Crypto

3 Steps To Transfer From Phantom Wallet To Binance

Phantom Wallet To Binance

Last updated on January 9th, 2022

If you have some SOL or other tokens on your Phantom Wallet, you may be looking to transfer them back to Binance to trade it for another currency.

Here’s how you can transfer from your Phantom Wallet to Binance using the SOL network:

How to transfer from Phantom Wallet To Binance

Here are 3 steps to transfer from Phantom Wallet to Binance:

  1. Obtain the Solana network deposit address from Binance
  2. Select the cryptocurrency that you wish to withdraw from your Phantom Wallet
  3. Confirm the transaction on your Phantom Wallet

And here is each step explained further:

Obtain the Solana network deposit address from Binance

On Binance’s platform, you will need to go to ‘Wallet‘, and then ‘Fiat/Spot‘.

Binance Wallet Fiat Spot

Next, you will need to select the cryptocurrency that you wish to deposit from Phantom Wallet using the SOL network.

For this example, I will be using SOL, but you can use other currencies such as USDC or USDT.

Binance Select SOL

After selecting the ‘Deposit‘ button, you will be able to view the deposit address for that cryptocurrency.

For SOL, you are able to deposit it either via the Solana network, or the Binance Smart Chain (BEP20).

Binance Deposit SOL Networks

Since you are withdrawing from your Phantom Wallet, this wallet only supports SOL network withdrawals.

As such, you should be selecting SOL, instead of BEP20!

This will give you the SOL deposit address which you can now copy.

Binance Copy SOL Deposit Address

Select the cryptocurrency that you wish to withdraw from your Phantom Wallet

Once you’ve obtained the deposit address, the next step will be to go to your Phantom Wallet and select ‘Send‘.

Phantom Wallet Select Send

You will be asked to select the cryptocurrency that you wish to withdraw.

Phantom Wallet Select Currency

Confirm the transaction on your Phantom Wallet

The next step will be to:

  1. Paste the deposit address you’ve obtained from Binance
  2. Select the amount of cryptocurrency that you wish to withdraw
Phantom Wallet Withdrawal Page

After selecting next, you will be able to see the transaction fee that you’ll need to pay.

Phantom Wallet Transaction Fee

The transaction fees on the Solana network are usually very low.

After confirming the transaction, the SOL should be deposited into your Binance wallet.

Which cryptocurrencies can I send from Phantom Wallet to Binance?

You are able to send any cryptocurrencies to Binance from your Phantom Wallet, so long as Binance has a SOL deposit address for that particular cryptocurrency.

For example, you are able to have ETH on your Phantom Wallet.

Phantom Wallet Search ETH

However, if you go to the ETH deposit addresses on Binance, you may notice that Binance does not have a SOL deposit address!

Binance ETH Deposit Addresses

If you send any ETH from your Phantom Wallet to Binance using any other network, it may be lost forever!

As such, it will be good to double check that Binance has a SOL deposit address for any cryptocurrency that you wish to send from Phantom Wallet.

Conclusion

The process of sending cryptocurrencies from Binance to Phantom Wallet is similar to how you would do so with KuCoin or FTX.

Your Phantom Wallet allows you to hold cryptocurrencies on the Solana network.

If you are looking to send your cryptocurrencies from Phantom Wallet to Binance, you may want to double check if Binance has a SOL deposit address for that cryptocurrency!

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

Binance Referral (Receive 5% off your trading fees)

If you are interested in signing up for a Binance account, you can use my referral link.

You will be able to receive 5% off all of your trading fees on Binance!


undraw pcsocial 16rw

Do you like the content on this blog?

To receive the latest updates from my blog and personal finance in general, you can follow me on Telegram and Facebook.

Are you passionate about personal finance and want to earn some flexible income?

You Might Also Like

    Total
    0
    Share