What is Trust Wallet?

Trust Wallet is a mobile-first, non-custodial cryptocurrency wallet that supports over 100 blockchains and millions of crypto assets. Originally founded in 2017, Trust Wallet was acquired by Binance in 2018, though it continues to operate as an independent product. It has grown to become one of the most widely used software wallets globally, with hundreds of millions of downloads. Its appeal lies in its simplicity, broad multi-chain support, and the ability to access decentralised applications directly from the wallet interface. For Australian crypto users looking for a free, non-custodial solution that works across multiple blockchains, Trust Wallet is one of the most commonly considered options.

Non-Custodial and What That Means

Trust Wallet is a non-custodial wallet, which means you, and only you, control your private keys. Unlike a centralised exchange where the platform holds your keys on your behalf, Trust Wallet stores your private keys locally on your device, encrypted and protected by your passcode or biometrics. This aligns with the core principle of crypto self-custody: not your keys, not your crypto. If Trust Wallet’s company ceased to exist tomorrow, your funds would remain fully accessible as long as you retained your seed phrase. This is a fundamental advantage over centralised custody, as explored in our guide on exchange custody risk.

Which Blockchains Trust Wallet Supports

Trust Wallet supports over 100 blockchains, including Bitcoin, Ethereum, Solana, BNB Smart Chain, Polygon, Avalanche, Cosmos, and many others. This multi-chain capability means you can hold assets from many different ecosystems within a single wallet, rather than maintaining separate wallets for each chain. EVM-compatible chains (those compatible with Ethereum’s virtual machine) are generally the most straightforward to use in Trust Wallet, as they all share the same address format. Non-EVM chains like Solana and Bitcoin use separate addresses but are managed within the same Trust Wallet interface.

Built-In Features

Trust Wallet includes several integrated features beyond basic asset storage. The built-in browser (dApp browser) allows you to connect Trust Wallet to decentralised applications directly, enabling access to DeFi protocols, decentralised exchanges, and NFT platforms without needing a separate browser extension. Staking is available within the app for a range of proof-of-stake assets, allowing you to earn rewards without moving your assets to an exchange. An NFT viewer lets you see NFTs held in your wallet across supported chains. Trust Wallet also integrates with third-party providers for buying crypto with fiat directly within the app, though these on-ramp services are subject to their own fees and KYC requirements.

Security Considerations

As a hot wallet, Trust Wallet is connected to the internet, which introduces security risks that cold storage solutions do not share. Your seed phrase is generated locally during wallet creation and must be written down and stored offline immediately. If your device is lost, stolen, or compromised by malware, an attacker who gains access to your device could potentially access your wallet if it is not protected by a strong passcode. Never store your seed phrase digitally, in cloud storage, email, or notes apps. Physical, offline storage as described in our seed phrase storage guide is the only safe approach.

Be particularly cautious about phishing attacks targeting Trust Wallet users. Scammers create fake Trust Wallet websites, fake support accounts on social media, and fake apps on app stores. Always download Trust Wallet exclusively from the official website (trustwallet.com) or the official Apple App Store and Google Play Store listings. Never enter your seed phrase into any website, even one that claims to be Trust Wallet’s official site. Any request for your seed phrase is, without exception, a scam. For a wider overview of threats targeting software wallets, read our guide on fake wallet apps and extensions.

Trust Wallet vs MetaMask

Trust Wallet and MetaMask are both popular non-custodial software wallets, but they cater to slightly different use cases. MetaMask is primarily an Ethereum and EVM-chain focused browser extension, making it the dominant wallet for Ethereum DeFi on desktop. Trust Wallet is primarily a mobile app with broader multi-chain support, including non-EVM chains like Solana and Bitcoin. For users who primarily interact with Ethereum-based DeFi on a desktop, MetaMask may be more convenient. For users who need a mobile wallet supporting a wider range of blockchains, Trust Wallet is often preferred. Many users hold both wallets for different purposes.

Trust Wallet vs Hardware Wallets

For holding significant amounts of cryptocurrency long-term, a hardware wallet provides substantially stronger security than Trust Wallet or any other software wallet. Hardware wallets like Ledger and Trezor store your private keys on a dedicated offline device, making them immune to malware attacks that could compromise a mobile or desktop software wallet. Trust Wallet is well-suited for smaller amounts of crypto used for active trading, DeFi participation, or day-to-day transactions. For long-term storage of significant value, it is prudent to move assets to cold storage. Understanding which crypto wallet is right for you depends on your usage pattern, security requirements, and the amount of value you are protecting.

Token Approvals and DeFi Safety

When using Trust Wallet to interact with DeFi protocols, you will be prompted to approve token approvals that grant smart contracts permission to access your tokens. These approvals persist indefinitely unless explicitly revoked. Granting unlimited approvals to untrusted contracts is a common vector for wallet draining. After using any new DeFi protocol, regularly review and revoke unnecessary approvals to minimise your exposure. This practice is a critical part of responsible DeFi participation.

Backing Up Your Trust Wallet

The most important step after creating a Trust Wallet is backing up your wallet by securely recording your 12 or 24-word seed phrase. Trust Wallet does not store a copy of your seed phrase: if you lose it, and your device is damaged or reset, your funds are permanently inaccessible. Store your seed phrase on paper or a metal backup solution in a secure location, never digitally. Review the full guidance in our crypto wallet backup guide for best practices on seed phrase security. If you are setting up Trust Wallet for the first time and need help with the process, see our step-by-step guide on setting up Trust Wallet from scratch.

Is Trust Wallet Safe for Australians?

Trust Wallet is a legitimate, widely used wallet with a strong track record. The key risks are not in the wallet software itself but in how users manage their seed phrase, device security, and DeFi interactions. For everyday Australians using crypto for the first time, Trust Wallet’s simplicity makes it accessible. For those holding larger amounts, supplementing or replacing a software wallet with cold storage is recommended. The principle remains constant: the safety of your crypto is determined primarily by how well you protect your seed phrase and maintain crypto security best practices.

Key Takeaways

Trust Wallet is a non-custodial, multi-chain mobile wallet supporting 100+ blockchains with built-in DeFi browser, staking, and NFT support. Your private keys and seed phrase are stored locally on your device, never on Trust Wallet’s servers. It is a hot wallet, meaning security depends heavily on your device security and seed phrase protection. For large holdings, combine Trust Wallet with a hardware wallet for long-term cold storage. Never share your seed phrase with anyone, and always download Trust Wallet from official sources only.