Our Trust Wallet Review - 2.5/5

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Trust Wallet in brief

Our opinion of Trust Wallet

Trust Wallet positions itself as a decentralized, multi-chain cryptocurrency wallet that allows users to store, manage, and interact with digital assets without relying on a central authority. We liked that it supports over 4.5 million assets across 70+ blockchains, making it one of the most versatile wallets for crypto enthusiasts. The built-in dApp browser and NFT marketplace integration make it easy for users to access decentralized finance (DeFi) services and trade NFTs directly from the wallet.

However, we would have liked it to include stronger security features. Unlike other wallets, Trust Wallet does not offer two-factor authentication (2FA), making it more vulnerable to hacking and phishing attacks. Additionally, the lack of live customer support or account recovery options means that if users lose access to their recovery phrase, their funds are permanently lost.

We tested the token swap and staking features, and while they work seamlessly, high network fees and occasional transaction failures were noticeable issues. Trust Wallet also lacks direct fiat on/off-ramp support, requiring users to rely on external exchanges for converting crypto to cash, which is less convenient compared to competitors offering built-in fiat transactions.

Who is Trust Wallet best for?

Trust Wallet is best suited for experienced crypto users who want full control over their private keys and are comfortable managing security risks on their own. However, for those who prioritize customer support, security features, and ease of recovery, other wallets may be a better choice.

Before you zero in on Trust Wallet, compare the best crypto platforms in Canada:

Let's find out more about our test results on Trust Wallet.

Reliability and Security 2/5

Trust Wallet was launched in 2017 and quickly became one of the most popular decentralized wallets, boasting over 60 million users worldwide. Acquired by Binance in 2018, it remains a non-custodial wallet, meaning users fully control their private keys. Despite its widespread adoption, it has not won any major security or industry awards, and its reputation has been negatively affected by security vulnerabilities, scam-related incidents, and poor customer support.

For Canadian traders, Trust Wallet is not registered with any financial regulatory body such as the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), or Alberta Securities Commission (ASC). While it complies with decentralization principles, the lack of financial oversight means no consumer protection, making it a high-risk option for storing large amounts of crypto.

Trust Wallet lacks key security features that many competitors offer:

• No Two-Factor Authentication (2FA): Increases vulnerability to phishing and hacking attacks.
• No Customer Support Hotline: Users must rely on a ticket system, which often has slow response times.
• Private Key and Seed Phrase Responsibility: Users are fully responsible for their wallet recovery phrase, meaning lost access results in permanent loss of funds.

Cryptocurrencies Available 4.5/5

Trust Wallet is positioned as one of the most versatile decentralized wallets, supporting over 4.5 million digital assets across 70+ blockchains. This makes it one of the most inclusive wallets for crypto holders, allowing users to store, swap, and interact with a vast range of cryptocurrencies, altcoins, and NFTs.

Despite its impressive asset diversity, Trust Wallet lacks fiat-to-crypto integration, meaning users must rely on external exchanges to convert fiat into crypto. Additionally, while the wallet supports NFTs, its marketplace options are limited compared to major NFT trading platforms. Below is a comparison of Trust Wallet’s asset diversity against the market average.

Our opinion on Trust Wallet's offerings

Trust Wallet offers one of the largest selections of cryptocurrencies and altcoins, far surpassing most competitors. However, the absence of fiat deposits and limited NFT trading features reduce its overall accessibility. For users looking to hold a wide variety of assets, Trust Wallet is a strong option, but for those who need seamless fiat integration and full NFT marketplace support, other platforms may be more practical.

Services and Tools 2.5/5

Trust Wallet is primarily a decentralized cryptocurrency wallet, meaning it focuses on secure storage and interaction with blockchain networks rather than offering exchange-like financial services. While it provides staking and access to decentralized finance (DeFi) tools, it lacks features such as lending, farming, and a crypto card, making it less competitive for users seeking a full financial ecosystem.

• Staking: ✅ Users can stake Ethereum (ETH), Polkadot (DOT), Binance Coin (BNB), and other select assets to earn passive income.
• NFT Storage & Trading: ✅ Users can store and trade NFTs, but marketplace access is limited compared to dedicated NFT platforms.
• dApp Browser: ✅ The built-in dApp browser allows users to interact with decentralized applications (DEXs, NFT marketplaces, staking platforms, etc.) directly from the wallet.
• Yield Farming: ❌ Unlike DeFi-focused platforms, Trust Wallet does not provide liquidity mining or farming rewards.
• Crypto Card: ❌ Unlike some competitors, Trust Wallet does not offer a crypto-backed Visa or Mastercard, limiting spending options.
• Lending & Borrowing: ❌ There is no lending service, meaning users cannot earn interest on idle crypto or borrow funds using crypto as collateral.

