SafePal vs Trust Wallet Comparison

The phone app creates a 12- or 24-word BIP39 phrase (BIP39/44 derivation); the browser extension creates its own phrase at setup. Wallets can also be imported from a private key.

New wallets get a 12-word phrase; 12- and 24-word phrases can be imported. Addresses on a few networks, such as Wanchain and IoTeX, are derived differently from the Ethereum address of the same phrase, so another wallet may not find them.

Browser extension only: source code audit and penetration test; all five findings fixed and the fixes checked by the auditor. No audit of the phone app has been published.

SafePal's terms and privacy policy name SkyGenesis Holdings Limited but give no country of registration or governing law. The App Store lists the seller as SAFEPAL LTD.; Google Play lists the developer as BitTech Group Limited with an address in Wan Chai, Hong Kong. The privacy policy says personal data may be moved to Singapore, Hong Kong, mainland China and the United States.

The privacy notice names Dapps Platform Bahrain W.L.L., doing business as Trust Wallet, as the company that handles your data. The terms of service are governed by Hong Kong law, with arbitration in Hong Kong. The app stores list DApps Platform Software Services Ltd. and DApps Platform, Inc. as the developer.

Founded in 2018 by Veronica Wong and two co-founders, starting as a hardware wallet maker. SafePal names Binance, Animoca Brands and Superscrypt as its backers, and says it has made a strategic investment in Fiat24, the Swiss-regulated financial institution behind its in-app IBAN account and Mastercard.

Founded in 2017 by Viktor Radchenko and bought by Binance in July 2018, its first acquisition; Binance said at the time that Trust Wallet would keep its autonomy. Security reports go through Binance's bug bounty programme. Trust Wallet does not publish its current ownership structure, so Binance is the last documented owner.