6 Steps To Transfer From Kraken To Phantom Wallet

If you have bought some SOL on Kraken, you may be looking to stake it on your Phantom Wallet.

Here’s a guide on how you can do so:

How to transfer SOL from Kraken to Phantom Wallet

Here are 6 steps to transfer SOL from Kraken to your Phantom Wallet:

1. Obtain the SOL withdrawal address on your Phantom Wallet
2. Go to ‘Funding’ on Kraken
3. Select SOL as the cryptocurrency that you want to withdraw
4. Add a withdrawal address on Kraken
5. Enter the transaction details and confirm the withdrawal
6. Receive SOL in your Phantom Wallet

And here is each step explained further:

Obtain the SOL withdrawal address on your Phantom Wallet

The first thing you’ll need to do will be to obtain the SOL deposit address of your Phantom Wallet.

You can go to ‘Deposit‘,

and then search for ‘SOL‘.

You will see the deposit address that you can use to transfer from the platform of your choice to Phantom Wallet.

The deposit address is actually the same as when you are depositing USDT, ETH or USDC.

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!

Go to ‘Funding’ on Kraken

On Kraken’s platform, you will need to select the ‘Funding‘ tab.

Select SOL as the cryptocurrency that you want to withdraw

Once you’re there, you can select SOL as the cryptocurrency that you intend to withdraw.

Add a withdrawal address on Kraken

The next step will be to add the Phantom Wallet deposit address on Kraken. You will need to paste the deposit address that you’ve copied from Phantom.

Do try to be careful when you are copying your deposit address. If you miss out on a letter or a number, your crypto may be lost forever!

Enter the transaction details and confirm the withdrawal

The last part will be to enter the amount of SOL that you wish to withdraw.

You will be able to view the withdrawal fee that you incur when sending your funds to Phantom as well.

Receive SOL in your Phantom Wallet

After the transfer has been initiated, you will receive SOL in your Phantom Wallet.

Transactions on the Solana network are really fast, and you should be able to receive the funds within a few minutes!

What are the fees for transferring SOL from Kraken to Phantom Wallet?

Kraken charges 0.01 SOL for withdrawals via the Solana network. This fee is similar to withdrawing SOL from Binance, but it is more expensive compared to Crypto.com.

Conclusion

Sending SOL to Phantom Wallet allows you to stake SOL, or use it on DeFi platforms like Raydium.

An alternative would be to send SOL to Exodus and stake it on their platform too.

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