1. Blockchain

How to Withdraw Money From Trust Wallet – 7 Different Ways

Last Updated on December 23, 2021

How to Withdraw Money From Trust Wallet 

Conversion from fiat to crypto is almost as instant as making an online transaction. However, cashing out cryptocurrency can be a tad bit complicated.

It’s not easy to move your money out of Trust Wallet. Is it feasible to convert a coin to fiat money directly? Should you trade the currencies using a DeFi like Pancakeswap or Uniswap or an exchange like Binance or Coinbase? 

Regardless of whether the method is ideal for you, you must be mindful of any drawbacks. At the same time, you look into how to cash out on Trust Wallet, such as transfer costs, switching fees, exchange withdrawal fees, coin availability on exchanges, exchange availability in your location, liquidity, and so on.

Thus, this article will give you an insight into how to cash out cryptocurrency from Trust Wallet and familiarize you with the potential risks associated. 

Withdraw Money Directly in Trust Wallet

Why is it not possible to withdraw money directly from Trust Wallet?

Yeah, just when you thought cashing out cryptocurrency would be simple because you have it on your wallet, then you are mistaken!

Here’s what the non-direct method on how to cash out cryptocurrency looks like:

  1. To transfer funds from Trust Wallet to your bank account, you must first swap the token for one of the major cryptocurrency like BNB or Ethereum. 
  2. Then transmit the BNB or Ethereum to a well-known exchange such as Binance. 
  3. Binance offers over 60 fiat currencies, making it the best cryptocurrency exchange for cashing out your coins. 
  4. You may sell them for fiat currencies like USD, AUD, GBP, and others after sending them to Binance. 
  5. Finally, the fiat cash may be withdrawn to your bank account. 
  6. This may be done by navigating to the withdrawal page and choosing a payment option. 
  7. Then, input the amount you’d want to transfer to your bank account. 
  8. It usually takes 30 to 60 minutes to complete the withdrawal procedure.

30-60 minutes is a really long time, and if you’re unfamiliar with the process, it could take even longer. 

What is Trust Wallet all about?

Since Trust Wallet is a crypto wallet, we’ll need to find a mechanism to convert the crypto to fiat, which Trust Wallet does not provide.

Let’s rethink it. You should reconsider the notion of crypto. You begin by saying, “I need to cash out on trust wallet” That’s the root of the problem; you’re still thinking about it in terms of money (like fiat). You have an asset you wish to liquidate right now (sell for cash). 

So, let’s say you want to sell cryptocurrency for cash as it is in your Trust Wallet. You could simply find someone to trade fiat for and send them the crypto you value that amount for. But that’s too risky although we will discuss peer 2 peer exchanges later. 

One way to locate someone to trade the crypto with is to post it on a market where individuals can buy and sell cryptocurrency, precisely what an exchange is (hence the name). After that, you must submit your crypto asset to your preferred exchange business there.

Trust Wallet does not even hold the funds. The app just allows you to access an address and make transactions.

Your money isn’t actually on the app. They are directly connected to the blockchain network. The software only enables you to use your Recovery Phrase to access an address and perform transactions with it. 

You will be given a Recovery Phrase when you create a wallet. And it’s here that your Private Keys are stored. Instead of using a set of alphanumeric characters, an industry-standard permits simple phrases to be utilized. It’s a lot simpler to create a backup.

Here’s an example of cashing out cryptocurrency from a trusted wallet that was generated. The software generates a Recovery Phrase at random, and it is always unique. If you have some ETH in your wallet, you can use the exact recovery phrase to access other crypto wallets to see if your ETH balance is the same across all the wallets. 

And that’s because you were able to access everything with that recovery phrase. Therefore, wallet applications are nothing more than a link to the blockchain they’re connected to. Keep the Recovery Phrase safe at all times. Someone else may be able to obtain your cryptocurrency if they are aware of it.

Trade Using the Built-in DEX Swap (Option 1)

What is the DEX Swap Option in Trust Wallet?

