A secure Crypto Wallet is essential while investing in crypto, which could prevent the hackers as well. Non-custodial wallet as the Trust Wallet don’t own the users private keys or assets. Ensuring full ownership of funds which you hold in this way is safer till you are keeping good care of your secret phrases.
In case you have purchased some coins as Bitcoin (BTC) and Ethereum (ETH)then in that case you should keep them safely and for that you need a secure wallet. Else your funds would be prone to hackers or scammers and there you could probably lose all your money. So in this article you are going to study about how you could save your funds and keep yourself safe from common scams as well.
Table of Contents
About Crypto Wallets
As per the famous beliefs related to crypto wallets, won’t exactly hold cryptocurrencies and there are various tools which you could effectively use for connecting with blockchain networks. The crypto wallets tend to make essential information for both sending and receiving of digital assets through blockchain transactions. Such transactions are done with the aid of both public and private keys. Where public keys are effectively used for generating Wallet addresses, which could be shared with others in case you desire to receive crypto. The private key works as your password and is therefore used for creation of digital signatures and verifying the transactions as well. But the only condition is that private key should be kept safe and hidden.
In case you are going through setting up of your wallet then you are going to receive a twelve word secret phrase which is totally different to every individual’s crypto wallet being held and is not going to be shared with anyone down the lane. It is attached with your private keys and is required to be saved and noted down safely offline. One thing which you should note is that your private keys are cryptographic codes which are being linked with your public keys and are thereby used for verification of your transactions. Cause of the structure of crypto wallets, in most of the cases, you aren’t required to directly contact with your private keys as wallets are responsible for processing the same on their own. Although difficult but access to your private keys would majorly be via your secret phase. Basically you private keys are shown to you in a 12-word secret phrase which you would receive while opening of a wallet, actually they are your PIN number which could be used to for recovering/access of your wallet.
Basically there are two sorts of crypto wallets as software wallet and hardware wallet. The software wallets could be accessed through apps being installed on a hardware device as phone or laptop. You should anyways try to use safe, encrypted apps as Trust Wallet when you are searching for the best wallets for use. The software wallets tend to give you chance for keeping a watch on your crypto with the aid of internet connectivity and these tend to be under the section of ‘hot wallets’.
The software wallets as Trust Wallet and MetaMask are one of the famous wallets in market.
Whereas the hardware wallets allow you to manage your portfolio via hardware device and thereby save your private keys also offline. The digital signatures are made “in-device” (offline) before they are being broadcasted to the network trough your laptop being named as ‘cold wallets’.
About Trust Wallet
Being launched in November 2017, the Trust Wallet is non-custodial mobile multi-chain crypto wallet and also go-to wallet for Web3 access. You could effectively use Trust Wallet for gaining access to ahead of 4.5 million digital assets, involving cryptocurrencies, Fiat currencies and NFTs.
The trust wallet do have wide limits of functionalities ahead of holding funds. You could thereby gain access to 66 blockchains as BNB Chain and connection to famous DApps as PancakeSwap and Sushiswap, with built-in DApp browser. Not only this, you could even purchase, swap and stake your digital assets in your app of Trust Wallet.
The unique selling points of Trust Wallet is its being a non-custodial Wallet, which means that you own your private keys and your assets on the blockchain. As your web extension wallets, even your secret phrases are encrypted and saved on your mobile device only. One thing which you should keep in mind in relation with this wallet is that they don’t have any access to your funds. It is safe choice for your funds till you are keeping good closeness if your secret phrases.
Way of Securing Your Trust Wallet
- There are various ways of making your Trust Wallet safe and those are:
- Don’t share your secret phrases or private keys: Your funds are safer through the manner by which secret phrases are being stored by you as your wallet is being protected with the aid of them from any access which is unauthorised. You should not enter into sharing such keys with anyone and try to keep them in safe and secret offline positions.
- Try to maintain a backup of your secret phrases: One thing which you should be totally aware off is to keep the backup copies of your secret phrases and in case when your phone is broken, lost or being robbed or the Trust Wallet app being deleted by default, you could easily restore your wallet by trying to use secret phrases. And one thing which is very essential for keeping in mind is that there is no recovery process, in case you tend to lose your phrases or even funds kept in the trust wallet.
- Try putting a copy of secret phrases offline in some safe zone: Try to save your secret phrase online as in cloud services, meaning thereby that hackers could still reach your funds, but only if you write your secret phrase somewhere on the paper could be one of the safe choices, till you are saving them at safe places. You could also try making various copies, so that you are safe in case you have lost any of the papers. For this, the use of fireproof envelopes is a good choice.
- Keep One wallet, one secret phrase: Few cases could hold the similar secret phrase on different wallets-don’t try working like these cases. The most effective way is using different from others secret phrase for every wallet. This would assure that hackers won’t be able to reach each of your wallets by using similar secret phrase.
- Try keeping it cold and hot: A friendly advice on keeping your assets cold is to divide and protect your assets by using hardware wallets for storing and cold storage use too, to save more visible amounts of crypto. The use of secure and decentralised hot wallets could also be considered by you just as the Trust Wallet for regular trading requirements and saving of small quantities of crypto.
- Keep yourself updated from the official Trust Wallet Channels: The Trust Wallet staff isn’t going to message directly for any sort of promotions or giveaways or even ask from you to get secret phrases or private keys and in case you are facing any doubt then refer to the official Trust Wallet channels for assuring the other party’s identity and be alert to not to share any private information with them.
- Rest assure yourself to download the app from the official Trust Wallet Website and assure that you have used the official site before downloading any sort of app.
The most seen Cryptocurrency Scams and the Idea of avoiding them
Various people are involved in investing with cryptocurrencies, where scammers are in search of people who are new in this field. Therefore, here you are going to fetch few of the very common crypto scams and the ways to avoid the same.
Fake Mobile Apps and Websites:
There are fake websites and mobile apps and are easy to pass by them in case you are not noticing them. Actually the scammers are behind all these tricks as they are going to post URLs which would pretend to be almost similar to the real ones and would invite you to click on the same. In case you attempt to click on them then you would be definitely redirected to a fake website and would then be asked to log in or install that fake app. Each thing would pretend to work as desired, but once you get logged in, the malware of app is going to break-in your personal information, login credentials and also the secret phrases and private keys. Scammers in this way could transfer your cryptocurrency out of your wallet in a very easy way. Therefore, be careful while connecting with DApps and the websites with your wallet. Try not to provide them with access to your private keys as signing transactions or messages from such websites and interacting with fake DApps would provide authority to the scammers for transferring of your assets.
Certain clues for reducing risks:
- Go through the exchange officials website for verifying that they are holding a mobile app and in case they are then download it from official link on their website.
- The most visited domains and official websites should be noted down. Also many a times few search engines could by mistake display fake ones too. So try to check the URL of the websites before logging in with your wallet.
- Activation of 2FA for your accounts should be done, but this won’t guarantee 100% security, but 2FA is a bit harder to bypass than to use a password.
Fake support of customer
The scammers could represent as the support staff on the social media as Twitter, Reddit or even Telegram and would text you. For instance, they are going to inform you about your account being compromised and you would then be required to send your funds to temporary wallet while they are involved in resolving the issues, as they suggest. So, the moment you are transferring your fund temporarily, your crypto is going to be compromised.
Fake giveaways
There are various giveaways on social media these days, you might have seen crypto companies doing giveaways for free crypto. In case, they are asking to send them your money first then it is majorly a scam. There are probabilities that you are sending funds to an address which is owned by the scammer and in case you do then most likely you won’t be able to contact them any further. For instance, if you are asked to send 1BNB for a 10x return then the best way is to just ignore and move ahead.
High APY Projects
The DeFi projects give high yield for staking so as to attract its users. The basic idea is that users can lock their crypto into smart contracts and liquidity pools. Where in return, they are going to be rewarded with certain portion of project’s newly minted tokens, which could effectively be traded on crypto exchanges for profits. Follow the crypto thumb rule as DYOR ( Do Your Own Research) before investing. There are various DeFi scams and various projects have been noticed which withdraw user’s funds from the liquidity pools and go away. But yes, talented developers could effectively make changes to protocol for improving of their project.
Chances of Being Compromised- Do’s and Don’ts
In case your trust wallet is being compromised then it is suggested to protect yourself by doing the following:
1. Reporting the incident to the customer service team on the Trust Wallet official website and this is going to aid other users by being aware.
2. New wallet creation from a safe device and shifting your funds out of the affected wallet. Do save your new secret phrase and private keys at safe place.
As per the feature of the blockchain transaction, stolen funds are a bit tough to follow and could hardly be recovered and at once the transactions are sure on the blockchain then they are irreversible and as Trust Wallet is non-custodial, it is not upto holding the private keys of users and won’t have access to their funds as well.
Crux
In this article we have tried to make you aware from the scams and frauds and we hope that you would be able to save your crypto wallet and prevent risk with the aid of different steps. Just be careful and do your own research and go for wallets and exchanges which have customer service team. Therefore, with the aid of this article you are estimating risk and enhancing safety of your investments with Trust Wallet.
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