Trustee Card

Trustee Mastercard Prepaid Debit Card: Crypto-Funded Spending Solution for European Users

Basic Information

The Trustee Card bridges digital assets with everyday spending, allowing users to convert cryptocurrency to fiat instantly at the point of sale. The card operates under full EU licensing through a partnership with Quicko, a regulated Polish fintech supervised by the Polish Financial Supervision Authority (KNF).

Users can spend their cryptocurrency holdings without pre-converting to fiat, as the conversion happens automatically when the card is used. The card is available in both virtual and physical formats, with the virtual card offering immediate availability upon issuance.

Rewards and Benefits

The Trustee Card does not offer a traditional cashback or rewards program (0% rewards on all spending). There are also no token staking requirements or minimum balance needed to use the card.

Referral Program

• 45% of Trustee's income from exchanges shared with referrers
• Additional bonus of up to €5 when a referred user orders their first Trustee card
• Referrer can choose to give new users some portion of that bonus (0, €2.5, or €5) as an incentive

Unique Benefits

• Cost savings through zero forex fees and low conversion rates
• Integration with Trustee ecosystem (multi-currency crypto wallet, swapping services)
• Crypto staking options within the app (separate from card but enhances overall value)
• Binance Pay integration (added in early 2024) for easier transfers from Binance ecosystem

Fees and Limits

The Trustee Card features a transparent fee structure with no hidden charges. The primary cost is the initial issuance fee and the ~1% conversion fee when spending cryptocurrency. The card stands out for charging zero foreign exchange fees on international transactions, making it particularly valuable for travelers.

Card Tiers and Options

Both card options offer the same core functionality of real-time crypto-to-fiat conversion at the point of sale with no pre-loading required. The virtual card provides immediate access to card services, while the physical card adds ATM withdrawal capabilities and can be used at merchants requiring a physical card imprint or swipe.

Top-Up Methods

Users do not need to pre-load euros or transfer funds in advance; instead, the Trustee Card draws directly from the user's BTC, ETH, or USDT balance held in the custodial Trustee Plus wallet. When a purchase is made, the selected cryptocurrency is instantly converted to EUR at the point of sale within the app, with a ~1% total conversion fee and no foreign exchange fees for international transactions. There are no options to top up with fiat currency or from external wallets directly to the card; only crypto held within the Trustee Plus ecosystem can be used. Custody of crypto shifts to Trustee when assets are deposited in the wallet, and transactions are declined if the selected crypto balance is insufficient. The process is managed entirely via the mobile app, with a daily purchase limit of €5,000 and monthly limit of €50,000, and funds become available for spending instantly at the moment of transaction.

Self-Custody Custodial

Trustee Card uses a custodial model, meaning the platform holds and manages users' crypto assets and private keys on their behalf. Users interact with their funds through the Trustee Plus app, allowing them to select which supported cryptocurrency to spend, but they do not have independent access to their private keys or the ability to move assets outside the platform without using its withdrawal process. All crypto-to-fiat conversions occur in real time at the point of sale, streamlining spending but requiring trust in Trustee and its partner Quicko for asset security. If the provider were to cease operations, users would not have direct access to their funds, as all assets are held within Trustee's custody. This approach offers convenience, regulatory compliance, and seamless card integration, but comes with the trade-off of relinquishing self-sovereign control and bearing counterparty risk.

Supported Currencies and Conversion

Supported Cryptocurrencies

• Bitcoin (BTC)
• Ethereum (ETH)
• Tether (USDT) - ERC-20 stablecoin

While the Trustee Plus wallet supports more cryptocurrencies for storage and trading, only these three can be used for card spending.

Supported Fiat Currencies

• Base currency: Euro (€)
• Can spend in other currencies worldwide with 0% FX fee (Mastercard handles conversion)
• Card balance and transactions are denominated in EUR

Conversion Process

The Trustee Card employs a streamlined conversion process:

1. Users select one cryptocurrency (BTC, ETH, or USDT) as the payment source in the app
2. Conversion happens in real-time when the card is used
3. No need to pre-convert or maintain a separate fiat balance
4. Transaction is declined if the selected cryptocurrency has insufficient balance
5. Conversion cost is approximately 1% total (0.5% stated fee + ~0.5% spread)

This model eliminates the need to manually convert crypto to fiat before spending, creating a seamless experience that more closely resembles using cryptocurrency directly for payments.

Geographic Availability

The Trustee Card is exclusively available to residents of the European Economic Area (EEA), which includes:

• All 27 EU member states: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden
• EEA associated states: Iceland, Liechtenstein, and Norway

Users must have a residential address in one of these countries to complete the card order KYC process. While the card can be used globally for purchases, it is only issued to EEA residents.

Restricted Regions

• All countries outside the EEA, including the United Kingdom, United States, Canada, Australia
• Switzerland (not EU/EEA) is also not supported for issuance
• Sanctioned countries like Russia, Iran, etc.

The company has hinted at future expansion plans to other regions, pending additional licensing, but no specific timeline has been provided.

