Trust Wallet is one of the most widely used crypto wallets, especially as a mobile wallet. In this guide, I will walk you through how to sell your crypto on Trust Wallet step by step.
Since Trust Wallet is not a trading platform, you cannot sell directly on it. Rather you will need to swap your crypto on a crypto exchange.
In case you want to sell for fiat currency, you will then need to connect to your bank account. The exchange platform that you connect to must support fiat currency.
- The 5-step process to sell your crypto on Trust Wallet
- Step 1: Set up your exchange platform
- Step 2: Connect your Trust wallet account to your exchange platform
- Step 3: Do the swapping
- Step 4: Sell the swapped cryptos
- Step 5: Withdraw to your bank account
- Why use Trust Wallet?
- Pros and Cons of using Trust Wallet
The 5-step process to sell your crypto on Trust Wallet
The following are the main steps to follow:
- Setup your cryptocurrency exchange platform
- Connect your trust wallet to your exchange platform
- Do the swapping
- Sell the swapped cryptos
- Withdraw the sales to your bank account
Let’s walk through each of these steps one by one:
Step 1: Set up your exchange platform
As we indicated earlier, Trust Wallet only stores cryptos. To sell them, you need to connect to a crypto exchange platform that supports fiat currencies as a payment method.
The following steps will enable you to properly set up your exchange platform:
1. Choose an exchange platform
There are dozens of exchange platforms out there. Nonetheless, Coinbase and Binance rank high amongst them.
For the sake of our learning, let’s use Binance. Binance has the following key advantages:
- It is established on the Ethereum blockchain – the same blockchain network that runs the Trust wallet
- It has its own smart chain, the Binance Smart Chain, that makes transactions faster than native Ethereum
- It has a native crypto coin, the Binance coin, which acts as a medium of exchange on the Binance platform and thus makes it easy to convert to fiat money and other digital currencies.
- Lower network fee – compared to many crypto exchange platforms, Binance Platform has much lower transaction fees. This means that the platform won’t chew a lot of your profit from selling your cryptos.
- A wide array of digital assets – The binance platform is unrivaled when it comes to the wide variety of crypto assets. You can almost be certainly assured that you will get the kind of crypto coin that you desire. Except for a stablecoin, most crypto tokens convert at a different exchange rate to fiat currency. Thus, you have the opportunity to swap to that crypto token that yields more fiat money in exchange.
- Extensive jurisdiction – in case you are outside the United States, Binance is the most preferred platform since it is most likely available in your jurisdiction. This makes it easier to convert cryptos to your local currency.
- Support for many fiat currencies – Currently, Binance supports more than 50 fiat currencies.
- P2P trading – Binance has a P2P trading platform. This allows Binance users to exchange digital currencies directly with each other. The P2P platform makes it easy to sell cryptos to your local currency even if it is not officially supported by the Binance platform.
- Trust Wallet is Binance’s official cryptocurrency wallet – Thus, it is far easier to use Trust wallet on the Binance platform than any other cryptocurrency exchange platform.
Having your Binance account connected to your Trust wallet entitles you to all the above advantages plus many more.
2. Log in to your chosen platform
If you already have a Binance account, simply log in. However, if you don’t, you will need to sign up to open the account.
3. Get the platform’s address
Once you register and log in to the Binance platform a QR Code will pop out revealing the public address of your exchange account. Use your mobile device to scan this QR Code to capture and record this public address. You can then use this public key of your Binance account to connect your Trust wallet account.
To get the Binance account address:
(a) Click or tap on ‘Wallet’
(b) Go to the top navigation bar and select ‘Fiat and Spot’
(c) Choose your swap to currency (e.g., bitcoin) on the list that comes up
(d) Go to ‘Network’ and select the network to use
(e) Scan the QR Code or copy the Binance address below it
You can now use your Binance address to connect your Trust wallet in Step (II) below.
Step 2: Connect your Trust wallet account to your exchange platform
Once you are done setting up your Binance account, it is time to set up your Trust wallet. To do this:
1. Have the wallet ready
(a) Download and Install the App
For iOS devices, go to the Apps Store and download the app. You can also use follow the link below:
In case you are using an Android device, go to Google Play Store and download the app. You can also use the link below:
(b) Create New Wallet
On the first launch, the below screen will come up.
Tap on “Create a new wallet” to initiate the process.
If you agree, tap on “Continue” to move to the next step. Your own crypto wallet will now be created.
(d) Backup the Wallet
On the backup page, press “Continue to back up your new wallet.
