How To Sell Safemoon on Trust Wallet: An In-Depth Guide

So you‘ve invested in Safemoon, watched it rollercoaster up and down, and now you want to sell some or all of your holdings for cold hard cash. You have your Safemoon chilling in Trust Wallet and have heard getting it back out to your bank isn‘t so easy.

Well the good news is, while it takes a few more steps than just clicking "Sell", you absolutely can liquidate your Safemoon crypto holdings from Trust Wallet. In this comprehensive 2800+ word guide, I‘ll show you step-by-step how to sell Safemoon, convert to fiat currency, and get the funds into your bank account.

I‘m Nate – blockchain investor and cryptocurrency trader since 2016. I‘ve cashed out everything from major coins like Ethereum to speculative altcoin gambles like Safemoon many times.

Believe me, I know the stress and confusion of having assets stuck in a wallet when you want liquid cash instead!

But have no fear – selling and withdrawing from wallets like Trust Wallet is totally doable with the right instructions. This process works not only for Safemoon, but many other cryptocurrency tokens as well.

By the end of this guide, you‘ll be armed with the knowledge to swap that crypto for cold hard cash. Let‘s begin!

Overview: Selling Safemoon in Trust Wallet

Here is the 10,000 foot view of what we need to do:

Use PancakeSwap to trade Safemoon for BNB (Binance Coin) right inside Trust Wallet
Send the swapped BNB from Trust Wallet to Binance cryptocurrency exchange
On Binance, trade BNB for a stablecoin like USDT
Withdraw the USDT stablecoin to your bank account as USD fiat

To break it down, because we can‘t directly trade Safemoon for fiat from Trust Wallet, we first need to "hop" through BNB as an intermediate step. This requires using a decentralized exchange (PancakeSwap) connected to Trust Wallet, plus a centralized crypto exchange (Binance) to finish the cash out process.

It may sound complicated, but once you do it the first time, it‘s actually pretty easy. I‘ve cashed out probably around $400,000 worth of assorted crypto tokens using this method without any issues.

In the rest of this guide I‘ll explain everything in much more detail with step-by-step instructions.

First, let‘s quickly go over what Safemoon is and the necessity of using Trust Wallet.

What Exactly is Safemoon?

Safemoon is a cryptocurrency token built on the Binance Smart Chain blockchain. It launched in March 2021 and saw immediate hype and speculation (along with plenty of volatility).

Like many altcoins in the crypto wild west, Safemoon doesn‘t have much real world utility (yet). The team plans to eventually launch a Safemoon crypto exchange. For now though, it‘s mostly used for speculation by investors hoping to profit from swings in its value.

Some key facts about Safemoon:

Total supply of 1,000,000,000,000,000 tokens
Deflationary tokenomics – 10% transaction fee is split between coin burn and reflections
Available on PancakeSwap and other BSC DEXs after launch
Price rose from $0 to $0.000014 before crashing in May 2021 collapse
Market cap peaked around $6 billion in April 2021
Daily trading volume over $100 million at peak hype

As you can see, while Safemoon briefly captured the crypto world‘s imagination (and money), it has since settled down into more of a speculative altcoin than world changing technology.

That‘s not to say you can‘t still profit from it! But just be aware of the risks with assets like this. The SEC is also paying more attention to projects like Safemoon with big claims and swings.

Okay, so why do we need Trust Wallet then?

Why Use Trust Wallet?

Trust Wallet is a highly popular cryptocurrency wallet app for mobile and desktop. It was originally created in 2017 as an open source, decentralized wallet for Ethereum and ERC-20 tokens.

Over time, Trust Wallet expanded support to many other blockchain networks beyond just Ethereum, including Binance Smart Chain where Safemoon resides.

Some of the reasons Trust Wallet is used by millions of crypto investors:

Open source code with ongoing audits to ensure security
Support for many asset types – tokens, NFTs, stablecoins, etc
Built-in DApp browser provides exchange access like PancakeSwap
User-controlled private keys – you own your crypto!
Easy to use with great UX and mobile app
Backed by Binance but still non-custodial

Crucially, because you control the private keys in Trust Wallet, you have total control and flexibility when managing assets. This comes in handy for more advanced actions like selling and withdrawing crypto.

