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How to Withdraw Money from Trust Wallet
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.
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.
Step 1: Convert Crypto Assets in Trust Wallet
Initiate by swapping your crypto assets for prominent cryptocurrencies like Bitcoin or Ethereum in Trust Wallet. To achieve this, convert your tokens into Smart Chain.
Step 2: Create and Navigate a Binance Account
- Register on a reputed cryptocurrency exchange such as Binance. It’s essential to select an exchange that enables selling crypto for fiat. Given its support for over 60 fiat currencies and versatile payment options, Binance remains a top choice.
- Once logged in, proceed to the dashboard and click “Wallet”, then “Fiat and Spot” for accessing your wallet.
- Locate and select the cryptocurrency to transfer from Trust Wallet, e.g., Bitcoin, and hit “Deposit”.
- Make sure to copy the deposit address for your chosen cryptocurrency on Binance. This address will be needed to transfer funds from Trust Wallet.
Step 3: Transferring from Trust Wallet to Binance
- Open Trust Wallet and proceed to the Smart Chain page.
- Tap on your desired cryptocurrency (e.g., Ethereum). You’ll observe options like “Send”, “Receive”, “Copy”, etc.
- To shift assets from Trust Wallet to Binance, tap “Send”. Insert the Binance deposit address (from Step 2) into “Recipient Address”.
- Specify the amount and confirm. Transfers usually complete within 30 to 60 minutes.
Step 4: Liquidate Cryptocurrency on Binance
- Head over to the “Buy and Sell Cryptocurrency” section on Binance.
- Define the cryptocurrency and amount you wish to sell.
- Opt for the desired fiat currency for your proceeds.
Step 5: Withdrawing Fiat from Binance to Bank
- From the Binance dashboard, visit “Wallet” and then “Fiat and Spot”. Choose “Withdraw” and subsequently “Withdraw Fiat”.
- Select your desired fiat currency and preferred withdrawal method – options like “Bank Transfer (SEPA)”, “Bank Card (Visa)”, and “Silvergate Bank (SWIFT)” are generally available.
- Enter the amount and target bank account details.
- Upon confirming, the withdrawal should process in 30 to 60 minutes.
Note: Binance usually levies withdrawal fees. For fee-less options, consider Peer-to-Peer (P2P) exchanges where you can trade crypto with individual sellers.
How to Transfer from Trust Wallet to an Exchange
Follow this guide to smoothly transfer your crypto from Trust Wallet to an exchange:
- Open Trust Wallet and tap the “Wallet” icon at the bottom.
- Choose the cryptocurrency you wish to transfer and tap “Send”.
- In your chosen exchange, find and “Copy” the “Receive” (or “Deposit”) address for that cryptocurrency.
- Return to Trust Wallet and “Paste” this address into the “Recipient Address” field.
- Enter the desired transfer “Amount” or tap “Max” to send all available funds.
- Click “Next”.
- Review all details and then “Confirm” the transaction.
Remember, every transaction may involve a fee, varying by the blockchain or network.
How to Exchange Cryptocurrencies in Trust Wallet
Swapping your cryptocurrency for a stablecoin in Trust Wallet allows you to lock in current market rates without immediate external transfers. You can then easily convert these stablecoins on major exchanges like Binance, Coinbase, or Kraken. To exchange cryptocurrencies:
- Open Trust Wallet and tap on “DEX” located at the app’s bottom.
- Choose the “Swap” tab and select the cryptocurrency you wish to exchange.
- Pick your desired stablecoin for the swap.
- Specify the amount you want to exchange.
- Click “Swap” and then confirm the action.
- After the swap, you can send the stablecoin to any preferred exchange or wallet.
What Is Trust Wallet?
Trust Wallet is a versatile cryptocurrency software wallet that supports numerous digital assets. Beyond basic trading, it offers staking features, letting your assets earn flexible interest. Unlike many platforms, Trust Wallet simplifies purchasing cryptocurrency directly using a credit card.
Though many vouch for the safety of hardware wallets, Trust Wallet boasts robust security with a unique access key. Additionally, it aids in discovering businesses that accept cryptocurrency payments. Notably, Trust Wallet is open-source, free, and charges no transaction fees.
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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!
Withdrawing Money from Trust Wallet FAQ
Below, you will find several common questions about withdrawing money from Trust Wallet and their answers.
1. Is it possible to directly withdraw fiat currency (e.g., USD, EUR) from Trust Wallet?
No, Trust Wallet is primarily a cryptocurrency wallet. To withdraw in fiat currency, you need to transfer your crypto to an exchange that supports fiat withdrawals and then cash out.
2. How do I send my cryptocurrency from Trust Wallet to an exchange?
Within Trust Wallet, select the cryptocurrency you wish to send. Tap on “Send”, enter the recipient’s address (which should be the deposit address from your exchange), specify the amount, and then confirm the transaction.
3. Are there fees involved when sending cryptocurrency from Trust Wallet?
Yes, there are network fees (also known as gas fees for Ethereum-based tokens) that are required to process the transaction on the blockchain. These fees go to the miners or validators and not to Trust Wallet itself.
4. How long does it take to transfer cryptocurrency from Trust Wallet to an exchange?
Transfer times vary based on the cryptocurrency and current network conditions. While some transfers can be instantaneous, others might take several hours. Always monitor the transaction status on a blockchain explorer for confirmation.
5. Why can’t I see my funds after sending them to an exchange?
Transfers might be delayed due to network congestion, or the exchange may require a certain number of confirmations on the blockchain before crediting your account. Always double-check the recipient address and contact the exchange’s support if necessary.
6. Can I send any cryptocurrency from Trust Wallet to any exchange?
Not all exchanges support all cryptocurrencies. Before transferring, ensure that the receiving exchange supports the specific cryptocurrency you’re sending.
7. What if I send my cryptocurrency to the wrong address?
Unfortunately, cryptocurrency transactions are irreversible. If you send to an incorrect address, and it’s a valid address, the funds will be received by that address. It’s crucial to double-check all transaction details before sending.
8. Can I withdraw my tokens or coins to another wallet instead of an exchange?
Yes, Trust Wallet allows you to send your cryptocurrency to any valid address, be it another personal wallet, an exchange, or a merchant’s address.
9. Is my private key safe with Trust Wallet during withdrawals?
Trust Wallet is a non-custodial wallet, which means you control your private keys, and they are stored locally on your device. The wallet does not have access to your private keys.
10. Do I need to perform KYC to withdraw from Trust Wallet?
Trust Wallet itself doesn’t require KYC for transfers. However, if you’re sending your crypto to an exchange or platform that mandates KYC, you’ll have to follow their procedures.
Remember always to double-check transaction details, ensure the receiving address is correct, and make sure you are familiar with any fees or conditions related to your transfer.