How to Cash Out Cryptocurrency from Trust Wallet: Step-by-Step Guide (2023)

Introduction: Turning Crypto into Cash with Trust Wallet

As cryptocurrency adoption grows, knowing how to convert digital assets into spendable cash is essential. Trust Wallet, a popular non-custodial mobile wallet, lets you securely store hundreds of cryptocurrencies – but cashing out requires a few extra steps. This comprehensive guide walks you through four reliable methods to cash out from Trust Wallet, covering exchanges, P2P platforms, crypto cards, and ATMs, plus critical safety tips to protect your funds.

Prerequisites Before Cashing Out

Prepare these essentials for a smooth withdrawal process:

• Verified Exchange Account: Sign up and complete KYC on platforms like Binance, Coinbase, or Kraken
• Linked Bank Account/Payment Method: Ensure your fiat withdrawal option is validated
• Transaction Funds: Keep extra crypto for network fees (gas/transaction costs)
• Updated Trust Wallet: Install the latest app version for security patches
• Recipient Addresses: Double-check all wallet addresses before transfers

4 Methods to Cash Out from Trust Wallet

Method 1: Centralized Exchanges (Most Common)

Transfer crypto to exchanges like Binance or Coinbase, then sell for fiat:

• Pros: High liquidity, multiple currency options
• Cons: KYC verification required, longer processing times

Method 2: Peer-to-Peer (P2P) Platforms

Use platforms like LocalBitcoins or Paxful to sell directly to buyers:

• Pros: Flexible payment methods (PayPal, cash), no middleman fees
• Cons: Requires vetting buyers, higher scam risk

Method 3: Crypto Debit Cards

Load funds onto cards like Crypto.com Visa or Coinbase Card:

• Pros: Instant spending at merchants/ATMs worldwide
• Cons: Card issuance fees, foreign transaction charges

Method 4: Crypto ATMs

Withdraw cash at physical kiosks supporting your cryptocurrency:

• Pros: Immediate cash, anonymous for small amounts
• Cons: Limited locations, high fees (5-15%)

Step-by-Step: Cashing Out via Exchange

1. Transfer Crypto: In Trust Wallet, tap ‘Send’, select asset, paste your exchange deposit address, confirm network, and send
2. Wait for Confirmations: Allow 5-60 minutes for blockchain settlement
3. Sell on Exchange: Navigate to ‘Trade’ section, convert crypto to USD/EUR
4. Withdraw Fiat: Go to ‘Withdraw’ menu, select bank account, enter amount, and submit
5. Receive Funds: Wait 1-5 business days for bank processing

Step-by-Step: P2P Cash Out Process

1. Create Offer: On P2P platform, list cryptocurrency amount and preferred payment method
2. Match with Buyer: Accept a buyer’s offer and initiate trade
3. Send from Trust Wallet: Transfer crypto to the platform’s escrow address
4. Confirm Payment: Once buyer pays via agreed method, release escrow
5. Withdraw Cash: Move funds from P2P account to your bank/PayPal

Fees and Processing Times

• Network Fees: $1-$30 (varies by blockchain congestion)
• Exchange Fees: 0.1%-1.5% trading fee + bank withdrawal charges
• P2P Fees: 0%-1% platform commission
• Processing: Crypto transfers: 5 min-1 hour; Bank withdrawals: Instant to 5 days

Critical Safety Tips

• Always test small amounts first for new withdrawal processes
• Never share recovery phrases or private keys
• Use hardware wallets for large holdings
• Enable 2FA on all exchange accounts
• Verify website URLs to avoid phishing scams

Frequently Asked Questions (FAQs)

Can I cash out directly from Trust Wallet to my bank?

No. Trust Wallet doesn’t support direct fiat withdrawals. You must transfer crypto to an exchange or P2P platform first.

What’s the cheapest cash-out method?

P2P platforms typically have the lowest fees (0-1%), but exchanges offer more security for beginners.

How long do withdrawals take?

Crypto transfers take minutes to hours. Bank withdrawals add 1-5 business days depending on your country and platform.

Is there a minimum cash-out amount?

Yes, exchanges/P2P platforms set minimums (usually $10-$50). Network fees make small withdrawals impractical.

Are crypto cash-outs taxable?

In most countries, yes. Cashing out triggers capital gains tax. Consult a tax professional for compliance.

Can I use PayPal to cash out?

Only via P2P platforms by finding buyers who accept PayPal. Most exchanges don’t support PayPal withdrawals.

Final Tips for Success

Mastering crypto cash-outs requires understanding both wallet operations and external platforms. Start with small amounts using reputable exchanges, track all transactions for tax purposes, and prioritize security at every step. With this knowledge, you can confidently convert your Trust Wallet assets into spendable currency whenever needed.