This app was first launched on 1st October 2017 and currently has more than 500000 downloads, a 4.6 stars rating from 15107 users and the latest APK (version 1.7.168) was from 13th February 2020 and is newer than the below reviewed version of the app.
We found these ways of contacting the developers:
The following Analysis is not a full code review! We plan to make code reviews available in the future but even then it will never be a stamp of approval but rather a list of incidents and bad coding practice. We cannot find and tell you all the dark secrets the wallet providers might have.
Do your own research!
Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.
Trust - Crypto & Bitcoin Wallet claims to be a non-custodial wallet. In the description on Google Play we read:
Trust Wallet provides a full security audited system to send, receive and store multiple digital assets so that you have complete control over your private keys that are only stored on your device.
They decided to close their Android app’s source code and provided an explanation:
As of today, we decided to move the Trust Wallet app for Android into closed source development.
It has come to our attention that some dishonest developers have been cloning Trust Wallet and either scamming users or using the code without permission as their own product. Unfortunately, it is almost impossible to trace and remove those applications in the Android ecosystem.
We would like to support Coinomi wallet on this critical issue. We understand their decision for keeping wallet closed source to protect users and would like to do the same.
Our mission doesn’t change. We still want to be transparent in the development of our product, that is why we have made an earlier version of Trust Wallet for Android available to public.
We would like to support Coinomi wallet on this critical issue
made us to look into Coinomi more closely.
Also in the description we read:
Trust Browser is a full-fledged Web3 browser that allows you to interact with decentralized applications (DApp) directly from the app.
which raises strong security concerns given browsers are prone to security issues and the Android way of giving exclusive access of apps to their own data usually means that all code within the app is a huge step closer to the app’s data and thus the private keys than other apps for example and as browsers (and certainly “full-fledged … browsers”) come with code execution, malicious code could be dynamically loaded without being subject to code review.
Not verifiable: No Open Source Code found
This verdict means that we could not find any source to compile the app from. Internally the company might do everything right but as we can't verify it, there is nothing protecting the user from an exit-scam where the provider releases an app that leaks the keys to the servers.
The app cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The app might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.