(e) Save your recovery phrase
In the process of backing up, you will get a recovery phase which will act as your security key.
Press “Continue” to save it.
(f) Confirm the recovery phrase
You need to confirm the recovery phrase by pressing the “Continue” button.
You will also need to copy the recovery phrase and keep it safe. You are discouraged from screenshotting it.
(g) Done it!
Your new trust wallet is now created.
You can go ahead and personalize it as your own crypto wallet to your taste.
2. Link the wallet to the exchange platform
To link your own crypto wallet to the Binance exchange platform, you need to scan the QR Code using the Trust wallet application. The details will be automatically captured and recorded by the app.
Step 3: Do the swapping
After creating your own crypto wallet and linking it to the crypto exchange platform (Binance), the next step is to swap your crypto. The purpose of swapping is to convert your existing cryptos to those cryptos that can be converted to fiat currency on your chosen platform. However, if your cryptos are already convertible – such as bitcoin, ether, USDC, etc. – you don’t need to swap.
1. Decide on the digital currency you want to swap your cryptos to
There are several crypto coins that you can swap to. The following are the most appropriate:
- Stablecoin – to have greater slippage tolerance, a stablecoin is the most preferred. Exchange slippage occurs when a difference exists between the value of a currency at the swapping point and the value of the currency at the actual exchange.
- Binance coin – this is the native coin on the Binance exchange. It is the next best alternative to stablecoins when it comes to slippage tolerance. Furthermore, it has the widest crypto/fiat pairs to choose from. Thus, you are more likely to get your preferred pair.
- Ether – Ether is Ethereum’s native currency. It is another great choice since it has higher levels of liquidity.
- Bitcoin – this is the de facto ‘gold standard’ in the crypto space. Converting to bitcoins enhances convertibility to fiat currency since there is always demand for bitcoins. Thus, you can safely store Bitcoin without worrying about getting buyers at the moment you wish to convert to fiat coins. Trust wallet is an ideal Bitcoin wallet due to its compatibility with the Bitcoin blockchain and user-friendly interface. It is also a secure wallet.
2. Swap to your chosen crypto coin (using the Trust Wallet Application)
Once decided on the crypto coin to swap to, you can now go ahead and do the swapping. To swap:
(a) Select “Wallet” on the wallet page
(b) Tap on the “Send” button
(c) Paste your Binance address in the “Recipient address” field
(d) Insert the value of bitcoins that you want to sell into the “Amount” field
(e) Confirm the swap transaction
Press “Continue” and Confirm the swap.
Step 4: Sell the swapped cryptos
To sell the swapped cryptos:
1. Go to your Binance Dashboard
2. Navigate to the “Buy Crypto” Menu
3. Tap on the “Sell” tab
4. Enter the sale value in fiat currency (an equivalent in cryptos will be reflected)
5. Select the crypto that you want to sell (e.g. bitcoins)
Step 5: Withdraw to your bank account
Now that you have sold your cryptos from the Trust wallet, you can easily withdraw them to your preferred fiat currency on the Binance platform. Binance supports over 60 fiat currencies. If your local currency is not one of them, you can go to Binance P2P and sell directly to a peer.
Assuming that you want to withdraw your amount in Euros:
1. Go to your Wallet and select ‘Fiat and Spot’
2. Locate your fiat currency and choose ‘Withdraw’
3. Select your withdrawal method
4. Enter your withdrawal amount
5. Follow withdrawal instructions
6. Complete the withdrawal
Why use Trust Wallet?
So far, we have assumed that you are already using Trust Wallet to store your cryptos or you’ve already made the decision to use it.
In case you are undecided and still thinking of whether to use a Trust wallet or not, let’s help you arrive at that decision. Why Trust Wallet?
1. Great features
Trust Wallet is packed with great features that make it the most unique digital wallet in the crypto space. Some of its great features include:
- Built-in Dapp Browser – Trust wallet application has a built-in dApp browser which allows you to reach your favorite dapps without leaving the app. This is especially advantageous if you want to use some dapps that facilitate your Trust wallet transactions.
- Cards support – Trust Wallet has built-in support for Credit Cards. You can also use a debit card to buy cryptos.
- Inter-wallet transfer – you can use Trust Wallet to transfer your crypto assets to other software wallets.
- In-app DEX – Trust wallet has its own Decentralized Exchange (DEX) which allows you to swap BNB and crypto tokens based on BEP-2 standard.
2. Super secure
There is nothing that grants you peace of mind in the crypto world than to know that your crypto assets are safe and secure.
