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Are you trying to figure out how to withdraw from Trust Wallet to bank account?
Well, you’re not the only one.
Many people make use of cryptocurrency. Today, there are many decentralized wallets that help you make quick and safe crypto transactions.
While there are quite a large number of crypto wallets available for use today, one of the best ones in the market is Trust Wallet.
With the help of this wallet, you will be able to store, save, manage, and transfer tokens with ease.
How to Withdraw From Trust Wallet to Bank Account in 2023
However, most users are quite confused about how they can convert their crypto tokens into fiat money on Trust Wallet.
In this guide about withdrawing from Trust Wallet to bank accounts, we will look into how you can convert crypto tokens in your Trust Wallet into fiat money and transfer the same into your bank account.
Before we get into the gist of this article, we first need to know everything that we can about Trust Wallet.
Trust Wallet is a decentralized crypto wallet that has become very popular among beginners and veterans alike.
The wallet offers the entire blockchain suite and more services. You can easily purchase any type of cryptocurrency via fiat onramps, store NFTs, exchange existing assets, and also earn cryptocurrency via staking.
This decentralized mobile software wallet is known to provide custodial crypto asset storage. In short, it means that you will have total control over your crypto coins.
Additionally, Trust Wallet is known to cover a wide range of blockchain networks and cryptocurrencies.
As of now, Trust Wallet has more than 250,000 assets and 53 blockchains.
Apart from providing you with a safe space to store your crypto coins, the wallet is also known to offer access to its ecosystem.
You can do so by supporting any network via staking, which is also considered one of the most popular ways of doing the same.
Staking is defined as a consensus mechanism on Proof of Stake networks, where income is generated by lending the investors stakes on their assets.
In this blog, we will attempt to cover various topics like transferring from Trust Wallet to your bank account, various things you need to do before being able to transfer the crypto token from your Trust Wallet to your bank account.
Lastly, we will also look into some methods that can help you complete the transaction with no hassles.
Is It Possible?
As mentioned previously, Trust Wallet is considered the best pick if you are looking for a space to save tokens that you acquire from any transaction or trade.
For instance, let us consider that you are buying or investing in Safemoon via Trust Wallet.
Trust Wallet will save your tokens so that you will be able to keep a check of your balance and manage it effectively.
However, there is a single flaw – you will not be able to directly deposit the tokens from your Trust Wallet account to your bank account.
No, you cannot transfer the cryptocurrency directly from your Trust Wallet to your bank account.
But certain methods will allow you to convert or swap the crypto coin or token so that you can later withdraw money from your Trust Wallet account.
We will look more into this process later in this blog article.
Steps For Withdrawing Funds From Your Trust Wallet to Bank Account
As we have said before, there is no way to withdraw money directly from your Trust Wallet.
In such cases, you may require additional assistance from exchanges that are centralized.
This means that you will have to make a deposit of fiat money to another website.
1. Exchanging The Coins For A Stable And Popular Cryptocurrency
As an example, let us consider that you want to exchange a new decentralized cryptocurrency, like Shiba Inu.
Since this crypto coin is not nearly as popular as other types of cryptocurrencies in the market today, like Ethereum and Bitcoin, some exchanges will not be able to help in cashing out the Shiba Inu to US dollars.
In such cases, it is recommended that you swap this cryptocurrency for something that is accepted in most exchanges.
PancakeSwap is an amazing converter provided by the DApp browser on Trust Wallet.
Let us consider that you want to convert the Shiba Inu coins to BNB. To do this, all you need to do is head over to PancakeSwap and type in the details of the transaction.
Next, the specified number of Shiba Inu coins will be converted to BNB.
TIP: The important factor you need to remember here is that you will first have to trade the said token to a decentralized coin. To do this, you can make use of Trust Wallet’s DApp browser. Let us check how you can do so.
DApp Browser is a space where you can navigate, visit, and access all decentralized applications on your device.
Once the DApp Browser is enabled on your Trust Wallet, you will be able to connect and/or access various types of DApps. This will provide you with a wide range of benefits.
One of these advantages is the PancakeSwap. The PancakeSwap is a decentralized exchange where you can make use of your Android or iOS device to hold on to or trade cryptocurrency.
However, you need to know that this application does not provide support for fiat money.
