How to Exchange Cryptocurrency to Fiat (USD)
April 23, 2025
5 min read
Converting cryptocurrency to fiat currency involves transferring your digital assets to a centralized exchange and then withdrawing the equivalent fiat to your bank account. This guide provides step-by-step instructions for transferring USD Coin (USDC) on the Arbitrum One network from Trust Wallet to Binance and subsequently converting it to fiat currency.
Step 1: Prepare Your Trust Wallet
- Ensure Sufficient ETH for Gas Fees: Transactions on the Arbitrum One network require ETH to cover gas fees. Make sure your Trust Wallet has a small amount of ETH on the Arbitrum network. You can acquire ETH through in-app purchase options or by swapping other tokens within Trust Wallet.
- Locate Your USDC Tokens: Open Trust Wallet and navigate to your USDC balance on the Arbitrum One network.
Step 2: Obtain Your Binance USDC Deposit Address
- Log in to Binance: Access your account at https://www.binance.com.
- Navigate to Deposit Section: Go to "Wallet" > "Fiat and Spot" and click on "Deposit."
- Select USDC and Arbitrum Network: Choose "USDC" as the coin and "Arbitrum One" as the network. Binance supports USDC deposits on the Arbitrum One network.
- Copy Deposit Address: Copy the provided USDC deposit address for the Arbitrum One network.
Step 3: Transfer USDC from Trust Wallet to Binance
- Initiate Transfer in Trust Wallet: In Trust Wallet, select your USDC (Arbitrum) token and tap "Send."
- Enter Binance Deposit Address: Paste the Binance USDC deposit address obtained earlier.
- Specify Amount and Confirm: Enter the amount of USDC you wish to transfer and confirm the transaction. Ensure you have enough ETH on Arbitrum to cover the gas fees.
- Wait for Confirmation: The transfer should be completed within a few minutes, depending on network congestion.
Step 4: Convert USDC to Fiat on Binance
- Access the Convert Feature: Once your USDC has arrived in Binance, navigate to "Trade" > "Convert."
- Select Conversion Pair: Choose "USDC" as the coin you have and select your desired fiat currency (e.g., USD, EUR) as the coin you want.
- Enter Amount and Preview: Input the amount of USDC to convert and click "Preview Conversion" to see the exchange rate and fees.
- Confirm Conversion: If satisfied, confirm the conversion. The fiat currency will be credited to your Binance fiat balance.
Step 5: Withdraw Fiat to Your Bank Account
- Navigate to Withdrawal Section: Go to "Wallet" > "Fiat and Spot" and click on "Withdraw."
- Select Fiat Currency: Choose the fiat currency you converted your USDC into.
- Choose Withdrawal Method: Select your preferred withdrawal method (e.g., bank transfer, depending on your region).
- Enter Bank Details: Provide your bank account information as required.
- Specify Amount and Confirm: Enter the amount to withdraw and confirm the transaction. Processing times may vary depending on the method chosen.
Security Tips
- Never share your private keys or recovery phrases. These credentials grant full access to your wallet.
- Double-check all addresses and networks. Sending assets to the wrong address or network can result in permanent loss.
- Enable two-factor authentication (2FA). Enhance the security of your Binance account by enabling 2FA.
- Be cautious of phishing attempts. Always ensure you're on the official Binance website: https://www.binance.com.