Taking profits is one of the best risk management strategies when it comes to investing in cryptocurrencies due to the very unpredictable price fluctuations we see in the market from time to time.
If you have invested some money on specific coins via decentralized exchanges like PancakeSwap, UniSwap, and more on TrustWallet, taking profits or cashing out your money from a specific token/coin could be a very good decision depending on your set investment goals.
Holding cryptocurrencies for the long term on non-custodial wallets like Trust Wallet can be a very good financial decision as centralized exchanges can get hacked and you might even get locked out of your account in some cases, but one problem that comes with this decision is the complexity associated with withdrawing your investment back to other fiat-backed platforms like your bank account or online wallets like PayPal, GCash and the likes.
If you are a new investor who has not tried to withdraw from Trust Wallet to a bank account in the past, trying to get your profits out of Trust Wallet might not be as easy as it sounds but in this guide, you will learn just how to cash out your crypto profits from Trust Wallet to your bank account easily.
How To Cash Out From Trust Wallet (Quick Guide)
- Convert the token(s) to BNB/ETH depending on the blockchain the asset is hosted on.
- Copy your ETH or BNB address from Binance.
- Send ETH or BNB from Trust Wallet to Binance.
- Convert ETH/BNB to a fiat-backed currency or USDT/BUSD on Binance.
- Withdraw from Binance to your bank account or sell funds via Binance P2P.
- Wait for funds to arrive in your bank account or selected payment channels.
How To Withdraw From Trust Wallet To Bank Account (Step By Step Guide With Pictures)
To withdraw crypto from Trust Wallet to your bank account, you will need to first convert the token(s) to BNB or ETH first depending on the blockchain on which the asset is deployed (Binance Smart Chain for BNB and Ethereum Blockchain for ETH) then send BNB/ETH to Binance from Trust Wallet and withdraw to your bank account from there.
For this guide, we will be using Binance because of course, it is the biggest centralized crypto exchange on the market right now. Binance offers crypto services in many countries and with over 60 fiat currencies supported on the exchange, it is the perfect exchange to use when cashing out from Trust Wallet.
If you haven’t registered on Binance, you can create a free account using this link or use the referral code “W70PMCZD” on the Binance mobile app.
Note: You can also follow the guide below if you’re using other popular crypto exchanges like Coinbase, Kucoin, and more. The steps are quite similar but withdrawal to your bank account and other online wallets might be a little bit different.
Below is a step-by-step guide on how to withdraw to your bank account from Trust Wallet.
Step 1: Convert token(s) to BNB or ETH.
If the token you have on your wallet on Trust Wallet is not listed by Binance (which often is the case), you have to convert the said token to either BNB or ETH depending on the blockchain (Trust Wallet supports the Ethereum and Binance Smart Chain blockchains).
On Trust Wallet, click on the DApps browser and go to “pancakeswap.finance” (for tokens on the Binance Smart Chain) or “app.uniswap.org” (for tokens on the Ethereum blockchain) and connect your wallet. Both URLs are without quotes.
Select the token as the token to be swapped from and either ETH or BNB as the coin to be swapped to (again, depending on the blockchain). Select BNB as the coin to be swapped to if you’re on PancakeSwap (Binance Smart Chain) and select ETH as the coin to be swapped to if you’re on UniSwap (Ethereum Blockchain).
Note: If swapped the token via PancakeSwap, you still need to convert Smart Chain (BNB) to Binance Chain Coin (BNB) on Trust Wallet before proceeding to the next step. To do this, click on your Smart Chain balance > More > SWAP TO BINANCE CHAIN, then input the amount of Smart Chain to convert and click [Swap].
Step 2: Create an account on Binance (or login) and copy your ETH or BNB wallet address.
On Binance, click on [Wallets] then [Fiat and Spot]
Click on [Deposit] beside the coin you want to transfer. For this guide, we will be using BNB, but if you’re transferring ETH, click on [Deposit] in the ETH section.
Select the Binance Chain (BEP2) network if you’re transferring BNB and Ethereum (ERC20) network if you’re transferring ETH. Please note that transferring to the wrong network will result in a permanent loss of funds so cross-check the network properly before proceeding with the transfer.
Copy the wallet address for the coin to be transferred. For BNB, copy the BNB address provided and the MEMO since Binance requires MEMO to receive BNB. For ETH, just copy the ERC 20 wallet address.
Step 3: Transfer crypto from Trust Wallet to Binance.
Once you have copied your BNB or ETH wallet address from Binance, launch the Trust Wallet app and tap on the coin you want to send from the list of available balances on the Trust Wallet app homepage.
Click on the [Send] button,
Paste your Binance BNB (or ETH) address, the amount of BNB (or ETH) to be transferred, and the MEMO, then click on [CONTINUE] in the top right corner of the screen.
If you’re transferring ETH, you don’t need a MEMO but since we will be transferring BNB for this tutorial, we will add the MEMO because Binance requires MEMO to receive BNB to the BNB wallet addresses it provides.
