How to cash out from Petra Wallet? Read this guide and learn how to withdraw from Petra wallet to bank account!
Petra wallet is a very important factor in the decentralized Aptos ecosystem. Moreover, where the Aptos blockchain network is designed to handle transactions fast, the Petra wallet is the place to store your tokens.
With this in mind, the Petra wallet is one of the available tools on Aptos to use. Additionally, the Petra wallet acts as a simple browser extension(Chrome, Firefox) and therefore turns your browser into a crypto wallet. To start browsing on the Aptos ecosystem Petra supports you with the following functionalities:
- Non-custodial – Your funds, private keys, and private data are stored on your device and cannot be accessed by a third party.
- Token swaps – Petra uses a built-in DEX to safely swap tokens at the best prices
- NFTs and collectibles – Smooth user interface for storing your favorite NFTs
- Web3 support – Petra also functions as a dAPP browser that interacts with the Aptos blockchain
- Aptos staking – Earn additional APT on your funds by just holding them in your wallet.
Probably you are already using Petra on a daily basis and are familiar with the functionalities mentioned above. Also, you might have some crypto funds in your wallet and want to cash out from Petra Wallet. In fact, turning crypto into fiat currency is a common issue when dealing with decentralized wallets.
By continue reading this guide you will get all the answers you are looking for regarding Petra wallet:
- How to withdraw from Petra Wallet to bank account
- Know what to do before making crypto withdrawals
- Best alternatives to transfer and swap crypto for ‘real‘ money
Understanding the Petra Aptos Address
As mentioned earlier, Petra wallet is supported by the Aptos blockchain network and is one of the popular crypto wallets to use there. In other words, the Petra wallet allows you to engage with Web3 apps(or distributed applications) on the Aptos blockchain, or do transactions on-chain.
Remember that Petra can store all kinds of compatible tokens where APT is just one of them. Each Aptos-compatible token stored on Petra can be managed through the Aptos network.
On top of that, the Petra wallet is using a decentralized environment and you(the user) are in full control of all assets.
However, if you want to withdraw your funds through a withdrawal process, can you directly do it?
Can You Directly Withdraw Money from Petra Wallet?
Unfortunately, there isn’t a direct way to transfer your funds from Petra to an external bank account. The main reason for this is that Petra is connected to smart contracts and runs autonomously. At the moment, banks can’t deal with decentralized technology or non-custodial wallets.
As a result, it’s necessary to send your funds from Petra to a major cryptocurrency exchange to cash out from crypto. In other words, ‘to get money out of my Petra wallet‘ you need a centralized crypto exchange like Binance.
Simply put, the Petra Wallet is a crypto wallet but doesn’t deal with fiat money like EUR, USD, or GBP.
How To Withdraw From Petra Wallet To Bank Account
Again, when you want to withdraw money from Petra wallet by starting a money transfer process, you need to send your funds elsewhere.
Particularly, as Petra is running on the Aptos blockchain network you need to swap your tokens to APT first. Additionally, the APT cryptocurrency is part of the top 50(*) biggest cryptos in the world. Therefore, it’s safe to say that almost any major crypto exchange in the world can swap your APT for money.
To continue with this guide, I’ll use Binance as a practical example, however, it’s up to you to decide what kind of exchange to use here.
Step 1: Create an Account at a Crypto Exchange(Binance)
First of all, you need to open an account which shouldn’t be a complicated step. On top of that, you can use this link to open a free account at Binance.
Based on daily(24h) trading volumes, Binance is the biggest cryptocurrency exchange in the world. Also, it has millions of cryptocurrency traders using its platform on a daily basis. Besides trading, Binance offers several other feature-rich products, including custodian wallets, crypto margin trading, lending service, and earning rewards with staking.
Remember that crypto exchanges use custodian wallets for holding crypto and are subject to attack by hackers all the time. As a result, security is a top priority for them, and withdrawing to a bank account requires you to verify(KYC).