Fees and Commissions 3/5

Trust Wallet is marketed as a fee-free decentralized wallet, meaning it does not charge direct fees for storing or transferring cryptocurrencies. However, users still incur blockchain network fees, which vary depending on congestion and the specific crypto asset being used. Additionally, Trust Wallet's built-in swap feature has high spreads, making trades more expensive compared to centralized exchanges.

Below is a comparison of Trust Wallet’s trading costs versus the market average:

Other Fees

• Deposit Fees: ❌ Not applicable (as Trust Wallet does not hold fiat or facilitate direct deposits).
• Withdrawal Fees: ❌ No fees from Trust Wallet, but network fees apply (can be high for Ethereum-based tokens).
• Conversion Fees: ✅ High spreads on in-app swaps (users often pay more compared to centralized exchanges).
• Inactivity Fees: ❌ No inactivity fees.

Our opinion on Trust Wallet's fees and commissions

Trust Wallet does not charge direct fees, making it cost-effective for holding and storing crypto. However, high swap fees and expensive network transaction costs reduce its appeal for frequent traders. Users looking for lower-cost transactions and better trade execution may prefer exchanges with more transparent fee structures.

Customer Reviews 1.2/5

Trust Wallet has a Trustpilot rating of 1.2/5 based on 785 reviews, with users frequently complaining about funds disappearing, lack of customer support, and security vulnerabilities, despite its wide range of supported cryptocurrencies.

Here are some recent reviews from Canadian users:

• Mark S (January 10, 2025): "I transferred some Ethereum to my Trust Wallet, and within hours, my funds disappeared without a trace. I never shared my recovery phrase, but somehow, my wallet was emptied. I reached out to customer support multiple times, but all I got was an automated response telling me to check blockchain transactions. There is no actual support if you run into issues—once your funds are gone, they’re gone!"
• Olivia B (December 15, 2024): "I liked how easy it was to set up Trust Wallet, but when I tried swapping some BNB for another token, the fees were ridiculously high. What’s worse, the transaction failed, but I still got charged the network fees. I contacted support, but they just directed me to their help articles instead of resolving my issue. It’s frustrating because there’s no way to talk to a real person."
• Daniel R (November 28, 2024): "I made the mistake of storing my savings in Trust Wallet, thinking it was secure. One day, I tried to access my funds, and my wallet showed a zero balance. I didn’t get hacked, but apparently, some scam dApp I connected to had drained my funds. There are no security measures like 2FA or transaction confirmations to prevent this. I can’t believe they don’t warn users about this risk!"

How does Trust Wallet compare to other Crypto brokers?

Trust Wallet is a decentralized wallet offering broad crypto support and self-custody, but lacking essential security features, regulation, and customer service. Below is a comparison of Trust Wallet with three major competitors.

Conclusion of our analysis of Trust Wallet

Trust Wallet excels in crypto diversity and decentralization, allowing users to store and manage millions of assets across multiple blockchains. However, its lack of regulation, security features, and direct fiat deposit/withdrawal options make it far riskier than competitors. The high fees on swaps, absence of customer support, and security vulnerabilities further reduce its reliability.

For users who prioritize self-custody and broad asset support, Trust Wallet can be useful, but those looking for a secure, regulated, and feature-rich platform may find better options elsewhere.

Before opening an account on Trust Wallet, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with Trust Wallet?

Trust Wallet does not offer traditional account tiers like centralized exchanges. Instead, it operates as a decentralized, non-custodial wallet, where every user has the same level of access and functionality. However, there are distinctions between basic wallet use and staking-enabled accounts, depending on user preferences. Below is a comparison of the key features available for different user needs.

Good to know

Trust Wallet does not offer tiered accounts with different benefits—every user has equal access to features, but staking capabilities depend on the supported blockchain protocols.

Standard Wallet

The Standard Wallet is the default option for all Trust Wallet users. It provides secure storage, token swaps, NFT support, and access to decentralized applications (dApps). However, it lacks staking, fiat on/off ramps, and direct customer support, making it less convenient for users who want built-in trading and earning options.

