Tag: Best mobile wallets

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Cryptocurrencies

Trust Wallet review: Safety, Ease of Use, Features, Pros, and Cons

Trust Wallet is a crypto mobile app developed and introduced to the crypto market in November 2017 by Viktor Radchenko. It is an open-sourced crypto project that seeks to provide users with a balance between trust, security, and usability. To this end, this crypto wallet app has embraced a wide range of highly advanced features that seek to boost user privacy and ease of use. Some of these include a Web3 Dapp browser, a decentralized exchange, block explorer, and biometric security features.

Trust Wallet is a crypto mobile app developed and introduced to the crypto market in November 2017 by Viktor Radchenko. It is an open-sourced crypto project that seeks to provide users with a balance between trust, security, and usability. To this end, this crypto wallet app has embraced a wide range of highly advanced features that seek to boost user privacy and ease of use. Some of these include a Web3 Dapp browser, a decentralized exchange, block explorer, and biometric security features.

Trust Wallet is a crypto mobile app developed and introduced to the crypto market in November 2017 by Viktor Radchenko. It is an open-sourced crypto project that seeks to provide users with a balance between trust, security, and usability. To this end, this crypto wallet app has embraced a wide range of highly advanced features that seek to boost user privacy and ease of use. Some of these include a Web3 Dapp browser, a decentralized exchange, block explorer, and biometric security features.

In July 2018, the Trust wallet was acquired by Binance, who made it the official wallet for the Binance Chain and Binance DEX. They also replaced the Kyber Network that previously powered its exchange with Binance decentralized exchange, enhanced the wallet’s security features, and revamped how different users interact with the wallet by cleaning up the user interface.

In this Trust Wallet review, we want to vet the wallet’s security and operational procedures while helping you determine if it is really safe and easy to use.

Trust Wallet key features:

Multi-blockchain wallet: Unlike most crypto wallet apps that will only support one coin or coins built on a specific blockchain, the Trust Wallet is a multi-coin crypto vault that supports a wide range of digital currencies drawn from multiple blockchains.

Buy with card: Trust wallet works in tandem with such payment processing companies as Changelly and Shapeshift that facilitate the purchase of crypto using a debit or credit card.

In-built exchange: Today, Binance DEX handles all the in-app crypto exchanges for the Trust Wallet. It is relatively fast in processing transactions and presents users with a wide range of crypto coins and tokens.

Integrates Wallet connect: Wallet connect is a crypto interaction tool that helps Trust Wallet interact with virtually any Dapp. It is relatively safe as wallet-to-Dapp communications are secured with end-to-end encryption.

Earn via staking: Trust wallet allows you to stake different altcoins and earn up to 7.21% APR. Use the staking calculator on the Trust wallet website to check the staking tokens and the maximum interest.

Portfolio tracker: You also get to track your crypto portfolio and digital asset balances using the transaction history and balance tabs on the Trust Wallet user interface.

Integrates block Atlas: Trust wallet features a blockchain explorer API that anyone can use to explore different blockchain and gain information about tokens, ICOs, Staking, and even track crypto prices.

Trust Wallet security features:

Password + biometrics: You will need to secure your Trust wallet with a strong multi-character password. You are also free to reinforce this with such biometric security features as Fingerprint and Face I.D on compatible devices.

Recovery seed: Trust wallet will also provide you with a recovery/backup seed phrase when you create a user account. Use it to backup your private keys and digital assets.

Non-custodial: Neither Trust wallet nor Binance will collect any information personally identifiable to your wallet. More importantly, the wallet developers do not store your private keys on your behalf. These are stored within your device.

Anonymous user registration: You can register and trade anonymously when using a Trust Wallet. The crypto vault-app doesn’t request any personal information during registration.

Open-source: Trust wallet is a fully open-sourced crypto project that allows both wallet users and crypto security experts to vet and audit the wallets source code for bugs and other vulnerabilities. This code is available on both the wallet website and the GitHub repository.

Regular security audits: In addition to the wallet’s open-sourced nature and the numerous integrated security features, it is also subjected to regular security audits led by some of the most popular crypto security firms.

