Knowing how to cash out of Trust Wallet (how to withdraw from your trust wallet to your bank account) is essential for any trader.
So, if you are new to Trust Wallet, you may consider this article as a guide.
Introduction to Trust Wallet
Trust Wallet, just like the name suggests, is an easy-to-use digital money wallet application. Trust Wallet is compatible with a wide range of the most popular cryptocurrencies on the market today.
You can swap, buy and sell a wide range of cryptocurrencies, blockchains, and many other digital assets using it.
Staking your digital assets with a variable interest rate allows you to make your cryptocurrencies work for you.
You can earn income on your digital currencies thanks to the program’s verified proof-of-stake certification. Your cryptos will continue to generate money for you automatically, thanks to this smart feature.
PS: excepting knowing how to withdraw money from Trust Wallet, if you wonder if Trust Wallet hacked is possible by any chance, this guide you should check out this.
● User-friendliness is the Key
Many bitcoin exchanges make the process of purchasing cryptocurrencies a little more difficult. On the contrary, Trust Wallet makes it simple to purchase cryptocurrency with a debit or credit card. Also, it allows you to get started trading right away.
Some believe that hardware wallets feature more security compared to other options. Nevertheless, Trust Wallet is proud of its secure access. Using the application, you’ll be given a password that only you may use to get your private financial information.
You may also use Trust Wallet to identify other enterprises and providers that accept crypto payments. Open-source and free of transaction costs, this amazing platform is offered to every user.
So, that’s some briefing about Trust Wallet for those who don’t know. The next paragraphs explain how to cash out on Trust Wallet easily.
How to Cash out on Trust Wallet to Your Bank Account?
Now that you have a general idea about Trust Wallet. Let’s learn how to withdraw money from it.
Well, those who wonder how to cash out Trust Wallet should swap the respective token before everything else. In this case, you should swap it either to Ethereum or BNB.
After doing so, you can send that Ethereum or BNB amount to an exchange platform (Binance, for instance).
Important: As of now, Binance supports over 60 currencies (fiat). That’s why we consider it the ideal option for those who wonder how to withdraw from Trust Wallet.
After sending your crypto balance to Binance, just sell for any fiat currency you prefer. For instance, you can sell your crypto for AUD, USD, or GBP. As the last step, just withdraw that fiat balance to the bank account that is linked to Binance.
This process can be done simply by visiting the page called “Withdrawal.” After that, you can select the payment method. Now, you should define how much you should send (withdraw) to the bank account.
That’s basically it. The money will be in your bank account within 60 minutes.
How to Withdraw Money from Trust Wallet – Detailed Guide
Here’s a detailed guide for those who want to know how to withdraw money from Trust Wallet.
01. Create an Account in Binance
As the first step, you should sign up for an account in Binance (probably the most popular exchange). This specific platform is compatible with more than 60 fiats as of this writing.
Also, it is compatible with payment methods like bank transfers, debit cards, credit cards, etc.
- Go to the official website of Binance.com. Then, create an account by providing your details. You will be directed to the dashboard of the platform now.
- Now, you should click on the option called “Wallet.” Then, go to the option called “Fiat and Spot.” You can find these options in the navigation bar at the top.
- Now, you should go to the crypto that should be withdrawn from the Trust Wallet. Then, tap on the option called “Deposit.”
For instance, if you want to withdraw Ethereum, go to “ETH” first. After that, you should tap “Deposit.”
- Now, you will be directed to your BNB wallet. As mentioned before, if you want to cash it out, it must be sent to a platform like Binance. So, in this instance, you should copy the address of the cryptocurrency.
- Go to the field labeled “Coin” and select the coin you intend to deposit. If it is Ethereum, for instance, select “Eth” to proceed.
- After that, copy the Ethereum address and MEMO. However, you don’t have to copy the MEMO if you intend to make a deposit.
Also, in this complete comparison of Metamask vs. Trust Wallet, let’s figure out which one is better for you, as both of them have their pros and cons.
02. Sending the Respective Token to Binance from Trust Wallet
Assume that your crypto address is copied; go to your Trust Wallet profile now.
After that, you should follow the steps mentioned below if you wonder how to cash out of Trust Wallet.
- Select the cryptocurrency that should be cashed out. If you intend to cash out Ethereum, for instance, tap on “ETH” to proceed. However, if you don’t have any Ethereum yet, you can convert available tokens to ETH. This step is mandatory if you wonder how to cash out on Trust Wallet. You can do the conversion with a decentralized platform (PancakeSwap) and DApp through Trust Wallet.
- After tapping the respective crypto that should be withdrawn, you will be directed to its wallet. Then, in your ETH wallet, you will see options like “Copy,” “Send,” “Receive,” and “More.”
- Now, all you should do is send your Ethereum to the Binance exchange. So, go to the option called “Send.” That will take you to a different page dedicated to sending.
- When you are on that page, you will see more options as fields. For instance, you will see ETH Amount, Recipient Address, and Memo.