Also, if you have Binance open on your desktop computer or laptop, you can scan the QR code provided by Binance on your Trust Wallet app and it will input the BNB address automatically. You will still have to fill in the MEMO manually if you use this method.
Finally, review network fees and cross-check the BNB address and MEMO, then click on [Approve] to authorize the transaction.
Depending on the network load of the blockchain you’re using, transferring funds from Binance to Trust Wallet can take anywhere from 3mins to 20 mins. In some cases, it might take longer so be patient and Binance will let you know when your funds arrive via a smartphone and email notification.
Step 4: Swap BNB or ETH for fiat currency/stable coin on Binance.
By now, the coin you sent should be available in your wallet on Binance. The next step in withdrawing funds to your bank account will be to convert the said coin to a fiat currency or stablecoin on Binance.
To do this, go back to the Binance homepage and click on [Trade] then [Convert],
Select BNB (or ETH) in the [From] section and any fiat currency (eg EUR) or BUSD stable coin in the [To] section. Click on [Preview Conversion] and then [Convert] to place an order.
NOTE: There are no trading pairs for BNB and some fiat currencies like GBP, TRY, PHP, etc so you have to convert to USDT or BUSD first and then to any of those currencies.
Step 5: Withdraw to your bank account or sell funds on the Binance P2P marketplace.
Depending on your country of residence, you might be able to withdraw funds directly to your bank account easily, but if you live in a country where Binance withdrawals are not supported (for example, Nigeria), the best method to get your funds into your bank account is to use the Binance P2P marketplace.
To withdraw funds to your bank account from Binance, click on [Wallets] then [Fiat & Spot].
On the wallets page, click on [Withdraw] then [Withdraw Fiat]. Alternatively, you can use this link (https://www.binance.com/en/my/wallet/account/main/withdrawal/fiat/) to access the fiat withdrawal page.
Select the fiat currency to withdraw (e.g EUR, GBP, USD, etc) and choose your preferred payment method from the list of available options.
Input the amount to withdraw and account/card/payment platform details then click on [Continue].
Lastly, complete the 2-step verification to authorize the transaction and wait for funds to arrive in your bank account or online wallet. With this, you have successfully withdrawn your crypto assets from Trust Wallet t your bank account.
If fiat withdrawals are not available in your country on Binance, you will have to go the Binance P2P route to get your funds into your bank account. Trading on Binance P2P is very easy when compared to other P2P crypto exchange platforms available currently so using the platform should not be too tasking even for new users.
NOTE: You can’t sell fiat currencies on Binance P2P so make sure your BNB or ETH is converted to a stablecoin like USDT or BUSD using the earlier step. You can also sell ETH or BNB directly on the Binance P2P marketplace so the choice is yours. That said, the USDT market on Binance P2P offers the highest number of buyers.
To withdraw funds to your bank account via Binance P2P, head over to the Binance P2P website (p2p.binance.com) or launch the Binance app on your mobile device and click on [P2P Trading].
Click on [Sell] and change the [Fiat] currency to your preferred currency.
Click on the [Payment] dropdown menu and select your preferred payment. Binance supports more than 20 payment methods that you can use you receive funds including bank transfers and more.
Select one of the many merchants available on the marketplace and input the amount to start a trade. Although Binance offers robust buyer/seller protection on their P2P service, it is still very important to choose the right buyer for your funds to prevent getting scammed.
Upload your account details to the buyer and wait for the payment to reflect on your bank account/online wallet. When funds arrive in your bank account and you confirm it, go ahead and release the funds for the buyer.
How To Withdraw Funds From TrustWallet Without Binance?
Sadly due to unending regulations and crackdown on cryptocurrencies in many countries, Binance has withdrawn its service in some countries around the world.
If you happen to be in any of these countries where Binance is not supported and you want to cash out your crypto from Trust Wallet, you can opt for any exchange available in your country that allows you to withdraw funds to your bank account or you can use a platform called Paxful.
Paxful is an online marketplace that allows you to buy and sell digital assets with ease and it is available in over 100+ countries worldwide and counting.
To withdraw your funds from Trust Wallet via Paxful follow the steps below.
NOTE: This method will only work if the token you want to withdraw is on the Ethereum network because there is (currently) no way to transfer BNB from Trust Wallet to Paxful without using Binance as a bridge, only transferring Ethereum from Trust Wallet to Paxful works.
Converting BNB to ETH on Trust Wallet only gives you Binance-Peg Ethereum tokens which is not the type of Ethereum you can transfer from Trust Wallet to Paxful. Paxful only supports ERC20 Ethereum.
Step 1: Create a Paxful account and log in.
To follow along with this guide and get your funds from Trust Wallet to your bank account, need to register on Paxful. If you don’t have an account with Paxful already, click here to create a free account to start exchanging.
Depending on your country of residence, you might need to verify your identity before making any trade. Verification typically takes anywhere from 10 to 15 mins and you will be required to provide a national identity document like your National Identity card, International Passport, driver’ License, etc.