Watch-only mode: You can log in to the Trust Wallet’s watch-only mode when using an unsecured internet connection. This allows you to view incoming crypto flows and monitor wallet without exposing such sensitive wallet information as your private keys and passwords.

How to activate/ setup the Trust Wallet

Step 1: Start by downloading the Trust wallet app compatible with your device on the company website.

Step 2: Launch the Trust Wallet and click on the “Create a New Wallet” tab on the installation page.

Step 3: Read and agree to Trust Wallet’s terms of use

Step 4: Create a strong multi-character password for the wallet

Step 5: You will now receive the wallet’s backup and recovery seed. Write it down and keep it safe offline.

Step 6: Verify the recovery phrase and click continue.

Step 7: Your Trust wallet is now active and ready for use

Step 8: Log in and personalize the wallet by choosing a username, reinforcing the password with biometrics, and create multiple wallets.

How to add/receive Crypto into Trust Wallet:

Step 1: Log in to your Trust wallet and click on the “Buy Crypto” tab on the user dashboard.

Step 2: Select the platform from whence you would like to buy cryptocurrencies from the drop-down list. You can choose Changelly or Shapeshift if you wish to buy it with a card.

Step 3: Follow the prompts to make the purchase.

Alternatively:

Step 1: Log in to the Trust wallet and click on the “Receive” tab.

Step 2: Copy your wallet address or the QR code displayed and forward it to the party sending you cryptos.

Step 3: Wait for the funds to reflect in your wallet.

How to send crypto from Trust Wallet wallet:

Step 1: Log in to your Trust wallet and click on the “Send” tab on the user interface.

Step 2: If you have multiple crypto assets stored therein, select the altcoin you want to send

Step 3: On the transfer window, enter the recipient’s address or scan their QR Code and the amount you wish to send

Step 4: Review the transaction details and confirm the accuracy of these transaction details before hitting send.

Trust Wallet ease of use:

Trust Wallet has a highly intuitive and beginner-friendly user interface. It also provides you with easy access to most blockchain services, including the Dapp browser, an exchange that presents you with hundreds of cryptocurrencies and tokens. More importantly, you can easily integrate the Ethereum network that allows you to access and benefit from ICOs and token airdrops.

Setting up the wallet, creating a user account, and interacting with all the features and service offers integrated within the wallet is easy. Plus, the wallet is also multi-lingual (available in 10+ international languages).

Trust Wallet supported currencies:

According to the Trust wallet website, this crypto vault supports 160k+ assets drawn from 40 blockchains.

Trust Wallet cost and fees:

Trust Wallet is free to download and install. You will, however, have to part with the transaction-processing fee charged by the blockchain network.

What are the pros and cons of using the Trust Wallet?

Pros:

  • The wallet stores the widest range of cryptocurrencies
  • It embraces highly advanced security features, like ensuring the wallet is hierarchically deterministic.
  • Allows you to earn from the crypto-assets through staking
  • It is feature-rich yet easy to use
  • Encourages user anonymity

Cons:

  • It is a hot wallet
  • Some integrated services, like Changelly and Shapeshift, demand user verification.

Comparing Trust Wallet with other Multiblockchain wallets

Trust Wallet vs. eToro wallet

Trust and eToro are both highly popular and feature-rich crypto wallets. They both feature built-in exchanges and facilitate the purchase of cryptocurrencies using a debit or credit card. Both are also multi-coin and multi-blockchain.

There, however, are several fundamental differences between the two crypto-exchange-backed wallets. For instance, while Trust Wallet encrypts user private keys and stores them in the phone, eToro stores the digital assets on the user’s behalf. Similarly, eToro requires that all users satisfy the globally set KYC and AML requirements by verifying their identity when creating a user account, while Trust Wallet asks for no personal user information.

Verdict: Is Trust Wallet safe?

Well, the Binance DEX backed crypto wallet has put in place adequate security and protection measures around your private keys. These include embracing the hierarchically deterministic protocol when it comes to generating wallet addresses, open-sourcing the code for viewership and auditing by the crypto security experts, and integrating advanced deterrence measures for unauthorized access to the wallet. However, we must mention that the wallet is online-based, making it susceptible to online threats and malicious malware.

