Crypto
Unlocking the Feature: How to Withdraw From Trust Wallet?
Trust Wallet has become one of the most popular crypto wallets for securely storing various digital assets. However, one area that can confuse you is how to withdraw from Trust Wallet.
Unlike any centralized exchange like Coinbase or Binance, Trust Wallet does not directly support converting crypto to fiat currency or sending withdrawals to a bank account.
Therefore, users must first send their funds to an external crypto exchange, offering fiat cashouts to withdraw money from Trust Wallet. Once the assets are on the exchange, they can be sold for fiat currency and withdrawn to a bank account.
In this comprehensive article, you’ll learn how to withdraw from Trust Wallet. We’ll cover:
- How to choose a compatible crypto exchange
- Withdraw crypto assets from the Trust Wallet
- Selling the assets for fiat currency on the exchange
- Withdrawing the fiat funds from your wallet to your bank account
This guide will ensure you can smoothly and securely withdraw money from Trust Wallet to your bank account. Let’s get started!
Table of Contents
Choosing a crypto exchange
Trust Wallet does not support direct fiat withdrawals. Therefore, to withdraw money from your Trust Wallet to your bank account, you need to first withdraw crypto to cryptocurrency exchanges that support fiat withdrawals.
There are many centralized exchanges to choose from, but some top recommendations are:
swissmoney
swissmoney provides an easy way to buy, sell, and spend cryptocurrencies using their swissmoney platform.
Once you’ve transferred crypto from your Trust Wallet to swissmoney, you can smoothly exchange it for fiat and withdraw EUR, USD, GBP, or CHF directly to your bank account.
Binance
Binance is one of the largest global crypto exchanges. It supports numerous cryptocurrencies and also allows fiat withdrawals in many local currencies.
After sending crypto from Trust Wallet, you can trade and sell your assets on Binance and withdraw money to your connected bank account.
Coinbase
Coinbase is a popular mainstream crypto exchange, especially for beginners. It has high liquidity and supports withdrawing money to various countries’ bank accounts.
You can easily link your bank account, deposit crypto from Trust Wallet, convert to fiat currency, and withdraw.
These are just a few recommended exchanges to withdraw fiat from your Trust Wallet. The choice depends on your location, preferred currencies, and withdrawal options.
Always research an exchange before committing funds to ensure it is secure and supports your required capabilities.
Sending crypto from Trust Wallet to the exchange
To withdraw from the Trust Wallet app, you must first send your crypto assets to a supporting cryptocurrency exchange.
Here are the steps to transfer crypto to from Trust Wallet app to an exchange like Binance, Coinbase, or swissmoney:
- Open the Trust Wallet app on your mobile device. Navigate to the wallet for the specific crypto you want to withdraw.
- Tap the Send button. This will bring up the send/withdraw screen.
- Copy the wallet address for the crypto from your account on the exchange you want to withdraw to. You can find this deposit address under the Receive section for each coin.
- Return to Trust Wallet’s send screen and paste the address you copied into the Recipient Address field.
- Enter the amount of crypto you want to withdraw. You can choose to send a portion or the maximum amount.
- Carefully review the details to ensure the address and amount are correct. It’s recommended first to send a small test transaction.
- Hit Continue and confirm the transaction in the following dialogue box.
The crypto transfer from Trust Wallet to the exchange will generally take 30 minutes to a few hours, depending on traffic and congestion on the blockchain network.
Pay close attention to the network fees, as they vary based on factors like blockchain congestion. Also, double-check the recipient’s address to avoid any mistaken transfers.
Once the transfer is complete, you can access the funds on the exchange and proceed to selling and withdrawing.
Selling crypto for fiat on the exchange
Once you have transferred your crypto assets from Trust Wallet to your chosen exchange account, it’s time to sell them for fiat currency.
On Binance, navigate to the Trade page and select the pairing of the cryptocurrency you want to sell, such as BTC/USDT. Search for the desired pairing if you don’t see it listed.
Enter the amount of cryptocurrency you want to sell, or select 100% to sell your entire balance. Review the transaction details and select Sell BTC to complete the order.
The process is similar on other major exchanges like Coinbase and Crypto.com. Navigate to the Trade section, choose the crypto/fiat pairing, enter the amount to sell, and complete the transaction.
On swissmoney, you can easily exchange your crypto for fiat currency directly in the app. Choose the desired cryptocurrency and tap on Sell. Then select fiat currency, enter the amount, and complete the exchange. The fiat balance will be credited to your swissmoney account.