The development team has devised two simple methods for purchasing and selling cryptocurrency. Simply launch your app and use the built-in DEX. 

The Swap Option, wholly integrated into Trust Wallet, is a simplified way of purchasing and selling tokens. Through the 1Inch Protocol integration, you can execute Ethereum (ETH) and Binance Smart Chain (BNB) swaps, as well as Binance Chain (BNB), swaps via the Binance DEX.

How is this going to help withdraw the funds?

The capacity to trade, exchange, or cash out cryptocurrency is one of the most essential requirements for a functioning crypto economy—this as well as the opportunity to maintain complete control over your finances. Binance Chain and Binance DEX meet both of these requirements. 

A Decentralized Exchange (DEX) is a cryptocurrency exchange that runs without the need for a central authority to govern your assets. This program is built on the blockchain, and your private key protects your funds. 

To interchange Ethereum’s ERC20 tokens with Binance Smart Chain’s BEP20 tokens, Trust Wallet uses the 1Inch Network 87. With the integrated integration of Binance DEX 438, the built-in DEX can also swap Binance Chain BNB > BEP2 tokens. 

What’s the advantage or disadvantage?

The prime advantage here is that it streamlines the withdrawal process through a decentralized channel and keeps fraud at bay. It can be accessed from anywhere and anytime with your private recovery key. 

However, the disadvantage is that the market is speculative. This is the most unexpected trading component. We’ll never know if the token’s price will climb or decline. Because the software cannot manage these pricing adjustments, you must react. The software can only conduct crypto-to-crypto transactions and convert your cryptocurrency to fiat currency.

Are there any fees associated?

Trading on the app will always involve fees to the network’s miners or validators. Failed transactions are uncontrolled since a rapid change in the volume or price of a token is always possible. The network will reject the trade, but fees will still be charged. When the Ethereum network becomes overburdened, network fees will rise. 

When feasible, the app will always seek the lowest transaction costs. Simply be aware of the deals you are engaging in since you are solely responsible for them. An agreement cannot be reversed once validated on the network.

The risk or anything else to consider?

Due to the volatility of cryptocurrencies, there are risks connected with trading them. Because the prices are speculative, you must understand how cryptocurrency works before trading. Sharp and rapid price movements might result from unexpected changes in market sentiment. 

Trust Wallet has a built-in DEX aggregator that links to the 1Inch Network for trading ETH > ERC20 tokens and Smart Chain BNB > BEP20 tokens.

Binance DEX 122 is also integrated, allowing Binance Chain BNB > BEP2 coins to be traded. Users are just given a mechanism to connect with these decentralized exchanges; Trust Wallet does not manage these marketplaces.

Keep in mind that there will be a transaction charge for each exchange. If you want to trade on the DEX, you’ll need BNB 40 or ETH 20. The liquidity of the coin you’re seeking to purchase or sell is the most crucial factor. 

If there isn’t a lot of liquidity, there aren’t a lot of buy or sell orders, which might make the market move quickly. Slippage might cost you money if you execute a large market deal in an illiquid market.

Furthermore, only less popular currencies or tokens can be converted using this approach to more reliable ones like Ethereum or Bitcoin. The next step is to transmit the coins to a crypto exchange and convert to fiat cash.

Steps to use DEX in Trust Wallet 

(Trust Wallet version 3.2)

  1. Open Trust Wallet and tap the Swap tab at the top of the home screen. 
  2. Search for the token by tapping on the arrow pointing to the right of each object. You must choose from the following options: 
    • You Pay – This is the Token you have right now. 
    • You Get – This is the Token you wish to receive. After that, you’ll need to decide how many tokens you want. 
  3. The software will automatically identify the optimal DEX and exchange rate for the swap when you enter the number of tokens you want to trade. This is only required if you are switching ERC20 or BEP20 tokens for the first time. 
  4. To continue, touch Swap, and then Confirm on the following screen to complete the swap. 
  5. The time it takes to complete a swap transaction is determined by network congestion and the costs charged. 

Before a transaction is verified, ETH swaps typically take a little longer. 

