How to Withdraw Money from Trust Wallet
Posted by Frank Gogol in Crypto | Updated on November 15, 2022
So, you’ve chosen to store your crypto assets in Trust Wallet. Maybe you like how easy it is to buy crypto on Trust Wallet, or maybe you like that you can earn interest by passively staking your assets.
Perhaps you’ve made a profit with your crypto and now you want to withdraw your profit into your bank account. But Trust Wallet doesn’t allow you to sell your assets for fiat currency. What do you do now?
You’ll need to transfer your assets from Trust Wallet to another crypto exchange. Follow the five steps below to learn how to withdraw money from Trust Wallet.
Table of Contents
What Is Trust Wallet?
Trust Wallet is cryptocurrency software wallet software. There are many cryptocurrencies available today, and Trust Wallet supports a large number of them. It allows you to purchase, sell, and swap different coins, blockchains, and other digital assets, delivering full cryptocurrency management functionalities.
Trust Wallet helps your coins work for you by staking your assets with a flexible interest rate. The program provides you with a validated proof-of-stake certification so you can collect interest on your crypto assets. This automated feature means your cryptocurrencies will continue to earn you money on their own.
A lot of cryptocurrency exchanges make it somewhat challenging to purchase cryptocurrency. Trust Wallet, on the other hand, allows you to easily buy crypto with your credit card so you can quickly begin to trade.
Many people believe hardware wallets are the safest option, but Trust Wallet prides itself on its secure access. The program provides you with a secure access key, ensuring you’re the only person that can gain access to your sensitive financial assets.
Trust Wallet even helps you find other businesses and vendors that accept cryptocurrency for their goods and services.
This product is open-source and available completely free of charge with no transaction fees.
How to Withdraw Money from Trust Wallet
To withdraw money from Trust Wallet to your bank account, you first need to swap the token for Bitcoin or Ethereum. Then, you must send the Bitcoin or Ethereum to a popular exchange that allows you to cash out your cryptocurrencies. You can do this by selling your cryptocurrencies for fiat currencies such as USD, AUD, GBP, etc. Once you have sold your cryptocurrencies, you can withdraw the fiat currency from the crypto exchange to your bank account.
Here are 5 easy steps for how to withdraw money from Trust Wallet in more detail.
The first step is to swap your crypto assets to a popular cryptocurrency like Bitcoin or Ethereum in your Trust Wallet account. You can do this by converting all your tokens or coins into Smart Chain on Trust Wallet.
The next step is to create an account on a popular cryptocurrency exchange like Binance. You can pick any crypto exchange that allows you to sell crypto for fiat currency. Binance is often highly recommended because it supports over 60 fiat currencies and allows you to use credit cards, debit cards, bank transfers, and cash balances.
After you’ve created an account and logged into it, you’ll find yourself on the dashboard. Click on “Wallet” followed by “Fiat and Spot” on the top navigation bar to go to your “Fiat and Spot” wallet.
Next, find the cryptocurrency that you want to cash out from Trust Wallet (for example Bitcoin) and click on “Deposit”. For example, if you have Ethereum on Trust Wallet and you want to cash it out, navigate to “Ethereum” and click on “Deposit”.
To cash out your cryptocurrency on Trust Wallet, you must send it to Binance to sell it. To do this, you need to copy your cryptocurrency’s address (e.g. Ethereum) on Binance.
Now that you have the Binance address you want to send your cryptocurrency to, open the Trust Wallet app. Navigate to the Smart Chain page.
After you’ve tapped on the cryptocurrency that you want to cash out (e.g. Ethereum), you’ll land on your Ethereum wallet. On your Ethereum wallet, you’ll see multiple icons including “Send”, “Receive”, “Copy”, and “More”.
Since you can’t sell your Ethereum on Trust Wallet, you need to send it to Binance. Tap on “Send” to send your Ethereum to Binance. Then, paste your Ethereum address from Binance on the “Recipient Address” field. You can find this address by following Step 2.
Next, enter the amount of Ethereum you want to send to Binance in the “Ethereum Amount” field. The value of the Ethereum that you’re sending will be displayed under the field. After you’ve tapped on “Next”, you’ll land on the confirmation page where you need to confirm the withdrawal.
The withdrawal process will take about 30 to 60 minutes.
After you’ve sent the cryptocurrency you want to cash out from Trust Wallet to Binance, you can sell it for fiat currency on Binance.
Navigate to the “Buy and Sell Cryptocurrency” page on Binance. On the “I want to sell” field, select the cryptocurrency you want to sell (e.g. Ethereum). Then, enter the amount of Ethereum you want to sell.
Next, select the fiat currency you want to receive on the “You will receive” field (e.g., USD, EUR). Tap “Next” to go to the confirmation page.
Now that you’ve sold a cryptocurrency to a fiat currency (e.g. USD), you can withdraw the fiat currency or money to your bank.
On Binance, click on “Wallet” followed by “Fiat and Spot” on the top navigation bar. On your Fiat and Spot wallet, click on “Withdraw” at the top of the page. Then, click on the “Withdraw Fiat” button.
On the fiat withdrawal page, you need to select a currency and payment method. On the “Currency” field, select the currency that you want to withdraw to your bank account (e.g. USD). The recommended payment methods are “Bank Transfer (SEPA)”, “Bank Card (Visa)” or “Silvergate Bank (SWIFT)”.
In the “Amount” field, enter the amount of money you want to send to your bank account. Select the bank account you want to send the money to on the “Withdraw To” field and click on “Continue”.
After you’ve clicked on “Continue”, complete the security verification and the money will be sent to your bank account.
You’ll usually receive the money within 30 to 60 minutes.
When you withdraw through Binance Fiat Exchange you will be charged withdrawal fees. If you don’t want to pay fees, you will need to look for a Peer-to-Peer (P2P) option so you can exchange your crypto for cash from another user.
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Now you understand how to withdraw money from Trust Wallet. You first need to swap the token for Bitcoin or Ethereum on Trust Wallet. Then, you must send the Bitcoin or Ethereum to a popular exchange that allows you to cash out your cryptocurrencies.
Once you have sold your cryptocurrencies, you can withdraw the fiat currency from the crypto exchange to your bank account. It’s as simple as that!
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