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How encrypt my phones data? (something like TrueCrypt?)

W

whitek

Newbie
What is the best way(app?) for encrypting my phones data?

Is there something like TrueCrypt but for smartphones?

Are there any disadvantages by encrypting?

(I'm on Galaxy Note II, JellyBean if it matters)
 
My Samsung tab 7 plus has data encryption built in under settings, location and security. But I am afraid to use it because it is irreversible and may slow things down.
 
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