Made some money in the latest crypto bull run and want to take some profits or just move your funds? In this Trust Wallet tutorial, I will explain how to withdraw from Trust Wallet. Also 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.
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.
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 decentralized 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.
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 centralized exchange for selling back to a FIAT currency. Or you swap your BNB for a stable coin inside of the Trust wallet first.
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 stable-coins 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-coins:
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
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.
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 “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.
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 centralized 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.
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.
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“.
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!