SWIFT Wallet vs Normal Wallet: Key Differences and Fees Explained

Key Takeaways:

• A normal wallet on Trust Wallet operates on a traditional model where you manage your assets using a 12-word recovery phrase.

• With SWIFT wallet, you can create and recover your wallet with Face ID or fingerprint. This is done automatically with your device's passkey.

• Creating a wallet in Trust Wallet is simple, whether you opt for the traditional method or the new SWIFT option.

Choosing the right crypto wallet is important for managing your digital assets. Two popular options within the Trust Wallet app are the SWIFT wallet and the normal wallet. Each type of wallet has its own features, benefits, and fee structures that cater to different user needs. This article will explore the differences between these two wallet types, focusing on their fee structures to help you decide which one suits you best. We’ll also show you how to create a wallet using Trust Wallet.

What is a Normal Wallet in Trust Wallet?

A normal wallet in Trust Wallet operates on a traditional model where you manage your assets using a 12-word recovery phrase. This method is common among many wallets and provides a straightforward way to secure your assets.

When you create a normal wallet, you receive a unique address that enables you to send and receive cryptocurrencies. The recovery phrase serves as a backup. If you lose access to your wallet, you can restore it using this phrase.

Normal wallets require you to pay transaction fees using the native token of the blockchain they are interacting with. For example, if you are making a transaction on the Ethereum network, you must pay gas fees in ETH. The fees can fluctuate based on network demand and transaction size.

What is a SWIFT Wallet?

The SWIFT wallet introduces an innovative approach by using account abstraction. This means you can manage your wallet without needing to remember a recovery phrase. Instead, it uses a passkey linked to your biometric data, such as face recognition or fingerprints. This feature makes it easier for you if you find traditional methods cumbersome.

With a SWIFT wallet, you enjoy more flexibility with paying transaction fees. The SWIFT wallet enables you to pay fees with over 200 different tokens. This means you can choose a token that suits your balance and preferences.

Fee Structures: SWIFT Wallet vs Normal Wallet

When it comes to fees, there are notable differences between these two wallets:

Normal Wallet Fees:

• You typically pay network fees using the native token of the blockchain they are interacting with. For example, if you are making a transaction on the Ethereum network, you must pay gas fees in ETH.

• The fees can fluctuate based on network demand and transaction size.

SWIFT Wallet Fees:

• The SWIFT wallet offers more flexibility by enabling you to pay transaction fees with over 200 different tokens. This means you can choose a token that suits your balance and preferences.

• Like normal wallets, fees can vary depending on network conditions, but having multiple token options can help you avoid situations where you lack enough native tokens for gas fees.

• Swift Wallet, compared to the normal wallet, can be more expensive in gas fees due to the underlying technical foundation. We are working on optimizing these fees as much as possible.

Comparing Features

While both wallets serve similar purposes, storing and managing cryptocurrencies, their features cater to different user preferences:

The choice between these two wallets largely depends on your comfort level with managing recovery phrases and your preferences for transaction flexibility.

How to Create a SWIFT Wallet Using Trust Wallet

Creating a SWIFT wallet is simple and can be done directly within the Trust Wallet app. Here’s how:

• Open Trust Wallet and select the "Get Started" button.

• Choose "Create a new wallet."

• Select "Swift Beta."

• Follow the prompts to set up your passkey and start using your wallet.

Now that you understand how to create a wallet using Trust Wallet, you can create your own using the Trust Wallet Mobile App.

Closing Thoughts

Choosing between a SWIFT wallet and a normal wallet in Trust Wallet ultimately depends on your individual needs and preferences. If you value flexibility in paying transaction fees and prefer not to deal with recovery phrases, the SWIFT wallet could be an excellent choice for you. If you are comfortable with traditional methods and prefer using native tokens for transactions, then the normal crypto wallet might suit you better.

Whichever option you choose, both wallets provide secure ways to manage your digital assets within Trust Wallet.

Disclaimer: Content is for informational purposes and not investment advice. Web3 and crypto come with risk. Please do your own research with respect to interacting with any Web3 applications or crypto assets. View our terms of service.

Join the Trust Wallet community on Telegram. Follow us on X (formerly Twitter), Instagram, Facebook, Reddit, Warpcast, and Tiktok

Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.