BNB swaps are quicker and have far lower costs. Once the switch is complete, you will be notified. The tokens will be delivered to your wallet immediately.

Use DeFi to Withdraw Money From Trust Wallet (Option 2)

What is DeFi?

Decentralized finance, or DeFi, is an umbrella word encompassing Ethereum and blockchain-based applications to displacing financial intermediaries.

What are popular DeFi applications?

Some of the most popular ones are Sushiswap, Pancakeswap, and Uniswap.

How is this going to help withdraw the funds?

DeFi such as Uniswap offers a solution to the problem of vast spreads, which is frequent with illiquid assets on exchange order books. Uniswap maintains liquidity for its support by providing incentives to liquidity providers. On Uniswap, liquidity providers earn a portion of the transaction fees generated by the pool they offer.

What’s the advantage or disadvantage?

With Uniswap integration in Trust Wallet, you’ll get better features, including reduced slippage, lower transaction costs, and the ability to swap more assets. 

Comparing Kyber Network and Uniswap in Trust Wallet based on these capabilities makes it easy to see why the Trust Wallet team chose Uniswap.

Are there any fees associated?

Trust Wallet users may now save ~$7.17 on transaction fees alone by using the Uniswap protocol and paying a transaction cost of ~$2.27 instead of the ~$9.44 imposed by the Kyber Network and other protocols. 

The risk or anything else to consider?

Only less popular currencies or tokens can be converted using this approach to more reliable ones like Ethereum or Bitcoin. The next step is to transmit the coins to a crypto exchange and convert to fiat cash.

Steps on Withdrawing from Trust Wallet using Uniswap DeFi  

Connect your Trust Wallet on https://app.uniswap.org/#/swap- utilizing the WalletConnect technique for more information on this source.

  1. Go to https://app.uniswap.org/ and select ‘Connect Wallet’ from the drop-down menu. 
  2. Choose your wallet from the drop-down menu. If your wallet isn’t listed, choose ‘WalletConnect’ to generate a QR code that your wallet can read. 
  3. On your browser or mobile device, your wallet will request you to confirm this connection. You’ll be linked to the Uniswap app and ready to trade after you confirm.

You send and receive tokens to and from that wallet when you trade. All decentralized apps have this feature: you save your tokens in your wallet and approve transactions using your private key.

Use DApps within Trust Wallet (Option 3)

What is the DApp feature?

This is the same as utilizing DeFi. However, it’s done using the Trust Wallet app’s DApp function.

How is it going to help in withdrawing funds?

DApp producers use intelligent contracts to grant users access to their platform. Uniswap on the Ethereum Network and PancakeSwap on the Binance Smart Chain are two instances. The built-in DApp browser in Trust Wallet allows users to engage with DApps. 

Trust Wallet will issue a warning before allowing you to engage with a DApp. Please double-check that you’re connected to a legitimate DApp. If you connect with a false or malicious DApp, your cash may be in danger.

What’s the advantage or disadvantage?

The main advantage of using DApp is the convenience of being able to swap your tokens without leaving the Trust Wallet app.

Are there any fees associated?

Considering Pancake swap as an example: When a trader uses PancakeSwap, they pay a ~0.25 percent charge, of which ~0.17 percent goes to the Liquidity Pool of the swap pair they traded on.

The risk or anything else to consider?

One of the most frequent vulnerabilities in DApps is the Token Approval vulnerability. As previously stated, the user interacts with the DApp and authorizes it to spend tokens on their behalf. Unwittingly, the user gives the smart contract complete control over their tokens. Even if the user did not allow such transactions, an attacker could withdraw all of the user’s holdings in that single asset. 

Always double-check the DApp with which you’re communicating. Always ensure that the DApps you see on Trust Wallet have been validated and thoroughly examined. You may also conduct further research on sites like Stateofthedapps and Dappradar.

However, only less popular currencies or tokens can be converted using this approach to more reliable ones like Ethereum or Bitcoin. The next step is to transmit the coins to a crypto exchange and convert to fiat cash.

