Trust Wallet is a wallet used for storing varying types of cryptocurrencies. It works with over 50 blockchain networks and deals with more than 60 digital assets/blockchains.
Additionally, its enhanced features have let Trust Wallet have the edge over others.
Despite the above features that impress a user, there is a question that has become a severe doubt now that is How to withdraw from Trust Wallet.
Well, there are ways that would enable you to withdraw from Trust Wallet. A point to be noted is- you cannot withdraw money from Trust Wallet,
Then how can you go about the withdrawal procedure.
This article will clear your doubt regarding how to withdraw from Trust Wallet. So, stay tuned and keep reading.
Can You Withdraw Money Directly From A Trust Wallet?
No, you cannot withdraw money directly from Trust Wallet. It is because Trust Wallet mainly stores and deals with cryptocurrencies and not money, and it is integrated with Decentralised Exchange (DEx)Platforms.
But you can withdraw money from trust wallet by transferring the crypto to crypto exchanges like Coinbase or Binance then sell that crypto and withdraw money to bank account.
Trust wallet is indeed a decentralized app. However, it is not an exchange platform. Although you can store and swap crypto coins in the Trust wallet,
It does not allow any individual to withdraw cryptocurrencies, fiat currencies, or even money directly from the Wallet.
As the wallet app just acts like an “intermediary” who has no direct linkage present from your trust wallet account to your bank account.
You can withdraw the varying cryptocurrencies or fiat currencies only from a centralized exchange app, namely Binance and Coinbase.
One more reason that needs to be highlighted is that exchange platforms are an open marketplace for crypto trading or any transactions related to cryptocurrencies.
There is a need for an intermediary which assures the security of the individuals who are involved in crypto trading.
And Trust Wallet fulfills the need. It gives the users total control over their choices regarding crypto coins and tokens and also helps them to maintain their private and public keys.
How To Withdraw From Trust Wallet?
Steps to Withdraw From Trust Wallet:
Step 1: Open Trust Wallet App
Look for the trust wallet app on your home page and open your Trust wallet app. From the displayed page, check your wallet balance.
Step 2: Choose Crypto
Next, choose the cryptocurrency you want to withdraw and ‘select send’ given on the page.
Step 3: Fill In The Required Details
A next page would appear with a box where you have to add:
- Recipient Address with paste and scan option
- Token/Coin (name) amount with maximum and coin type option
- Fill in the required details needed in the above two points.
Step 4: Choose To Swap Or Convert
The coin type you choose has to be either Swapped from the Pancake swap option or can be converted.
Step 5: Launch An Exchange Platform
After following the above four steps, you need to ‘open a centralized app’ which is a must to use platform for transactions of coins,
Once done send the Coin’s address to it(Binance/Coinbase/FTX)
Step 6: Open Dashboard And Click On Wallet
One can go for Coinbase or Binance’s centralized exchange platform. In the case of Binance, which is widely used and also owns Trust Wallet, open the dashboard and then click on the Wallet.
Step 7: Choose The Fiat Currency
Subsequently, select Fiat and Spot option from the Wallet. And then, Choose the fiat currency in which you want to withdraw your cryptocurrency.
Step 8: Fill In The Details In Binance
You need to fill in the details page of your BNB wallet present in your Binance Account. The details are setting up the Recipient’s address and
electing the network with which you want to transact your crypto coin.
Step 9: Send The Crypto Coin (from Trust Wallet) To Binance Wallet
This is the crucial step you need to follow. You need to open your Trust Wallet again and make sure you have filled in the Recipient’s address(correctly) and the crypto. Now you have to tap on Send.
Note: the Coin that you would be transacting should be supported by Binance or any other exchange platform.
Step 10: Withdraw Amount
Lastly, the crypto coin you transacted would be sent into your Binance Wallet. The withdrawal would be made ‘to Binance’ and not to your bank account directly.
Note: A network fee (transaction fee) would be charged while you transfer the Coin from Trust Wallet to any centralized app, and the cost would depend on which type of coins you are transferring.
Also Read: Is Trust Wallet a Bitcoin Wallet?
How To Withdraw From Trust Wallet To Bank Account?
Trust Wallet has no option to withdraw money from the Wallet to your bank account.
