5 Steps To Transfer SOL From Binance To Phantom Wallet

Last updated on January 1st, 2022

You’ve just bought some SOL on Binance, and you may be looking to stake SOL on your Phantom Wallet.

Here’s how you can transfer the SOL you’ve bought from Binance to Phantom Wallet:

How to transfer SOL from Binance to Phantom Wallet

Here are 5 steps to transfer SOL from Binance to your Phantom Wallet:

1. Obtain the SOL withdrawal address on your Phantom Wallet
2. Go to ‘Wallet’ → ‘Fiat/Spot’ on Binance
3. Select SOL as the cryptocurrency you wish to withdraw
4. Enter the transaction details
5. Receive SOL in your Phantom wallet

Here is each step explained in-depth:

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 ‘Wallet’ → ‘Fiat/Spot’ on Binance

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

Select SOL as the cryptocurrency you wish to withdraw

Once you’re there, you can search for SOL, and then select Withdraw.

Enter the details of the transaction

On the next page, you will need to enter the details of the transaction.

This includes:

1. The address you’ve obtained from Phantom Wallet
2. The network that you are using to withdraw
3. The amount of SOL you wish to transfer

When you are sending SOL from Binance, you can use either the SOL network or the Binance Smart Chain.

Since your Phantom Wallet only accepts deposits via the SOL network, remember not to select the Binance Smart Chain as your withdrawal network!

Receive SOL in your Phantom Wallet

After the transfer has been initiated, you will receive SOL in your Phantom Wallet. Transactions on the SOL 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 Binance to Phantom Wallet?

Binance charges 0.01 SOL for withdrawals via the SOL network. This is more expensive compared to withdrawing SOL via the Binance Smart Chain (0.0017 SOL).

Conclusion

Sending SOL to your Phantom Wallet allows you to stake your SOL, and also use it on decentralised platforms such as Raydium.

Furthermore, SOL is required if you want to make any transactions using your Phantom Wallet. As such, it’ll always be good to have some SOL in this wallet!

If you are looking for an alternative way of staking SOL, you may want to consider using Exodus Wallet instead.

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