Categories
Cryptocurrencies

 DexWallet Review: How Safe Is This Defi-Focused Wallet?

The DexWallet website describes this crypto vault as “the Mobile wallet for decentralized finance.” A platform where anyone can grow a passive income through borrowing, lending, exchanging, and staking cryptocurrencies and tokens.

DexWallet - Best DeFi wallet

The DexWallet website describes this crypto vault as “the Mobile wallet for decentralized finance.” A platform where anyone can grow a passive income through borrowing, lending, exchanging, and staking cryptocurrencies and tokens.

The DexWallet website describes this crypto vault as “the Mobile wallet for decentralized finance.” A platform where anyone can grow a passive income through borrowing, lending, exchanging, and staking cryptocurrencies and tokens.

Created and introduced to the crypto industry by DexLabs in 2018, Dexwallet is a multi-chain mobile wallet and a gateway for the decentralized economy specially designed to appeal to anyone regardless of their crypto experience. Over time, the wallet has incorporated several innovative operational and security measures to make it the most user-friendly, secure, and passive earning crypto project.

But how achievable is this vision? What steps has DexWallet made towards making it a reality? More importantly, is DexWallet safe?

We answer both these questions and tell you everything you need to know about the crypto wallet in this review. We look at the passive income and user-focused features, security measures in place, and tell you how to set up a DeXwallet and its pros and cons.

DexWallet key features

Earn interest on saved funds: DexWallet is a mobile wallet that lets you stake different cryptocurrencies or tokens and earn an annual interest. The wallet has also oversimplified this process and made it as easy as saving as operating an online savings account. Plus, it promises earnings as high as three times what is offered by the traditional bank.

Inbuilt exchange: The mobile wallet has an inbuilt exchange that allows you to exchange different eth-based cryptos. The fact that you don’t need to leave the wallet or send your Crypto to a third-party exchange and back not only speeds up the crypto swap process but also makes it relatively affordable.

Buy Crypto with card: You can also buy any of the cryptocurrencies and tokens supported by DexWallet using virtually any debit or credit card. This purchase is processed by MoonPay fiat-to-crypto exchange that’s integrated into the DexWallet.

Monitor crypto portfolio: The DexWallet lets you view and track your crypto portfolio in real-time via the balance and history tabs. And in instances where the transaction confirmation speeds on the blockchain are slow, it will outline all your pending transactions to help you avoid double-payments.

Integrate Defi apps: DexWallet describes itself as the wallet for Defi apps. It features all the popular Defi apps like Compound, Fulcrum, MakerDAO, and Uniswap. You also have the option of searching for and integrating similar apps from the Dapp browser. These are geared towards helping you stake/lend a portion of/entire portfolio and earn interest in return.

DexPay: You no longer have to go through the laborious process of converting your eth-based tokens to cash or other Crypto when paying for goods or services in Crypto friendly stores. Simply use DexPAY that has DAI as its bass currency but can convert any other token automatically when making a payment.

Import Eth wallets: DexWallet is a highly versatile crypto vault compatible with virtually all other eth-based wallets. This means that you can easily import your MyEtherWallet, MetaMask, and even Jaxx wallets to the DexWallet and view all these balances on a single unified platform.

DexWallet security features

Password + encryption: DexWallet is secured with a password that not only secures your private keys but also serves as the encryption tool.

Open source: DexWallet is built on an open-sourced blockchain technology. Wallet users and others, therefore, can view and audit its source code and seek out possible security loopholes or malicious lines of code.

Hierarchically deterministic: This implies that DexWallet auto-generates a new wallet address for every new transaction. This masks your real wallet address, effectively throwing off crypto trackers and third parties who might want to check your crypto activity and view and monitor your past or future crypto transactions.

Watch only mode: You have the option of activating the watch-only wallet mode that allows you to access your wallet over insecure internet connections. During a watch-only mode session, anyone with access to the wallet can view balances and accept incoming crypto coins but can’t access or alter your app settings, private keys, passphrase, or send Crypto.