Steps to Withdraw From Trust Wallet To Bank Account:
Step 1: Open Trust Wallet And Check Your Available Balance
Launch the trust wallet app from your mobile phone and check your available balance in Trust Wallet and then Search for the currency that you want to withdraw
Step 2: Click On Send
After you have chosen the cryptocurrency you want to trade(pancake swap) next, click on Send.
Step 3: Fill In The Details
A bar would appear named ‘Send Cake’ with two fields, namely ‘Recipient Address’ and ‘Cake/Coin Amount’ with a maximum and token icon. Fill in the fields.
Step 4: Choose Fiat And Spot From Binance/Coinbase
Choose the blockchain or an exchange platform and open it (for Binance). Go to the dashboard and open the Wallet. Next, click on Fiat and Spot.
Step 5: Fill In The Details In Binance
After you have chosen the fiat currency, you need to fill in the details page of your BNB wallet present in your Binance Account.
The details are setting up the Recipient’s address and selecting the network with which you want to transact your crypto coin.
Step 6: Copy The Address To Trust Wallet
Once done following the first five steps, cross-check your Recipient’s address field In your Binance Wallet that you have correctly copied the address to the Trust wallet’s Recipient’s field box.
Step 7: Send The Crypto Coin(From Trust Wallet) To Binance Wallet
This is the crucial step you need to follow. You need to open your Trust Wallet again, and even here, make sure you have filled in the Recipient’s address(correctly) and the crypto coin.
Now you have to tap on Send.
Note: the Coin that you would be transacting should be supported by Binance or any other exchange platform.
Step 8: Withdraw Amount
Lastly, the crypto coin you transacted would be sent into your Binance Wallet. The withdrawal would be made ‘to Binance’ and not to your bank account directly.
From your Binance Wallet, you need to SELL THE CRYPTO COIN to a standard fiat currency(for instance, BNB to rupees). After you have sold, this would directly go to your Bank Account.
You can see the crypto coin is not being withdrawn here, only the currency.
Also Read: How to Transfer from Trust Wallet to MetaMask?
How To Withdraw From Trust Wallet To GCash?
Steps to Withdraw From Trust Wallet To GCash:
Step1: Open The Trust Wallet App
From the given list of coins and types, choose the cryptocurrency you want to withdraw.
Step 2: Click On DApps From The Options
A page would come with swapping options.
Select ‘pancake swap. Fill in the ‘To’ field and pick the currency to which you want to swap your crypto, and then tap on search (on the head section of the page)
For instance, you picked the cryptocurrency USDT. You can swap the USDT with pancake; subsequently, a pancake swap confirmation list will appear with all the details.
Step 3: Get Back To Trust Wallet’s Main Page
Click on the bar present on the top right of the page.
The swapping details would appear and USDT types after you have pressed the bar icon.
Make sure you pick the required type of USDT. In case you have used Smart chain, go for USDT ‘type’ (Bep20)
Step 4: Open Binance Wallet
From the description box given below, click on the Wallet and select the option Deposit after that tab on crypto next type USDT.
The deposit USDT page will appear once done. Copy the wallet address given below the QR code.
Step 5: Back To Trust Wallet’s Main Page
The first thing you would see is USDT tap on it next, select send, and PASTE THE WALLET ADDRESS in the field.
Select the amount you want to withdraw in the second field. Once done, click Send.
It would take a few minutes for the transaction to complete
Finally, open the Binance wallet.
Step 6: Spot Section Of Binance Wallet
Click on Transfer and Tab on P2P trading from the description box.
There is a limit for minimum withdrawal from Binance to Gcash.
Select the option to whom you want to sell your USDT coins and Sell.
Next, you have to select the payment method and go to Gcash.
Within a few minutes, you will receive a message from Gcash. Meanwhile, ask for the confirmation list, which would imply that your order is confirmed.
How To Withdraw From Trust Wallet To PayPal Via Coinbase?
Cryptocurrency company has integrated with PayPal for buying crypto and deposit fiat currencies.
However, only residents of the US can have access to this feature in their Coinbase account.
Steps to Withdraw From Trust Wallet To PayPal Via Coinbase:
- Open Coinbase on your phone, launch Settings from Coinbase, and click on the Add payment method.
- Next, Log in to your PayPal account, and then from the toolbar “Buy/Sell,” subsequently Select sell.
Also Read: How to Migrate SafeMoon V1 to V2 on Trust Wallet?
How To Withdraw From Trust Wallet To PayPal Via Binance?
