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Made some money in the latest crypto bull run and want to take some profits? In this beginner’s guide will explain how to withdraw from Trust Wallet to a bank account.
Unfortunately, Trust Wallet does not allow you to trade from crypto to FIAT or traditional currencies such as USD, EUR and GBP. When withdrawing money from Trust Wallet, you will need access to a crypto exchange like Binance or Coinbase, which supports FIAT markets.
So, let’s dive into this Trust Wallet guide to help you work out how to withdraw from Trust Wallet back to a bank account.
How to Withdraw Money from Trust Wallet
How to Withdraw from Trust Wallet to a Bank Account
To withdraw money from Trust Wallet to a bank account, you’ll first need to withdraw crypto to an exchange such as Binance. Unfortunately, users cannot withdraw money from Trust Wallet to a bank account and must use an alternative method to cash out. Once you withdraw your crypto to a trusted exchange, you can then withdraw your money to your bank.
Total Time: 20 minutes
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1. Choose a Trusted Crypto Exchange
Before withdrawing back to a bank account from Trust Wallet, you will need a trusted crypto exchange that supports FIAT withdrawals. You will likely need to be verified and go through KYC. We will use Binance in this example, but you can also use Coinbase, OKX, etc.
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2. Exchange your Crypto on Trust Wallet
If you want to sell more than one cryptocurrency for money; it may be best to sell them all on Trust Wallet for one token that your exchange supports. This will also reduce withdrawal fees.
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3. Withdraw from Trust Wallet to an Exchange
Once you have the cryptocurrency you want to sell, you will need to withdraw your crypto to a crypto exchange that supports FIAT withdrawals.
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4. Sell Cryptocurrency for FIAT
Once your crypto has been deposited on the exchange, you will need to sell for the FIAT currency of your choice. As we are in the UK and have our UK bank linked, we will choose to sell crypto for GBPs. However, if you were in Europe, for example, you would withdraw EUROS, or in the U.S., you would withdraw USD.
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5. Withdraw Money from the Exchange
Now, we have sold our crypto for money. We can now withdraw this from the exchange to our bank account.
We wish we could make withdrawing from Trust Wallet to a bank simple, but at this time, you will need to use an exchange that supports FIAT withdrawals.
How to Withdraw from Trust Wallet to an Exchange
This step-by-step guide will give you everything you need to know about withdrawing from a Trust Wallet to an exchange.
- Navigate to the “Wallet” tab at the bottom of the Trust Wallet app.
- Select the cryptocurrency you would like to send and select “Send.”
- Navigate to the exchange you are sending your crypto to and “Copy” the “Receive” (or “Deposit”) address.
- Navigate to Trust Wallet and “Paste” the address into the “Recipient Address“.
- Enter the “Amount” you want to send or press “Max“.
- Press on “Next“
- Check the details and “Confirm” the transaction.
When sending your transaction, be aware that you will need to pay a transaction cost for withdrawing, depending on which blockchain (or network) you’re sending this on.
Tips: Double-check that you have entered the correct address. Possibly check the first and last digits to ensure you haven’t made any mistakes. You might also want to consider sending a test amount across first if you are sending large amounts across.
How to Swap Crypto on Trust Wallet
By swapping your cryptocurrency for a stablecoin, you can take advantage of the current market price and capture the available price without waiting to send these transactions out of the Trust Wallet first.
Stablecoins can easily be cashed in on popular exchanges such as Binance, Coinbase, or Kraken. To learn more about withdrawing from an exchange, check out our tutorial on how to withdraw from the Binance exchange.
- Navigate to the “DEX” at the bottom of your app.
- Under the “Swap” tab, select the token you are swapping from.
- Select the stablecoin that you would like to swap to.
- Enter the amount.
- Press “Swap” and Confirm.
Once you have swapped your token, you can send it to the exchange of your choice. This is the same process for withdrawing your tokens from Trust Wallet to another wallet or exchange.
Tip: I’m swapping from BNB to BUSD in the above example. However, ensure that the stablecoin you’re swapping to is supported. For example, BUSD is Binance’s own stablecoin pegged to the US dollar and unavailable on all other exchanges.
