Trust Wallet vs Binance Wallet: Which Is Better For You? [2024]

Trust Wallet vs Binance Wallet – If you are confused between Trust Wallet or Binance Wallet, this article will assist you to choose the best crypto wallet by discussing everything about Trust Wallet and Binance Wallet.

The first thing we should discuss is the basic difference between Trust Wallet and Binance Wallet. The first thing you should be clear about is that Binance and Binance Wallet are entirely different, but Binance Wallet is a part of Binance.

Trust Wallet is an exchange-based way of storing, sending, and receiving cryptocurrencies. While Binance Wallet is also a wallet that also comprises Trust Wallet as its crypto storage wallet. But both the wallets are entirely different.

So, keep on reading to know about Trust Wallet vs Binance Wallet comparison.

Trust Wallet vs Binance Wallet: What Are They?

Trust Wallet: Trust Wallet is one of the best cryptocurrencies and Ethereum wallets. It let you store, send and receive Bitcoin and several other cryptocurrencies safely and securely.

And it supports over 160 digital assets and allows users to stake their coins in order to gain interest. Not only that, but it also includes a Web3 browser, that lets you access the decentralized applications built on the Ethereum platform.

The Trust Wallet is completely free to download for both Android and iOS devices. And most of its versatility is because they wrote its code in the native language for both platforms.

Binance Wallet: Binance Wallet is the official Crypto Wallet for Binance Chain, Binance Smart Chain, and Ethereum. It is a one-stop gateway to store, exchange and earn crypto.

You can use this to safely store your cryptos by connecting them over a variety of other projects across the Blockchain, as well as to send and receive funds.

This high-tech blockchain has the purpose of resolving and scalability problems with its focus on Smart Contract Programmability.

Trust Wallet vs Binance Wallet: How Do They Work?

Here, let’s understand how does Trust Wallet and Binance Wallet work and how you can use them.

How Does Trust Wallet Work?

You’ll have to download the Trust Wallet app on your device to use Trust Wallet and create an account by giving the required information.

You’ll then get a 12-word recovery phase, which serves as a backup for your funds. Note that before you finish the step of creating the wallet, don’t forget to write the 12-word recovery phase in the correct order.

Because there is no way to change or recover if it’s lost or forgotten. In case if you lose your recovery phase, you’ll completely lose your funds.

Now your newly created multi-coin wallet is ready to manage cryptocurrencies for over 30 blockchains, such as Ethereum, XRP, Bitcoin, BNB, and many more.

Trust Wallet doesn’t hold any cryptocurrencies in its server, and it only gives access to its wallet. Thus, it acts as a bridge linking individual blockchain networks through its nodes.

How Does Binance Wallet Work?

In order to use Binance Wallet, you’ll need to sign up to create an account. Registering for a Binance Wallet is very easy and simple.

Note that registering on the Binance exchange is the same thing as signing up for the wallet, and this is the reason why many people think does Binance has a wallet.

All you need to do is to visit the Binance official website and register for an account by using your mobile number or through email.

Once you’ve done that, you’ll receive an account verification request to your email address, which you’ll need to enter to confirm your login process.

From the Home Page, you can view your wallet balances in BTC as well as the functions that your wallet will perform, such as margin account P2P trading, mining pool fund storage, savings account management, and more.

Moreover, you can even purchase and trade cryptocurrencies directly from the wallet interface and withdraw fiat money.   

Trust Wallet vs Binance Wallet: How They Stack Up?

Features

Trust Wallet:

• Send, receive and store Bitcoins and many other cryptocurrencies including NFTs safely.
• Binance DEX support is now available with Trust Wallet / WalletConnect Support.
• Integrated Uniswap and PancakeSwap trading directly in the wallet.
• Keep your private key secure with bank-level security.
• Use FaceID, Touch ID, or conventional passwords to protect your crypto investments.
• Protect all online interactions through the app’s military-grade encryption.
• Check your crypto wallet balance, transaction history, and other details on your device.

Binance Wallet:

• It is a secure and trusted multi-chain wallet.
• Your one-stop gateway to store, exchange and earn crypto.        
• Over 500 for global traders on Binance. 60 available for U.S. investors on Binance.US.
• Maximum trading amounts differ based on the cryptocurrency purchased.
• Huge selection of transaction types.
• Public application programming interface (API) keys for integrating other software tools.
• The option to use the third-party digital wallet, Trust Wallet.
• Users in over 180 countries can trade on Binance.                           

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Fees

Trust Wallet: Trust Wallet charges nothing for using it, and for exchanging one crypto for another on the in-app DEX or whenever a user uses DApp browser to combine with decentralized apps.

It also doesn’t have any subscription charges to use it. However, the only fee it charges is the fees for processing transactions on the app, which are paid to the miners or to the Proof-of-stake chains that charge them.

Also, during the times of high usage of the Bitcoin blockchain, it might charge $5 to $10 for every transaction you make. And the Ethereum blockchain can charge up to $10 per transaction.

Binance Wallet: Binance offers some of the lowest fees in the crypto exchange market, thus making it a favorite among traders. Here are the different types of fees it charges. 

