On March 21, TrustWallet became unavailable on the App Store. The project team stated on March 22 that the issue would be resolved as soon as possible. Trust Wallet assured users that their assets would be protected since crypto is stored on the blockchain and the app serves only as an interface to their digital assets. Users were asked temporarily not to update or reinstall the application. This did not affect Android users, however.
Many users were unnerved despite assurances. Some said they had deleted the crypto app from their iPhones and wondered how they were going to access it again, while others lost their crypto recovery phrases, and all feared losing their crypto holdings.
Founded by Six Days LLC, Trust Wallet was acquired by Binance, the largest cryptocurrency exchange, in 2018. This was announced on Binance’s official blog in 2018.
Trust Wallet lets users accept and send cryptocurrency payments, buy coins through a range of service partners, store NFT tokens, and connect to various decentralized platforms.
However, access to decentralized applications is only available through the wallet’s browser, and only on Android devices. In order to comply with Apple’s App Store Guidelines and to continue offering services on iOS, this functionality had to be removed from the app’s iOS version in 2021. Owners of iPhones can use the WalletConnect feature to access NFT and DeFi sites.
Trust Wallet Trapped in Apple’s Vice-Like Grip on iOS Apps
Although the app’s sudden disappearance hasn’t been officially explained, experts say it is again likely due to a violation of the App Store policies, specifically those pertaining to third-party payments. As Trust Wallet’s website states, the app doesn’t sell crypto, and users are redirected to a third-party provider – which indeed seems to be the case.
Apple’s hegemonic behavior has affected a lot of services. Unless you’re a country-scale regulator, it’s very hard to stand up to such a giant. This was the case with the Dutch regulator requiring Apple to follow an antitrust order related to dating apps in the Netherlands.
In response, Apple said that it would keep a 27% commission on the concessions and claimed “audit rights” on the sales. Also, it said that developers had to choose between recommending payment systems outside of their apps or using third-party payment systems.
Rather than be limited to one or the other, the Authority for Consumers and Markets (ACM) demanded that devs should be able to do both. This proposal was not considered “serious” by the Dutch regulators, and fines of $5.5 million were continued for nine consecutive weeks, totaling $49.7 million.
The Dutch antitrust watchdog said Apple submitted new proposals to resolve the dispute. It is evaluating whether or not those proposals are sufficient.
Choosing Better Alternatives
It remains unclear whether Trust Wallet and Binance will take a similar stand against Apple or will simply comply with refusing to accept third-party payments. However, one thing is certain: new iOS users will not be able to download it.
The best tip for anyone scratching their heads and wondering which wallet to use instead, or who is wary that this may befall another wallet they use, is to seek out wallet apps that aren’t at risk of being removed from the App Store.
How can we be sure of that? In short, a wallet should not contain a third-party payment system and all functionality related to payments and crypto exchanges should be provided by the wallet developer.
A good alternative solution that outperforms Trust Wallet in terms of functionality and safety is NOW Wallet, a crypto wallet developed by the non-custodial crypto exchange platform ChangeNOW. With NOW Wallet, users can store and exchange about 400 cryptocurrencies conveniently on the move. The wallet also supports about 60 fiat currencies and NFTs. Since it is a non-custodial wallet, you have complete control over your private keys and funds.
It is also worth checking out Crypto.com DeFi Wallet, which supports 100+ coins and allows users to send crypto at their preferred confirmation speed and the network fee.
Image: Pixabay
FAQs
Crypto purchases in Trust Wallet go through Ramp, which is available in most of the United States. U.S. customers can only buy crypto on Ramp with debit or credit card payments, and fees can be expensive.
Is the Trust Wallet app legit? ›
As many user Trust Wallet reviews state, it is a pretty safe crypto storage option. Acquired by Binance, one of the leading cryptocurrency exchanges globally, the Trust Wallet prioritizes the security of users' digital assets.
Is trust wallet on IOS safe? ›
Trust Wallet is considered safe due to its non-custodial nature, which means users have full control of their private keys and funds. If we were to name the pros of Trust Wallet, a wide range of supported assets and a user-friendly interface would certainly make it to the list.
