How to Withdraw From Trust Wallet: A Complete Guide for 2024
Trust Wallet has become one of the most popular crypto wallets for securely storing various digital assets. However, one area that can confuse, is how to withdraw from Trust Wallet.
Quick answer:
Important:
- Trust Wallet does not directly support converting crypto to fiat currency or sending withdrawals to a bank account.
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 Once the assets are on the exchange, they can be sold for fiat currency and withdrawn to a bank account.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
📚Read more: Fiat to Crypto Exchange
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 where to exchange crypto
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 is a Swiss platform providing a safe and easy way to buy, sell, exchange, and spend fiat and cryptocurrencies.
- An all-in-one solution for managing and spending your crypto and fiat
- Multiple wallets for crypto and fiat
- Payment cards without hard spending limits
- Dedicated IBAN’s
- Instant transactions and withdrawals
- Top-notch security measures
Once you’ve transferred crypto from your Trust Wallet to swissmoney, smoothly exchange it for fiat and instantly withdraw EUR, USD, GBP, or CHF directly to your bank account or spend it by card.
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.
📚Related: How to Choose Crypto On and Off-Ramp Platform
How to withdraw money from a Trust Wallet
You cannot directly withdraw fiat money from the wallet. However, you can withdraw crypto to an exchange or a crypto wallet with a built-in exchange, and then withdraw fiat from that exchange. Here is a step-by-step guide to withdrawing from Trust Wallet:
1 Step: Select where you want to exchange your crypto assets
Exchanging crypto is simple, however, deciding on which platform to do it can be challenging.
Here is a list of the most popular places for crypto-to-fiat exchange:
- Crypto exchanges
- Crypto wallets with built-in exchange
- Peer-to-peer exchanges
- Crypto on-ramps and off-ramps
- Crypto debit cards
- Crypto Brokers
- OTC trading
📚Read more: How to Exchange Crypto to Fiat: A Step-by-Step Guide
When deciding a method and platform where you want to send your crypto from Trust Wallet to convert it, consider:
- Security: Do you prioritise a well-established platform with a strong security record and no scam rumours?
- Fees: Do you want the lowest possible trading fees or are you willing to pay a bit more for additional features, security, or ease of use?
- Features: Are you looking for a basic exchange platform or a tool with more features for daily financial needs?
- Fiat support: Do you need to be able to buy and sell crypto with Lithuanian Litas (LTL) or are you comfortable using another fiat currency like USD or EUR?
2-Step: Sending crypto from Trust Wallet to the exchange or wallet
To withdraw from the Trust Wallet app, send your crypto assets to a supporting cryptocurrency exchange.
After opening your account on an exchange platform or wallet, follow these steps to transfer crypto from the Trust Wallet app:
- 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 to send a small test transaction first.
- 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.
3-Step: Selling crypto for fiat
Once you have transferred your crypto assets from Trust Wallet to your chosen exchange or wallet account, it’s time to sell them for fiat currency.
The process can differ depending on the platform. However, these are general steps:
- Find the “Sell” or “Trading” section.
- Pick the cryptocurrency and the fiat currency.
- Decide on the order type:
- Market order: Sells at the current market price for speed, but might be slightly lower.
- Limit order: Sets a specific price for more control, but might take longer.
- Enter the amount of crypto to sell or the amount of fiat currency you want to receive.
Once the transaction is complete, you will successfully sell 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.
Simple crypto-to-fiat exchange on the swissmoney app
On swissmoney, you can easily exchange your crypto for fiat currency directly in the app:
- Choose the desired cryptocurrency and tap on Sell.
- Select fiat currency, enter the amount, and complete the exchange.
The fiat balance will be credited to your swissmoney fiat wallet of the chosen currency. You can also transfer money to dedicated swissmoney IBAN accounts.
Moreover, with a swissmoney payment card, you don’t need to exchange crypto to spend it. You can simply top-up your card with crypto and pay with it wherever EUR is accepted.
4-Step: 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.
On the other hand, swissmoney lets you transfer money to your IBAN account or top-up your swissmoney payment card.
The process depends on which exchange you are using. Therefore it may vary slightly. However, the general steps are as follows:
How to withdraw money from Trust Wallet to swissmoney?
To withdraw money from Trust Wallet to swissmoney account, follow these steps:
- Prepare your wallet or exchange account: Make sure your swissmoney account is fully set up and verified.