Non-custodial: DexWallet does not store cryptos and tokens on behalf of its clients. Rather, it encrypts them and stores them in the root memory of your mobile phone.

Ethereum Name Service (ENS) supportive: DexWallet lets you choose a unique username that serves as your wallet address. This helps eliminate the common and often costly mistakes associated with getting your recipient’s wallet address wrong.

How to set and activate the DexWallet app

Step 1: Start by downloading and installing the DexWalet app from the Google play store, Apple App Store, or the official DexWallet website.

Step 2: Launch DexWallet and chose to “Create a New Wallet.”

Step 3: Create a new and unique username for the wallet.

Step 4: Create a wallet password

Step 5: Copy the mnemonic phrase provided by the wallet and keep it safe offline.

Step 6: Your wallet is now ready to use

How to add/receive Crypto into your DexWallet

Step 1: Log in to your DexWallet, and on the user dashboard, click ‘Receive.’

Step 2: Copy your DexWallet public address or its QR code and forward either to the party sending you cryptos/tokens.

Alternatively:

Step 3: If you have several digital assets, click on the swap tab and exchange them for eth-based altcoins and tokens

Step 4: Wait for the funds to reflect in your account.

How to send Crypto from your DexWallet:

Step 1: Log in to your DexWallet, and on the user dashboard, click “Send.”

Step 2: If you have multiple crypto assets stored therein, select the wallet from which you would like to send cryptos

Step 3: Enter the recipient’s username (for eth-network transfers) or their wallet address for (non-Ethereum network transfers)

Step 4: Enter the amount of altcoins/tokens you want to send

Step 5: Chose the transaction charge.

Step 6: Verify the accuracy of these transaction details and send

DexWallet ease of use

DexWallet is highly intuitive, and most of the integrated features easy to use. It maintains a highly decongested interface and has a smooth onboarding process. It has also simplified sending and receiving altcoins/tokens by introducing the Ethereum Name Service (ENS).

DexWallet is also multilingual and is currently available in four international languages – English, Chinese, Japanese, and Italian.

DexWallet supported currencies and countries

DexWallet is a multicurrency crypto mobile vault that currently supports 2000+ altcoins and tokens built on the Ethereum blockchain network, including Ethereum, Ethereum classic, and ERC-20, ERC-233, ERC-721 tokens.

DexWallet cost and fees

You will incur transaction charges or GAS – charged by the Ethereum network – whenever you send Crypto and tokens to other exchanges and wallets. GAS is, however, dynamic and gives you the option to choose the fee range depending on the urgency with which you want the transaction confirmed.

Pay low transaction fees for non-urgent transactions and the highest charges for the transactions you want to be confirmed instantaneously.

DexWallet customer support

DexWallet’s customer support is available online and ready to help 24/7. You can reach out to them by raising a support ticket on the wallet’s website, email, or direct messaging them on social networks such as Twitter, Telegram, or Discord.

What are the pros and cons of using DexWallet?

Pros:

  • The wallet provides you with a platform to keep your digital assets and earn interest while at it.
  • DexWallet embraces a user-focused and highly intuitive design.
  • It also supports a wide range of Ethereum blockchain-based altcoins and tokens.
  • The exchange embraces a dynamic fee structure.

Cons:

  • It will only support eth-based tokens.
  • DexWallet ignores such solid security measures as two-factor authentication and multi-signature signing.

Comparing DexWallet with other Eth-based wallets

DexWallet vs. MyEtherWallet

Both DexWallet and MyEthereumWallet are highly intuitive eth-based wallets that will only support altcoins and tokens built on the network. They have also made significant strides in making the crypto wallet as beginner-friendly as possible without compromising their security.

DexWallet, however, carries the day when it comes to the number of integrated features and security measures put in place. For instance, the mobile wallet supports 2000+ altcoins and tokens and features premium privacy features as a watch-only mode.

Verdict: Is DexWallet safe?

