What Are Trust Wallet Fees & How to Avoid Them
Beginners and advanced crypto enthusiasts must understand the importance of having their crypto assets stored on a trustable and safe wallet.
That’s why Trust Wallet has become one of the main options for those who want to store their coins, make transactions, and have full access and control of their digital assets.
Nonetheless, regular traders, or those who are deeply engaged in the crypto industry, are often concerned about one thing: transaction fees.
Today, we’ll talk about the transaction costs that users will experience on this wallet.
Keep on reading to get more information about the following topics related to Trust Wallet:
- Trust Wallet fees: all you need to know
- fees you will encounter while using Trust Wallet
- how to avoid paying Trust Wallet fees
Does Trust Wallet App Charge Fees?
Trust Wallet is a non-custodial wallet, which means that only the wallet holders are solely responsible for the well-being of their assets.
Unlike most wallets, there’s no intermediary managing your funds in Trust Cryptocurrency Wallet.
That being said, Trust Wallet does not charge any wallet-related fee.
Also, if you Enable DApp Browser on Trust Wallet and decide to swap tokens, there won’t be any swapping fee either.
So, besides having your private keys under your full control, Trust Wallet’s zero-fee model adds a new advantage to this crypto wallet.
But that doesn’t mean that making transactions here is free, though - there are some fees that we will cover right away.
Types of Fees on Trust Wallet
It has been established that Trust Wallet doesn’t charge fees by itself, but there are still fees, so where do they come from?
Basically, there are two types of Trust Wallet Fees, so getting to know them both is fundamental.
1. Network Fees on Trust Wallet
Sending crypto currency will always incur a fee, whether you use an external Bitcoin wallet address, or Trust Wallet’s app.
Network fees are unavoidable and they must always be paid regardless of the type of operation you are making.
Luckily, Trust Wallet selects the transaction fee based on the lower fee available, but this dramatically varies depending on the fluctuations on the market.
Blockchains that Require Network Fees
Depending on how busy miners and validators are, there might be a small fee, or there might be high fees related to the network.
So, whenever you make transactions in any of the following blockchains, network transaction fees will always be there:
- Ethereum Network: ERC20 tokens will always generate gas fees to make transactions;
- Binance Chain: This network requires BNB for each transaction made;
- Binance Smart Chain: Transactions that take place on the Binance Smart Chain actually experience lower fees than other network transactions;
- TRON, Solana, and other network blockchains: To get a full list of blockchains that require network fees, click here.
How to Calculate Network Fees on Trust Wallet
Network transaction fees are calculated based on capacity and demand.
Thus, it’s not really straightforward to calculate these fees since they vary due to a number of different factors.
Trust Wallet’s official website suggests users to check external sites that calculate these fees, such as Estimatefee.com and ETHgasstation.info.
Clearly, a screen with all the fees will properly appear before you do any kind of crypto transaction, so you know beforehand how much you’ll be paying.
The less data you transmit, the lower the fee - the more you pay, the fastest the transaction will be processed overall.
2. Crypto Purchases Fees on Trust Wallet
You can also make a purchase transaction on Trust Wallet using your credit or debit card through Simplex and MoonPay, which are directly integrated into the app.
Nonetheless, keep in mind that this purchase transaction fee is not linked to Trust Wallet whatsoever, but to the exchange.
Therefore, using a third-party crypto service will also have varying fees that, then again, depend on many factors that can’t be manually calculated outside the very same moment of the transaction.
Bottom line - even though Trust Wallet does not charge wallet and swapping fees to their users, network fees will always be present no matter what.
Luckily, Trust Wallet will automatically go with the smaller fee, but the crypto market is so volatile that this might change without hesitation.
To learn more about Trust Wallet and more crypto content, keep checking GrowFollowing regularly.
How To Avoid Trust Wallet Fees
Purchase during low demand
Network fees increase when more users purchase cryptocurrency. To save up, avoid times when blockchain is congested.
Deduct fees during tax deduction
The fees you pay can be deducted from tax. Not many people who pay them realise that.
Trust Wallet Fees FAQ
Are There Fees for Withdrawing Money on Trust Wallet?
In order to Withdraw Money from Trust Wallet, you first need to send the funds to a centralized exchange, such as Binance or Coinbase.
As we have mentioned before, sending crypto to these exchanges will cause network fees to take place during the process.
Does Using Decentralized Applications Incur in Trust Wallet Fees?
No. Using decentralized apps on Trust Wallet’s DApp Browser won’t generate any fees.
You can browse games, marketplaces, and other types of DApps without paying a dime.
Nonetheless, the fee-paying time will come once you actually start a transaction within the DApp.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.