What happens if I uninstall trust wallet? ›
Proceeding to delete a wallet from your device is a serious action. Please be aware that the removal of a wallet is irreversible, and a deleted wallet can only be restored if a backup is available. Always ensure you have a backup of your wallet before deletion.
Is Trust Wallet tracked by IRS? ›
Trust Wallet does not report user information to the IRS. Users are responsible for tracking and reporting their own Trust Wallet transactions for tax purposes. US taxpayers must pay taxes on Trust Wallet transactions like all other crypto transactions, but there are ways to reduce your tax bill legally.
Which bitcoin wallet is best in the USA? ›
Coinbase, Ledger and Safepal offer the best bitcoin and crypto wallets according to our testing. Your cryptocurrency is only as safe as your private key. The safest place to keep this alphanumeric sequence that allows you to access your funds is in a cryptocurrency wallet.
How to spot a Bitcoin scammer? ›
How To Spot Cryptocurrency Scams
- Offers that guarantee large future gains.
- Offers that involve “free” money, bitcoins or tokens.
- Offers with time limited offers or countdown timers on them.
- Messages that offer you jobs or opportunities out of the blue.
- Deals that are too good to be true, no one gives out free money.
Trust Wallet is owned by Binance, one of the largest cryptocurrency exchanges, following an acquisition in July 2018 ¹ ². The acquisition aimed to improve user safety and offer better services.
Can you get real money from trust wallet? ›
To withdraw money from Trust Wallet to a bank account, convert your crypto to Bitcoin on an exchange, then use services like Coinbase, BitFlyer, or Binance for direct bank deposit. Alternatively, use peer-to-peer platforms for trades. Remember, processing times, fees, and available currencies vary with each method.
Can I install trust wallet on iPhone? ›
Accessing and downloading Trust Wallet is easy either as a mobile app on your Android or iOS device or as a browser extension.
No, because trust wallet is a non custodian wallet.
What is the secret phrase in trust wallet? ›
Your secret recovery phrase is your secret master seed that generates all your wallet's addresses and private keys. It is incredibly important for you to keep your secret recovery phrase safe.
Why is trust wallet bad? ›
The bad things are that there are some fake currencies on this wallet and many scammers who support these currencies. It has a limit to withdrawal which is an irritating point. Cryptocurrency have not stable prices so if someone have small balance than its not sure that he will withdraw it tomorrow or not.
Can trust wallet go bust? ›
In any case, even if Trust Wallet goes bankrupt, as long as you have the recovery phrase, you can recover your assets once on the blockchain. All users of crypto wallets should always save their recovery phrases manually in case such an event occurs.
Can I get my money back from trust wallet? ›
If you need a refund from Trust Wallet, it's important to contact their support team directly for assistance. They typically do not provide refunds as transactions are usually irreversible. For help, you can reach out to their customer support via their official website or through their contact number, 1-844-581-5587.
How do I cash out my trust wallet to USD? ›
To withdraw money from Trust Wallet, users need to swap their tokens for Bitcoin or Ethereum, send them to a cryptocurrency exchange like Binance, sell them for fiat currency, and then withdraw the fiat currency to their bank account.
Does trust wallet work anywhere in the world? ›
Self-custody: Take complete control of your financial future by holding your private keys directly within your wallet. Self-custody ensures you have the sole authority to access and manage your crypto assets. Seamless sending and receiving: Effortlessly send and receive cryptocurrency anywhere in the world.
Can I withdraw money from a trust wallet? ›
To withdraw money from Trust Wallet to a bank account, convert your crypto to Bitcoin on an exchange, then use services like Coinbase, BitFlyer, or Binance for direct bank deposit. Alternatively, use peer-to-peer platforms for trades. Remember, processing times, fees, and available currencies vary with each method.
Is crypto wallet legal in the US? ›
Yes. Many crypto exchanges like Coinbase have KYC to comply with regulations - if you don't complete identity verification on Coinbase, your account will be restricted. You'll need to fill out a variety of personal information and provide a photo ID document - like a driver's license or passport.