DexWallet has put in place some of the most sophisticated security and privacy measures around the mobile wallet. The most visible is the replacement of the complicated wallet address system with a memorable username. It does not require you to provide such personal information as name, phone, or address. Not to mention that it is open-sourced and hierarchically deterministic. The only downside to using DexWallet is that it is a hot wallet that doesn’t support two-factor authentication, exposing you to the risk of remote hacks.

Categories
Cryptocurrencies

GreenAddress Wallet Review: Is This The  Safest Bitcoin wallet app?

GreenAddress wallet is a bitcoin-only wallet created in 2013 by Lawrence Nahun and Jerzy Kozera. It is run by GreenWallet – a technology company registered in Malta – but was in 2016 acquired by Blockstream. On the GreenAddress website, the company is described as a safe wallet that gives you control of your wallet. It also adds that GreenAddress adopts a multi-faceted approach to keeping crypto coins safe and ease of use doesn’t let you “choose between security and convenience” or “compromise your privacy.”

GreenAddress wallet is a bitcoin-only wallet created in 2013 by Lawrence Nahun and Jerzy Kozera. It is run by GreenWallet – a technology company registered in Malta – but was in 2016 acquired by Blockstream. On the GreenAddress website, the company is described as a safe wallet that gives you control of your wallet. It also adds that GreenAddress adopts a multi-faceted approach to keeping crypto coins safe and ease of use doesn’t let you “choose between security and convenience” or “compromise your privacy.”

GreenAddress wallet is a bitcoin-only wallet created in 2013 by Lawrence Nahun and Jerzy Kozera. It is run by GreenWallet – a technology company registered in Malta – but was in 2016 acquired by Blockstream. On the GreenAddress website, the company is described as a safe wallet that gives you control of your wallet. It also adds that GreenAddress adopts a multi-faceted approach to keeping crypto coins safe and ease of use doesn’t let you “choose between security and convenience” or “compromise your privacy.”

It has integrated numerous security and operational features, geared towards making GreenAddress the safest and most intuitive bitcoin wallet. But what are these features, and how have they impacted the wallet’s safety and convenience?

We detail the GreenAddress key features here, vet its ease of use, list its pros and cons, and compare it with other Bitcoin-only wallets before telling you if it really is the safest Bitcoin wallet.

GreenAddress key features:

Cross-platform: Though it started with Android and iOS mobile apps, the GreenAddress wallet recently launched a Google Web extension for the wallet.

Address book: The GreenAddress wallet also features an address book for saving wallet addresses for individual and exchange wallets you interact with regularly. It goes a long way in helping you avoid the often-costly errors of getting the wrong wallet address.

Instant confirmation: When sending or even receiving cryptos in and out of your GreenAdress wallet, you will have the option to turn on the Instant Confirmation feature that notifies you immediately a transaction is confirmed, effectively eliminating the possibility of double payment.

Hardware wallet support: You also have the option of integrating the GreenAddress hot wallet with a hardware wallet. This not only boosts the wallet’s security but also increases the number of coins you can interact with.

GreenAddress security features

Password + PIN: When setting up the wallet and creating a user account, you will be required to set a passphrase and a PIN code. The passphrase gives you access to the private access and doubles up as the encryption tool while the PIN code opens the wallet’s watch-only mode.

Two-factor authentication: There are three verification methods supported by the GreenAddress wallet’s two-factor-authentication functionality. You can choose to authorize transactions via an SMS alert, email notification, or a robocall.

Hierarchically deterministic: The process of generating wallet addresses for new transactions is hierarchically deterministic. And this comes in handy when you want to throw off trackers and ensure that the parties you interact with don’t get to view your past and future crypto transactions.

Open source: The wallet address is also open-sourced and open to vetting and auditing by both wallet users and the rest of the crypto community. This privacy guarantee ensures that the wallet is free of bugs, security loopholes, and malicious codes.

Non-custodial: The GreenAddress website claims that the wallet will “Never store your private keys, not even (when they are) encrypted.” They are encrypted and stored within your mobile or computer device, giving you total control.

Watch-only mode: When using public wi-fi or suspicious internet connection, you can access the wallet in a watch-only mode that allows you to view balances and accept transfers in. When using the watch-only mode, you don’t have access to the private keys and any sensitive wallet information, you cannot send coins, and you cannot alter the app settings.

