Want to have a taste of your investments in cryptos with some amazing paybacks and profits? What are you waiting for? Now go encash your cryptos from your digital wallets. We are here with a sequential guide on how to withdraw money from Phantom Wallet.
Well, A phantom wallet is not the one that has been long sustaining and has been in the game ever since like Venmo or Trust Wallet. It is a new wallet or say a new introduction to the cryptocurrency world or the world of digital saving. A phantom wallet is dedicated to the Solana ecosystem and doesn’t support other networks. Phantom makes it easy, safe, and fun for everyone to explore all that Web3 has to offer.
Phantom is the MetaMask equivalent of the Solana ecosystem as it is mainly designed to make the process of managing private keys for DeFi projects in the Solana network much easier. Already, Phantom has raised $9 million from renowned venture capitalists such as A16z. The funds are set to be used for the development of its platform.
In this article, we will be providing you with the simple steps of how to withdraw money from Phantom Wallet. We hope this guide will help you in answering all your queries.
What Is A Phantom Wallet?
Phantom Wallet is a non-custodial browser extension and cryptocurrency wallet that allows users to interact with several blockchain networks in the Solana ecosystem in an easy and secure manner. The wallet includes an extension that allows users to send and receive cryptocurrencies and tokens, as well as collect and swap tokens within the wallet. We will be learning about how to withdraw money from Phantom Wallet.
With this in mind, the Phantom wallet is one of the available tools on Solana to use. Additionally, Phantom wallet acts as a simple browser extension(Chrome, Brave, or Firefox) and therefore turns your browser into a crypto wallet. To start browsing on the Solana ecosystem Phantom supports you with the following functionalities:
- Non-custodial – Your funds, private keys, and private data are stored on your device and cannot be accessed by a third party.
- Token swaps – Phantom uses a built-in DEX to safely swap tokens at the best prices
- NFTs and collectibles – Smooth user interface for storing your favorite NFTs
- Ledger support – You can store your private keys offline by simple connecting to a Ledger hardware wallet
- Web3 support – Phantom also functions as a dAPP browser that interacts with the Solana blockchain
- SOL staking – Earn additional SOL on your funds by just holding them in your wallet.
Probably you are already using Phantom on a daily basis and are familiar with the functionalities mentioned above. Also, you might have some crypto funds in your wallet and want to cash out from Phantom Wallet. In fact, turning crypto into fiat currency is a common issue when dealing with decentralized wallets. After this brief understanding of what is a phantom wallet, let us now move to how to withdraw money from a Phantom Wallet.
Can You Directly Withdraw Money From Phantom Wallet?
Unfortunately, there isn’t a direct way to transfer your funds from Phantom Wallet to an external bank account. The main reason for this is that Phantom Wallet is a digital wallet that is connected to smart contracts and runs autonomously. At the moment, banks can’t deal with decentralized technology or non-custodial wallets.
As a result, it’s necessary to send your funds from Phantom Wallet to a major cryptocurrency exchange. In other words, to know how to withdraw money from Phantom Wallet you need a centralized crypto exchange like Binance.
Also, the Phantom Wallet is a crypto wallet that doesn’t deal with fiat money like EUR, USD, or GBP.
How To Withdraw Money From Phantom Wallet?
Here is how to withdraw money from Phantom wallet Open Cryptocurrency Exchange Account> Send Funds From Phantom Wallet> Sell Solana on Centralized Exchange> Select Binance Withdrawal Methods> Receive the Money.
Step 1: Open a Cryptocurrency Exchange Account
First and foremost, you must create an account, which should not be difficult. You can also use this link to create a free account on any exchange. We will be taking the example of Binance here in these steps, just like we did in one of our articles as to withdraw money from. ….. using finance
Binance is the largest cryptocurrency exchange in the world based on daily (24-hour) trading volumes. It also has millions of everyday cryptocurrency traders using its platform. Aside from trading, Binance offers a variety of additional useful services, such as custodial wallets, crypto margin trading, lending, and staking rewards.
Remember that crypto exchanges employ custodial wallets to store their funds and are constantly targeted by hackers. As a result, they place a premium on security, and withdrawing funds to a bank account necessitates identification.
