How To Use Trust Wallet?
Trust Wallet, a mobile app that allows you to transmit, receive, and store Bitcoin and many other cryptocurrencies and digital assets in a safe and secure manner, is Binance’s official cryptocurrency wallet.
The wallet was initially meant to carry just ERC20 and ERC223 tokens. However, it has now been expanded to hold other popular cryptocurrencies such as Bitcoin. What’s great about the Trust wallet is that it also enables users to easily access the numerous DApps (decentralized apps) established on the Ethereum platform via the Trust Wallet app.
Let’s learn more about how you can connect your Trust wallet to ZenLedger for your crypto tax forms and also how to use Trust wallet.
Connecting Your Trust Wallet To ZenLedger For Your Crypto Tax Forms
- To import your Trust Wallet transactions into ZenLedger for your crypto tax forms, all we need is your public wallet address.
- Paste your wallet address into the Trust Wallet address field in ZenLedger.
- Select the proper coin from the dropdown list.
- Select if the wallet is based in the USA or not.
- Then hit add a coin.
How To Use Trust Wallet?
Now coming to the main question, how to use Trust wallet? The Trust wallet is very simple to use. All you have to do is download, install and create a wallet to start using it. We’ve broken down the entire process into four simple steps:
1. Download & Installation
- You can download and install the Trust wallet from your Android Play Store or iOS App Store.
2. Create A New Wallet
- After you have downloaded and installed the program, you’ll be prompted to choose whether you want to create a new wallet or import a current one.
- Select “Create a new wallet”.
- Now you’ll be shown a 12-word seed or a recovery phrase which you must write down. Make a note of it and save it. Do not share it with anyone. The wallet cannot be accessed if the recovery phrase is lost.
- After then, double-check your backup phrase by inputting the words in the right sequence.
- Your account has now been created and you will be able to access your wallet.
3. Set Up The Trust Wallet
- By selecting your fiat currency, you will be able to purchase and view the conversion rate between this money and the various cryptocurrencies accessible on Trust Wallet.
- When you enable alerts, you will be alerted whenever a transaction is received on one of your wallets. To enable this feature:
Settings < Push Notifications < Allow Push Notification
- Next, you’ve to select the transaction speed. Keep in mind that quicker transactions will cost more and vice versa. To alter this setting,
Settings < Transactions < Transaction Cost
Choose from three options, namely, cheap, regular and fast.
4. Receiving & Sending Cryptos
Now you can quickly receive and transfer crypto using your Trust wallet now that you've set it up.
You will need the wallet address to receive cryptocurrency.
- Navigate to the Wallet tab and choose the coin that will be the recipient of the future transaction.
- You will be able to view the status of your account on this new page.
- To gain access to your wallet address, press Receive.
- To send a bitcoin transaction, navigate to the Wallet tab and hit the corner that will be the subject of your transaction.
- Click the Send button.
- On the first line, provide the receiver's wallet address and the amount. You can also scan the QR code instead of pasting the wallet address.
Is The Trust Wallet Safe To Use?
The Trust Wallet is a software wallet. Thus, it cannot provide the same level of security as hardware wallets. However, the platform strives to keep customers' assets secure. It has frequent audits performed by the premier security firm Stateful.
To provide an added layer of protection, the software also incorporates various security features such as:
- PIN code scanning
- Fingerprint scanning
The Bottom Line: Why Choose A Trust Wallet?
Trust wallet is easy to use and secure wallet that has the following features:
- Open-source software
- User-friendly interface
- A large variety of coins
- Free download, available in Google Play Store and Apple App Store
- Highly secured
- Doesn’t store user-info in the servers
All of this makes a Trust wallet a good choice for your crypto funds.
ZenLedger easily calculates your crypto taxes and also finds opportunities for you to save money and trade smarter. Get started for free now or learn more about our tax professional prepared plans!