[Warning] Trust Wallet bait & switching users when buying Bitcoin

[AuroraHF]

Beware when using https://trustwallet.com/ to buy Bitcoin, they will bait and switch you by displaying one price and Bitcoin amount, and charging you for another at checkout.

This went viral on Reddit, and I verified the claims myself after installing Trust Wallet.


"As you can see from this screenshot: https://i.imgur.com/eknji0Z.png

US$5000 was to purchase 0.41635 BTC, an amount that I'm happy with.

However, at checkout, they change the deal to this: https://i.imgur.com/oSQoNPd.png

In simple terms, they wanted to sell me 0.43092 BTC for $5000, and then added a $175 "processing" fee. That's more Bitcoin than I wanted to buy, more fiat than I wanted to spend, and it brings the base price of the bitcoin from $11,603, to $12,009, a far larger number."

In simple terms, Trust Wallet is displaying Bitcoin for sale at price X, and then after you complete their KYC to buy the Bitcoin, they change the effective BTC sale price to X+Y, and add a $150 processing fee.

This is super malicious, and they're not being upfront with their pricing at all. Imagine if this was your first time buying Bitcoin?

[Coin_trader]

I'm not surprised about this because you are buying as Market order type when you purchased on trustwallet, So consider that price varies on the actual outcome. Same as buying on DEX which slippage is too high. I believe there fee is fixed to 75$ and the slippage on the price is what giving the issue. They should note it to inform the user that there are price variations on actual amount.

Buy bitcoin on typical exchange like binance so that you can limit order and get what you want. This is the con of using a wallet with built-in exchange. It's convenient to convert but the rate is very pricey.

[AuroraHF]

I'm not surprised about this because you are buying as Market order type when you purchased on trustwallet, So consider that price varies on the actual outcome. Same as buying on DEX which slippage is too high. I believe there fee is fixed to 75$ and the slippage on the price is what giving the issue. They should note it to inform the user that there are price variations on actual amount.

Buy bitcoin on typical exchange like binance so that you can limit order and get what you want. This is the con of using a wallet with built-in exchange. It's convenient to convert but the rate is very pricey.

It's more so the obvious bait and switch that is a scam, rather than the processing fee. It's malicious.

[Coin_trader]

I'm not surprised about this because you are buying as Market order type when you purchased on trustwallet, So consider that price varies on the actual outcome. Same as buying on DEX which slippage is too high. I believe there fee is fixed to 75$ and the slippage on the price is what giving the issue. They should note it to inform the user that there are price variations on actual amount.

Buy bitcoin on typical exchange like binance so that you can limit order and get what you want. This is the con of using a wallet with built-in exchange. It's convenient to convert but the rate is very pricey.

It's more so the obvious bait and switch that is a scam, rather than the processing fee. It's malicious.

I agree with you that it can be consider as bait but not scam because they prompt a detailed amount BTC that you will receive before you pay. So obviously the fault is to the user for not reading what they are paying before clicking the payout button. It can be consider as a scam if they didn't show a detailed amount before you click payout.

If you are familiar on Uniswap and other DEX out there. That is totally fine compared to DEX because the final conversion computation is not final until you successfully convert your token. Atleast on trust wallet, You have an exact amount including the price slippage.

That's my point view on this issue and I'm not imposing it to you. So chill dude. 

[Bitum]

Thanks for the info, until now I haven't noticed. Especially from TrustWallet I would not expect such a crap

[JeromeTash]

I am not defending trust wallet but if this your first time buying cryptos using third party services in wallet apps then I am sorry to disappoint you. Happens almost with every wallet that has the "buy" crypto feature and there's nothing you can do about it except getting yourself up and buying crypto using p2p platforms like bisq or localcryptos with traders who have the best rates.

You can't blame them for charging you a service fee, slippage rates or processing fee. They are doing the job for you and you have to pay them a fee. It's business. That's how things work.

It's only trust wallet. Check out Guarda wallet for example, Their fee is even more ridiculous. 7%!
7% of $5,000 is $350 and that's minus the slippage rates



Jaxx Liberty
fee is 3.5%. For $5K, the processing fee will be at $175 just like Trust wallet