One thing that is very important to a lot of people is the safety of their cryptocurrency.
This often leads to questions like is trust wallet safe to store crypto.
Trust wallet is very safe and secured for you to store your cryptocurrency confidently because you hold your wallet recovery phrase.
What might be of interest to people too may be why they should confidently use trust wallet.
This is what will be discussed in this guide.
This will show you reasons why trust wallet is secure to store your cryptocurrency.
Why Is Trust Wallet Safe To Store Cryptocurrency
Below are some of the reasons why trust wallet is good for your cryptocurrency storage.
These reasons include;
1) Your Crypto Is In Your Sole Custody
As opposed to the way crypto exchanges work, trust wallet is very different.
This is because with the use of trust wallet, you have full control of all the funds in your wallet.
When you make use of an exchange, you transfer your crypto funds to the exchange.
This gives the exchange the full control over your crypto assets that you hold at their exchange.
If something happens to the exchange, your crypto is gone too.
This is seen in the numerous crypto exchange hacks that has taken place.
But with the use of trust wallet, you have full control of your funds.
Irrespective of the hack that might happen to a crypto exchange, your funds are always safe on trust wallet.
But you must make sure that you follow the right precautions on how to protect trust wallet funds.
2) Your Recovery Phrase Is Not Controlled By A Third Party
One of the greatest ways you are sure of the safety of your crypto funds is to check who holds your recovery phrase.
This is the singular asset that gives you the confidence that your crypto is safe.
This is because it gives you full control over the crypto assets in your wallet.
If it is with you, then you are sure of keeping it very safe.
If it is with an exchange, then the security of your funds is on probability.
This is because if a bad hand finds its way to the recovery phrase of the exchange you use, all the funds are gone.
But the beauty of the whole thing is that when you make use of trust wallet, you own your recovery phrase.
This further increases the security of your crypto assets.
This makes trust wallet safe to store your cryptocurrency.
When you are with your recovery phrase, the safety of your crypto funds is highly elevated.
3) Access To Your Account Identity Are Limited
One of the easiest ways people have lost their crypto funds is due to attack on them.
This includes the likes of phishing attacks.
Mostly, this is usually carried out through the email address that is linked to your crypto exchange wallet.
Once such email address is known, it is very easy for some people who cannot identify fake site links to be in danger.
This affects a lot of new users of crypto very much.
Once you click on the bad link and start filling your details and password, you are gone.
This is because the details you fill will be sent to the attacker.
With your correct password and username linked to your account, the attacker can comfortably login to your account.
This is like an easy pass to suck you dry of all your crypto assets.
But with the case of using trust wallet, you are safe from this.
This is because you will not get emails from trust wallet telling you to change your account data.
To make changes like restoring your wallet, you have to use your recovery phrase.
This is why it is very important for you to always keep your recovery phrase safe.
This limits the number of unwanted access to your wallet.
This makes trust wallet secure to store your cryptocurrencies.
Is Trust Wallet Safer Than Crypto Exchanges
Yes trust wallet is more secure than cryptocurrency exchanges.
Trust wallet comes with the sole aim of giving independence to wallet owners.
This gives you total control over your cryptocurrency assets stored or invested in trust wallet.
This is opposed to what crypto exchanges offer.
With crypto exchanges, they are in sole custody of your funds which your withdrawals can be declined a lot of times.
But with trust wallet, you have full control over your funds and can send out funds anytime without waiting for the withdrawal to be reviewed.
Also the chances of losing your funds through a hack is lower when you use trust wallet as compared to when an exchange is hacked.
This is because you are in sole custody of your recovery phrase.
But you have to make sure that you keep your recovery phrase safe.
Is Trust Wallet Safer Than Binance
Trust wallet is very safe as compared to binance.
Binance has a lot of very strong security measures in place but as an exchange, it is still prone to attack.
Not just being attacked, it could be affected by the rules and regulations of a country.
This limits the access of the users like what is happening in some countries that are banning some exchanges.
But with trust wallet, you are free from all these limitations.
Also with binance, you get to keep your funds in their custody but that is different when you use trust wallet.
With trust wallet, you hold the recovery phrase of your wallet.
This further increases the security of your funds.
That is why trust wallet is safer than binance to store your cryptocurrencies.
Is Trust Wallet More Secure Than Coinbase
Trust wallet offers more safety when you store crypto with them as compared to coinbase exchange except you make use of coinbase wallet.
Coinbase is also an exchange like other crypto exchanges.
Due to the large amount of crypto funds they hold, they are always in the radar of exploiters.
Any little mistake from them could lead to loss of billions in dollars.
This has happened to a lot of cryptocurrency exchanges.
But when you make use of trust wallet, you enjoy elevated security of your crypto funds.
Is trust wallet safe will always be a very serious question to lots of people.
That is why we have taken time to explain reasons why they are safe to use.
In holding or investing your crypto, it is always advisable to store them in a place that is safe.
One of the best options for that is always trust wallet.
This is because it gives you full control to the access of your funds which is the recovery phrase.
But you must make sure that you know how to protect trust wallet from hackers also.
This will further increase the safety of your crypto funds when you make use of trust wallet.