Cryptocurrencies are becoming widely adopted as the preferred method of digital payment. They require a low cost of transaction, and they are decentralized which makes it hard for the government to keep track of people’s monetary movement. They also reduce the cost of expenses in foreign countries, and can easily garner interest over a short period, airdrops like Doge are especially notorious for this.
While cryptocurrencies come with a low cost of transfer, they require crypto wallets where they can be kept temporarily, oftentimes transactions from these wallets come at a relatively pricey cost. Binance is a cryptocurrency exchange platform that offers a wallet and crypto loans, while Trust wallet is the mobile version of Binance which also supports cryptocurrency transfer and loans. They are both prominent for their low cost of transfer.
In this guide, we’ll be highlighting the features and capabilities of the two platforms to help you maximize your overall profitability in your cryptocurrency trades.
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Main Differences Between Trust Wallet vs Binance(Summarized)
Here’s a table that highlights the main differences between Trust Wallet and Binance;
| Trust Wallet | Binance | |
| Transaction Fees | It doesn’t require any transaction fees | It requires a 1% transaction fee |
| Cryptocurrency assets | It has over 40 cryptocurrency assets | It has over 300 cryptocurrency assets |
| User Interface | Trust Wallet offers a more intuitive and beginner-friendly interface | Binance is suitable for experienced cryptocurrency traders. |
| Suitability | Trust Wallet is suitable for beginners, professionals, and veterans trying to store cryptocurrency and trade from mobile. | Binance is suitable for professionals that are trying to focus on large scale cryptocurrency trading |
| Accessibility | Unlike Binance, Trust Wallet is accessible to US Citizens, and individuals from all countries around the world. | Binance is only accessible in over 180 countries and is restricted to US citizens. |
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Trust Wallet vs Binance: Features and Capabilities
Trust Wallet and Binance share differences and similarities in features and capabilities. Below is a list of what you need to know;
Key Features and Capabilities of Trust Wallet
The following are the key features and capabilities of Trust Wallet;
- Multi-asset wallet: Store numerous cryptocurrencies in one location
- Crypto transfer: Send and receive crypto seamlessly
- Decentralized Crypto: Maintain financial anonymity by keeping your financial movements private
- Staking: Place stakes on crypto such as Tron to earn cryptocurrency easily
- Crypto Loans: Receive loans from Trust wallet for trading activities
- Crypto VISA: Get your Crypto Mastercard for physical and digital transactions
- Decentralized Apps: Search for and receive airdrops on Trust Wallet
- Crypto Exchange: Swap crypto effortlessly
Key Features and Capabilities of Binance
The following are the key features and capabilities of Binance;
- Speedy Transactions:Send or receive and trade speedily with Binance
- Large Cryptocurrency Trade Volume: Trade in multiple cryptocurrency pairs of your choice
- Crypto VISA: Speedy and decentralized payment made easier with Binance Crypto master card
- Crypto Wallet: Keep track of all your cryptocurrency assets from one location
- Staking: Place bets on the volatility of cryptocurrencies to earn crypto seamlessly
- Crypto loans: Collect loans for trading
- Crypto Exchange: Swap crypto with other currencies
- Trading: Participate in the cryptocurrency stocks market with Trust Wallet
NB: Binance is also suitable for margin trading and peer-to-peer transactions
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Trust Wallet vs Binance: Pricing
Trust Wallet and Binance offer different subscription plans. Below is the list of their various pricing details;
Trust Wallet Pricing Details
- FREE – $0 required
Binance Pricing Details
- Transaction fee – 0.1%
- Minimum Pricing – $10
- Withdrawal fees – 0.0005 BTC
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Reasons to Choose Trust Wallet over Binance
The following are the reasons why you should choose Trust Wallet over Binance;
- It is available in all countries
- It can be used in receiving and searching for Decentralized apps
- It has an intuitive interface
- It is beginner-friendly
- It offers mobile trading options
- It requires no form of payment
- It offers an easy solution to trading at any time anywhere in the world
- It has numerous cryptocurrency assets
- It offers staking options
- It is decentralized
Reasons to Choose Binance over Trust Wallet
The following are the reasons why you should choose Binance over Trust Wallet;
- It has advanced analytical tools
- It has a mobile version with trading options
- The mobile version can receive decentralized apps
- It has a large portfolio of cryptocurrencies
- It supports large scale trading
- It is suitable for speedy trading
- It is suitable for cryptocurrency swapping
- It has a low cost of transaction
- It offers crypto loans
- It allows its users to earn cryptocurrency through staking
- It is suitable for margin trading
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The Similarities between Trust Wallet and Binance
The following are some of the major similarities between Trust Wallet and Binance;
- They both offer crypto loans
- They both offer cryptocurrency trading options
- They both offer cryptocurrency swaps
- They both have a large cryptocurrency portfolio
- They both have a decentralized app browser
- They are both suitable for speedy trading
- They both provide staking options for users
- They are both supported in multiple countries
- They both provide a crypto wallet to their users
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Trust Wallet and Binance Alternatives
The following are some alternatives to Trust Wallet and Binance;
- Coinbase: It is one of the largest trading platforms in the world
- KuCoin: It provides an easy trading solution
- eToro: It is suitable for large scale trading
- Voyager: It provides excellent analytical tools for trading
- Luno:It is the world’s largest marketplace for cryptocurrency
- Kraken: The best marketplace for trading Bitcoin
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Trust Wallet vs Binance: Final Verdicts
Trust Wallet and Binance are two of the world’s largest tools for cryptocurrency trading, although Trust Wallet pales in comparison to Binance because it is the mobile app of Binance. However, it is the most commonly used tool for trading and receiving cryptocurrency on mobile. It offers almost all the features of Binance and more including the integration of Decentralized apps and tokens
However, Binance offers more advanced trading tools and analytical tools for speedy cryptocurrency trading and exchange. It is suitable for advanced cryptocurrency traders and large-scale traders, while Trust Wallet is more suitable for beginners due to its beginner-friendly interface, it is also suitable for easy storage of crypto coins by simple individuals.
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Frequently Asked Questions
Here are some of the most frequently asked questions on Trust Wallet and Binance;
Is Trust Wallet available in all Countries?
Trust Wallet is available in all Countries including the US, unlike the desktop version of Binance. Binance recently placed restrictions on US citizens, due to this, new crypto traders in the US cannot create new trading accounts, although Binance introduced a new version for US citizens, it is quite limited in features for trading.
Does Binance have a search option for Decentralized Apps?
Binance has no option for receiving Decentralized Apps or searching for them, however, it offers this service through its mobile app, Trust Wallet. Trust Wallet provides options for searching for and receiving Decentralized Apps.
Does Binance offer any tutorial videos or sessions?
Binance doesn’t have a video guide however it provides guides to users on how to trade on the platform.
How secure are Trust Wallet and Binance?
Trust Wallet and Binance are very secure, Binance has FDIC insurance to protect its cryptocurrency assets, while Trust Wallet offers a 12-word account verification and security phase.
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References and Links
- https://trustwallet.com/
- https://en.m.wikipedia.org/wiki/Cryptocurrency_wallet
- https://en.m.wikipedia.org/wiki/Binance
- https://www.binance.com/en