Last updated on June 8th, 2022
Sending USDC to your Phantom Wallet allows you to perform liquidity mining on Raydium.
However, the Phantom Wallet only supports the SOL version of USDC, and not the ERC20 version which is commonly found on most platforms.
Here’s what you need to know about this process.
How to transfer USDC to Phantom Wallet
Here are 5 steps you’ll need to transfer USDC to your Phantom wallet:
- Buy USDC on a platform that enables USDC withdrawals via the SOL network
- Obtain the USDC withdrawal address on your Phantom Wallet
- Paste the withdrawal address on the platform of your choice
- Withdraw USDC via the SOL network to Phantom Wallet
- Receive USDC in your Phantom Wallet
Buy USDC on a platform that enables USDC withdrawals via the SOL network
To send USDC to your Phantom Wallet, you will need to purchase USDC on a platform that offers SOL withdrawals. Here are some platforms that you can use:
| Platform | Withdrawal Fees (SOL) |
|---|---|
| FTX | 0 USDC |
| Binance | 1 USDC |
| Crypto.com | 0.9 USDC |
| AAX | 2 USDC |
| OKEx | 0.8 USDC |
| Gate.io | 2 USDC |
FTX may be the best option as they have the lowest trading fees (up to 0.07%). Furthermore, they offer free withdrawals on the SOL network as well.
Obtain the USDC withdrawal address on your Phantom Wallet
After buying USDC on the platform of your choice, you will need to obtain the deposit address of your Phantom Wallet.
You can go to ‘Deposit‘,
and then search for ‘USDC‘.
You will see the deposit address that you can use to transfer from the platform of your choice to Phantom Wallet.
If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.
This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!
Paste the withdrawal address on the platform of your choice
Once you’ve obtained the address to send to, you’ll need to go to the platform of your choice to send your funds.
In this example, I will be using FTX.
On FTX, you’ll need to go to ‘Wallet‘, and then select the currency that you wish to withdraw.
To withdraw USDC, you will need to select USD first, and then ‘Withdraw USDC‘.
FTX supports USDC withdrawals on both the ERC20 and SOL networks.
Withdraw USDC via the SOL network to Phantom Wallet
For the deposit address, you will need to paste the address that you’ve obtained from your Phantom Wallet.
Afterwards, you’ll need to select Solana SPL as the network that you’ll use to withdraw.
This is because the Phantom Wallet only supports SOL network deposits. If you transfer your USDC to Phantom Wallet via the ERC20 network, your USDC may be lost forever!
Receive USDC in your Phantom Wallet
After the transfer has been initiated, you will receive USDC in your Phantom Wallet.
Transfers on the SOL network are much faster than ERC20, and you should receive your USDC rather quickly!
Conclusion
When you are transferring USDC to your Phantom Wallet, you will need to make sure that you are sending it via the SOL network. This is similar to how you’d withdraw BTC, ETH or USDT to your Phantom Wallet as well.
As such, it would be good to check that the platform that you’re using to buy USDC supports SOL withdrawals, and not just ERC20 withdrawals!
If you’re looking to generate tax reports for your crypto trades, you can consider using Koinly, which allows you to track your transactions from 350+ exchanges and 50+ crypto wallets.
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If you use OKEx’s Buy/Sell feature, you will be buying your crypto from a 3rd-party payment provider.
The fees may vary, but the $10 USD credit should be able to help to pay for your trading fees!
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