What do you think about trust wallet?

[istiak2277]

This sounds like a dumb question but after seeing what happens with FTX i really worried about any centralized company i am using for my crypto. Trust multi wallet is really a decentralized wallet? I am using a multi wallet in trust wallet that has BTC, ETH, BNB, dot and most other blockchain which i can access through one mnemonic phase. So if something happens with trust wallet company and their apps become inaccessible then how i will be able to retrieve my btc,dot and other blockchain assets by using that one multi wallet mnemonic phase?

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[hosseinimr93]

So if something happens with trust wallet company and their apps become inaccessible then how i will be able to retrieve my btc,dot and other blockchain assets by using that one multi wallet mnemonic phase?

The seed phrase (also called mnemonic) generated by trustwallet is BIP39 and can be imported into many other wallets as well. Of course, this doesn't mean trustwallet is secure. Trustwallet is close source and we don't know whether they have access to users keys or not. It's also possible that you can't recover some of your altcoins due to not knowing the derivation path used by trustwallet.

The best is to avoid any close source wallet like trustwallet.

[NeuroticFish]

So if something happens with trust wallet company and their apps become inaccessible then how i will be able to retrieve my btc,dot and other blockchain assets by using that one multi wallet mnemonic phase?

In theory, at least the most known wallets can be restored from seed. That's in theory.
In reality, nobody could answer your question, nor should risk guessing. In the same way SBF had his backdoor in FTX accounting software, we just cannot know if this closed source wallet is nice and clean or not. In theory, it is, but that's only in theory.

And as long as trust wallet is closed source, whatever its developers (or Binance official) will tell ... you have to trust them and they may be lying or not. Even more, as long as they keep lying it's open source, I choose not to believe them, I choose to use an actually open source wallet.

[Pmalek]

Trust multi wallet is really a decentralized wallet?

You are confusing terms here. The question shouldn't be if Trust Wallet is decentralized. You should be asking if the wallet is open-source and/or non-custodial. Trust Wallet is non-custodial but it's not open-source. You have access to your recovery phrase and/or private keys, but no one knows if someone else has or what is happening in the codebase. That's the issue with any closed-source software or hardware wallet

I am using a multi wallet in trust wallet that has BTC, ETH, BNB, dot and most other blockchain which i can access through one mnemonic phase.

I see no reason to hold bitcoin in a multi-currency wallet when there are so many good standalone clients available for various devices and operating systems. Even ETH can be safely stored on MetaMask, which is both non-custodial and open-source, and a decent choice on a clean system. Not to mention hardware wallets. No idea what kind of wallets are available for DOT or BNB though. A multi-coin client should be a last resort if you can't find better alternatives. Your first priority shouldn't be convenience and having only one wallet and one seed instead of multiple ones. It should be the safety of your coins. 

[elda34b]

I suggest you buy a hardware wallet to store your coins. Maybe two if you need a hot wallet for quick transactions. If that's out of your budget, then use open source wallet as mentioned above and run it on a secure device. It might take some time and money to move and organize your funds by doing this but at least you are not depending on a software that may or may not has a backdoor. While Trustwallet has some good features for coins management, don't rely on them if your focus is security.

[dkbit98]

This sounds like a dumb question but after seeing what happens with FTX i really worried about any centralized company i am using for my crypto. Trust multi wallet is really a decentralized wallet?

Trust wallet runs using centralized servers so it's not really decentralized, and it is closed source software supported from centralized exchange.
This is hot wallet so I wouldn't use it for storing anything more than pocket money, and I am sure everything you do will be reported to Binance and some Chinese agency.

I am using a multi wallet in trust wallet that has BTC, ETH, BNB, dot and most other blockchain which i can access through one mnemonic phase. So if something happens with trust wallet company and their apps become inaccessible then how i will be able to retrieve my btc,dot and other blockchain assets by using that one multi wallet mnemonic phase?

I would never trust this wallet with anything but you should be fine, unless you import your seed words in some phishing website, or store them in some cloud aka other people computers.
I something happens with their servers and they shut down, you should import seed words in other wallets that use same BIP format.
However, some problems may occur with different addresses and derivation paths.

[goldkingcoiner]

So ironically, Trust Wallet is not a wallet you can trust. It is neither decentralized nor open source. Which as the previous posters have indicated could pose a huge security risk as your keys could be possibly compromised.

