How to Withdraw Money from Trust Wallet
Starting out with cryptocurrencies can be overwhelming at times. Even when using well known apps such as Trust Wallet, you might feel apprehensive about whether you're doing everything correctly and safeguarding your assets against risks such as scams, hacking, or mistakenly sending money to the wrong address. This last issue is not uncommon, which is why XGo has introduced an XGo ID feature to replace complex wallet address with human-readable names of your choice.
Image source: Trust Wallet
This step-by-step guide will ensure you withdraw your funds from Trust Wallet correctly, confirming that your money is safely directed to the intended address.
- What Is Trust Wallet?
- What Are the Conditions for Withdrawing Crypto from Trust Wallet?
- How to Withdraw Crypto from Trust Wallet?
- How to Withdraw Cash from Trust Wallet?
- Conclusion
- FAQs
What Is Trust Wallet?
Established in 2017, Trust Wallet is a multifaceted cryptocurrency wallet developed in California and acquired by cryptocurrency company Binance in 2018. As of 2023, Trust Wallet has amassed a global user base of over 60 million.
Trust Wallet's features include storage, sending, and receiving of cryptocurrencies across 70 different blockchains, along with a myriad of NFTs. Tokens can be exchanged within the app, and users can purchase crypto using a credit card via partner providers. Trust Wallet is a non-custodial wallet. It means that storing the keys is the user's responsibility.
What Are the Conditions for Withdrawing Crypto from Trust Wallet?
It's important to understand that Trust Wallet does not support the direct conversion of crypto to fiat currency. If you're looking to cash out your crypto funds, you will need to transfer your tokens to an external exchange, where they can be exchanged for fiat. We are not going to leave you at this. Our guide provides instructions for those who want to get cash and those who want to send crypto to a different wallet.
Do bear in mind that transferring crypto to another wallet or depositing it onto a crypto exchange platform is typically free, except for gas fees. However, converting crypto to fiat often incurs considerable charges.
How to Withdraw Crypto from Trust Wallet?
To withdraw crypto from Trust Wallet, you'll be sending it to another crypto wallet. For example, if you're transacting with Bitcoin (BTC), navigate to the Main Wallet section and select the relevant currency (Bitcoin in this case). Then, hit the 'Send' button. Enter the receiving wallet's address and the amount you intend to send. Ensure you have sufficient BTC to cover the transaction fees, then click 'Continue' in the top-right corner to complete the process. You can check the status of your transaction under the Bitcoin tab.
Image source: Trust Wallet
Always double-check the recipient's wallet address. If you mistakenly enter or paste the wrong address, your funds could be permanently lost. No financial institution can help recover your funds in such a case. That's why we at XGo developed the XGo ID feature. If you're not using it, we recommend copying and pasting the necessary address, rather than manually typing it.
When sending funds from Trust Wallet to another wallet or depositing onto another crypto platform, you'll need a receiving address generated on the destination platform. If you don't have one, you'll need to create one. The process varies depending on the platform, but generally, you'll need to navigate to the 'Receive' or 'Deposit' sections to generate an address for accepting funds from Trust Wallet. Ensure you create an address for the correct type of crypto you're sending.
Image source: Trust Wallet
Remember that many tokens can be based on different blockchains. For example, USDT can be based on either the Tron blockchain (as a TRC20 token) or the Ethereum blockchain (as an ERC20 token). Sending money to the wrong base blockchain could result in the loss of your funds.
The XGo ID feature is compatible with Trust Wallet. It recognizes XGo identifiers, which means instead of typing in a crypto address to which you wish to send assets, you can paste the receiving party's XGo ID. This approach simplifies the process of sending crypto since there's no need to input wallet addresses for each currency every time you transact. Rather, you can connect all the wallets to a single, custom human-readable name and utilize this unique identifier to send any cryptocurrency.
How to Withdraw Cash from Trust Wallet?
Since Trust Wallet doesn't directly support crypto-to-fiat conversions, the only way to turn your crypto stored on Trust Wallet into fiat is to transfer it to a platform that supports crypto-to-fiat exchanges and then withdraw to a bank account/card. The process is similar to transferring crypto to another wallet but includes additional steps associated with exchanging the cryptocurrency for fiat money.
Before transferring, you should decide where you'll convert your crypto to cash. If you're unsure which platform is best for you, you should conduct thorough research or seek advice from a trusted source. Consider factors such as reputation among users, any previous security issues, whether lost funds were promptly compensated, and whether the platform provides timely, helpful customer service. Ensure that the platform supports crypto-to-fiat exchanges and that your withdrawal method is supported.
The platform might be a crypto exchange (like Binance) or a peer-to-peer market (such as LocalBitcoins), where users trade crypto and fiat currencies. Check the platform's terms, generate an address (often this is done automatically when you select 'Deposit'). The process of selling crypto for fiat varies by platform, so familiarize yourself with it ahead of time. You can find guides online or in the platform's FAQ section.
You can learn how to transfer crypto from Trust Wallet in the previous section. Once your coins reach the exchange, convert them to fiat and withdraw using your preferred method.
Conclusion
If you're simply looking to transfer crypto from Trust Wallet to another wallet, the process is quite straightforward and doesn't require much expertise. Always double-check that you're generating the correct address for the correct token and blockchain, and ensure that you paste this address in its entirety into the destination address field.
Cashing out from Trust Wallet involves a slightly more complex process, but it's far from insurmountable. Choose a reliable, trustworthy exchange platform. Make sure it's available in your location. Transfer your crypto tokens there and sell them using your preferred payment method. Be aware that most exchanges require identity verification, so preparing for a crypto-to-fiat exchange may take some time.
FAQs
Is there a minimum withdrawal limit for Trust Wallet?
As a non-custodial wallet, Trust Wallet doesn't impose any restrictions on the amount you withdraw from your account balance.
Is there a limit on the number of withdrawals I can make in a day from Trust Wallet?
Similarly, Trust Wallet doesn't limit the number of daily withdrawals.
What should I do if my withdrawal transaction is failing?
Contact the Trust Wallet support team by submitting a ticket.
Can I withdraw my money to a bank account in any country?
No. Trust Wallet doesn't support direct cash withdrawals. If you're withdrawing cash from an exchange, first verify whether the exchange supports transactions in your country.