funds to LocalBitcoin, gaming sites and some online stores. Such caution is due to the fact that the company complies with the requirements of U.S. legislation regarding the control of financial transactions aimed at preventing fraud and terrorist financing.