3. Low cost
Trust wallet is free to use. The only cost is the transaction cost associated with using the blockchain network – either the Ethereum network or the Binance Smart Chain.
Trust wallet is extremely versatile. This versatility is enhanced through:
- Multiplatform support
- Multi-cryptocurrency support
- Flexible third-party support
While Trust Wallet is widely available on all platforms, it does make a reasonable presence on mobile devices and desktops. Trust Wallet was created to be a mobile-first digital wallet, which explains why it is not dominant in the web sphere and desktop.
Nonetheless, through its browser plugin, you can utilize it on both the desktop and the web. However, this is not as optimal as having a native web app or a native desktop app. It is simply a convenient bridge. In any case, this bridge enables it to provide multiplatform support.
Trust Wallet supports more than 60 cryptocurrencies and more than 4.5 million digital assets. This makes one of the best cryptocurrency wallets in the fintech world when it comes to swapping.
Flexible third-party support
Trust Wallet supports dozens of Dapps through the Trust Dapp Marketplace. The Trust Dapp Marketplaces operates on a similar concept to Google Play, App Store, Chrome Web Store, and other mobile app marketplaces. This means all the Dapps in these marketplaces is compatible with the Trust wallet.
5. Built-in earning opportunities
With Trust Wallet, there are several built-in earning opportunities. You don’t have to leave the Trust Wallet application to seek these opportunities. This makes it extremely convenient. The two main opportunities to earn are:
- NFT trading
You can stake cryptos via the built-in DEX.
By supporting Opensea Dapp, you can create, buy and sell NFTs via the Trust wallet. You can also stake NFTs.
Pros and Cons of using Trust Wallet
Trust Wallet advantages
Having a Trust wallet exposes you to the following advantages:
- Great features – you have the full benefit of all the great features we’ve already discussed above.
- Inter-wallet exchange – you can easily transfer your crypto assets between the Trust wallet application and other cryptocurrency wallets. This is especially handy if you want to have an offline backup of your cryptos into cold wallets and hardware wallets.
- Binance’s official cryptocurrency wallet – Binance has folded its native wallet, the Binance Wallet, in favor of the Trust wallet. Being endorsed by the World’s largest cryptocurrency exchange is no mean achievement. It is an endorsement of trust. Furthermore, this allows Trust Wallet users to easily trade on Binance.
- Non-custodial wallet – Trust Wallet does not require keeping your private keys. Thus, you have complete control of your crypto assets.
- Mobile friendly – most users access the internet via mobile phones. Trust Wallet is a mobile-first wallet. It exists as a mobile application.
- Ease of use – Trust wallet is easy to use. By supporting credit cards and swapping, you can easily load fiat money and swap it for your desired cryptocurrency.
- Interoperability with other Dapps – The built-in Dapp browser enables you to quickly find and utilize other Dapps within the Trust wallet application. Some of the popular dApps include Uniswap, Opensea (for NFTs), and PancakeSwap dapp.
Trust Wallet disadvantages
Some of the disadvantages of the Trust wallet are, in essence, its strengths. Nonetheless, let’s explore some of these disadvantages:
- No cold storage – Trust wallet was designed for hot wallet transactions. Thus, if you want cold storage, then, you will have to consider cold wallets. However, with an inter-wallet exchange, you can inter-operate between the Trust wallet and any of your desired cold wallets. This adds an extra layer of security by delinking your cold wallet from direct interaction with the internet.
- Only available as an app – unlike many hot wallets that have a web interface, Trust Wallet is only available as a mobile application.
- Lacks iOS dapp browser – dApp browser can only be accessed on Android devices. Thus, users of iOS devices and any other mobile device are disadvantaged.
- Severely limited customer support channels – Trust Wallet only allows customer support via email. No live chat or phone channels are available. This puts off emergency support which is extremely important for financial transactions such as those carried out on Trust Wallet.
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In conclusion, connecting your Trust wallet to a crypto exchange platform like Binance allows you to sell your cryptocurrencies for fiat money or other digital currencies. Binance has several advantages such as lower transaction fees, extensive jurisdiction, support for many fiat currencies, and a wide array of digital assets. Linking your Trust wallet to any exchange is easy, and once done, you can proceed to do the swapping. Setting up your exchange platform can be done in three easy steps: choose an exchange platform, log in, get the platform’s address, and connect your Trust wallet account to your exchange platform. By following these steps, you can easily sell your cryptocurrencies and convert them to your preferred fiat currency or digital currency.