Other than that, I have found Trust Wallet to be a decent wallet from the perspective of user experience, especially DeFi on the BSC and ERC20 blockchains. Although I have only tried it out with small amounts of funds and only those two blockchains.

I do find it weird they would lie about being open source. I think if there was a real open source version, I would not mind using it for larger funds.

[n0nce]

Absolutely stay clear from it. Closed-source is a complete no-go for me.
Pick something from https://walletscrutiny.com/ with a good score.

Create new wallets and transfer your funds (don't import seed phrase) over.
If you can afford it, probably best to get a Trezor T or Trezor One open-source, reproducible hardware wallet with multi-coin support. Make sure that all those coins you're holding, are supported on https://trezor.io/.

[pooya87]

I do find it weird they would lie about being open source.

That's a marketing technique. They do have a github account and there are some unrelated code there and a regular user is not capable of figure out that it is actually closed source so they "trust" the wallet easier. If anyone complains they just give them some nonsense reply about how it is open source (a lie) and how the parts that aren't are because they try to prevent hacking (another lie).

[Pmalek]

If something happens with their servers and they shut down, you should import seed words in other wallets that use same BIP format.
However, some problems may occur with different addresses and derivation paths.

Luckily, they have posted the derivation paths for Bitcoin and plenty of altcoins on their GitHub page. Let's just hope it's all correct and there haven't been any changes they failed to make in the below source.
https://github.com/trustwallet/wallet-core/blob/master/registry.json#L9

They do have a github account and there are some unrelated code there and a regular user is not capable of figure out that it is actually closed source so they "trust" the wallet easier.

Trust Wallet used to be open-source in the past. But that changed a few years ago.

o_e_l_e_o talked about it here:

Trust wallet is not open source.

Here is their blog post announcing they are becoming closed source about 4.5 years ago: https://trustwallet.medium.com/why-open-sourcing-android-app-could-be-a-harm-to-the-crypto-community-fb3ae1707dc6

Here are the links to their Github repositories which show they are both archived and have had no updates in 4 years:
https://github.com/trustwallet/trust-wallet-android-source
https://github.com/trustwallet/trust-wallet-ios

They outright lie on their website when they claim to be open source. If being closed source isn't enough to convince you to stay away, then them outright lying to you should be. They are also owned and operated by Binance, so you can guarantee you will have absolutely zero privacy when using Trust wallet.

Avoid it.

 

[Husires]

I think the reason for the popularity of this wallet is that it is invited by Binance, which gives it some credibility compared to an anonymous closed soruce wallet, but as long as there is an open source wallet option, why not try https://unstoppable.money/ ?

[Pmalek]

but as long as there is an open source wallet option, why not try https://unstoppable.money/ ?

The Unstoppable Wallet is being recommended quite often in recent times as a good and open-source multi-coin client. But the truth is, I have never heard anyone say they use it or that they have used it extensively for a longer period of time. I would love to see some feedback by those people. It's always just a recommendation, where Unstoppable Wallet gets proposed to someone, and that's it. I will try to install it later on on my phone just to see how it works. 

[n0nce]

but as long as there is an open source wallet option, why not try https://unstoppable.money/ ?

The Unstoppable Wallet is being recommended quite often in recent times as a good and open-source multi-coin client. But the truth is, I have never heard anyone say they use it or that they have used it extensively for a longer period of time. I would love to see some feedback by those people. It's always just a recommendation, where Unstoppable Wallet gets proposed to someone, and that's it. I will try to install it later on on my phone just to see how it works. 

I've never heard about it, either. But it seems to be open-source and reproducible! https://walletscrutiny.com/android/io.horizontalsystems.bankwallet/
The Android application ID suggests that it was renamed from 'Bank Wallet'?

[Pmalek]

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I took a quick look at it today. It allows you to create multiple wallets starting from 12, 15, 18... to 24 seeds. It's also possible to extend the seed with a passphrase and it's got a TOR on/off switch in the settings. I didn't play with the TOR feature though. When you create a new wallet, it gives you a choice to make a backup of your seed. You don't have to display it on the screen at all to write it down. What I noticed is the long sync time for bitcoin. In the wallet tab, it allows you to add the cryptocurrencies you want to keep track of. If you select bitcoin, the wallet takes a good 5 minutes to sync with the server. The positive thing is that you can't generate a new BTC receiving address until you have clicked on show seed on screen in the settings. With this feature, the developers are trying to make you backup your seed before you can start receiving any coins. 