In short, an account verification(KYC) process consists of the following:
- Upload official documents(passport, identity card, driving license, or else)
- Take pictures of both sides of the document
- Make a selfie
Step 2: Send Funds From Phantom Wallet
You must understand and know the utilization of your cryptocurrency for which we have this guide on how to withdraw money from the Phantom wallet.
After you’ve completed your selected exchange’s signup process. It is time to use your newly established profile to withdraw money after you’ve signed up for a Binance account.
Swap your Solana(SOL) for the cash you’ll need to transfer your SOL monies from Phantom to Binance here.
Wondering how to do this? Below are some steps for Binance:
- In Binance go to ‘Wallet‘
- On top on the right click ‘Deposit‘
- Tap ‘Coin textbox‘ enter SOL in the pop-up
- Tap the ‘SOL‘ coin and choose ‘SOL Solana‘ as the network
- Finally, copy the ‘SOL’ address to the clipboard
Return to your Phantom wallet, log in with your password, and locate your SOL(Solana) funds. Furthermore, if you do not have SOL, make sure you first convert the tokens in your wallet to SOL.
As a result, click ‘Send’ to transfer. Now tap on your Solana funds and paste the Binance SOL address from the clipboard into the recipient address for Solana.
Step 3: Sell Solana On Centralized Exchange
It will take only a few seconds for funds to reach your Binance account, because of the Solana blockchain’s lightning-fast transaction processing. Simply check your Binance wallet to see if you have received the Solana money.
You will receive a notification from Binance, once the SOL Token has arrived on their platform.
The next step is to exchange your SOL Tokens for US dollars, British pounds, or any other currency. The following fiat currency trading pairs for SOL are available on Binance.
If you need to transfer funds to a bank account in another currency, you should first sell your SOL for Bitcoin. The next step will be to search for a party using the Binance P2P platform.
Selling funds on Binance is a very smooth exercise because of the high volume in the order books. You can access and reach the official website to sell your token on Binance. Therefore, after finalizing your order your funds(money) will be available in your account for transfer straightaway.
Step 4: Select Binance Withdrawal Methods
The withdrawal method fully depends on your situation as a customer of Binance. Additionally, if you already have a bank account connected to Binance then you can transfer money to it right away.
For instance, if you are living in the European Union Area you can withdraw EURO instantly. However, to accomplish this an additional verification step is required.
In general, to withdraw money from Binance to your bank account go to ‘Fiat and Spot Wallet‘ first. Then click ‘Withdraw‘ and from here you can start the process. If you have further questions you can also try to contact Binance support.
Step 5: Receive The Money On Your Favorite Payment Method
This is the final step and if everything went okay as you followed the above guide, you just need to wait for the funds to arrive. Mostly verified users will have the money the same day into the bank account.
All in all, this is the fastest way to cash out crypto from Phantom wallet to your bank account. Maybe you might find it a little bit risky, but it’s pretty easy!
Our takeaway from the above guide was easy and quick, let’s go through this process for a follow real quick:
- Swap to SOL on your Phantom wallet
- Create an account at a centralized crypto exchange(like Binance)
- Get your Binance Solana address and sent SOL from Phantom to Binance
- Start the withdrawal process to your linked bank account
- Receive money directly into your bank account
And this is how you withdraw from Phantom wallet to your bank account! Enjoy your profits and don’t forget to share this guide if it was helpful.
This was a complete guide on how to withdraw money from Phantom Wallet. If you are keen on encashing or withdrawing the sum of your tokens then go by the guide above and enjoy trading.
We hope this guide on how to withdraw money from Phantom wallet was helpful and we catered to all that you were looking for. Furthermore, if you have any queries or doubts regarding this article, then feel free to drop your queries in the comment section below. We assure you to revert as soon as we can.
Frequently Asked Questions
1. Does The Phantom Wallet Work On Mobile?
Currently, no such mobile-accessible app comes with the phantom wallet.
2. Can I Store Bitcoin On Phantom?
No. Phantom is focused on the Solana ecosystem so there is no support for the biggest crypto on the planet. That said, Phantom has plans to support Ethereum so BTC might be added in the future.
3. What Coins Does Phantom Wallet Support?
This is a decentralized exchange with which you can swap tokens. At the moment, the Phantom wallet supports the following currencies: SOL, USDT, USDC, Raydium (RAY), Serum (SRM), along with every other utility token that launches with Solana’s DApps