Staking Wallet

The Staking Wallet enables users to stake select cryptocurrencies directly within Trust Wallet. Supported assets include Ethereum (ETH), Binance Coin (BNB), Polkadot (DOT), and Cardano (ADA), among others. While staking provides passive income, rewards and lock-up periods depend on the specific blockchain protocol, and Trust Wallet itself does not guarantee returns or manage staking risks.

How do deposits and withdrawals work with Trust Wallet?

Trust Wallet does not handle fiat deposits or withdrawals, as it is a non-custodial decentralized wallet. Users must purchase crypto from third-party providers or transfer assets from external wallets or exchanges. Below is a breakdown of the available deposit and withdrawal options, supported currencies, processing times, and fees.

Unlike centralized platforms, Trust Wallet does not support fiat deposits, wire transfers, or Interac e-Transfers, making it less convenient for users who want a direct way to fund their accounts with CAD or other fiat currencies. Users must rely on external services like MoonPay or Simplex, which often charge high fees for credit/debit card purchases.

Additionally, crypto withdrawals incur variable network fees, which can be expensive, especially for Ethereum-based tokens during times of high congestion. Competitors that offer fiat deposits and lower trading fees provide a more user-friendly experience.

For users comfortable with decentralized finance and managing their own security, Trust Wallet remains a flexible option, but those looking for seamless fiat integration and lower fees may prefer regulated exchanges.

Does Trust Wallet offer crypto staking?

Trust Wallet provides staking services for select cryptocurrencies, allowing users to earn rewards by locking their assets. However, it does not offer lending or borrowing features, meaning users cannot take out crypto-backed loans or earn interest from lending assets.

Trust Wallet enables users to stake various cryptocurrencies directly within the app, offering passive income opportunities. However, staking APYs (Annual Percentage Yields) vary based on the blockchain, and Trust Wallet itself does not manage staking rewards—they are determined by the network validators. Below is a summary of the staking options available:

Good to know

Trust Wallet does not provide a lending service, meaning users cannot earn interest on idle assets or borrow crypto using their holdings as collateral. Many competitors offer lending platforms with APYs ranging from 3-10% on stablecoins and other assets, making Trust Wallet less attractive for users looking for alternative ways to grow their holdings.

How are revenues generated by Trust Wallet taxed?

Income generated from crypto transactions using Trust Wallet is taxable in Canada, as the Canada Revenue Agency (CRA) treats cryptocurrency as property rather than currency. Any profits from buying, selling, swapping, or staking crypto must be reported, either as capital gains or business income, depending on the nature of the transactions.

Capital Gains Tax

If crypto is traded as an investment, profits are taxed as capital gains, meaning only 50% of the gain is taxable at the trader’s marginal tax rate. Capital gains apply when selling crypto for CAD, swapping one crypto for another, or using crypto for purchases. If losses occur, they can be used to offset capital gains in the same or future years.

Business Income Tax

If trading is done frequently and resembles a business, the CRA may classify it as business income, meaning 100% of profits are taxable. Factors such as high-frequency trading, reliance on crypto as a primary income source, and use of advanced trading strategies can determine if income is considered business-related.

Staking Rewards Tax

Staking rewards earned through Trust Wallet are taxable as income at the time of receipt, based on their fair market value in CAD. If the staked crypto is later sold at a profit, any additional increase in value is subject to capital gains tax.

How to declare your crypto income in Canada

• Track Transactions: Trust Wallet does not generate tax reports, so users must manually track their crypto purchases, sales, swaps, and staking rewards or use crypto tax software.
• Use the Correct Tax Forms:
• Capital gains are reported on Schedule 3 of the T1 Tax Return.
• Business income is reported as self-employment income on the T2125 form.
• Staking rewards are reported as other income on the tax return.
• Convert Crypto to CAD for Tax Calculation: The CRA requires all crypto transactions to be valued in Canadian dollars (CAD) at the time of the transaction.
• Keep Records for 6 Years: The CRA may audit past crypto transactions, so keeping detailed records is essential.

Watch out!

Since Trust Wallet does not provide automated tax reports, users must manually track and declare their crypto earnings. Failure to report taxable income can result in CRA audits and penalties. Those with high trading volumes or complex transactions should consider using crypto tax software or consulting a tax professional to ensure compliance.

Contact: How to contact Trust Wallet customer service?

Trust Wallet offers very limited customer support, relying mainly on a help center and ticket system. There is no live chat, no phone support, and no direct customer assistance, making it difficult for users to resolve urgent issues. Below is a breakdown of the available contact methods.

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.