Once the transaction is complete, you will have successfully sold your cryptocurrency for fiat currency on the exchange.
Double-check that the funds have been credited to your exchange account correctly. Most exchanges also require identity verification to withdraw large amounts of fiat currency.
With your crypto assets converted to fiat, you are now ready to withdraw the funds to your bank account in the next step. Taking the time to review transactions and follow each step carefully will ensure the process goes smoothly.
Withdrawing fiat to your bank account
If you already have sold your cryptocurrency holdings for fiat currency on the exchange, you can withdraw those funds to your bank account.
The process depends on which exchange you are using. Therefore it may vary slightly. However, the general steps are as follows:
Withdrawing from Binance
- In your Binance account, go to your Fiat and Spot wallet.
- Click Withdraw at the top of the page.
- Select the fiat currency you wish to withdraw.
- Enter the amount you want to withdraw.
- Select your desired withdrawal method — bank transfer, debit/credit card, etc.
- Enter your bank account details if prompted.
- Complete any additional verification requirements.
- Review and confirm the withdrawal.
The withdrawal should be processed within 1-3 business days.
Withdrawing from Coinbase
- In your Coinbase account, click on your fiat wallet (USD, EUR, etc.).
- Click Withdraw on the right side of the screen.
- Select the currency and enter the amount to withdraw.
- Choose your payout method — bank account, PayPal, etc.
- Review and confirm the withdrawal details.
The withdrawal should be completed within 1-3 business days.
Withdrawing from swissmoney
- Open your swissmoney account and go to Currencies.
- Select a currency and click Transfer.
- Choose the user you want to send money to or click New Transfer and select the transfer type.
- Enter the amount to withdraw and provide recipient details.
- Review and submit the withdrawal request.
Withdrawals from swissmoney are typically processed within one business day.
The final step of withdrawing your funds from the exchange to your bank account completes getting your money out of your Trust Wallet.
Be sure to carefully check all withdrawal details before confirming to avoid errors. You can now spend your fiat currency as you please!
Common mistakes to avoid when withdrawing from Trust Wallet
Withdrawing funds from your Trust Wallet account can be smooth and straightforward if appropriately done, but there are some common mistakes that users make that can complicate the process.
Awareness of these potential pitfalls is essential for avoiding problems and ensuring your transfers go through correctly.
Not accounting for network fees
Withdrawing cryptocurrency always incurs network fees, which vary based on traffic and congestion. Be sure to pay close attention to the estimated network fee shown by Trust Wallet before confirming any withdrawal.
You’ll need sufficient balance in your wallet to cover the withdrawal and fee. If you don’t factor the fee in, your transaction may fail due to insufficient funds.
Sending to incorrect wallet addresses
One of the most common mistakes is accidentally sending funds to the wrong recipient address. Before copying any wallet address to send to, carefully check that it matches the exact address of your intended recipient wallet.
It’s easy to inadvertently paste a wrong address, so reviewing the pasted address again before submitting the transaction is recommended. Even minor typographical errors can result in lost transfers.
Unrealistic withdrawal time expectations
It’s important to remember that cryptocurrency withdrawals cannot be instantaneously processed. They can take 30 minutes to multiple hours, depending on network congestion and blockchain speeds.
Do not assume your Trust Wallet withdrawal will arrive immediately after you submit it. Keep withdrawal times in mind when managing liquidity.
Misunderstanding withdrawal limits
While Trust Wallet does not impose withdrawal limits, exchanges you send coins to may have daily, monthly, or per-transaction limits.
Be aware of withdrawal restrictions on the receiving platform to avoid failed transfers. You may need to structure large withdrawals to work within imposed limits in smaller increments.
Conclusion
So, now that you know how to withdraw from your Trust Wallet account, you can do this process more confidently.
The key is that Trust Wallet does not support direct fiat withdrawals, so your crypto assets must be sent to an exchange that does, like swissmoney, Binance, or Coinbase.
Once your funds are on one of these exchanges, you can trade your crypto for fiat currency, like USD, EUR, or GBP, and then withdraw it to your bank account.
Be sure to follow each step this guide outlines to avoid errors. Double-check the addresses and amounts before confirming any transactions.
Learning how to withdraw from Trust Wallet takes more time and steps than other wallets, but this guide should now provide you with all the necessary information to successfully move your funds off Trust Wallet and into your bank account.
Take your time, be careful, and you’ll be able to gain access to the funds stored in your Trust Wallet.
