Withdraw from Trust wallet to Bank or Exchange

How to Withdraw from Trust Wallet to Bank Account

Written by LouiseElizabeth

8th June 2021

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Made some money in the latest crypto bull run and want to take some profits or just move your funds? In this tutorial, I will explain how to withdraw from the Trust Wallet. I’ll explain how to withdraw your crypto to another wallet or exchange such as Binance, plus how to sell your crypto and withdraw it to your bank account.

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Cashing Out of the Trust Wallet

Just before we jump in, I want to explain to those of you who are new to crypto, that the Trust Wallet by Binance, is predominately a decentralized wallet where you store your cryptocurrencies. Usually, when selling your crypto for the likes of a FIAT currency (such as USD, GBP, or Euros) you’d send it across to a centralized exchange (like Binance) which is normally used for buying and selling crypto.

Trust Wallet Tutorial

However, where this can get confusing is that the Trust Wallet has some inbuilt features such as being able to exchange, swap or earn crypto. These features can be limited, for example with the swap or exchange service built into the Trust wallet this is in fact a DEX, also known as decentralised exchange.  Meaning that the trades are crypto to crypto only and it won’t be able to link to any bank. Therefore you won’t have access to FIAT currency trades such as the likes of GBP, USD, or EUROs.

How to cash out of Trust Wallet

So, what if you currently have some crypto in your Trust Wallet and you want to effectively cash out and withdraw back to your bank account?

How to Withdraw from Trust Wallet

Because you are unable to simply trade from a cryptocurrency to FIAT currency from inside the Trust Wallet, there are a couple of methods that you can follow. You can either withdraw your token directly to a centralised exchange for selling back to a FIAT currency. Or you swap your BNB for a stable coin inside of the Trust wallet first. 

How to use Trust Wallet Review

Swapping to a Stablecoin

By swapping your cryptocurrency for a stable coin, you can take advantage of the current market price and capture the price that’s available without having to wait to send these transactions out of the Trust Wallet first. These stablecoins can then easily be cashed in on popular exchanges such as Binance, Coinbase or Kraken

Below are the steps for swapping your crypto for a stable-coin:

Step 1: Navigate to the “DEX” at the bottom of your app.

Step 2: Under the “Swap” tab, select the token you are swapping from.

Step 3: Select the stablecoin that you would like to swap to.

Step 4: Enter the amount.

Step 5: Press “Swap” and Confirm

How to Swap tokens in Trust Wallet

Tip: In the above example, I’m swapping from BNB to BUSD. However, just make sure that the stablecoin that you’re swapping to, is supported. For example, BUSD is Binance’s own stablecoin pegged to the US dollar and it’s not available on all the other exchanges.

Once you have swapped your token you can then sent it across to the exchange of your choice and this is the same process if you want to withdraw your token from Trust to another wallet an exchange or interest-earning protocol for example. 

How to Withdraw from Trust Wallet

If you want to withdraw your crypto from Trust Wallet, regardless of if this is a standard cryptocurrency, or a stable-coin the method is the same:From within the Trust Wallet navigate to the “wallet” tab at the bottom of the app.

Step 1: Navigate to the “Wallet” tab at the bottom of your app.

Step 2: Select the cryptocurrency you would like to send and press “Send

Step 2: Navigate to the exchange or the wallet you are sending your crypto to. Locate and “Copy” the “Receive” or “Deposit” address.

Step 3: Navigate back to Trust Wallet and “Paste” the address into the “Recipient Address“.

Alternatively, you can also use the QR code, which will then automatically pre-populate your withdrawal address.

withdrawing from Trust Wallet

Tips: Double check that you have entered the correct address. Possibly by checking the first 3 digits, and last 3 digits to make sure you haven’t made any mistakes. If you are sending large amounts across you might also want to consider sending a test amount across first.

Step 4: Enter the “Amount” you would like to send, or press onto “Max“.

Step 5: Press onto “Next

Step 6: Check the details and “Confirm” the transaction.

When sending your transaction, just be aware that you will need to pay a transaction cost for withdrawing which will depend on what blockchain or network you’re sending this on.

sending a transaction from TRUST

How To Convert Crypto into Cash

Once you have withdrawn either your cryptocurrency tokens or stablecoins to a centralised exchange with FIAT markets available, you can cash out of your crypto. These include the likes of Binance, Coinbase or Kraken.

The below example is an example using the Binance web platform. However, you can do the exact same process using the mobile app if you’d prefer. Alternatively, other centralised exchanges will be very similar.

With Binance, if you’ve already converted to BUSD and you are in the US or Canada, you can withdraw your BUSD straight back to a bank account, as they will covert these tokens into USD during the withdrawal process.

how to withdraw from Trust Wallet

However if like me you’re in the UK or Europe, you’ll need to swap your token for GBP/Euros first.

Step 1: Select “Markets” at the top of the screen.

Step 2: Search for the FIAT currency you’d like to withdraw (i.e. GBP or EUR).

Step 3: Click “Trade” beside your pairing.

trading stablecoins for GBP

Tip: If there is not a direct swap for your tokens, you may need to swap to another token first.

Step 4: From the Trade screen, scroll down and select your order type under the “Buy” tab. If you have chosen a limit order you will be prompted to enter a “Price“.

Step 5: Enter the “Amount” you would like to swap, or you can use the slider to select a percentage of your balance.

Step 6: Click “Buy” When your order is complete and you have sold your crypto for your FIAT currency.

Step 7: Go to your “Wallet” at the top of the screen, select “FIAT and Spot“.

Step 8: Locate your FIAT currency and choose to “Withdraw“.

how to withdraw cash from binance

Step 9: Select your withdrawal method.

Step 10: Enter the amount that you would like to withdraw and follow the instructions on the screen according to the method you have chosen. Once complete you have cashed out from your crypto!

LouiseElizabeth
Written by LouiseElizabeth

Louise created the Every Bit Helps YouTube channel back in 2017, after finding the process of buying Bitcoin difficult. Therefore, in an aim to help others, she hopes that her tutorials will make the process of buying, selling and storing crypto a lot easier for newbies in the future.

After spending 20 years working in London in cyber security, she left the corporate life after having her second child in 2018. Louise now travels the world with her two small children trying to make the most out of life.

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