How to set and activate the GreenAddress wallet (web wallet)

Step 1: Open the official GreenAddress wallet website (https://greenaddress.it/en/) and click on the ‘Create Your Wallet’ icon on the upper right corner of the homepage

Step 2: A warning will pop up asking if you want to continue with the registration via the web site or you wish to download the GreenAddress wallet app

Step 3: If you chose ‘Continue Using Webpage’ you will receive the mnemonic backup phrase that forms the recovery seed

Step 4: Write them down on a piece of paper and save them offline. Acknowledge that you have noted them down and press continue

Step 5: Verify that you have accurately written them down and in the right order by filling in the missing words.

Step 6: Activate the two-factor authentication and verify your identity by linking the web wallet with your Google authenticator, adding your email address, or phone number.

Step 7: Enter the verification code you receive on your chosen 2FA method

Step 8: Set the wallet PIN (between 5 and 15) numbers

Step 9: Tap on the “PIN set, ready for step 3” to complete the process

Step 10: The wallet is now active and ready for use

How to add/receive Crypto into your GreenAddress wallet

Step 1: Log in to your GreenAddress wallet and click the “Receive” tab on the user dashboard.

Step 2: If you have multiple wallet addresses, chose the one you want to use

Step 3: Copy the wallet address and forward it to the person sending you Bitcoins.

Step 4: Wait for the coins to reflect.

How to send Crypto from your GreenAddress wallet

Step 1: Log in to your wallet and click “Send” on the user dashboard

Step 2: If you have multiple wallet addresses, choose the one you would like to use

Step 3: Enter the recipient’s address and the number of Bitcoins you wish to send on the transfer window.

Step 4: Review the transaction details and hit send.

GreenAddress wallet ease of use

GreenAddress is a highly intuitive and customizable Wallet. You can easily customize most aspects of the wallet, including themes, set your preferred exchange rate, and change the privacy and notification settings. It also allows you to change the denomination of your wallet’s base currency from Bitcoin to mBTC, uBTC, or Bits. You can also choose between the 12 language settings, determine the daily/weekly/monthly transaction limits, add more user accounts or wallet addresses, and even incorporate advanced wallet security settings.

GreenAddress wallet supported currencies and countries.

GreenAddress will only support Bitcoin cryptocurrency.

GreenAddress wallet cost and fees

GreenAddress is a free wallet. It is free to create a user account and store coins here. You will only have to pay the Bitcoin network fee charged when you send coins to another wallet or exchange.

What are the pros and cons of using the GreenAddress wallet?

Pros:

  • There is no limit to the number of wallet addresses or Bitcoins you can hold in your GreenAddress
  • Allows you to incorporate advanced security settings
  • The wallet is relatively easy to use
  • It can be easily integrated with hardware wallets
  • It gives you absolute control over your private keys

Cons:

  • GreenAddress is a Bitcoin-only Crypto wallet
  • GreenAddress does not give wallet users a choice in choosing the multi-signature partner
  • One may consider the signup process to be laborious and the wallet not beginner-friendly

Comparing GreenAddress wallet with other Bitcoin-only wallets

GreenAddress wallet vs. Blockchain Core

GreenAddress and Bitcoin Core are both Bitcoin-only wallets. But while GreenAddress is a mobile/web crypto vault, the Bitcoin Core is a full-stack desktop client wallet. Additionally, while both wallets are hierarchically deterministic, the GreenAddress wallet generates a new address for new transactions automatically while address-generation for Bitcoin Core is manual.

Although Bitcoin Core may be considered safer as it integrates more effective security measures, GreenAddress carries the day for convenience. It only takes up limited storage space and even more intuitive.

Verdict: Is the GreenAddress Wallet safe?

Well, we consider the security measures GreenAdress wallet has put in place adequate for individuals looking for short-term storage for their coins or active traders. However, we find fault with their multi-signature functionality that does not present users with any other choice of a signee other than GreenAddress itself. Further, GreenAddress is a hot wallet and thus susceptible to the inherent threats associated with online wallets.