Deposit Fees: It doesn’t charge any fee when depositing crypto assets on Binance with Tether (USDT), Bitcoin (BTC), and Ethereum (ETH). Yet, note that you’ll need to exchange your fiat for crypto and then make your deposit.

Purchase Fees: You might have to pay up to 4.5% in fees if you choose to buy cryptocurrencies with a credit or debit card.

Trading Fees: It charges a 0.1% fee for trading on the platform and a 0.5% fee for instant buy or sell. Therefore, the actual fee amount will be based on the amount of the trade.

Withdrawal Fees: For each withdrawal, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account.

Withdrawals rates are determined by the blockchain network and can fluctuate without notice due to factors such as network congestion.

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Security

Security is the first and foremost thing that people look at when choosing the best crypto wallet. That means no matter how many features it has to offer to the user, if it lacks good security, then it’s not the best option.

Trust Wallet: One of the main things about Trust Wallet is its focus on user privacy and protection. It doesn’t require any KYC and, as a non-custodial wallet, it doesn’t store any data.

It offers 2-Factor Authentication, SMS or email verifications and Google Authentications. Moreover, it let you to keep your private keys on your devices instead of storing them on Trust Wallet’s servers.

And you can even add additional security measures to protect your wallet. These additional measures comprise passcode with or without Face ID or Touch ID. You can add this by navigating to ‘Settings -> Security -> App Lock’ and then input your chosen password.

You can reduce the risk by limiting the connection with third-party sites. That means, if you connect your wallet with a third party, there are a few chances it increases your vulnerability to phishing scams.

Binance Wallet: When creating an account, you can enable frontline security features like Universal Two-Factor Authentication (U2F), and Two-Factor Authentication (2FA).

Although a lot of cryptocurrency exchanges and hot wallets have this feature, we should not overlook its significance. That means 2FA is the perfect way to protect your assets from major hacking attempts.

Moreover, you’ll also be thrilled to see that Binance wallet keeps the majority of its user’ cryptocurrencies on cold storage devices. Since cold storage is not connected to the internet, they are less susceptible to getting hacked by potential hackers by any means.

Besides, there are many different features that Binance provides its users, such as custom PIN code, multi-signature functionality, a seed phrase-based recovery method, and more. Thus, keeping in mind all these, we can say that Binance Wallet is one of the safest exchange-wallet out there.

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Ease of use

Trust Wallet: Using Trust Wallet can become really easy if you have a trading account with Binance because Biannce owns Trust Wallet.

You can also have access to top cryptocurrencies through the Trust Wallet instead of having to use different wallets.

That means it is developed in such a way that you can access both ICO tokens, airdrops, and Ethereum through one address.

Binance Wallet: Binance Wallet is incredibly easy to use. If you are using the Binance Wallet app or the browser extension, they both offer complete functionality.

Additionally, by keeping your coins in this wallet, you can exchange and trade them at any given point in time. This can be a perfect feature for both daily traders and long-term traders.

Customer Support

Trust Wallet: If you have any questions or need help with Trust Wallet, you can contact their customer service by submitting a ticket, or send an email at support@trustwallet.com or connect through Facebook, Discord, Twitter, or Telegram. 

Binance Wallet: If you have any questions or need help with Binance Wallet, you can contact their customer service by visiting this page.

Takeaways!

Trust Wallet: It is quite difficult to speak against Trust Wallet since it has really minimum faults. And the interface is quite straightforward and doesn’t have any complications.

Additionally, it even has a solid reputation. For instance, you can use Google Authentication, Two-Factor Authentication, and SMS or email verifications.

What makes it more interesting is its fees, there is very fewer fees associated with Trust Wallet. That means you don’t have to pay any swapping, wallet, or DApp fees. But the only unavailable fees are the gas fees or network fees.

The only downside is that it is completely mobile-based, and you cannot use it on your desktop. Thus, it can be quite annoying for desk-bound types who like to use it on their computer.

Binance Wallet: Similar to Trust Wallet, Binance Wallet isn’t that special. It is almost similar to every other wallet that manages cryptocurrencies and extensions.

Yet, there are some features that make it different from the rest. For example, you might link your Binance account to the Wallet Direct through the key.

Whereas, for most of the wallets, you’ll need to copy and paste all the addresses while transferring your digital assets, which may consume a lot of time.

Furthermore, even if you forget your password or lose it somehow, you can still have ways to recover it. This can be done by using the Gmail login method, using your passwords that created in the set-up stage for your account, or by using the local device.

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Summing Up: Trust Wallet vs Binance Wallet!

Choosing the best crypto wallet isn’t really easy because finding the right one that fits your needs is tough. So, what did you choose, and what is best for you?

Well, Trust Wallet can be the perfect option for anyone. Because it has a wide range of coins available in its wallet.

On the other hand, Binance Wallet is closely intertwined with the exchange part of the platform. So, it comes with a huge array of features but is also quite complex than others.

Also, you need to remember that regardless of where you are registering, whether the wallet or the exchange, the process remains the same.

FAQs