Trust Wallet serves as an interface that allows users to conduct transactions, send, and receive cryptocurrencies. To avoid complications, it's crucial to understand the requirements to properly manage and expedite these transactions. Herein, we delve into the prevalent inquiries concerning cryptocurrency transactions via Trust Wallet.
Covered in this guide:
- Sending Crypto from Trust Wallet
- Response to Frequently Asked Questions
- Effects of Blockchains on Fees
- Dealing with Dual Token Blockchains
Understanding Cryptocurrency Transfers:
When you're using Trust Wallet, you can send funds anywhere they are accepted. However, remember that a transaction typically asks for a small fee, not collected by Trust Wallet but by the blockchain or network where the token resides.
You can usually send your cryptocurrencies to:
- Cryptocurrency exchanges
- Hardware Wallets like Trezor, Ledger Nano, etc.
- Other PC, mobile, and/or web wallets.
- Trust Wallet mobile app or browser users
Caution:
Check the compatibility of the currency you're about to send. Cryptocurrency transactions are irreversible; thus, incorrect transactions can result in lost funds.
Which Blockchains Impose Fees?
Almost all major coins and tokens supported by Trust Wallet impose a certain fee to process transactions. These fees are distributed to miners/validators of each blockchain, and not collected by Trust Wallet.
Ethereum Network and ERC20 Tokens:
ERC20 is a protocol standard on the Ethereum blockchain representing various digital assets. They can signify diverse tradable items such as coins, vouchers, gold certificates, loyalty points, and IOUs.
Gas on the Ethereum Network:
The term 'gas' refers to the computation cost for processing a transaction or executing a smart contract on the Ethereum network. In Trust Wallet, these gas fees are termed as Network Fee, and users can adjust them according to their needs.
Tokens on Other Networks:
Aside from Ethereum, Trust Wallet also fully supports tokens deployed on networks like (BNB) Smart Chain and Tron (TRX) TRC10, TRC20, and over 100+ Blockchains.
USDT Tether on TRC20 Network:
TRON is required for USDT transactions, with fees paid via TRON, not your Tether balance. While direct Tether to Tron swaps aren't possible within the app due to interoperability constraints, you can acquire TRON through a buying option or by transfering from an exchange.
Screenshots are for illustrative purposes only and may not reflect current prices.
Tokens Requiring Memo or Destination Tag:
Certain blockchains also require Memos or Destination Tags when sending to exchanges. These entities indicate where to credit the payment. Generally, Trust Wallet does not necessitate the use of a Memo or Destination Tag when transacting with a Decentralized Wallet.
Concluding Note:
Before initiating any transaction, verify the recipient's address and whether a Memo or Destination Tag is necessary. When a transaction is made, it can't be reverted. Please be cautious in order to prevent lost or misdirected funds.
Make sure to update your Trust Wallet regularly to get the latest features. You can find the most recent version of Trust Wallet on trustwallet.com/download