So, you’ve settled on Trust Wallet as the place to keep your cryptocurrency holdings.
Perhaps you like Trust Wallet because of how simple it is to make a cryptocurrency purchase or because of the money you can earn on your holdings just by staking them.
Maybe you’ve earned some money trading cryptocurrency and want to transfer that money to your regular bank account.
However, you can’t convert your Trust Wallet holdings into fiat currency. Where do you go from here?
Let’s look at Trustwallet and its function; then, we will look at how to withdraw funds on Trustwallet.
What Is Trust Wallet?
The digital currency wallet program Trust Wallet is designed for use with digital currencies. Trust Wallet is compatible with a wide variety of the most popular cryptocurrencies. Full cryptocurrency management features are provided, including buying, selling, and trading various currencies, blockchains, and other digital assets.
Trust Wallet puts your cryptocurrencies to work for you by staking your funds at an adjustable interest rate.
According to the program’s verified proof-of-stake certification, you may earn income on your cryptocurrency holdings.
Thanks to this convenient autopilot function, your cryptocurrency holdings will continue to generate profits even while you sleep.
The process of buying cryptocurrency may be convoluted on many different exchanges.
On the other side, Trust Wallet makes it simple to use a credit card to purchase cryptocurrency, allowing you to start trading immediately.
Trust Wallet takes great pride in its secure access, despite the widespread belief that hardware wallets are the safest alternative.
In order to protect your private financial information, the program issues you with a unique, password-protected key.
The Trust Wallet app also has a comprehensive cryptocurrency merchant directory.
This product is 100% free to use, has no hidden costs or transaction fees, and is open-source.
How to Withdraw Money from TrustWallet
To transfer funds from Trust Wallet to your bank account, you must first convert the token into Bitcoin or Ethereum.
The next step is to transfer Bitcoin or Ethereum to a reputable cryptocurrency exchange that supports withdrawals.
You may accomplish this by exchanging your cryptocurrency holdings for traditional currencies like the US dollar, the Australian dollar, the British pound, etc.
After a sale on a cryptocurrency exchange, the proceeds may be transferred to a bank account in fiat money.
Here are the five simple steps you need to take for a more in-depth look at how to withdraw fund on Trustwallet
How to Withdraw Fund on Trustwallet
Step one involves converting your crypto assets in your Trust Wallet account to more widely used cryptocurrencies, such as Bitcoin or Ethereum.
Simply exchange all of your tokens or currencies for Smart Chain on Trust Wallet to do this.
Next, sign up for a platform on which you may buy and sell cryptocurrency, such as Binance.
Select any cryptocurrency exchange that supports your preferred method of selling cryptocurrency for fiat currency.
Because it accepts a wide variety of fiat currencies and payment methods (including credit cards, debit cards, bank transfers, and cash), Binance is often recommended.
Once you’ve signed up for an account and logged in, the dashboard will load. To access your “Fiat and Spot” wallet, choose “Wallet” and then “Fiat and Spot” from the top navigation bar.
Click “Deposit” next to the cryptocurrency (Bitcoin, for instance) you want to withdraw from Trust Wallet.
To withdraw Ethereum, for example, choose “Ethereum” and then “Deposit” in the left-hand menu of Trust Wallet.
Trust Wallet users who want to cash out their cryptocurrency must first transmit it to the trading platform Binance.
Binance will provide you with your cryptocurrency address, so you may send and receive funds in that format.
To transmit cryptocurrency to a Binance address, use the Trust Wallet app. Go to the Smart Chain page on your browser.
To withdraw some cryptocurrency, tap its name, and you’ll be sent to your cryptocurrency wallet. Send, receive, copy, and more buttons populate your Ethereum wallet.
Since Trust Wallet does not support Ethereum sales, you will need to transfer your Ether to Binance. Select “Send” to transfer Ethereum to your Binance account.
The “Recipient Address” area is where you should put your Binance Ethereum address. If you go back to Step 2, you will see that address.
Now, in the “Ethereum Amount” area, enter the total number of Ether tokens you want to transfer to Binance.
The amount of Ethereum you’re transferring will be shown below the input box. After clicking “Next,” you’ll be brought to a confirmation screen where you’ll be asked to verify the withdrawal.
It will take 30-60 minutes to complete the withdrawal procedure.
Once you have transferred your Trust Wallet cryptocurrency to Binance, you may trade it in for fiat currency.
Go to Binance’s “Buy and Sell Cryptocurrency” page. Choose the cryptocurrency you want to sell in the “I want to sell” area (e.g., Ethereum). Then, specify how much Ether you want to unload.
Choose your preferred fiat currency to be credited to your account in the following “You will receive” area (e.g., USD, EUR). Click the “Next” button to go to the final confirmation screen.
After exchanging cryptocurrencies for USD or another fiat currency, you may now deposit the USD or other fiat money into your bank account.
To access Fiat and Spot on Binance, go to “Wallet” in the main menu. To make a withdrawal, go to your Fiat and Spot wallet and choose “Withdraw” from the menu. Then, select the “Withdraw Fiat” option.
Select a currency and withdrawal method on the fiat withdrawal page. Choose the currency you want to withdraw in the “Currency” area (e.g., USD). For the most convenience, choose “Bank Transfer (SEPA),” “Bank Card (Visa),” or “Silvergate Bank (SWIFT)” as your preferred way of payment.
To transfer a certain sum to your bank account, adjust the “Amount” box accordingly. In the “Withdraw To” area, enter the name of the bank account you wish to use to receive the funds, and then click “Continue.”
Follow the security steps after clicking “Continue,” and the funds will be sent to your account.
Within 30-60 minutes is the typical time frame for receiving the funds.
Withdrawal fees are applied while using the Binance Fiat Exchange. To sell your cryptocurrency for cash without incurring any transaction costs, you’ll need to find a P2P exchange.