As decentralized finance (DeFi) applications explode in popularity for managing crypto assets, you may be wondering how to turn those holdings back into hard cash in your bank account when needed. The good news is that it‘s perfectly feasible to withdraw from leading DeFi wallets like Trust Wallet back into fiat currency.
In my work empowering clients to master decentralized banking, I‘ve helped many withdraw five and six figure sums from DeFi apps without a hitch. So I‘ll be sharing exactly how to make it happen seamlessly.
In this ultimate 3,500 word guide, you‘ll learn step-by-step how to withdraw funds from Trust Wallet to your bank account, going from crypto all the way to cash in hand.
Let‘s get started!
Why Trust Wallet is a Gamechanger for Retail Crypto Users
First, what exactly is Trust Wallet? In short, it‘s one of the most popular self-custodial mobile wallets giving you direct control over diverse crypto holdings. Packed with intuitive features, it makes DeFi dramatically more accessible for retail users.
Some key highlights:
- Diverse Asset Support: Trust Wallet natively supports leading crypto assets like Bitcoin, Ethereum, BNB, Solana, as well as 100s of other coins and tokens – even NFTs. This makes easy to consolidate all holdings.
- Built-in DEX: Swap tokens using leading decentralized exchange aggregator 1Inch without leaving the app. Allows for easy conversion between diverse cryptos.
- DeFi Apps & DApps: From lending and yield farming to synthetic stocks, Trust Wallet enables direct access to 100s of leading DeFi protocols with a simple tap via WalletConnect integration. No more complex setups with browser extensions!
This unique combination of multi-chain asset management and deep DeFi access gives both newcomers and pros flexible capabilities tailored to crypto‘s dynamic landscape all via an intuitive mobile interface.
- Over 6 million monthly active users now leverage Trust Wallet to tap into decentralized finance, with adoption growing rapidly in 2022.
But despite the app‘s diverse toolset, what about converting crypto back to cash fiat deposits to your bank? Let‘s tackle that next.
Overview: Withdrawing Crypto from Trust Wallet to Bank Account
While Trust Wallet does many things exceptionally well, direct fiat offramps to your bank account isn‘t currently supported.
Instead, you first need to convert desired crypto funds into a fiat currency, before completing a final withdraw to your connected bank account as illustrated below:
So in summary, complete cash out requires:
- Sending crypto from Trust Wallet to a supporting crypto exchange
- Trading crypto assets to fiat money (e.g EUR, USD)
- Withdrawing fiat balance to your bank account
The best exchange option for completing this cash out flow with low fees is Binance, which we‘ll cover setting up next.
Creating Your Binance Account
Founded in 2017, Binance has cemented itself as the world‘s leading cryptocurrency exchange, processing over $76 billion in trades every 24 hours at the time of writing.
With extensive fiat connectivity across payment methods and currencies, deep liquidity ensuring excellent crypto trade pricing, sub 1% fees, and strong security protocols, Binance offers the easiest and most cost-effective on and off ramps for DeFi users today in my view.
Let‘s get your account created…
Step 1) Go to Binance Registration
Step 2) Enter your Email, Desired Password, Referral ID (optional)
Step 3) Check inbox to verify email confirmation
Once set up, remember to enable 2-factor authentication under Security settings, either via Google Authenticator or SMS. This adds an extra layer of account protection on withdrawals.
With basics done, let‘s connect your Binance account to Trust Wallet next.
Get Crypto Deposit Address to Connect Accounts
To move crypto from Trust Wallet to cash out through Binance, you first need to find the deposit address for the exact asset you wish to withdraw to move over.
Here‘s how to locate and copy:
- Log into Binance web or mobile app
- Click Wallet -> Spot from the top menu
- Find the crypto you wish to deposit and click corresponding "Deposit" button
- You‘ll now see your unique address and memo (if needed) for that coin
- Copy address & memo which you‘ll input into Trust Wallet later for transfer
For example, when withdrawing BNB from Trust Wallet to cash out:
- Get BNB deposit address from Spot wallet
- Ensure to also copy the MEMO value displayed
With target address copied, head to Trust Wallet to initiate the withdrawal.
Sending Crypto Assets From Trust Wallet to Binance
Trust Wallet‘s clean UI makes locating and sending crypto assets simple with just a few taps:
- Log into Trust Wallet mobile app
- Tap desired crypto asset to withdraw
- Tap “Send” and paste Binance deposit address + memo (if needed)
- Confirm details correctly entered before hitting “Next”
- Give final confirmation on details to trigger transfer
Expect 30-60 minutes for funds to land in your Binance account, allowing you to then convert to fiat for bank withdrawal.
To demonstrate, if withdrawing BNB purchased on BSC:
- Tap BNB token in Trust Wallet
- Tap “Send” then paste Binance BNB address & memo
- Double check pasted address matches copied info
- Adjust amount if less than full balance needed
- Hit “Next” to confirm details
- Tap “Confirm” to complete send
With coins on the way to Binance, let‘s focus next on exchanging to fiat.
Swapping Crypto for Fiat Money in Binance
Once your Trust Wallet crypto lands safely in Binance, you‘re ready to trade it for fiat currency.
- In Binance, click "Exchange -> Basic" on top menu
- Select crypto to sell on left (e.g. BNB)
- Choose fiat currency to buy on right (e.g EUR)
- Enter amount of crypto to exchange
- Preview buy details and complete exchange
Using BNB and EUR again as an example:
- On exchange, select BNB and EUR as assets
- Input 17 BNB to sell with estimate of €4711
- Confirm details satisfactory
- Click “Sell BNB” to complete conversion to EUR
With crypto now swapped to fiat funds, it‘s time to finish the cash out process to your connected bank account.
Withdrawing Fiat Money to Your Bank Account
The final crucial step is submitting the fiat withdrawal request from Binance to your bank account.
- Click Wallet -> Fiat from top menu
- Click “Withdraw” on fiat row
- Select withdrawal currency and enter amount
- Choose your bank account and preferred payment method
- Triple check details accurate before confirming withdrawal
Be aware that varying daily/monthly limits apply depending on verification level.
Expect to receive withdrawn funds in your bank account within 1-2 business days generally.
And that completes the full process for moving funds from Trust Wallet into your bank account. Hopefully you now feel empowered to tap into DeFi opportunities, knowing you can cash out holdings via Binance when needed!
Key Takeaways and Where to Go From Here
Withdrawing from leading DeFi wallet Trust Wallet takes just a few simple steps:
- Move crypto assets to Binance crypto exchange
- Trade crypto for fiat money like EUR or USD
- Withdraw fiat balance directly to connected bank account
Binance supports this flow with:
- High liquidity for best crypto-fiat pricing
- Low 1% or less trading fees
- Bank partnerships for fast fiat withdrawals
For any questions on executing your own withdrawals from DeFi wallets, drop them in the comments section below!