This is the reason why you will have to enable Trust Wallet’s DApp Browser if you want to use it as it should.
Now, let us learn how you can enable DApp Browser on Trust Wallet. The first step here includes downloading and installing the application on your Android or iOS device.
All you need to do is head over to the respective online store and download the application.
For Android devices, enabling the DApp Browser is much easier than iOS devices.
In iPhone and iPad devices, there are certain restrictions that will make this work very difficult.
On the application, you need to head over to the Settings option and tap on Preferences.
Here, you need to toggle the DApp Browser to Enabled.
As for iOS devices, the process is a bit tricky. If you are unable to download the app via the Apple App Store, you will have to do it via the Safari Browser.
Next, you need to tap on Trust on the next pop-up, which will allow you to download the application.
As for enabling DApp Browser, the process is just the same as for Android devices.
2. Token Transfer From Trust Wallet To A Well-Known And Centralized Exchange
In continuation with the example mentioned above, your Shiba Inu coins are now converted to BNB.
Next, you will have to forward the BNB tokens to an exchange that is centralized if you want to withdraw the money from your bank.
Now, let us look into the steps and understand how to withdraw from Trust Wallet:
Step 1: Creating A Binance Or Coinbase Account
For this example, it is recommended that you make use of a Binance account because the conversion process becomes much easier and faster.
However, there are also other types of exchanges like Coinbase where you can withdraw your funds, sell your coins, etc.
The first step here is to create an account on Binance. Next, you will have to set up a dedicated wallet for BNB. If you do not know how to do it, you can learn more about it in this blog.
Step 2: Transfer The Coin From Your Trust Wallet Account To The Address Of The Recipient
Once you are done with the account creation process, you need to follow the steps mentioned below:
- Enter the Trust Wallet app and tap on ‘Send’.
- You need to paste the wallet address of the recipient to transfer the said BNB coins directly to your BNB wallet on Binance
- However, one thing that you need to remember about making the transaction is that you need to provide a certain amount of fee to make the transaction. Hence, make sure that you check the transaction fees before you move ahead with the process.
- Additionally, ensure that the address is right. Or else, you could possibly send the money to someone else or lose it forever.
3. Withdrawal Process
Now is the time to withdraw the cash from your account. You only have the option of using a known or major exchange if you want the fiat money to be transferred into your bank account.
Of course, there are so many major exchanges in the market today – however, there are only two that are considered extremely reliable.
Method 1: Using Coinbase To Withdraw The Fiat Money
You can transfer the USDT or ETH capitals to your account on Coinbase, you will be able to cash them out directly from the said exchange you are using. Coinbase is also a great platform if you want to sell coins or save assets.
The process of getting this task done is very easy. Everything that you need to know about making withdrawals in Coinbase is available in this blog; tap on this link to know more.
Method 2: Using Binance To Withdraw The Fiat Currency
If we consider the example that we have been following in this blog article, you can use your account on Binance if you are dealing with BNB and deposit the coins into your account directly.
From here, you can trade your BNB coins for USD and then transfer the fiat money into your bank account directly.
However, you need to ensure that you have correctly set up the address for the withdrawal so that you do not end up sending the money to someone else or lose it entirely.
You need to also successfully get done with the identity verification if you want to withdraw the money on Binance.
To learn more, you can head over to this article where we have provided some ways to withdraw your coins on Binance to your bank account.
Overall, let us see what we have learned in this blog:
- The right way to exchange your coins available in your Trust Wallet to any type of currency or BNB
- Transferring your cryptocurrency or BNB to Binance
- Withdrawing the fiat money from your Binance account to your bank account
Is It Possible To Withdraw Fiat Currency From Your Trust Wallet To PayPal Account?
It is impossible to withdraw money from Trust Wallet to your PayPal account.
However, you do have the option of transferring the funds from the major exchange to PayPal.
Trust Wallet: Is This Exchange Decentralized?
Since Trust Wallet operates with DEx, hence, Trust Wallet is considered a decentralized exchange. However, you will not be able to withdraw fiat funds.
Therefore, you will have to utilize some type of centralized platform, like Coinbase or Binance, for this purpose.
With the help of these processes mentioned above, you will be able to withdraw from Trust Wallet to your bank account.