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Trust Wallet vs. Trust Wallet SWIFT
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Published on: Feb 27, 2024Updated on: Feb 28, 2024
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In Brief
Discover the key differences between Trust Wallet and Trust Wallet SWIFT in this guide. Learn how to choose the best Web3 wallet for your needs.
In this guide, you’ll learn about the differences between Trust Wallet and Trust Wallet SWIFT. You also get the information you need to choose the best one for you, or leverage the features of both.
Key Takeaways:
Trust Wallet uses Externally Owned Accounts (EOA), and Trust Wallet SWIFT is a smart contract wallet, powered by account abstraction.
Both kinds of wallets can be used within the Trust Wallet app. Users can seamlessly switch between the two.
Trust Wallet uses a passphrase or encrypted cloud backup to protect and restore the wallet, whereas SWIFT uses a passkey linked to a user's face or fingerprint.
Because Trust Wallet and Trust Wallet SWIFT are two seperate wallets, they each have their own addresses. For instance, your ETH address in Trust Wallet and Trust Wallet SWIFT will be different.
To access Trust Wallet SWIFT ensure you have the most updated version of Trust Wallet, and use these instructions to get started.
How Do Trust Wallet and Trust Wallet SWIFT Differ?
At first glance, Trust Wallet and Trust Wallet SWIFT may seem to differ primarily in terms of the blockchains they support, the methods used for paying transaction fees, and the strategies employed for securing and recovering the wallet. But what's the real story behind these differences?
Let's explore further!
EOA vs. Account Abstraction
Most people don't think about the technology that powers their Web3 wallet, but in the case of understanding the difference between Trust Wallet and Trust Wallet Swift, it really helps. Although Trust Wallet supports 100+ blockchains including Ethereum, it utilizes Externally Owned Accounts (EOAs), which are fundamental to managing basic transactions within the Ethereum blockchain ecosystem.
In fact, if you've ever used a wallet that required you to keep track of a 12 or 24-word secret phrase, then you're familiar with an EOA wallet. It's referred to as EOA because the account is controlled externally by the user through a private key—in the case of your own wallet, you’re the external user. EOAs allow for straightforward transactions like sending and receiving ETH, as well as interacting with decentralized applications (dApps).
On the other hand, smart contract wallets powered by account abstraction differ from EOA wallets because they eliminate the need for a secret phrase while still maintaining a high level of security and self-custody. These wallets, such as Trust Wallet SWIFT, operate on the basis of smart contracts deployed on the Ethereum blockchain. This means that instead of relying on a single private key for account access and management, smart contract wallets are governed by the logic coded into their smart contracts.
This approach enables a range of advanced features, including the ability to recover accounts seamlessly, and even pay transaction fees in tokens other than ETH. This makes smart contract wallets particularly appealing for users who are new to Web3 and are seeking a more user-friendly and secure entry into the world of cryptocurrencies and decentralized finance (DeFi).
Backup and Recovery Methods
Trust Wallet uses a 12-word secret phrase or an encrypted cloud backup to set up, secure, and recover your wallet. This option is best for people who feel comfortable managing their private key and password.
In comparison, Trust Wallet SWIFT enables you to use a passkey, which is linked to your iCloud or Google account, to secure and recover your wallet. This option is best for people unfamiliar or uncomfortable with secret phrases and managing their keys.Wallet Recovery Example
In the below example you’ll see a 12-word secret phrase being used for Trust Wallet, and face recognition associated with a passkey for Trust Wallet SWIFT. Learn more about passkeys.
Network (Chain) Support
Trust Wallet supports 100+ blockchain networks including Bitcoin, Ethereum, Solana and many more.
Trust Wallet SWIFT supports several low-cost EVM chains.Supported Networks Example
Supported Networks Example
With Trust Wallet you have more flexibility in the chains you can use. This means you can access more dApps and manage assets on more chains.
Fees
When using Trust Wallet, fees can vary depending on the chain you use. Typically when doing transactions you pay the network fee (gas) with native tokens only. For example, if the transaction is on the Ethereum network, you can only pay for this fee with ETH.
With Trust Wallet SWIFT, you can pay for network fees (gas) using 200+ tokens regardless of the transaction network. This level of flexibility is a welcome change for crypto natives, and also adds ease-of-use for those newer to Web3.
Gas token Example
In the below example you can see that with the Trust Wallet, you might run into the issue of not having enough for gas fees, because you have to pay those fees in the native token of the network. With SWIFT you’ll never have this issue as you have the flexibility to change the gas token.
Feature Comparison Summary
When going through this comparison table it’s important to note that users can use both wallets within the Trust Wallet app. To switch between Trust Wallet and Trust Wallet SWIFT simply do the following: Settings icon -> Wallets -> select the wallet you want to use.
A Note on Cross Platform Compatibility
One thing that’s important to note is the difference in cross-platform compatibility. With Trust Wallet, you can use it on iOS, Android, and as a browser extension for your desktop. You are also able to freely move your wallet from iOS to Android, and to the extension and vice versa.
In comparison, Trust Wallet SWIFT is currently only available for iOS and Android—and furthermore, once you set up a wallet on iOS or Android, you are not able to import the wallet to a device on a different operating system. For instance, if you set up a SWIFT wallet using iOS, you can only access the wallet with other iOS devices. The same goes for if you set up a new wallet using Android.
This is because passkeys created on either Apple or Android devices are not cross-ecosystem compatible. Apple and Google are reported to be working on a solution; however, until then, users would have to use the identical ecosystem they used for creation to import the wallet.
Which Wallet Should I Use?
Choosing the right wallet depends on your preferences and requirements in the Web3 space. If simplicity and a straightforward entry into Web3 are what you're after, then Trust Wallet SWIFT is an excellent choice. It simplifies the experience by removing the need for managing secret phrases, making it particularly appealing for newcomers to the Web3 ecosystem. Trust Wallet SWIFT's user-friendly approach, coupled with its security and recovery features, offers a seamless and secure experience for managing your digital assets.
On the flip side, if you're looking for a wallet that offers more flexibility regarding the assets you can hold or the decentralized applications (dApps) you wish to interact with, Trust Wallet is your go-to option. It supports over 100 blockchains, including Ethereum, Bitcoin, and Solana, allowing for a broader range of transactions and interactions within the Web3 world.
However, it's important to note that the Trust Wallet mobile app facilitates the use of both wallet types, enabling you to effortlessly switch between them. This dual-wallet capability means you don't have to choose one over the other; instead, you can leverage the unique features of both wallets to suit your needs at any given time. Whether you prioritize ease of use or flexibility and a wide range of supported assets, Trust Wallet and Trust Wallet SWIFT together provide a comprehensive solution.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.
