Over the past several months, Trust Wallet has evolved from a crypto wallet app for Ethereum tokens into one of the most robust crypto wallet solutions in the world. Trust Wallet now supports many top cryptocurrencies such as Bitcoin and BNB, as well as many decentralized apps (dApps), making it the only Crypto Wallet app you’ll ever need.
But what if we want to trade the tokens we store on Trust Wallet? Trust Wallet can also be connected to decentralized exchange platforms (DEX), thanks to its multiple features that support the trading of your tokens without your funds leaving your wallet.
But before we delve into what Trust Wallet can do, let’s have a quick recap on what a DEX is and what its advantages are.
What is DEX
A decentralized exchange, or DEX, is an exchange platform where people can trade their assets without needing to create an account on that platform. Instead of using a centralized platform for holding traders’ funds, DEX users can trade directly with each other from their own crypto wallets. On a DEX, every trade is recorded on the blockchain as an individual transaction and all funds come from people’s personal wallets.
It is important to distinguish a DEX from a centralized exchange. The main point of differentiation between the two kinds of crypto exchanges is the custody of funds. With a centralized exchange, like Binance, you create an account, deposit your crypto for trading, and trust that the exchange will keep your tokens secure. A DEX’s structure is pretty much different from that.
To further explain the concept of a DEX, let’s describe Binance DEX for example. On Binance DEX, you are not asked to create an account. Instead, you are requested to either create your own digital wallet or connect your existing wallet to the exchange. Either way, Binance DEX will not have any access to your funds. Only you have the means to open and use the wallet, as you will hold the private key, mnemonic phrase, or Keystore file needed to access it.
You can then use the funds that are already in your wallet to start trading on the DEX, as well as to transfer funds to and from other sources.
What makes a DEX different and better compared to other exchanges
Since the dawn of cryptocurrencies, which are created as a decentralized form of sending value across the globe, the first and biggest crypto trading services that emerged are pretty much centralized. There are advantages inherent to centralized exchanges, such as ease and convenience of use, the capability to support margin trading and options trading, higher trading volume and liquidity, and more.
However, trading on centralized exchanges come with their own risks. While top exchanges like Binance have put in place stringent user security and protection measures, safety across the many exchanges that are available may vary from platform to platform. Meanwhile, many cryptocurrency users may be uncomfortable with entrusting funds to centralized exchanges.
DEX platforms like Binance DEX can offer features and advantages that will satisfy the needs of crypto trading users without encountering some of the disadvantages that come with centralized exchanges. Here are some of them:
- Using a DEX means more security for your funds. With a DEX, only you have full control over your funds. You just attach and detach your own wallet, whether it be a hardware one or a software one, and you can trade accordingly.
- Your privacy is more protected on a DEX. Centralized exchanges are compelled to get information about their users, whether through business, operational, regulatory, or marketing purposes, oftentimes all of them. With a DEX, all you have to do is to connect a wallet, and that’s it. A DEX does not care about your personal information.
- DEX servers are decentralized. An inherent feature of a DEX is that it has various servers in multiple places, which is pretty much how a cryptocurrency network works. This means added security for a platform. It is harder to hack into a system with multiple servers spread out worldwide than a centralized platform with one central server.
- Using a DEX is more democratic. As previously mentioned, centralized exchanges may be beholden to restrictions brought along by regulatory, political, or economic factors. A DEX, which usually does not have a centralized governing body, does not have that constraint and can accept users from any country or area in the world.
Trust Wallet and its role in advancing DEX trading
With the ongoing progress of DEX offerings in general, Trust Wallet has been instrumental for this growth. Trust Wallet started as a wallet for Ethereum tokens. Since being bought by Binance in 2018, it has transitioned into a multi-feature wallet with support for the biggest cryptocurrencies in the world.
Trust Wallet’s journey to being the most sophisticated Crypto Wallet app for DEX trading started with the launch of Binance DEX. On the same day that Binance DEX and Binance Chain launched, Trust Wallet launched support for Binance Chain and all the tokens that are created on that blockchain, including its native token BNB.