- Just paste your crypto (ETH) address on “Recipient Address.”
- After that, you should enter how much ETH you should send to the Binance platform.
- Then, the value of Ethereum will be displayed in USD underneath.
- After that, you should paste the MEMO in the given field called “Memo.” Thereafter, you should tap the option called “Next.” You will be able to see a confirmation page now. Just confirm the withdrawal so you will be able to withdraw the money to your bank account. If you have followed the steps correctly, the withdrawal will be completed without any hassle. And your money will arrive in your bank account in less than 60 minutes.
03. Sell Your Token Through the Binance Platform
Now that you have sent the intended crypto that should be cashed out, here’s how to sell it.
- As the first step, you should click on the link below to proceed.
- After clicking on the above link, you can see an option called “Buy and Sell Cryptocurrency.” It will be opened on the Binance platform itself.
- Now, you can sell cryptocurrencies and get any fiat currency supported by Binance (there are 60+ fiats).
- Go to the option called “I want to sell.” After that, you should select the crypto that should be sold (Ethereum, for instance).
- Once you have done that, you should define the amount of BNB that should be sold.
- The next step is to define a fiat currency. That means the currency you would like to receive in exchange for your currency. You can select it in the field called “You will receive.”
- After that, you should tap on the option called “Next,” so you will have the option of confirming.
- Now, you should confirm the sale to proceed.
04. Withdrawing Fiat to the Bank
Well, you have successfully sold your cryptocurrency to fiat.
What’s left now is how to cash out Trust Wallet to your bank account as fiat. Let’s go ahead and learn it.
- First, you should click on the link mentioned below.
- Then, click on the option called “Wallet.” After that, tap on the option called “Fiat and Spot.” It is found on the navigation bar.
- Click on the option “Withdraw,” located at the page’s top region.
- Tap the option called “Withdraw Fiat.”
- After that, you will see a different page that facilitates the withdrawal functionality.
- Select any currency to withdraw. You should also select a payment method.
- When in the “Currency” field, choose the desired option (GBP, USD, EUR, etc.).
- Select a mode of payment. The most recommended methods are “Bank Card” and “Bank Transfer.” After that, you should enter the information related to your withdrawal.
- Provide the amount of money that should be sent to the bank account. As the final step, just select an account to which your money will be sent. It is under the field called “Withdraw To.” Then, click on the option called “Continue.”
- That’s it. Hit “Continue” to complete the verification process.
- The money should be in your account within 60 minutes under the usual circumstances.
Frequently Asked Questions (FAQs)
How long does it take to withdraw money from Trust Wallet to a bank account?
The duration of the withdrawal process can vary depending on several factors, such as the cryptocurrency exchange and the banking system.
Generally, it can take anywhere from a few hours to several business days for the funds to appear in your bank account.
Are there any fees associated with withdrawing money from Trust Wallet?
Yes, there may be fees associated with withdrawing money from Trust Wallet. These fees can vary depending on the exchange and the specific withdrawal method you choose.
It is advisable to review the fee structure of the exchange and factor in any applicable charges before initiating a withdrawal.
Can I withdraw any cryptocurrency from Trust Wallet to my bank account?
The availability of withdrawal options will depend on the cryptocurrency exchange you use to connect Trust Wallet. Different exchanges support different cryptocurrencies for fiat withdrawals.
Ensure that the cryptocurrency you wish to withdraw is supported by the exchange before initiating the transfer.
Is it safe to withdraw money from Trust Wallet to a bank account?
Withdrawing money from Trust Wallet to a bank account can be safe if you follow the recommended security practices. It is crucial to use trusted cryptocurrency exchanges, enable two-factor authentication, and ensure that your personal and financial information is kept secure.
Be cautious of phishing attempts and always verify the authenticity of the exchange’s website before providing any sensitive information.
Can I withdraw money from Trust Wallet directly to a credit card?
Withdrawals from Trust Wallet directly to a credit card are typically not supported. Cryptocurrency exchanges generally offer bank transfer or wire transfer options for fiat withdrawals.
If you wish to access your funds through a credit card, you may need to explore alternative methods, such as using a peer-to-peer exchange or a third-party payment service.
What should I do if I encounter any issues during the withdrawal process?
If you encounter any issues during the withdrawal process, such as delays, missing funds, or technical difficulties, it is recommended to contact the customer support of the cryptocurrency exchange you are using.
They will be able to assist you with troubleshooting and resolving any problems you may encounter.
Cashing out your cryptocurrency investments and transferring the funds to your bank account is a crucial step in realizing the value of your digital assets. By following the step-by-step process outlined in this article, you can withdraw money from Trust Wallet to your bank account securely and efficiently.
Remember to exercise caution, use trusted exchanges, and prioritize the security of your personal and financial information. With the proper knowledge and careful execution, you can confidently navigate the process of converting your cryptocurrencies into traditional fiat currency.