Steps on withdrawing money from Trust Wallet using DApps
  1. Open Trust Wallet app and tap on DApps.
  2. Search for pancakeswap.finance and tap on ‘Connect Wallet’ button.
  3. Choose the WalletConnect option and select Mobile tab and then hit Connect.
  4. Your address will now be linked on the PancakeSwap website. You’re now ready to swap the currency. 
  5. Look for the existing token in your Trust Wallet that you want to swap.
  6. Select the coin you want to receive.
  7. To complete the swap, click Swap. 
  8. The confirmation request will be recognized immediately by the Trust Wallet app. You will be able to see complete details about the transaction. To accept the trade, tap Confirm. 
  9. The transaction will be sent to the respected network for approval. 
  10. You will get the coins in your wallet after the transaction is validated on the blockchain.

This is a simplified process, as there are many settings that you can adjust to have better control over the transaction. For the more advanced steps please check here.

Use Binance Exchange to Convert Coins to Fiat Currency (Option 4)

Binance Cryptocurrency Exchange

Cryptocurrency exchanges are similar to stockbrokers in that they allow you to purchase and sell digital currencies such as Bitcoin, Ethereum, and Dogecoin. With minimal costs and solid security features, the top cryptocurrency exchanges make it simple to purchase and sell the currencies you desire.

How is this going to help withdraw the funds?

To transfer money from Trust Wallet to a bank account using an exchange is pretty simple. Upon swapping the token for BNB and sending it to your Binance exchange account, you then sell the cryptocurrency for cash on the exchange. Then you have the option of transferring your cash to your bank.

What’s the advantage or disadvantage?

The advantage is the ease of use as it is entirely centralized and is connected with banking systems. However, on the flip side, the disadvantage is defeating the purpose of a decentralized ecosystem. You are still going through a central body controlled by one organization. 

Are there any fees associated?

All other transactions made with cryptocurrencies are subject to a flat ~2.49 percent transaction fee. They charge a fee for crypto purchases since they enable the selling of your cryptocurrency each time you make a transaction.

The risk or anything else to consider?

The primary risk that is a significant cause for concern is the exposure to hackers while cashing out cryptocurrency from a centralized exchange. 

Steps on withdrawing money from Trust Wallet using Binance exchange

Using the Binance CEX as an example to withdraw funds:

  1. Make an account on Binance and copy the token’s address (e.g., BNB) 
  2. From Trust Wallet, send the token or coin you wish to trade on Binance for fiat currency. 
  3. On Binance, sell the token for fiat currency. 
  4. Transfer fiat currency your bank account.

Convert Cryptocurrency via Peer to Peer Service (Option 5)

What is P2P Transaction?

Peer-to-Peer is a type of transaction where two parties trade cryptocurrencies, especially Bitcoin, without the intervention of a central authority. It can help to reduce costs and increase transparency. Additionally, peer-to-peer transactions are often more secure and speedier than regular transfers.

One major platform that allows for P2P exchange is LocalCryptos. It empowers individuals to purchase and sell cryptocurrency directly from one another without the need for a third party to process the trades.

How is this going to help withdraw the funds? 

Most cryptocurrency exchanges are centralized, making it difficult to withdraw the cryptocurrency to cash which can be cashed out readily. P2P services such as LocalCryptos are helping to solve this problem. 

What’s the advantage or disadvantage? 

Escrow services that LocalCryptos offers to its users. By using escrow, users can be sure that their funds will be safe and get them back promptly.

In our opinion, there is just one disadvantage: if you forget your account’s password, you are solely responsible for it. Even their staff will not help you retrieve your account because of client-side encryption. 

Are there any fees associated? 

While LocalCryptos doesn’t enforce any charges to cash out cryptocurrency, the individual who puts the advertisement (maker) on LocalCryptos and the person responding to the ad (taker) are both subject to 0.25% 0.75% fees, respectively.

However, individuals will be obligated to pay a network fee paid directly to miners of the relevant cryptocurrency to carry out the transactions.

The risk or anything else to consider? 

