11) In this scenario say I want to cash out how do I do that? I sell my BTC (BTCB) into USD (USDSB) and then what? How do I get it into my bank account?
I have read on other places that the answer is to get it back onto an exchange and then cash out. For example I could transfer my BTCB back into my CB and then cash out that way.
Is there no way to do it within TrustWallet, as the DEX in it is an exchange itself? But I see no place to connect my bank account.
If I do have to get it back onto coinbase, that means I have been charged twice. Once to move from CB to TW, and once back from TW to CB.
You need to realise that a "DEX" is a decentralised exchange... and is only useful for trading from one cryptocurrency/token to another. There is usually no "central control" that is connected to traditional banking services. You will not be able to get fiat currencies "into" or "out of" a DEX. At best, you'll be able to get so-called "stablecoins" (or pegged tokens) etc... but you'll most likely need to find a centralised exchange like CoinBase that will allow you to convert these to fiat and then withdraw to a bank etc.I have read on other places that the answer is to get it back onto an exchange and then cash out. For example I could transfer my BTCB back into my CB and then cash out that way.
Is there no way to do it within TrustWallet, as the DEX in it is an exchange itself? But I see no place to connect my bank account.
If I do have to get it back onto coinbase, that means I have been charged twice. Once to move from CB to TW, and once back from TW to CB.
It seems TrustWallet has a builtin facility for purchasing via a CreditCard (but I would assume that is probably by using a 3rd-party like Simplex). However, there is no "withdrawal" to fiat facility that I am aware of.
Quote
12) When I buy on Coinbase, I get charged a commission. Then then transfer to TW, and that is another fee. I.e. There are two fees. If from now on, I buy my BTC straight form the DEX in TW, does that mean I will only be facing one fee now? As it will automatically put it into my wallet right? So the only fee really is the purchase commission fee.
It seems that TrustWallet allows you to purchase via CreditCard... no doubt they'll include a "margin" on the conversion... so while it may not technically be a "fee" as such, be aware that the price you pay versus the amount of BTC you receive isn't likely to be at true market rates... you will be losing value in the transaction.Quote
13) When I transferred the BTC from CB to TW, I incurred a very small fee of £0.26 on a £10 transfer. however when i go into the "details" of the transaction it says "Network Fee: £6.75". However, I don't see this being charged to my portfolio? My portfolio is worth a little under £10, as I expected. Where has this £6.75 been charged?
Using fiat values with cryptocurrency can be a little deceptive because of the volatility and wild price fluctuations of cryptocurrencies. It's also possible that CoinBase used a "Pay2Many" or "batched" transaction to send your funds to TrustWallet. That is to say, they bundled your request up with a load of others... so while they only charged you a small fee, the transaction as a whole would have been quite large and incurred a much larger fee.If you have the TransactionID, you should look it up on a blockexplorer like blockchair.com... and see how many outputs there are. If there are more than two, then chances are it was a Pay2Many, and the system is just showing you the fee for the whole transaction... rather than what CoinBase actually charged you.
A lot of big sites do this, they charge all the individual users a "set" fee... and then bundle them all together to keep costs down.
Quote
14) TrustWallet doesn't cater for GBP, which is my preferred Currency! That means I need to be wary of the USD/GBP FX as well!
Correct.
You either keep your BTC secure in a non-custodial wallet, and accept the fact that to liquidate it, you'd need to transfer to an exchange and then withdraw (accepting all the fees and time involved)... or you keep the coins on an exchange and accept the risk that the exchange could lock your account or get hacked etc.
Correct.
Quote
I simply wanted a very simple wallet that can protect my BTC. And also where I can sell urgently if needed to.
Sadly, those two things are pretty much mutually exclusive. You either keep your BTC secure in a non-custodial wallet, and accept the fact that to liquidate it, you'd need to transfer to an exchange and then withdraw (accepting all the fees and time involved)... or you keep the coins on an exchange and accept the risk that the exchange could lock your account or get hacked etc.