[aylabadia05]

I read all the posts one by one and for me it's technical input that I can make special lessons regarding Bitcoin technical matters. It was like being in a class following a subject at a university.

Your question may represent other members who share the same feelings as you who use Trust Wallet as a repository for Bitcoin and several other assets.
What I know is that Trust Wallet is a mobile wallet that can now be added to the PC browser extension.
I think the mobile version is better if you try BlueWallet.
You can import the Trust Wallet phrases that you currently store into BlueWallet.

On a local Indonesian board, I created a topic about Bitcoin Wallet - BlueWallet. You can visit.
[Tutorial] BlueWallet - Bitcoin Wallet

But, for the convenience of storing Bitcoins, it's better if you buy a hardware wallet like Trezor.
Read News: Reminder: do not keep your money in online accounts

[n0nce]

On a local Indonesian board, I created a topic about Bitcoin Wallet - BlueWallet. You can visit.
[Tutorial] BlueWallet - Bitcoin Wallet

Yeah, BlueWallet is a much better option, but do keep in mind to avoid turning on push notifications (will leak info to manufacturer and push notification server - Google / Apple) and connecting to your own Electrum server, as always with SPV wallets.

[hugeblack]

I have been using this wallet for several months but recently I noticed that there are sync issues when I use my IP address without VPN, so I decided to stop using it and transfer my coins to other wallets.

At first glance, it seems difficult to you because you need to download several wallets, but after searching, you will find that you do not need 99% of the altcoins, and therefore one or two wallets is sufficient.

Yeah, BlueWallet is a much better option, but do keep in mind to avoid turning on push notifications (will leak info to manufacturer and push notification server - Google / Apple) and connecting to your own Electrum server, as always with SPV wallets.

Personally, I have struggled to understand how this wallet works and I have deleted it, it is the best choice for lightning network but not good for bitcoin.

[NotATether]

At first glance, it seems difficult to you because you need to download several wallets, but after searching, you will find that you do not need 99% of the altcoins, and therefore one or two wallets is sufficient.

Yes, I totally agree. Normally the reason I would use multi-coin wallets in the first place is because I need to receive an obscure coin & network combo e.g. USDT on TRC-20, and there are maybe only 2 or 3 wallets that support such coins.

It kind of puts me off of using most altcoins (that is not even counting the thousands of dormant coins & tokens that will never get a wallet) - if there isn't a suitable wallet for them, why bother?

[Pmalek]

You can import the Trust Wallet phrases that you currently store into BlueWallet.

Do keep in mind that this is not a recommended way to do things. If we have doubts about Trust Wallet, its trust, quality, motives of the developers and partners working with them, we shouldn't be trusting a recovery phrase that was generated in such an environment either. Exporting the seed from Trust Wallet and importing it it into Blue Wallet or anywhere else doesn't make that seed more secure because it got created by a wallet you don't trust.

It's much better to create a brand-new seed on Blue Wallet and move your coins from Trust Wallet altogether.
Another example: A seed created on a computer that is non-stop connected to the internet and used for various activities isn't the same as a wallet that is set up and generated on an airgapped system that is permanently disconnected from the internet or a hardware wallet.

[aylabadia05]

You can import the Trust Wallet phrases that you currently store into BlueWallet.

Do keep in mind that this is not a recommended way to do things. If we have doubts about Trust Wallet, its trust, quality, motives of the developers and partners working with them, we shouldn't be trusting a recovery phrase that was generated in such an environment either. Exporting the seed from Trust Wallet and importing it it into Blue Wallet or anywhere else doesn't make that seed more secure because it got created by a wallet you don't trust.

It's much better to create a brand-new seed on Blue Wallet and move your coins from Trust Wallet altogether.
Another example: A seed created on a computer that is non-stop connected to the internet and used for various activities isn't the same as a wallet that is set up and generated on an airgapped system that is permanently disconnected from the internet or a hardware wallet.

If someone has installed the Blue Wallet app on their Android then imports it from the Trust Wallet app by entering the phrase as I explained above, that means that's not a safe step. Maybe you mean a safer step is to move coins by sending coins from the Trust Wallet address to the Blue Wallet address. Is it really like that?