How to cash out Solana (SOL) from Phantom wallet

From transferring your SOL to a cryptocurrency exchange, converting it into fiat currency like USD or EUR, and finally withdrawing it to your bank account, we’ll cover each step in detail.

Guide on how to cash out Solana (SOL) from Phantom wallet

Step 1: Transfer Solana (SOL) from Phantom wallet to an exchange

The first step in cashing out Solana is to transfer your tokens to a crypto exchange that supports SOL to fiat withdrawal. Popular exchanges include Binance and Coinbase.
 

1. Get your exchange deposit address

• Log in to your exchange account.
• Go to the wallet or deposit section and select Solana (SOL).
• Copy your unique Solana deposit address.

2. Send SOL from Phantom wallet

• Open your Phantom Wallet.
• Select Solana (SOL) from your wallet balance.
• Click send, paste the deposit address, and enter the amount of SOL to transfer.
• Confirm the transaction and pay the network fees.

Pro tip: Double-check the Solana deposit address to avoid sending your funds to the wrong account.

Step 2: Convert SOL to fiat currency

Once your SOL arrives at the exchange, you’ll need to sell it for fiat currency such as USD, EUR, or your local currency.
 

1. Sell Solana for fiat

• Navigate to the sell or trade section.
• Select the trading pair for SOL and your desired fiat currency (e.g., SOL/USD or SOL/EUR).
• Enter the amount of SOL you want to sell.
• Confirm the transaction.

2. Check fees and conversion rates

• Most exchanges charge a small fee for selling crypto.
• Ensure you’re getting a competitive rate for your SOL to fiat conversion.

Step 3: Withdraw fiat to your bank account

After converting SOL to cash, you can withdraw the funds to your bank account or another payment method.
 

1. Set up withdrawal details

• Go to the Withdraw section of your exchange.
• Select the fiat currency (e.g., USD or EUR) you want to withdraw.
• Enter your bank account details or link a payment method like PayPal or SEPA.

2. Initiate the withdrawal

• Enter the withdrawal amount.
• Confirm the transaction and wait for the funds to arrive in your bank account. Processing times vary by exchange and bank but typically take 1–5 business days.

Additional tips for cashing out Solana

• Compare exchanges: Use exchanges with low fees for cashing out Solana to maximize your profits.
• Security First: Enable two-factor authentication (2FA) on your accounts for added security.
• Avoid Scams: Only use reputable exchanges to ensure a safe withdrawal process.
• Check Local Regulations: Make sure you comply with any tax or legal requirements related to crypto to fiat withdrawals in your region.

An easier alternative: Spend your crypto directly with Cryptorefills

If you want to skip the process of converting your SOL to fiat and withdrawing it to a bank account, you can use your Phantom wallet to spend your crypto directly on real-world products with Cryptorefills.
 

Cryptorefills is a platform where you can use your crypto holdings to purchase:

• Gift cards - for ecommerce, gaming, entertainment, and more.
• Mobile top-ups and eSIMs - for prepaid phone credit.
• Emoney - get a virtual mastercard or top up your Paypal or other fiat wallets
• Travel services - including flights and hotel stays.

How to Use Cryptorefills with Phantom Wallet
 

1. Visit Cryptorefills

• Go to www.cryptorefills.com or use the app via Android, iPhone, or iPad, and browse the available products and services.

2. Choose your product

• Select a gift card, mobile recharge, flight, or hotel booking.
• Add your selection to the cart and proceed to checkout.

3. Pay with Solana

• At checkout, select Solana (SOL) or another supported cryptocurrency as your payment method. At the moment, Cryptorefills only support USDC for payments so you need to convert your SOL to USDC inside the Phantom wallet.
• Use your Phantom Wallet to scan the QR code or copy the payment address and send the exact amount required.

4. Receive your product instantly

• Once the transaction is confirmed, you’ll receive your purchased product or service immediately or within minutes.

Why choose Cryptorefills?

• Hassle-free spending: No need to sell your crypto or deal with bank transfers.
• Fast transactions: Payments and product deliveries are completed quickly.
• Wide selection: Access a variety of options, including gift cards, mobile top-ups, and travel bookings.

Frequently searched questions

1. Can I withdraw Solana directly to my bank account?

No, you must first transfer SOL to a crypto exchange, sell it for fiat, and then withdraw to your bank account.

2. What are the fees for withdrawing SOL from Phantom Wallet?

Solana’s transaction fees are generally very low, usually less than $0.01 per transaction. Exchange withdrawal fees vary.

3. What is the best exchange to sell Solana?

Popular exchanges like Binance, Coinbase, and Kraken offer reliable services for selling Solana and withdrawing fiat.


By following the steps in this guide, you can easily cash out Solana from your Phantom Wallet or take advantage of platforms like Cryptorefills to spend your crypto directly. Whether you prefer traditional fiat withdrawals or using your crypto for real-world purchases, you have multiple convenient options to manage your funds.