Step 2: Swap the token(s) for ETH on Trust Wallet via UniSwap.
To swap the said token for ETH on Trust Wallet, we will be using an exchange called UniSwap which is very similar to PancakeSwap (used for Binance Smart Chain assets).
Launch the Trust Wallet and click on the DApps browser and type in [app.uniswap.org] in the address bar. If you don’t see the DApps browser of the Trust Wallet app on your phone, take a look at an older article where we shared a guide on how to enable the Trust Wallet DApps browser on both Android & iOS.
Click [Connect] to connect your wallet to Uniswap.
Select the token you want to swap as the token to be swapped and ETH as the coin to be swapped to.
Enter an amount to swap to ETH and tap on [Swap], then confirm network fees and click [Approve] to approve the transaction.
Step 3: Copy your ERC-20 Wallet Address on Paxful.
Go to the Paxful wallets page using this link [https://paxful.com/wallet] and click on [Receive] in the Ethereum section.
Click on [Copy address] to copy your Ethereum (ERC-20) wallet address on Paxful.
Step 4: Transfer ETH from Trust Wallet To Paxful.
Go back to Trust Wallet on your smartphone, and click on Ethereum from the list of available balances on your wallet.
On the next page, click on [Send].
Paste the ERC-20 address copied earlier or scan the QR code provided by Paxful on Trust Wallet by clicking the scan button in the address field. Enter the amount to send and click on [Continue] in the top right corner of the screen.
Lastly, review network fees and click on [Approve] to authorize the transaction on your wallet. It might take up to 15 mins for your funds to arrive on Paxful so be patient after authorizing on Trust Wallet. You can also track the transaction via EtherScan using the transaction ID provided by Trust Wallet.
Step 5: Convert Ethereum to USDT on Paxful.
While you can sell Ethereum directly for cash on Paxful, converting to USDT will give you access to a bigger market and better rates since there are more vendors and buyers for USDT than ETH on the platform.
To convert ETH to USDT on Paxful, go to the Wallets page and click on [Convert To Tether] in the Ethereum section.
Enter the amount of ETH to convert, then click on [Convert].
Step 6: Withdraw USDT to your bank account or other payment platforms.
The final step in this process will be to convert your USDT to actual cash which will be paid to your bank account or online wallets like PayPal, Payoneer, GCash, and more.
Aside from direct bank transfers and online wallets, Paxful also allows you to select from over 300+ payment methods to receive your payment including gift cards, physical cash payment, other digital currencies, Western Union, TransferWise, and more.
To convert your USDT to cash on Paxful, go to the Sell Tether page [https://paxful.com/sell-tether]
Select your payment method of choice, input the amount of USDT you want to sell then click on [Find Offers]. You can also change the Offer Location and Offer Owner Location if you don’t want offers and/or vendors from your country of residence.
Choose an offer from the list of available offers and click on [Sell] beside any offer you choose. On the next page, input the amount of USDT you want to sell in the [pay in Tether] section and click on [Sell Now] to start the trade.
Send your payment details to the buyer when requested and await your payment. Once you receive payment confirmation, release the coins to the buyer and you have successfully withdrawn your funds from Trust Wallet via Paxful.
Can You Withdraw from Watch Only Wallets on Trust Wallet?
Watch-only wallets are wallets on Trust Wallet that only allow you to view funds/token balances but won’t allow you to transfer or swap them for other coins since you don’t have access to the passphrase of the wallet.
To withdraw from a watch-only wallet, you have to get the 12-word passphrase for the wallet and import the wallet into the Trust Wallet. After doing that, you should be able to withdraw funds from the wallet to your bank account using the guide above.
Binance says the country where my card is located is not supported.
If you get this error on Binance, select another payment method or use the Binance P2P marketplace to withdraw funds to your bank account.
Binance is not supported in my country, how can I withdraw my funds?
You can either choose to withdraw your fund via a crypto exchange available in your country or you can use Paxful.
How Much Is The Trust Wallet Withdrawal Fee?
Trust Wallet does not charge any fees for withdrawals. You will only need to pay network fees (gas) for your transaction.
Can You Withdraw From Trust Wallet To PayPal?
Yes, you can definitely withdraw from Trust Wallet to Paypal using Paxful or any exchange in your country that supports withdrawal to PayPal.
As we mentioned earlier, withdrawing crypto from Trust Wallet o a bank account or various online wallets can seem challenging especially if you’re doing it for the first time since Trust Wallet is a non-custodial wallet. Hopefully, this article helped you through the process of moving our funds from the Trust app to your bank account easily.
Transferring crypto from Binance from Trust Wallet and withdrawing to your bank account is currently the easiest way to move your fund out of Trust Wallet to your bank account or card, but if Binance is not supported in your country, you can choose from any of the centralized crypto exchanges available in your country and move your funds there. Alternatively, you can also use Paxful to cash out your crypto easily from Trust Wallet.