How to Withdraw from Binance to a Bank Account
Once you have withdrawn your crypto or stablecoins to a centralised exchange (with FIAT markets available), you can cash out of your crypto.
The below example is using the Binance Exchange web platform. However, you can do the exact same process using the mobile app if you’d prefer. Alternatively, the process using other centralized exchanges will be very similar.
With Binance, if you’ve already converted to BUSD and are in the US or Canada, you can withdraw your BUSD directly back to a bank account, as they will convert these tokens into USD during the withdrawal process.
If, like me, you’re in the UK or Europe, you’ll need to swap your tokens for FIAT currency (like GBP/EUR) first.
- Select “Markets” at the top of the screen.
- Find the pairing for your token and the FIAT currency you’d like to withdraw (i.e. GBP or EUR).
- Click “Trade” beside your pairing.
- From the Trade screen, scroll down and select your order type under the “Buy/Sell” tab (depending on if you are buying or selling). If you have chosen a limit order, you will be prompted to enter a “Price”.
- Enter the “Amount” you would like to swap
- Click “Buy/Sell” when your order is complete, and you have sold your crypto for FIAT currency.
- Go to your “Wallet” at the top of the screen, and select “FIAT and Spot”.
- Locate your FIAT currency and choose “Withdraw”.
- Select your withdrawal method.
- Enter the amount you want to withdraw and follow the instructions on the screen according to the chosen method.
- Once complete, you have cashed out from your crypto!
Tip: If no direct swap is available for your tokens, you may need to swap to another token first.
What is Trust Wallet?
Trust Wallet is a digital currency wallet that allows users to store, send, and receive digital currencies. It was acquired by Binance in 2017, one of the largest cryptocurrency exchanges in the world. Trust Wallet supports the most popular cryptocurrencies and includes features for swapping, earning and buying crypto with 3rd party providers.
The Trust Wallet is available for Android and iOS devices and offers several security features, such as 2-factor authentication and biometric login.
Conclusion
Trust Wallet is a user-friendly crypto wallet packed with impressive features. However, the process of withdrawing from the Trust Wallet mobile app can be somewhat challenging. It’s hopeful that a direct withdrawal feature will be integrated soon. For now, withdrawing money from Trust Wallet to a bank account necessitates the use of multiple platforms.
FAQs
Can I withdraw money from Trust Wallet to a Bank Account?
At this moment, you can not withdraw money from Trust Wallet directly to a bank account. Trust Wallet does not allow users to withdraw traditional (fiat) currencies such as GBP, USD, or EUR from Trust back to a bank account.
Trust Wallet swap function uses a DEX, also known as a decentralized exchange.A DEX only allows crypto to crypto trades, and you won’t be able to link to a bank account.
If you are trying to buy BNB on Trust Wallet and getting an error “Coin Not Available“, check out our guide on how to buy BNB when not available on Trust Wallet.
How long does it take to withdraw from the Trust Wallet?
The time it takes to withdraw from Trust Wallet depends on the cryptocurrency you are withdrawing and the network you use. During busy periods networks can become congested, and withdrawals will take longer.
However, using BSC (Binance Smart Chain) to withdraw from Trust Wallet will be faster and cheaper than the Ethereum network.
How are Trust Wallet fees?
Trust Wallet does not charge any wallet fees. However, as with any transactions on the blockchain, you will be charged network fees when withdrawing your crypto, which will depend on the network and how congested it is.
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Louise Elizabeth
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.
7 Responses
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Louise
Recently deposited coins to Trust wallet
Coins went in fine but cannot send to exchange or send in a support ticket
any other contact info for Trust would be appreciated.
otherwise I have been ripped off big time
Thanks TomReply
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Any luck with the withdrawal Tom? have been reading how easy it is to stake but not very clear on cashing out. seems to be a lot of different platforms(exchange) and third parties to exit. With low fees and “gas” to pay!!!
