Trust Wallet is one of the most popular and user-friendly cryptocurrency wallets available. With over 60 million active users, it provides a secure and convenient way to store, send, receive, and manage your crypto assets.
If you want to cash out your Bitcoin or other cryptocurrencies from Trust Wallet, you essentially have two options:
Table of Contents
Use a Cryptocurrency Exchange
The easiest way is to send your crypto from Trust Wallet to a cryptocurrency exchange that supports fiat withdrawals like Coinbase or Binance. Here are the steps:
1. Sign Up for an Exchange Account
If you don’t already have an account on Coinbase, Binance, or another major crypto exchange, you’ll need to sign up for one first. Make sure to complete the KYC verification process to link your bank account.
2. Get Your Deposit Address
In your exchange account, find the deposit address for the cryptocurrency you want to cash out, like BTC or ETH. This will be the address you send coins from Trust Wallet to.
3. Initiate Withdrawal from Trust Wallet
Open Trust Wallet, go to the desired crypto, tap “Send”, enter the exchange deposit address, amount to send, and hit confirm.
4. Sell Crypto for Fiat on the Exchange
Once your crypto deposit arrives in your exchange account wallet, you can easily trade it for fiat currency like USD or EUR, then withdraw those funds to your connected bank account.
Use a P2P Platform
Peer-to-peer crypto marketplaces like LocalCryptos allow you to sell Bitcoin and other coins directly to buyers for cash and other payment methods.
1. Browse Buyer Offers
Browse listings from verified buyers and find one that matches your desired payment method, whether it be bank transfer, PayPal, gift cards or cash by mail.
2. Initiate Trade
When you find a suitable buyer, initiate the P2P trade through the platform’s escrow system for secure transactions.
3. Send Crypto and Get Paid
Send your crypto from Trust Wallet to the buyer’s wallet address provided. Once confirmed, the buyer will complete the payment based on the agreed method.
Tips for Cashing Out from Trust Wallet
- Double check wallet addresses when sending crypto. Transactions can’t be reversed if sent to the wrong address.
- Pay attention to fees for sending crypto and exchange/withdrawal fees when cashing out through an exchange.
- Consider tax implications when selling crypto for cash, as it is usually a taxable event.
- For large amounts, consider doing a test transfer first by sending a small crypto payment before transferring larger sums.
Benefits of Using Trust Wallet
Trust Wallet provides an easy and secure way to not only cash out your crypto gains, but also:
- Store and manage hundreds of cryptocurrencies in one place
- Self custody your assets with private keys only you control
- Earn interest and rewards on supported crypto
- Access Web3 dApps and services
- NFT storage and trading
With robust security features and a straightforward user experience, Trust Wallet eliminates the headaches often associated with crypto storage and transactions. By understanding the simple cash out process above, you can easily liquidate your portfolio for spending in the real world when needed.