- Start the transfer from Trust Wallet: Choose the cryptocurrency and enter your swissmoney wallet’s address.
- Verify your information: Double-check all details to avoid mistakes.
- Complete the transfer: Confirm the transaction on Trust Wallet and wait for it to finish.
Withdrawing to other platforms
Learn how to withdraw money from other popular platforms.
Withdrawing from Trust Wallet to Binance
Here’s how you can withdraw money from Trust Wallet to your Binance account.
- Open the Trust Wallet app on your phone and find the “Send” button.
- Find the cryptocurrency you want to send to Binance.
- Tap the “Send” button next to your chosen crypto.
- Paste the deposit address from Binance into the recipient field. Double-check it.
- Enter the amount of crypto you want to withdraw.
- Check the recipient’s address, amount, and fees and confirm the transaction in your Trust Wallet.
The withdrawal should be processed within 1-3 business days.
📚Read More: How To Withdraw from Binance
Withdrawing from Trust Wallet to Coinbase
Trust Wallet doesn’t directly withdraw to fiat currency or link to your bank. However, you can transfer your crypto to Coinbase and convert it to fiat there.
Here’s how:
- Open the Trust Wallet app on your smartphone and find and tap the “Send” button
- Select the cryptocurrency you want to withdraw from the list of assets in your Trust Wallet.
- Enter the address of your Coinbase wallet. Be very careful to enter the correct address to avoid losing your funds.
- Specify the amount of cryptocurrency you want to transfer.
- Review the network fees associated with the transaction. These fees depend on the chosen crypto and current network traffic.
- Double-check all the information (recipient address, amount, fees) before confirming the transaction.
The withdrawal should be completed within 1-3 business days.
📚Read More: How to Withdraw from Coinbase
Withdrawing from Trust Wallet to MetaMask
To transfer money from Trust Wallet to MetaMask:
- Open Trust Wallet and choose the token (like ETH).
- Click “Send” and paste your MetaMask wallet address as the recipient.
- Make sure your MetaMask wallet is on the Ethereum network.
- Enter the amount and click “Next.”
- Confirm the transaction.
If you want to import Trust Wallet to MetaMask, follow these steps:
- Open Trust Wallet and go to Settings.
- Click “Wallets” and choose the wallet for MetaMask import.
- Tap the exclamation mark next to the wallet name and select “Show Recovery Phrase.”
- Write down the seed phrase on paper, keeping it private.
- Download MetaMask from its official site and open it.
- Click “Get Started” and choose “Import using secret recovery phrase.”
- Type in the secret phrase from your Trust Wallet and set a password for MetaMask.
- Confirm the password and click “Import.”
Remember to keep your seed phrase private. MetaMask’s default network is Ethereum; for other tokens, add the blockchains manually.
Be sure to carefully check all withdrawal details before confirming to avoid errors. You can now spend your fiat currency as you please!
📚Read More: How to Withdraw Crypto to Bank Account
Note:
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. Depending on network congestion and blockchain speeds, they can take 30 minutes to multiple hours.
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
You now know to withdraw your assets from your Trust Wallet account 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 and be careful, and you’ll be able to gain access to the funds stored in your Trust Wallet.
FAQ
What is a Trust Wallet?
Trust Wallet is a secure cryptocurrency wallet available on desktop and mobile platforms.
It supports millions of digital assets and various blockchains, allowing users to connect safely to thousands of decentralized applications (dApps).
It offers a secure way to manage multiple cryptocurrencies and digital assets, including in-app trading through other platforms.
Are fiat currency withdrawals (USD, GBP, EUR) supported on Trust Wallet?
Trust Wallet doesn’t offer direct support for converting cryptocurrency to fiat currency or withdrawing funds to a bank account.
Why can’t I withdraw from Trust Wallet?
Trust Wallet doesn’t directly allow converting cryptocurrency to fiat currency or withdrawing funds to a bank account.
Users must transfer their funds to an external crypto exchange that offers fiat cashouts to withdraw money from Trust Wallet.
What is the daily withdrawal limit for Trust Wallet?
Trust Wallet doesn’t have a withdrawal limit for cryptocurrency.
How much does Trust Wallet charge to withdraw?
Trust Wallet doesn’t charge withdrawal fees.
However, when you make transactions on the blockchain, like sending coins to another wallet, there are network fees.
How long does it take to withdraw from Trust Wallet?
Crypto withdrawal from Trust Wallet usually takes from 30 minutes to a few hours
Read More:
