Trustee Wallet: review of a non-custodial cryptocurrency wallet-exchange

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Trustee Wallet (not to be confused with Trust Wallet) is a non-custodial cryptocurrency wallet with a built-in exchange.The wallet is available as a mobile application in the App Store and Google Play. Allows you to store several dozen major cryptocurrencies, as well as any Ethereum and TRON blockchain tokens; you can add tokens manually if they are not in the standard list. It offers the exchange of cryptocurrencies with low fees, as well as the possibility of buying coins using a bank card. You can use the wallet anonymously without verification, import of third-party wallets using a private key/seed phrase is also available.

Among the partners of the project are such companies and platforms as OKEx, Blockchain, LaborX, Change Now, etc. We have compiled an overview of the Trustee Wallet wallet for you, since it is quite popular due to its extensive functionality.

Main Features of Trustee Wallet

  • The ability to create an unlimited number of wallets in one application. For example, if you need a separate place to store cryptocurrencies for trading, a separate one for investments, etc.
  • A convenient, well-thought-out interface that allows you to perform all operations as quickly as possible.
  • Fees from 0.2% when withdrawing to the card or buying from it.
  • Minimizing the costs of operations using a special Smart algorithm.
  • Open source code that allows you to make sure that developers do not have access to the keys and seed phrases of users.
  • Referral program with the possibility of receiving 10% of the invited commissions (but only if there are 5+ referrals).
  • Support for several thousand assets, including any ERC-20 and TRC-20 tokens.
  • Ability to work with SegWit BTC addresses.
  • No KYC/AML checks.

How to create the wallet

To create a Trustee Wallet, you need to download the app from the app store of your phone or tablet. The wallet is available for Android & iOS.

Then you should follow these steps:

  1. Launch the application.
  2. Agree to the terms of service and click the “Create Wallet” button.
  3. The seed phrase will appear on the screen. Write it down in a safe place, and only then click the “Phrase is recorded” button.
  4. Place the seed-phrase words in the correct order by simply clicking on them according to the information recorded earlier.
  5. Wait until a message appears that the wallet has been successfully created. Click OK. After that, you will immediately be taken to the wallet interface.
  6. After that, Trustee Wallet will give you a small introductory guide on the functionality. If desired, you can skip it

The Trustee Wallet application includes the following sections:

  • The main screen. Here is a list of your assets and amounts (you can add any supported asset by clicking on the corresponding button at the top of the screen.
  • Exchange. In this section, you can exchange one asset for another. On the left, select the coin to be given, and on the right, select the coin to be received. A payment provider is also selected (currently only Changelly is available). By clicking on the letter “i” at the payment provider, you can see the minimum and maximum exchange limits. The amount is entered below.
  • Buy/sell. Here you can buy or sell cryptocurrency for fiat. Available payment methods are bank cards of Russia, Belarus, Kazakhstan, Ukraine, as well as payment systems QIWI, Payeer, Perfect Money.
  • To earn. Information about the referral program and its statistics for a specific user. Here you can also withdraw the earnings accumulated from referrals (at least 2 USD).
  • More. This section includes various wallet settings.

In addition, if you click on the currency of interest on the main screen, you will have access to the functionality for sending and receiving coins, which is not much different from the same in other wallets.

Settings

In the settings, you can make a backup of the wallet (save the backup phrase), as well as import another wallet belonging to you into the application to manage the assets contained in it. To import, you will need to enter the seed phrase of the wallet you are looking for.

It is also possible to create a new wallet in the settings, and then switch between all created accounts.

Clicking the “Add Asset” button opens a list of supported assets. If the token you need is not in the list, you can add it manually by entering the address of the token, which can be viewed in the Ethereum or Tron blockchain browsers.

The next item in the settings is the activation of the PIN code, which will be requested every time the application is launched.

In addition, the section allows you to choose your default currency, change the interface language, adjust the frequency of data updates, save transaction logs, contact technical support.

Exchange inside the wallet. Fees

Without leaving the Trustee Wallet, you can exchange one supported cryptocurrency or token for another. The trading pair can be any of all the coins that are in the application.

There is no commission for internal exchange in the wallet. But it should be noted that the course already includes the fees of the payment provider, which is indicated on the exchange screen. The time of the transaction depends on the speed of its processing by the provider, but usually it is almost instantaneous.

Advantages

  • A large number of supported coins.
  • Anonymity and lack of verification.
  • Storing keys on the user’s side.
  • Free purchase and sale of cryptocurrencies for fiat.
  • Support for popular payment methods.
  • Exchange without commissions inside the application.
  • A good level of security.
  • Easy to manage.

Disadvantages

  • There is no PC version of the application.
  • To receive income from the referral program, you need to invite at least five people.

Summary

The Trustee Wallet wallet from the point of view of modern security standards in the crypto industry really meets the basic requirements – it does not have access to the user’s keys, places the source code in the public domain, allows you to additionally protect your account with a PIN code, fingerprint or Face ID.

The functionality of the wallet is quite enough to perform basic operations for storing, exchanging, sending, buying and selling cryptocurrencies. There are no additional functions, such as staking or dApps, so at the moment it is just a good and reliable option for storing digital assets.

Published by btcinsights