Many centralized exchanges like Coinbase offer wallet services. But you sacrifice control and custody for the convenience. Trust Wallet balances security and usability for the holder.

Now that we‘ve covered the key players, let‘s get into the meaty steps of actually selling and cashing out Safemoon!

Step-by-Step Guide to Selling Safemoon from Trust Wallet

Follow along below to convert your Safemoon holdings into cash. I‘ll explain each step in detail:

Step 1) Swap Safemoon for BNB in Trust Wallet

The first step is we need to swap our Safemoon into a cryptocurrency that is widely traded on exchanges against fiat currency.

For this, we will use BNB, the native crypto of Binance Chain. Using BNB as a hop is perfect for cashing out through Binance later.

To perform the swap from SFM to BNB directly in Trust Wallet, we use the built-in DApp browser to access PancakeSwap.

Here is how to safely trade your Safemoon for BNB on PancakeSwap:

Open the Trust Wallet app and tap the DApp browser icon at the bottom. This will bring up PancakeSwap.
You may need to enable Trust Wallet connection manually by tapping "Unlock wallet". This connects your wallet securely.
On PancakeSwap, click "Select a token" and paste the Safemoon token contract address to load your balance.
In the "To" box, choose BNB (BSC) from the dropdown. This pre-fills the Binance token.
Enter the amount of Safemoon you want to exchange. You can click Max to swap the entire balance.
Click "Swap" and confirm the details. Then click "Confirm Swap" to complete the transaction.

It will take a few minutes for the BNB to show in your Trust Wallet after the swap completes. This is normal – the tokens need to be minted on Binance Chain.

Once you see the BNB successfully arrived in your wallet, we can move onto the next step.

Tip: I recommend leaving a small amount of BSC (Binance Smart Chain coin) which is BNB leftovers, in your Trust Wallet to cover transaction fees in the future. You can get more by buying or depositing BNB into Trust Wallet later if needed.

Step 2) Send BNB from Trust Wallet to Binance

Now that we have BNB, it‘s time to send it from Trust Wallet to your account on the Binance Exchange.

Here is how to safely transfer BNB from Trust Wallet to Binance:

Log into your Binance account and go to your BNB wallet overview. Copy your BNB deposit address for Binance Smart Chain.
In Trust Wallet, tap on BNB and then tap "Send". This will bring up the send funds screen.
Paste your Binance BNB smart chain address into the recipient address field.
Enter the amount of BNB to send. You can tap Max to send your entire swapped balance.
Tap "Continue" and carefully check all details before confirming the transfer.

Once you tap "Confirm" in Trust Wallet, the transfer will be processed and your BNB should arrive in your Binance exchange wallet within a few minutes.

That was the hard part! Now your crypto is on an exchange connected to the traditional finance world, making selling and cashing out much easier.

Step 3) Sell BNB for USDT (a stablecoin) on Binance

Our BNB is now on Binance. Time to trade it for a USD-pegged stablecoin called USDT to lock in the value before withdrawing to your bank.

Follow these steps to safely sell your BNB for USDT on Binance:

From your Binance wallet, select your BNB balance and click "Trade" to go to the exchange.
Make sure the BNB/USDT trading pair is selected. This lets you trade between BNB and the stablecoin.
On the right side, click "Market" then enter the amount of BNB you want to sell.
Click the red "Sell BNB" button. This will convert your BNB to USDT at current market rates.
Check that the USDT shows up in your Binance wallet to confirm the trade completed successfully.

Pro Tip: Instead of USDT, you can trade for other stablecoins like USDC if you prefer. The process is the same once the crypto is converted to fiat value.

Nice work! You‘ve successfully swapped from Safemoon to real-world dollars, albeit digitally. Now it‘s time to finish the cash out process.

