Made some money in the latest crypto bull run and want to take some profits? This guide will explain how to withdraw from Trust Wallet to a bank account.
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 an exchange like Binance or Coinbase, which supports FIAT markets.
So, let’s dive into this Trust Wallet tutorial to help you work out how to withdraw from Trust Wallet back to a bank account.
How to Withdraw from Trust Wallet to a Bank Account
How to Withdraw Money from Trust Wallet
To withdraw money from Trust Wallet to a bank account, you’ll first need to withdraw your crypto to an exchange such as Binance. Once your crypto is in the exchange, you can then withdraw your money to your bank.
Trust Wallet does not allow you to trade from crypto to FIAT, so you will need to look for an alternative method. You can either;
- Withdraw your tokens directly to a centralized exchange for selling back to a FIAT currency.
- Swap your BNB for a stablecoin inside of the Trust wallet first.
Step 1: How to Withdraw from Trust Wallet to an Exchange
If you want to withdraw your crypto from Trust Wallet, regardless of if this is a standard cryptocurrency or a stablecoin, the method is the same:
- Navigate to the “Wallet” tab at the bottom of your Trust Wallet app.
- Select the cryptocurrency you would like to send and press “Send.”
- Navigate to the exchange or the wallet you are sending your crypto to. Locate and “Copy” the “Receive” (or “Deposit”) address.
- Navigate back to Trust Wallet and “Paste” the address into the “Recipient Address“.
- Enter the “Amount” you would like to send, or press “Max“.
- Press onto “Next“
- 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, 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 three digits and last three 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.
Swap your Crypto for a Stablecoin or Cryptocurrency (with Low Fees)
By swapping your cryptocurrency for a stablecoin, 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.
Stablecoins can easily be cashed in on popular exchanges such as Binance, Coinbase, or Kraken. To find out more about withdrawing from an exchange, check out our tutorial on how to withdraw from the Binance exchange.
How to Swap Crypto for Stablecoins on Trust wallet?
- 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 if you want to withdraw your tokens from Trust Wallet to another wallet or exchange.
Tip: In the above example, I’m swapping from BNB to BUSD. However, just ensure that the stablecoin 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.
Step 2: How to Withdraw from Exchange to Bank Account
Once you have withdrawn your crypto or stablecoins to a centralised exchange (with FIAT markets available), you can then 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 you 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, or you can use the slider to select a percentage of your balance.
- 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 to “Withdraw”.
- Select your withdrawal method.
- Enter the amount you would like 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 there is not a direct swap available for your tokens, you may need to swap to another token first.
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.
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.
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.
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.
Trust wallet is a beginner-friendly crypto wallet and has some great features. However, withdrawing from the mobile app can be a little frustrating. Hopefully, they will be able to incorporate a withdrawal feature in the future. The current process will require you to use a combination of platforms to withdraw money from Trust Wallet to a bank account.