Reading yours above i’ve got to ask about the obvious frustration,,,,,,,, has it been resolved?Reply
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I’m not sure if this is an option, but can you don’t withdraw from Trust Wallet to Binance Exchange via BSC, then withdraw FIAT back to your account
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Hi,
Very interesting info on Trust. I see a number of complaints on other social media similar to Tom’s above. What’s going on?Also, I don’t understand how Trust knows who i am without taking down my email or phone number when registering? How can I receive push notices?
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Hi
I have a crypto acc and they told me if i want to withdraw and ho to my savings acc had to open trust acc .They did transfer it in Trust private funds US..But is it true that i had to pay irs to make it ligiit had to pay 500 us for my acc before I can transfer the funds I’m my acc .
I need some advice please
Thank you belindaReply
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Do not pay anyone to withdraw your funds from Trust wallet. We get lots of emails from fake Trust wallet accounts, please ignore these emails
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Very educative thanks
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Table of Contents
As a seasoned cryptocurrency enthusiast and expert, I can assure you that navigating the complex landscape of crypto transactions, exchanges, and wallets requires a deep understanding of the underlying technologies and platforms involved. My experience in the field, coupled with a continuous pursuit of knowledge, has allowed me to stay abreast of the latest developments in the crypto space.
Now, let's dissect the key concepts and steps outlined in the article regarding withdrawing money from Trust Wallet to a bank account:
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Trust Wallet Overview: Trust Wallet is a digital currency wallet that enables users to store, send, and receive various cryptocurrencies. Acquired by Binance in 2017, Trust Wallet supports popular cryptocurrencies and offers features such as swapping, earning, and buying crypto through third-party providers. It's available for both Android and iOS devices and incorporates security features like 2-factor authentication and biometric login.
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Withdrawal Process: The article emphasizes that Trust Wallet does not directly support withdrawals to traditional fiat currencies (e.g., USD, EUR, GBP). To convert crypto assets into fiat and withdraw to a bank account, users need to follow a multi-step process:
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Choose a Trusted Crypto Exchange: Before withdrawing from Trust Wallet, users must select a reputable crypto exchange supporting fiat withdrawals. Examples include Binance, Coinbase, and OKX.
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Exchange Crypto on Trust Wallet: Users can sell multiple cryptocurrencies on Trust Wallet for a single token supported by their chosen exchange, potentially reducing withdrawal fees.
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Withdraw to Crypto Exchange: Crypto assets are transferred from Trust Wallet to a crypto exchange that supports fiat withdrawals.
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Sell Cryptocurrency for Fiat: On the exchange, users sell their crypto assets for fiat currency (e.g., GBP, USD, EUR).
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Withdraw Money from Exchange to Bank: Finally, users withdraw fiat currency from the exchange to their bank account.
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Trust Wallet to Exchange Transfer: The article provides a step-by-step guide on how to transfer crypto from Trust Wallet to a crypto exchange. This involves accessing the "Wallet" tab, selecting the desired cryptocurrency, copying the exchange's receive address, pasting it in Trust Wallet, entering the amount, and confirming the transaction.
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Swapping Crypto on Trust Wallet: The article introduces the concept of swapping cryptocurrencies on Trust Wallet, particularly for stablecoins. Swapping allows users to take advantage of current market prices without waiting for transactions to be sent to an exchange. The process involves navigating to the "DEX" (Decentralized Exchange), selecting tokens to swap, entering the amount, and confirming the swap.
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Withdrawing from Binance to a Bank Account: After withdrawing crypto or stablecoins to a centralized exchange (e.g., Binance), the article provides a detailed guide on how to cash out by converting tokens to fiat currency. The process includes selecting markets, choosing the trading pair, executing the trade, and finally withdrawing fiat currency to a bank account.
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FAQs: The article addresses frequently asked questions, including the inability to withdraw money directly from Trust Wallet to a bank account, the time it takes to withdraw (depending on the cryptocurrency and network), and information about Trust Wallet fees.
In conclusion, the article serves as a comprehensive guide for individuals looking to convert their cryptocurrency holdings into fiat currency and withdraw to a bank account, utilizing Trust Wallet and associated crypto exchanges in the process. The step-by-step instructions and FAQs provide valuable insights for users navigating this financial transition.
