3 Steps To Transfer From 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‘.

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.

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).

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.

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‘.

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

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

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

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.

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

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!

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