Trading on Trust Wallet
*“One of the essential needs for a working crypto economy is to have the ability to swap or exchange your Digital Assets,’’ says Trust Wallet Founder Viktor Radchenko. ”This, and the ability to always stay in control of your own Money."
A Decentralized Exchange ( DEX ) is a crypto-exchange which operates in a decentralized way, without a central authority that takes control over your assets. This means that this application runs on the blockchain and your funds are secured by your private key.
Here is a more in-depth explanation: Cryptocurrency Exchanges, Which One Should I Choose?
Trust Wallet utilizes the 1Inch Network for interchain swaps, and Thorchain for cross-chain swaps.
1Inch is a global network of decentralized protocols designed to provide the most lucrative, fastest and secure operations in the DeFi space. 1inch Network is a DEX aggregator designed to scrape through a handful of decentralized exchanges in search of the most profitable platforms for liquidity providers.
1inch swaps enable users to do interchain swaps on 8 EVM chains that include Ethereum, BSC, Avalanche, Polygon, Arbitrum, Optimism, Gnosis, and Fantom. This means you can swap ETH with any ERC 20 tokens directly on your Trust Wallet without having to connect to 1inch’s dApp. You can also swap BNB Bep 20 with any Bep 20 token and so on.
Learn more: How to Trade with the Built-In DEX (Swap Option)
It’s clear we’re already living in a multi-coin future where people need a variety of coins/tokens to interact with web3. The addition of THORChain swaps on Trust Wallet solves a key user problem. It allows for more accessibility and flexibility to swap crypto assets without having to rely on fiat onramps which often requires KYC and can result in paying higher fees. Additionally, users don’t have to go through the process of bridging assets before swapping which is considered insecure and risky. With Thorchain swaps, you can bypass having to learn how to use cross-chain protocols which can be a stressful and difficult learning process to get familiar with. With this new feature simply do your swaps easily and conveniently right in your Trust Wallet app!
Learn more: How to Trade with the Built-In DEX (Exchange Option)
My Token is Not Listed, What Should I Do?
The tokens that you can trade on the Trust Wallet app are those that are being actively traded on Decentralized Exchanges (DEX). If the coin or token is not being traded on any of the popular DEXes, then the only option would be to trade the asset on a Centralized Exchange like Binance.
Not all assets that Trust Wallet supports can be traded in the app. It is the responsibility of the user to check if the assets can be traded or not.
How to Check?
Search for the coin or token on CoinMarketCap. Tap on the Market tab to see a list of Exchanges where it can be traded. The Source field corresponds to the name of the Crypto Exchange platform. To determine if the Exchange is a DEX, you can cross reference it with this list of DEXes.