A few days after the launch of the Binance DEX, Trust Wallet launched support for WalletConnect, allowing users of the crypto wallet app to connect to Binance DEX and start trading on the exchange.
Since then, Trust Wallet has worked on enhancing its support for decentralized exchanges. Just this November, the app launched support for many methods of DEX trading, from the simple token swap to order book-based trading, with support from exchange platforms such as Binance DEX and KyberNetwork.
This is just the beginning of Trust Wallet’s mission to become a one-stop wallet for all your crypto storage and usage needs.
Why Trust Wallet is a great option for DEX trading
Given the wide array of features that Trust Wallet has for storing and using various cryptocurrencies, it has become the crypto wallet of choice for DEX trading. Here are several reasons why we suggest you use Trust Wallet.
- Easy to use. At the core of Trust Wallet’s creation and development is the mission to make cryptocurrencies easier to use. With an utmost emphasis on user experience, Trust Wallet will ensure that no matter how you use your crypto, whether for storing, using, or even DEX trading, it will be supported in this app.
- Mobile. Many DEX platforms do not have mobile-friendly interfaces yet. With Trust Wallet, which is a mobile app first and foremost, doing trades via DEX is now something you can do on-the-go.
- Supports many ways to buy into crypto. Don’t have crypto yet? You can use your credit or debit card to buy crypto on Trust Wallet. Then use the crypto you just bought through your card to trade for other cryptos.
- Secure wallet. Trust Wallet is one of the most secure crypto wallet apps around, with several features ensuring that only you have access to your crypto.
- Private. Trust Wallet doesn’t ask for any personal information from you. This makes the app an ideal wallet for doing your DEX trades and for other uses where you want to stay anonymous.
- Low transaction fees. DEX trading usually has lower fees compared to other more centralized platforms. Do that while using your wallet, and you won’t need to worry about blockchain network costs involved in transferring from wallet to exchange, because you’re exchanging in your wallet anyway.
- High user base. Trust Wallet is used by hundreds of thousands of crypto users worldwide, across Android and iOS. With this significant user base, you’re very likely to find someone to trade crypto with, anytime, anywhere.
- Significant trading volume. The strength-in-numbers mantra that we brought up above applies not only to users but to the volumes that come into DEX trading via Trust Wallet. With support from Binance DEX, which is a top DEX in terms of trading volume, you’re assured of an always-liquid platform where you can trade from the comfort of your wallet.
- Multi-language customer support. Do you have questions about how to use Trust Wallet? Our website is in 11 languages, so you can know more about Trust Wallet in the language you understand. As for personal support, we are constantly ramping up our coverage to cater to more languages and nations.
How to do DEX trading on Trust Wallet
On Trust Wallet, there are two ways for you to trade crypto in a decentralized way. Both methods are powered by our multi-DEX support through Binance DEX and KyberNetwork technology
- Swap. This feature gives you the power to quickly trade your assets in an easy-of-use and accessible manner. With this function, just select the crypto you have and the crypto you want to trade for. Once we find a match, your tokens get swapped.
- Exchange. Currently built on top of the Swap feature, this feature is a more nuanced way to trade crypto in a decentralized manner. With features such as crypto order book and order history, the more advanced traders will have additional tools to use when it comes to plotting and timing their trades.
Let’s discuss a bit more about the Exchange function of Trust Wallet. When you use Trust Wallet as a DEX via its Exchange feature, you are harnessing the power of the core Binance DEX. This modern, decentralized marketplace for exchanging your digital assets allows you to place limit orders and look at your trade history. This gives you more control over how you trade and more opportunities to pursue the trades that work best for you. The addition of the new order book allows you to precisely tap into the liquidity provided by Binance DEX when placing your orders.
Curious on how to perform DEX trading on our app? Here’s a short video showing how exactly to do so: