Cryptocurrencies are silently inching towards their desired integration within the community – seeing instances wherein some are now starting to transition from the conventional financial exchange to a more virtual and digital approach.
Of course, this is not saying that the crypto community is now slowly being assimilated within the public, considering that not everyone has the means just yet to utilize digital currencies in physical transactions fully, but it does show that the crypto community is succeeding in achieving its milestones and is consistently improving its accessibility to hopefully include the rest of the population in its more efficient procedures soon.
Of course, we are sure that you, being here, are curious about how you could utilize cryptocurrencies or how you could take your first steps within the community, for that matter.
We understand that it might be challenging and daunting for many at first, considering that several steps might confuse some individuals, particularly those who are not as literate when it comes to these digital processes and technological procedures. However, it is essential for you likewise to be aware that the steps are pretty straightforward once you start going through the process and that each step would often be guided by a set of instructions that are likewise available in the application itself.
If there are no instructions in the wallet of your preference, fear not, as this outline has been specially made to help you out with your baby steps in the complex and intricate world of crypto.
Why not start with Trust Wallet while you’re at it?
Getting to Know Trust Wallet
What is Trust Wallet?
Trust Wallet is a crypto application that allows the deposit of multiple types of crypto tokens or coins. It is an application that Binance acquired in 2018, and its main features include the storage, sending, receipt, and exchange of different cryptocurrencies covered under its supported currencies. All these currencies can be stored within one account, and this may include some of the most well-known tokens within the community, such as Bitcoin, Ethereum, Ethereum Classic, Binance Coin, or Ravencoin. Trust Wallet likewise allows the staking of currencies on certain proof-of-stake coins such as Tezos, Cosmos, and Tron.
Requirements to Install Trust Wallet
To install Trust Wallet on your selected device, you need to consider the installation requirements necessary for the application to be successfully utilized on your phone or gadget. In the case of android users, the app would require a device with at least an android version 6.0. On the one hand, apple device users would have to use a device that contains an iOS version of at least 13.0. Any devices with an OS version that is older or lower than the device versions identified might not fully support the transaction – compromising your wallet, especially in cases where you have already started to purchase tokens in the application. If you are wary about the finances you will be adding to your wallet, follow the requirements eagerly to ensure that you will not encounter any problems later.
To begin Trust Wallet, you would first have to install the application either from the Google Play Store or the Apple App Store. Look for the application within these online stores and download them to your gadgets, given that you have enough space to support its installation. Depending on your network’s internet speed, you would have to wait for a few minutes, and once installed, the application will now be ready to use as you set up your initial account and wallet.
Steps in Setting Up Trust Wallet
Before you could begin using your wallet to process your transactions and purchase specific tokens within the market, you would first have to set up your account and go through some initial processes that will enable you to access the features offered by Trust Wallet to its users.
Download the Application
Similar to what was previously discussed, you would first have to download the Trust Wallet application from any of the sources mentioned above. The most common ones would be the Google Play Store and the Apple App Store, where you could search for the wallet and then click Install. However, you could also obtain an APK copy of the application, particularly for those who do not have access to these online application stores, such as Huawei device users. The APK can be accessed from the Trust Wallet website at trustwallet.com/download. You would have to click on the Download button, choose the Download APK 6.0+ Android option, and automatically commence the download. Following that, you would then have to open the downloaded APK file, and a prompt will show that it contains the permissions required to install the application. Do note that you would have to enable the Install Applications from Untrusted Sources option within your phone for the installation to push through. Once confirmed, you may click Install, and the application will now be available to use within your device.
Set up a Multi-Coin Wallet
Once you have downloaded the application, the next step will be to set up the actual wallet itself. As previously mentioned, Trust Wallet is a multi-coin wallet, and this will play a role in the setup of the wallet itself, considering that you can use multiple networks in adding your initial balance. In this case, though, as an ode to the purchasing company, Binance, we will be utilizing the Binance network for the initial deposit in the wallet that you will be setting up.
Launch Trust Wallet and Create New Wallet
Once you can download the application, you can now launch the app and enter the main interface of Trust Wallet. Once opened, you will be met by the initial setup screen that will contain two options: create a new wallet, or I already have a new wallet. Choosing I have a new wallet will prompt you to import that wallet that you were able to make probably in another device while creating a new wallet will then redirect you to the account setup page. If you already have an existing account, you would have to select I have a new wallet to directly open the account you have already created. However, in this case, when you are trying to make a new account, select create a new wallet option.
Set Up your Recovery Phrase
Much like any other application that might contain sensitive personal information or any valuable assets such as your finances, you would have to add specific security measures that will ensure that you will either be able to prevent any attacks from some opportunistic individuals or be able to obtain access again to your account if, in any case, you either forgot your info or someone blocked you out from accessing your account.
In the case of Trust Wallet, the security feature that they offer their users is the use of specific recovery phrases or recovery words. Upon clicking Continue in the TOU prompt, you will be presented with several words that would have a number placed on their left side. The word would usually look like this:
When you see this collection of numbers and phrases, you would have to copy all of these as these will be asked from you when trying to recover your account. During the account recovery process, you will be asked regarding a set of words that should be rearranged in the correct order. The number in front of the word will be its placement in the phrase, while the word itself is the text that you will be writing during that part. For instance, if you were able to recall the following seed phrases: |3 bag| |1 blue| |2 leaf|, you would then have to present it during recovery as:
|1 blue| | 2 leaf| |3 bag|
Once you are able to copy these details, then you can move forward by clicking the Continue button.
Do note, however, that you should never share these details with anyone, as this is the only way for you to be able to recover your account.
Verification of the Recovery Phrase
The next step is essentially a practice round for the verification process, as you will be asked to input the recovery phrases in the proper order. The screen will display several blank spaces along with 1 or 2 words distributed within the order. You would then have to fill out the missing ones with the words you obtained earlier, taking note of the order of words and making sure that you could place them in the proper position. If you are done filling out the missing spaces, you may click the Continue button, and the system will then verify if the information you entered is correct. Once confirmed, you will now be redirected to the main interface of Trust Wallet. You will now be shown the different coins that you can use to fund your wallet, and you are now able to deposit funds to the wallet that you are going to create.
If you would like to organize the wallets you create within Trust Wallets personally, you may utilize the personalization feature of the application. You only have to go to the Settings, then click on the Wallets option. Upon clicking, the multi-coin wallets you created will be shown along with an i symbol on the right-hand side of each wallet. Simply click on each, and then you will be redirected to the options that you can personalize for each wallet.
It might also be essential to note that this is where you could get the recovery phrase as well, just in case you need to take a second look at the recovery phrase that has been assigned to your account.
Obtaining Your Wallet Address
Once you have completed the steps above, you are ready to receive funds from specific networks and currencies. To begin this transfer procedure, you would first have to obtain the wallet’s address to receive the coins you prefer.
Since we will be focusing more on Binance in this Trust Wallet account setup, you would first have to create a wallet within Trust Wallet dedicated to receiving funds from the Binance Smart Chain. The same procedure goes for other networks, and the process itself will only differ when it comes to setting up the network account, i.e., Binance Account.
Once you can create a Binance Smart Chain wallet, you could press on this dedicated wallet within your primary interface and then click on Receive. Upon doing so, your screen will display a QR code and a string of characters below the QR code. You can use either one of these as the address for your deposits, depending, of course, on its compatibility with the sending application. To be safe, copy the character string as this is more commonly used in transfers.
Depositing Assets to Your Wallet
Once you have your wallet and your wallet address ready, the only thing left to do is to commence your transfers to be able to utilize your wallet for purchases finally.
Understanding BEP-20 Asset Transfers
In the simplest sense, BEP-20 is a standard for the token released in the BNB chain – also known as the Binance Smart Chain in the past. The use of such conversions would essentially make your tokens compatible with multiple networks, “peg” tokens from other blockchains, and ultimately make them available on BNB, and more other features that would overall expand the utility of tokens processed within Binance.
In the case of Trust Wallet, you would have to receive your finances from Binance in the form of BEP-20 tokens – essentially saying that you would have to purchase BNB to transfer, then transfer it in the BEP-20 token variation, not the BEP-2 type. However, it might be essential to note that Binance transfers to Trust Wallet automatically convert BEP-2 tokens to BEP-20 during the transaction, making the exchange more seamless, efficient, and affordable.
Assumption: Binance Smart Chain
In this outline, to make the explanation more direct, we will be utilizing BNB as the fund source for the deposits – thus including a short description of how you could create a Binance account that you can use to transfer your funds to Trust Wallet.
Creating an Account on Binance
- Open the Binance App, and Select Login/Register
- You would initially have to open the Binance application (which you should have downloaded beforehand), then select the Login/Register button at the upper left-hand side of the screen.
- Verify Your Account and Confirm the Email Used
- After completing the registration process, an email will be sent to the email address you have entered containing a verification code. This is the code you will be using in the verification process of your account that will appear once you submit your credentials. Enter these details, and your account is now available.
- Enable 2-Factor Authentication
- Considering that several security issues persist when it comes to a crypto wallet, it is essential that you include a 2-factor authorization function to your account where you will be required to bind another account that will serve as an authorization medium when you are trying to access the wallet.
- Completing Identity Verification
- To complete your application process, you would have to go to the Binance website and click on the person symbol on the upper right-hand side of the interface. This will show a drop-down selection where you will click on the Identification button. After entering the identification page, you should click on Verify to start the verification process.
- Here, you will have to submit your details, such as your complete name, nationality, contact number, etc. This will essentially comprise the basic verification process.
- The next step would then be the advanced verification process, where you would have to upload an identification document or an ID. Most users use a passport, a professional ID card, or a driver’s license to get approved. You would have to take photos of both the front and back portions and then submit them to the provided link.
- The process will then be finished with a facial verification process where your actual face will be scanned. You would then have to click on the Begin Verification button to have your documents processed and scan the QR code with your phone to complete the procedure.
- You can only verify your account up to 10 times per day.
- Purchasing Tokens
- To purchase tokens, you would first have to set up your preferred payment method in the Payment tab of your profile. Once done, you would have to click on the Buy Crypto button at the top of the screen and click P2P Trading from the drop-down menu.
- Among the selection of tokens, you can select Buy on the token that you have chosen for your needs. You will be asked to type in the amount you are going to pay in your native or FIAT currency, and this will automatically show the number of tokens that you can receive.
- Click buy, confirm your payment details, and once the transaction is approved within the time limit, you will receive the selected tokens in your Binance account in a few moments.
Withdrawing BEP-20 Tokens from Binance
As the final step in your Trust Wallet account setup, you would now have to deposit funds into your wallet. Given that you could complete the previous steps successfully, you could now proceed to this phase of your setup.
Log In to your Binance Account
You would first have to log in to the Binance account you created previously, then proceed to the Wallet drop-down menu at the top right corner of the screen. From the options, you may then select Overview.
On the wallet overview page, you would be presented with several options, but you would have to select the Withdraw button to begin transferring your funds.
Select the Coin and the Withdrawal Address
In the withdrawal menu, you will be prompted to select the currency you want to transfer. For this guide, we will be using BNB as our currency, and then you would have to enter the wallet address that you were able to get earlier from Trust Wallet (the string of characters below the QR code).
Once done, you will then select BNB Smart Chain as the network of your choice for the transfer, selecting the BEP-20 variation for the transaction. You should then enter the amount that you want to withdraw.
A pop-up will appear that will ask you to confirm the transaction. Selecting Confirm will then send a verification code for the withdrawal that you must enter to approve the transfer.
If the transfer did not encounter any errors, your funds would now be available in your Trust Wallet storage within a few minutes. Congratulations!