Steps to Withdraw From Trust Wallet To PayPal Via Binance:
- Open a PayPal account from your home screen and launch bitcoin deposits on Pay Pal.
- Go to Binance mobile app and click on Estimated Value right above the logout option, then select the withdrawal method from the given options.
- Copy the address (from the withdrawal method) and paste it on the Paypal page next. Enter the amount and Tab on Submit.
- Once done, enter your email address in the confirmation message and finally click on the link in your confirmation list.
Why I Can’t Withdraw From Trust Wallet
There are a number of reasons why you are not able to withdraw from Trust Wallet. Some of the factors that determine and majorly affect your withdrawal procedure in Trust Wallet are as follows :
- ‘Withdrawal of money is not available in Trust Wallet.’ It is a decentralized app used for storing digital assets such as crypto and fiat currencies. Please do not misunderstand Trust Wallet as your bank wallet.
- You have to use pancake swap to swap the token for BNB or Bitcoin, which would then allow you to withdraw fiat currencies. If you did not swap your tokens for a valid crypto coin, you would not be able to withdraw via an exchange platform.
- You might have copied the transaction address wrong or did not scan the QR code correctly. As a result, your withdrawal procedure would be unsuccessful.
- Transfer the crypto coin from Binance or coinbase to a valid wallet(Wallet recognized by the exchange platform and centralized app).
- The poor network between the user(trust wallet) and the exchange platform might delay your transaction and withdrawal process.
- You have entered more values for withdrawal than the available amount in your Wallet. This would create a hurdle for withdrawal.
The above six points are common issues that might be the reason which has made you unable to withdraw from Trust Wallet.
Note: Do not try to withdraw money from Trust Wallet as there is no such feature present in the wallet app. You always need an exchange platform to do that.
How Long Does It Take To Withdraw From Trust Wallet
Generally, it takes from 30 minutes to 60 minutes to withdraw from the Trust wallet app. Additionally, the higher the withdrawal amount, the more time it would take.
By now, we know that if we have to withdraw from Trust Wallet, we need major exchange platforms.
At times transferring the amount from the Trust wallet to either Coinbase or Binance takes one, two, or several business days.
Trust Wallet Withdrawal Fee
Trust wallet withdrawal fee is basically the network fee which again has some other fees included in it. Here is a list of points that tell us about how and what do you pay with the withdrawal fee:
Network fees are charged by blockchain networks. Network or transaction fees are incurred by the bitcoin blockchain and Ethereum blockchain.
There are some network fees, such as Ethereum gas fees which are quite high in comparison to other transaction fees charged in other cryptocurrency exchange platforms.
In your network fee, there is a portion that is given to third parties. We refer to them as ‘Third Party Fees.’
In simpler terms, Trust Wallet allows the purchases of cryptocurrencies from a third party who would charge a fee for their service.
Another type of fee which is included in the network fee is the Smart Chain Transaction fee. If you focus on one of the objectives of Trust Wallet, They launched Binance Smart Chain for a quick and speedy transaction.
Therefore, it has a transaction fee which may be up to a max of $0.05range. This amount is much lower when compared to the transaction fee charged by Bitcoin and Ethereum networks.
Trust wallet has made an easy way to pay the network fees by the procedure of classifying transactions into two categories ‘immediate and less urgent’ transactions.
For immediate transactions, you can pay a high network fee, and for less urgent transactions, you can pay a lower fee.
Furthermore, to transfer for selling or buying tokens or coins, a network fee(transaction fee) is charged in exchange platforms and other cryptocurrencies apps or crypto wallets,
“Trust wallet does not charge any wallet fees for itself” neither there are any wallet fees nor any fees are asked from the users for using Dex browser and swapping.
Conclusion
By now, you must have analyzed that if you have to withdraw from Trust Wallet, it is not a one-step procedure. You need to be thorough with the work when it comes to withdrawing.
The steps for withdrawal might be confusing to some of you, so always open two tabs(the Trust Wallet app and Binance or Coinbase app) simultaneously, Either on your mobile phone or laptop, that would ease your process of following the steps.
There are around over 20 million users of Trust wallet, making it one of the most prominent and widely used wallet apps for cryptocurrency, so do not worry If you are having doubts while you carry out the withdrawal procedure.
Because there are many who are questioning the same question on how to withdraw from the Trust wallet, and maybe they are stuck in the first or second step of withdrawal.
Always feel free to contact Trust Wallet support if you have any queries or have issues.
