How to cash out Solana on Trust Wallet? This article explains 3 ways to sell Solana on Trust Wallet and also the main features of this web3 wallet.
Trust Wallet is a very popular decentralized crypto wallet that allows you to store all kinds of cryptocurrencies.
Also, by holding coins in Trust Wallet you keep in full custody over your funds by managing your private keys.
Moreover, maybe you are in the possession of some sweet Solana(SOL) tokens in combination with other cryptos and want to buy or sell them.
How to do this properly? Whatever your motives are, learning how to trade crypto on Trust Wallet is a must.
As stated earlier, Trust Wallet operates in a non-custodial environment and is crypto-only.
As a consequence, transactions that imply fiat currencies(USD or EUR) directly within the wallet interface are not possible.
On the other hand, selling, storing, and buying crypto tokens on Trust Wallet is an easy exercise. In this blog post, we’ll share valuable information about the following matters:
- how to sell Solana on Trust Wallet
- explain how on-chain transactions work
- everything you need to know about token swaps
Trading Solana Tokens on the Trust Wallet App
Trust Wallet is a popular decentralized cryptocurrency wallet that allows users to securely store, send, and receive various cryptocurrencies. One of the key features of Trust Wallet is its ability to swap tokens directly within the app. This means that users can easily exchange one cryptocurrency for another without the need for a third-party exchange.
Unlike custodial wallets like Binance, where users have to trust the exchange to hold and manage their funds, Trust Wallet operates on a non-custodial model, giving users complete control over their assets.
Besides security, there is more. For example, the deposit option, allows you to receive tokens, such as Solana(SOL), faster than ever.
All in all, to sell Solana by using Trust Wallet you need to use the swapping feature.
Ways To Sell Solana on Trust Wallet
Before using the several features in Trust Wallet in order to sell Solana(SOL), it’s good to consider the following first.
- Transaction type. For instance, if you want to swap SOL for BTC then you have to make a cross-chain swap. Don’t worry, because this will be handled by Trust Wallet automatically, however, the transaction could be very slow because of the nature of the Bitcoin blockchain.
- The transaction fees. Every swap or trade you make on the Trust wallet is an on-chain transaction that requires gas fees. Also, if you need to send your tokens away(to another platform) this will cost you some. Even though these fees are very little, it is a thing to take into consideration.
- New and unknown tokens. If you want to trade SOL for a popular ‘Memecoin‘ like Safemoon, then you might need an external dApp for this. The Trust Wallet built-in exchange offers only a limited number of coins. To swap SOL for Safemoon you should connect to the PancakeSwap dApp.
Pay Attention! Users need to hold BNB on Binance Trust Wallet to conduct transactions because BNB serves as the native cryptocurrency of the Binance Smart Chain network, and holding it allows users to pay for transaction fees and interact with decentralized applications on the network.
BNB (ERC20) is the Binance Coin issued on the Ethereum blockchain, while BNB Smart Chain token refers to the BNB token native to the Binance Smart Chain. The difference lies in the underlying blockchain they operate on, with BNB (ERC20) using the Ethereum network and BNB Smart Chain token(BEP20) operating on the Binance Smart Chain network.
More information can be found here: 👉 how to send BNB Smart Chain To Trust Wallet
Option 1: Sell Solana on PancakeSwap
First of all, PancakeSwap is a decentralized application (dApp) built on the Binance Smart Chain. It allows users to trade cryptocurrencies, provide liquidity to earn rewards, and participate in yield farming.
Additionally, it operates as an automated market maker (AMM), using a unique mechanism called the Constant Product Market Maker (CPMM) formula to determine prices and execute trades. PancakeSwap has become a popular dApp platform because of the many unknown coins that can be traded there.
To sell Solana by using Trust Wallet here, you need to find the dApp explorer in the app and simply connect your wallet to this platform.
How to do this?
- In Trust Wallet tap on ‘Browser‘ below in the menu
- Type Pancakeswap in the browser bar and tap ‘Exchange Pancakeswap‘
- Tap on Connect button above and choose Trust Wallet
- Search for SOL in the select-box above
- Find the coin in the select box below you wish to sell Solana for
- Type the amount of SOL and set Slippage*
- Finally, confirm this transaction swap
Slippage: Slippage is the % difference between a trade’s expected and actual price. It is quite a common occurrence when buying and selling cryptocurrencies. You can thus end up buying or selling at a higher or lower price than you had intended.
Setting the slippage protects you from buying crypto at a very high price or selling low when the market is in volatile conditions. The default percentage usually falls between 0.5% to 1%.
Recommended: How to use PancakeSwap with Trust Wallet
Option 2: Swap Solana on Trust Wallet Exchange
Trust Wallet also has a built-in swapping application that allows users to sell one crypto for another, but it’s not the best option due to obvious limitations. However, selling Solana here for a more ‘mainstream’ coin like ETH is an easy and cheap exercise. To do this, simply follow these steps:
Step 1: Tap On “Swap” On the Trust Wallet Application
Open Trust Wallet, and on the main home screen, tap on “Swap.”
There, you will see some trading pairs where you have to find SOL as a coin to pay. Next search for the token you want to receive.
Step 2: Tap “Preview Swap” And Perform a Quick Trade
Then, select “Exchange.” The app will ask you to verify the operation before placing it. As you can see, there aren’t many options here.
In fact, you will find mostly coins that operate on the Binance Smart Chain, Ethereum, or other larger blockchain networks.
For direct swaps, read this guide: Best Places To Swap SOL for BTC Instantly
Option 3: Withdraw Solana From Trust Wallet To Bank Account
The last option to sell Solana on Trust Wallet is the convert crypto to cash option. As mentioned earlier, Trust Wallet deals with crypto transactions only and can’t swap directly to money. To do this you need to send your Solana coins to platforms like Binance or Coinbase.
In other words, to cash out Solana for money you need to withdraw Solana from Trust Wallet to another platform.
In short, below are the steps you have to follow when cashing out Solana on Binance exchange:
- Login at Binance or create a free Binance account
- At Binance wallet click ‘Deposit‘
- Next click on ‘Crypto deposit‘ and search for Solana
- Copy the public Solana address or use the QR-code
- At Trust Wallet, use this address / QR code to withdraw Solana to Binance
- Binance will send a notification when funds have arrived
- Next, use the Binance swap feature to sell SOL for fiat(USD, EUR)
- Add your bank account as the payment method
- Finally, withdraw fiat from Binance to bank account
Alternatively, you can use the Binance P2P platform to cash out money from Binance.
And that’s how it’s done to withdraw Solana from Trust Wallet to bank account. If you have problems or other questions regarding the withdrawal, it’s best to find someone at Binance support to help you out.
Recommended: How to buy PEPE Coin with Trust Wallet
FAQ – Sell Solana on Trust Wallet
How Do I Exchange Solana for BNB?
To exchange Solana(SOL) for BNB on Trust wallet you can simply use the built-in swap feature of the wallet here. Simply click the Swap button above in the wallet.
Can you Sell on Trust Wallet?
As explained in this article there are several ways to trade crypto from within the Trust Wallet. However, if you want to cash out crypto for money you need an external platform like Binance to convert crypto to cash.
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