Trust wallet is one of the most popular cryptocurrency wallets. It is a software wallet that you can download on your phone and use as any other app. There are dozens of cryptocurrencies that can be stored in the wallet. It is also very user-friendly and pretty simple to use even for a completely new crypto holder.
The main purpose of the Trust wallet is to ensure safe crypto holding for its users. When using Trust wallet you have your own private key and your cryptocurrencies are in your own custody which is not the case when you hold your crypto on public exchanges such as Coinbase or Binance.
But for transferring coins from exchanges to the wallet you need to pay certain fees. Nobody likes to pay fees and that is why in this article we will cover all about Trust wallet fees and find the best way to pay the minimum fees required for a safe transaction.
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Trust Wallet Fees
Trust wallet does not charge any wallet fees to its users. However, there are certain fees that have to be paid when using the Trust wallet which is not paid to Trust.
There are two types of fees when it comes to crypto wallets:
- Wallet fees
- Network fees
Wallet fees are the ones that go directly to the wallet service provider. In this case, it would be the fees going to Trust. However, Trust wallet does not collect any fees from its users so this one should not be of your concern when it comes to Trust wallet.
Network fees on the other hand are the one that goes to the validators. In essence, it is the fee paid for securing the transaction on the blockchain. That is the fee that you cannot avoid when using the Trust wallet.
How much do network fees cost?
The price you will pay for a network fee depends on the type of network you are sending your crypto through. The most popular blockchain network, Ethereum, has unfortunately pretty expensive network fees because many people are using it. Network fees on Ethereum can vary from a few dollars to more than $100 dollars when the network gets congested.
But there are a few ways you can pay fewer network fees when sending cryptocurrencies to your wallet.
How to pay lower network fees?
Switch to a cheaper network
To pay the lowest network fees you can use some of the networks that are built to provide fast transactions with low fees. The most popular ones are Ripple, Stellar, Binance Smart Chain. To do so, you will first need to swap your coin to the one that the network is using and then send it to your wallet. With networks such as Binance Smart Chain, you will save lots of money because it is sometimes up to 100x cheaper compared to the Ethereum network.
Change the gas price you are willing to pay
If you don’t want to switch to another network there is still something you can do. Before sending your coins, you can choose advance settings and adjust the gas price you are willing to pay. The network fee you are required to pay will change based on the gas price you entered.
However, be careful when sending your crypto with a low gas fee because it might not be included in the block, which means your transaction will not be completed. Transaction validators are choosing transactions with the highest gas fees because they earn those fees. That leaves users usually bidding against each other to send their crypto.
Buying Crypto on Trust Wallet
You can also buy cryptocurrencies directly from Trust wallet using some of their third-party providers. It’s pretty useful if you want to avoid sending your crypto through the network. You just choose one of their third-party providers such as Ramp, Simplex, or MoonPay which will take you to their website where you can complete registration and your card information.
However, I would not recommend buying cryptocurrencies using third-party providers because they are usually much more expensive than buying them on the crypto exchange and sending them to the wallet. But in the end, it all depends on how well are you familiar with using crypto services.