Step 4) Withdraw the USDT to your bank account

This is the final step to convert your crypto into cash in your bank account. Here is how to withdraw USDT from Binance to your bank:

Hover over "Fiat" in your Binance account and click "Fiat Wallet".
Choose the currency you want to withdraw, such as USD. Make sure your bank account is already linked.
Click "Withdraw" and enter the amount of USDT you want to cash out.
Triple check the withdrawal details before submitting! Bank transfers usually take 1-3 days.

Once submitted, you‘ll have to wait for the wire transfer to reach your bank account. And that‘s it – you‘ve successfully cashed out your Safemoon crypto into cold hard cash!

Summary: Key Steps to Sell and Withdraw Safemoon

Let‘s quickly recap the steps:

Inside Trust Wallet, use PancakeSwap to swap Safemoon to BNB
Transfer BNB from Trust Wallet to your account on Binance
On the Binance exchange, trade your BNB to USDT stablecoin
Withdraw the USDT from Binance to your bank account

And that‘s the complete process! It may seem complicated the first time, but once you get familiar, selling and withdrawing crypto like Safemoon is actually pretty straightforward.

The hardest parts are avoiding mistakes in sending/receiving addresses and verifying your Binance account for withdrawals. But take it slow and double check everything before confirming transactions.

I highly recommend doing a test cash out with a small amount first if you are unsure. This way you can get familiar without risking real money.

Next let‘s go over some common questions and concerns when selling crypto from wallets.

Frequently Asked Questions

Which currencies can I withdraw to from Binance?

Binance supports withdrawals to dozens of fiat currencies depending on your region. This includes USD, EUR, GBP, AUD, CAD, TRY, and many more. Some may require converting to stablecoins first.

How long do Safemoon/crypto withdrawals take?

Withdrawals from Binance to bank accounts normally take 1-3 business days but can vary by bank. Crypto/stablecoin withdrawals are usually faster – under 60 minutes.

Will I need to verify my identity on Binance?

Yes! You must complete full KYC verification on Binance before being able to withdraw any significant amounts of fiat currency.

What are the fees for selling and withdrawing?

You‘ll pay blockchain network fees for transfers. Binance also charges trading fees (0.1%) and withdrawal fees that vary by currency. Compare the costs before choosing an exchange.

Can I cash out crypto from other wallets beside Trust Wallet?

Yes, the same principles apply. You would need to transfer the crypto to an exchange that supports cashing out to your bank account.

What if I need help? Is there customer support?

Both Trust Wallet and Binance offer customer support channels like help centers, email tickets, and discussion forums. Use them if you get stuck on any step.

How do I report crypto sales on my taxes?

Cashing out crypto is usually a taxable event. You‘ll owe capital gains tax on any profits. Be sure to account for this and maintain records of your transactions.

And that covers some common questions when selling cryptocurrency! Let‘s round out the article with some big picture thoughts.

Closing Thoughts on Cashing Out Crypto

Selling cryptocurrencies like Safemoon is an area filled with risks if you don‘t take the proper precautions.

Assets like Safemoon are highly speculative – the price can crash rapidly leaving investors unable to liquidate their holdings. Always invest based on your risk tolerance and use proper position sizing.

There is also regulatory uncertainty surrounding many altcoins and exchanges in the crypto space. Governments are still playing catch up in providing clear legal frameworks for crypto users. Study your local laws.

Beyond market risks, users need to be cautious when handling private keys and sending transactions between wallets and exchanges. Double and triple check addresses! HAVE COFFEE FIRST before moving large amounts.

Finally, while cashing out crypto to fiat often feels like a dead end, remember there is a whole emerging decentralized financial system being built every day. From DeFi lending to crypto debit cards, you can do a lot with digital assets beyond cashing out to your bank.

So while it is totally doable to sell coins like Safemoon for cold hard cash, also explore how you may be able to use them right inside the new digital economy instead! Less converting back and forth makes for an easier life.

I hope you‘ve found this guide helpful for getting your Safemoon – or any other crypto – out of your wallet and converted safely into fiat cash in your bank account. As you can see, selling from somewhere like Trust Wallet just takes a few more steps. But be sure to exercise caution and double check everything as you go.

Let me know if you have any other questions! Happy (safe) selling.

-Nate