When making payments on LocalCrypos, make sure to double-check the wallet address. If by any chance, you make the payment to the wrong address, you will end up losing your funds as transactions are irreversible.

Steps on withdrawing money from Trust Wallet using P2P service
  1. The first thing is to create an account on LocalCryptos. Create one by clicking here
  2. After setting up your account, head to the buying or selling page and find the one who is a good match for you.
  3. Once you’ve found a deal you desire, you may then initiate a trade.
  4. Decide on quantity, then lock down the price.
  5. After confirmation, the seller deposits the cryptocurrency into an Escrow account, keeping the cryptocurrency in custody until the transaction is completed.
  6. As soon as the seller confirms the payment, the crypto is freed from Escrow and sent to the buyer.

Convert to a Stablecoin such as USDT or USDC (Option 6)

What are the Stablecoins?

Stablecoins are a developing class of cryptocurrencies that attempt to maintain a stable value, much like the US dollar. Traders can use stablecoins to hedge against the volatility of other cryptocurrencies. If the value of a trader’s digital assets falls, they can quickly liquidate the stablecoins and secure the value of their assets. 

By converting stablecoins back to fiat currency, traders can recoup their losses. Some of the critical stablecoins currently exist USDT, USDC, and Dai.

How is this going to help withdraw the funds? 

Stablecoin can help you withdraw your funds quickly and easily. This is because stablecoins are much more liquid than other cryptocurrencies, which can often be challenging to sell.

What’s the advantage or disadvantage? 

Using a stablecoin can ensure that your funds will always be available when you need them. In addition, stablecoins can also be used to send money overseas without incurring high fees or waiting for long transaction times.

Centralization risk is one of the significant challenges facing cryptocurrencies today. Weak points like centralized exchanges and weak coding spots can lead to an individual or group controlling the currency. If this happens, the currency is not intrinsically valuable as it can be printed, taken from someone and published elsewhere, or even destroyed.

Are there any fees associated? 

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The risk or anything else to consider? 

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Cryptocurrency ATMs (Option 7)

What are the Cryptocurrency ATMs? 

Cryptocurrency ATM allows you to buy and sell cryptocurrencies using cash or a debit/credit card. They can also be used to cash out cryptocurrency

There are two types of cryptocurrency ATMs, but the most common type is the one-way machine which means you can only sell cryptocurrency. The two-way ATMs allow you to buy and sell crypto simultaneously.

How is this going to help withdraw the funds? 

By using Cryptocurrency ATMs, users can easily and quickly withdraw their funds with cash or debit card. Cash is dispensed through the ATM and with a unique key. The ATM will prompt the user to enter the PIN code of their cryptocurrency wallet. The amount they have entered into the ATM will be transferred from their wallet to their bank account. 

What’s the advantage or disadvantage? 

The most significant advantage is the ease of use. When you use these cryptocurrency ATMs, there is no need to create an account or an online wallet, nor do you have to deal with long public keys. All you have to do is follow a straightforward and well-laid-out procedure.

The fees associated with these machines are high. The high cost of using cryptocurrency ATMs means they are most valuable when the value of digital currencies is skyrocketing compared with local currency or other types of fiat money. But when the opposite is true – as it has been for most of this year – then using an ATM can lead to a loss.

Are there any fees associated? 

In May of this year, Business Insider Australia reported that the average fee for using a bitcoin ATM was around 8%. That’s on top of any other transaction fees that might be associated with the particular cryptocurrency you’re exchanging.

The risk or anything else to consider? 

Many cyber-security experts believe that cryptocurrency ATMs could become regular crime targets because cashing out cryptocurrency does not require a background check or special certification. These machines may attract organized crime due to their money-laundering potential, especially after implementing contactless payment methods such as Near Field Communication (NFC).

Accessibility as the ATMs are not that popular yet 

According to Coin ATM Radar, there are over 30,000 ATMs in the world supporting cryptocurrencies. Despite growing popularity, cryptocurrency ATMs remain a niche product as their numbers still account for just 0.5% of global cash machines.

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