Compliance and Security

KYC Requirements

• Full KYC verification mandatory before card issuance
• Government-issued ID (passport, national ID card, or EU residence permit)
• Live selfie during registration
• Proof of address in an EEA country (for physical card)

Regulatory Framework

The Trustee Card operates under comprehensive European regulatory oversight:

• Quicko Sp. z o.o. holds a National Payment Institution license under the Polish Financial Supervision Authority (KNF) since September 2021
• Trustee Global UAB is registered in Lithuania as a virtual asset service provider (VASP) under code 306099031, authorized since June 16, 2022
• Quicko "passport-services" across the EEA (listed by Estonia's FSA as a cross-border payment institution)

Custody Model

• Custodial wallet - Trustee holds private keys on behalf of users
• Likely uses combination of secure cold storage and hot wallets
• No explicit insurance on crypto deposits
• Fiat balances likely safeguarded under e-money safeguarding rules by Quicko

Security Features

• Google Authenticator-based 2-factor authentication
• PIN/biometric login for app access
• 3D Secure (Mastercard SecureCode) for online purchases
• Transaction notifications
• Ability to freeze/unfreeze card instantly via app
• EMV chip security for physical card
• HackenProof bug bounty program (up to $3,000 for critical vulnerabilities)
• Built-in AMLBot address-screening service for users to check counterparties
• PCI DSS compliance (required for handling card data)

Technical Details

Mobile App Functionality

• Available on iOS and Android
• Integrated wallet and card management
• Crypto exchange functionality
• Staking options for certain coins
• Card controls (freeze/unfreeze, view PIN)
• Transaction history showing both crypto debits and fiat details

Integration Capabilities

• Apple Pay and Google Pay support
• Binance Pay integration for easier transfers from Binance ecosystem
• No direct API access for developers

App Performance

• Approximately 4+ stars on App Store
• 100k+ downloads on Play Store
• 600k+ installs according to company statistics
• Multiple language support including English, Russian, Ukrainian, Polish, Serbian, German, Latvian, Portuguese, Dutch, Spanish, etc.

User Experience

The Trustee Card offers a streamlined user experience focused on simplicity and integration with the broader Trustee ecosystem. The app combines wallet functionality with card management, allowing users to easily switch between cryptocurrencies as their funding source.

User feedback shows a polarized pattern - many 5-star and 1-star ratings with few in between. Positive reviews highlight the convenience, low fees, and seamless integration, while negative reviews mention account blocks, withdrawal issues, and slow customer support response times.

Support Channels

• In-app support chat/ticket system
• Email: [email protected]
• Telegram community
• Social media presence
• Reddit (u/Trustee_Wallet)

Merchant Category Restrictions

Some high-risk merchant categories might be restricted (gambling, crypto exchanges), and usage in sanctioned countries is blocked.

Best Suited For

• European Crypto Holders who want to spend their digital assets in everyday life without pre-conversion
• Frequent International Travelers who benefit from the 0% foreign exchange fees on purchases worldwide
• Crypto-First Users who prefer to keep funds in cryptocurrency until the moment of spending
• Fee-Conscious Spenders who prioritize low transaction costs over rewards programs
• Trustee Ecosystem Users who already utilize the platform's wallet and trading features

Pros and Cons

Pros

• Zero foreign exchange fees on international purchases
• No monthly maintenance fees
• Real-time crypto-to-fiat conversion at competitive rates
• Seamless integration with Apple Pay and Google Pay
• Instant issuance of virtual cards

Cons

• Limited to only three cryptocurrencies for spending
• No cashback or rewards program
• Exclusively available to EEA residents
• Custodial wallet model (company holds private keys)
• Mixed user experiences with support responsiveness

Conclusion

The Trustee Card offers a straightforward, cost-effective solution for European crypto users to spend their digital assets in everyday life. Its primary strengths lie in its transparent fee structure (no monthly fees, 0% foreign exchange fees, ~1% conversion cost) and seamless integration with the Trustee Plus wallet ecosystem. The addition of physical cards in 2025 expanded its functionality to include ATM access, making it a more complete financial tool.

However, the card has notable limitations. It supports only three cryptocurrencies for spending, offers no cashback or rewards, and is exclusively available to EEA residents. The polarized user reviews suggest that while the service works well for many, some users encounter significant issues with support responsiveness.

For crypto-savvy individuals in Europe who prioritize low fees over rewards and want a convenient way to spend cryptocurrency in daily life, the Trustee Card presents a compelling option. It's particularly valuable for frequent travelers who can benefit from the 0% FX fee. However, users should approach with caution, starting with small amounts until they've established confidence in the service.

Additional Information

Current Service Status

As of July 2025, in-app Trustee Card issuance is temporarily paused. Users are instead directed to order the functionally identical Quicko Digital virtual card, which is issued in approximately 90 seconds and managed from a separate Quicko app that synchronizes with Trustee Plus. This workaround maintains the core functionality but adds a layer of complexity to the user experience.

User Experience Polarization

User feedback shows a striking polarization - roughly half the Trustpilot reviews are 5-star and half are 1-star, with few ratings in between. This suggests that when the service works as intended, users are very satisfied with the convenience and low costs. However, when problems occur (particularly with larger transactions or withdrawals), they can be severe and difficult to resolve through customer support channels.

This pattern indicates that while the day-to-day functionality of the card is generally reliable for routine transactions, users should be cautious about keeping large sums in the ecosystem or relying on it as their sole financial solution until they've established confidence through personal experience.