Anyone who has been in the crypto space for a while has likely heard about Trust Wallet. It is the official crypto wallet of Binance, the largest exchange in the world by daily trading volume. So, if you’re looking for a place to store Ethereum (perhaps also to send and receive it), Trust Wallet is currently the most popular option.
Luckily for ETH holders, dealing with Trust Wallet is as simple as can be. New users will need to create a new account, confirm the seed phrase, and transfer coins from the exchange. More detailed instructions are down below!
A Few Words About Trust Wallet
Trust Wallet was originally designed for ERC20 and ERC223 tokens – the Ethereum token standard. Even though it was originally expanded to other tokens and blockchains, this initial specialization is important. It means that Trust Wallet and Ethreum have the highest level of compatibility. The service also allows users to access decentralized applications (dApps) built on the Ethereum platform directly through the app.
Any private information associated with an account is stored locally on users’ devices. Since no compromising information is kept on Trust Wallet’s own servers, users don’t have to worry about network attacks. But that also means that they need to be very careful with their own devices by enabling passwords and only using known secure connections.
How To Create a Wallet and Use It
Without further ado, let’s jump into the instructions! Note: follow these steps after purchasing Ethereum at a crypto exchange. Choose any major exchange that you trust or consider the Kyber Network liquidity hub that supports different ERC20 tokens.
Step 1. Find Trust Wallet in Your App Store
Trust Wallet has iOS and Android versions (on App Store or Google Play, respectively). Navigate to the search bar and find the “Trust” app.
Alternatively, you can visit trustwallet.com and download from there. This may be a better version for safety reasons — you completely mitigate the risk of getting an unofficial or fraudulent application.
Step 2. Launch the App
Step 3. Get Your Seed Phrase and Back It Up
You’re going to be redirected to a new window with your seed phrase. This will essentially be your password for accessing your wallet in the future.
Your password will consist of a combination of 12 words in a particular order that must be followed precisely. Write it down or paste it to a password-enforced management tool — it’s very important to keep it in a safe place away from anyone.
Verify your seed phrase by entering it in the same order, and your wallet will be created automatically.
Step 4. Find Your Public Keys
You will see a total balance of your multi-coin wallet, which will be $0.
Before you can transfer your Ether, tap on settings (the symbol on the bottom right), go to Wallets, and export your public keys. Since Ethereum is the default coin in the main wallet, just copy the public key associated with your ETH account.
Step 5. Send Crypto To Your Wallet
Transfer the crypto from your exchange by pasting the address from Trust Wallet. The exact instructions for this step will vary depending on your exchange, but the general outline is simple: personal account → send → enter the amount and wallet address.
The transfer can take anywhere from five minutes to four hours. But the good news is that you don’t need to do anything else — just wait for your account balance to be topped up with Ether!
Private Key vs. Seed Phrase: Main Differences
Trust Wallet does not give private keys — it generates seed phrases instead.
A private key is a string of letters and numbers. It can be represented by 256 bits in hexadecimal — 32 bytes or 64 characters in the range 0-9 or A-F. Here is how it can look:
But a long PIN like that would be too difficult to type out every time you wanted to access your wallet. So, developers decided to create a human-readable format to derive private keys: the seed phrase.
A seed phrase is a 12-word mnemonic phrase generated from the private key of your wallet. It is unique to your wallet, pulled from 2,048 simple words. Here is an example:
pen insect flight week sisters cobweb rose string suit market quince stomach
This phrase gives you access to your wallet on any device. Even if you lose or delete a wallet, the seed phrase alone can be enough to recreate it. Another perk of a seed phrase is that it’s compatible with major wallets – everything in your wallet can be imported into another service that supports BIP39.
Ethereum Private keys export
To transfer your Ethereum from Trust Wallet to other wallets such as: myethwallet, metamask – you may need to export your private keys, this can be done using the mnemonic phrase and this utility.
Hopefully, this short guide showed you that anyone can start holding Ethereum on Trust Wallet. It’s a free solution, and you don’t need any technical knowledge or coding skills to learn the ropes and use it for your investments.
Before you go, we also wanted to share a few tips for storing Ether:
- Always move your coins from the exchange. Although exchanges may seem like an easy way to store crypto, even the most trusted ones suffer from hacks. “Not your keys, not your coins” is the phrase crypto investors in regard to what you should keep on exchanges — basically, nothing.
- Triple-check everything. Make sure you send funds to the right address, download and use the right app, and write down the seed phrase correctly.
- Don’t tell anyone how much crypto you have. Even if you want to brag to a close circle of friends, keep in mind that they might want to tell their other friends. Of course, online forums are the last places for sharing this information.
- Look out for phishing attacks. Stay away from social media giveaways, emails from the “representative” of a cryptocurrency exchange that you use, and other scam tropes.