In short, an account verification(KYC) process consists of the following:
- Upload official documents(passport, identity card, driving license, or else)
- Take pictures of both sides of the document
- Make a selfie
Step 2: Send Funds From Petra Wallet
After you have finished the sign-up process at Binance it’s time to use your newly created profile in order to withdraw money.
As the plan we have is to swap Aptos(APT) for money you need to send your APT funds from Petra to Binance here. How to do this? Below are the necessary steps for Binance:
- In Binance go to ‘Wallet‘
- On top on the right click ‘Deposit‘
- Next choose ‘Crypto Deposit‘
- Enter APT in the select box
- Tap ‘APT‘ coin and choose ‘APT Aptos‘ as network
- Create a Deposit Address first by clicking on ‘Get Address‘
- Finally, copy the APT address to the clipboard
Next, go back to your Petra wallet, enter the password to log in, and find your APT funds. Besides, if you don’t have APT make sure you swap the tokens in the wallet to APT first.
Consequently, in order to transfer, click on ‘Send‘. Now tap on your Aptos funds and paste the Binance APT address from the clipboard into Aptos’s recipient address.
Finalize the withdraw funds from Petra by giving the amount of APT and approve the transaction.
Step 3: Sell Aptos on Centralized Exchange
As the Aptos blockchain processes transactions very fast it’s just a matter of seconds waiting before funds arrive in the Binance account. Just make sure that you have received the Aptos funds by going to your wallet on Binance.
On top of that, Binance will send you a notification message when the APT funds have reached their platform.
The next step will be to sell your APT funds for money like USD, GBP, or another currency. Particularly, Binance has the following fiat currency trading pairs for APT available:
* I assume you are familiar with a trading engine like the one on Binance. If not, read our crypto trading guide for Binance first.
If you need another currency to transfer your funds to a bank account you should sell your APT for Bitcoin first. The next step will be to use the Binance P2P portal to find a party that will buy your Bitcoin in your local currency. More information on how to use Binance P2P portal here.
Selling funds on Binance is a very smooth exercise because of the high volume of order books. Therefore, after finalizing your order your funds(money) will be available in your account for transfer straightaway.
Step 4: Select Binance Withdrawal Methods
The withdrawal method fully depends on your situation as a customer of Binance. Additionally, if you already have a bank account connected to Binance then you can transfer money to it right away.
For instance, if you are living in the European Union Area you can withdraw EURO instantly. However, to accomplish this an additional verification step is required.
In general, to withdraw money from Binance to your bank account go to ‘Fiat and Spot Wallet‘ first. Then click ‘Withdraw‘ and from here you can start the process. If you have further questions you can also try to contact Binance support here.
Step 5: Receive the Money On Your Favorite Payment Method
This is the final step and if everything went ok you just need to wait for the funds to arrive. Mostly verified users will have the money the same day in the bank account.
All in all, this is the fastest way to cash out crypto from Petra wallet to your bank account. Maybe you might find it a little bit risky, but it’s actually pretty easy!
Let’s go through the entire process one more time:
- Swap to APT on your Petra wallet
- Create an account at a centralized crypto exchange(like Binance)
- Get your Binance Aptos address and sent APT from Petra Wallet to Binance
- Start the withdrawal process to your linked bank account
- Receive money directly into your bank account
And this is how you withdraw from Petra wallet to bank account! Enjoy your profits and don’t forget to share this guide if it was helpful 🙂
How to withdraw from Petra Wallet to Bank Account – FAQ
Can I withdraw from Petra Wallet to Coinbase?
Definitely yes! In this guide, I used the Binance exchange as a practical example. Additionally, you can use the exact same procedure for money withdrawals to Coinbase as well.
How Do I Send Aptos to Petra Wallet?
First, make sure you are logged in to your Petra Wallet. Next, click the Send button on the homepage. Your Petra wallet will transfer you to the next page, where you must input the necessary details, such as the receiver’s public address and the amount of APT you’ll be sending.
How Do You Use Petra Wallet?
In particular, the Petra Wallet is a crypto wallet that uses the Aptos blockchain to receive, store, and transfer crypto coins or NFTs. Using this wallet means that you are in full control of all your funds and have to make sure that private keys will be managed properly.
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