How to Withdraw from Phantom Wallet? Step-by-Step Cash Out Guide

Phantom Wallet's become a go-to for folks managing Solana-based crypto and NFTs, but when it's time to actually get your money out, things get a little tricky. The wallet doesn't let you send money straight to your bank, which leaves a lot of people scratching their heads about how to turn their coins into cash.

You can't withdraw directly from Phantom Wallet to your bank account—you've got to send your crypto to an exchange first. It's an extra step, sure, but honestly, it's a routine thing in the crypto world and millions of people do it every day.

You'll need to move your tokens from Phantom to a crypto exchange, sell them for regular money, and then transfer the cash to your bank. Knowing how each part works helps you steer clear of mistakes and actually get your money where it needs to go.

Withdrawing Funds from Phantom Wallet

Phantom wallet doesn't let you send money straight to your bank. You'll need to check your token balance, make sure you've got enough SOL for fees, send tokens to an exchange, and keep an eye on the transaction.

Checking Wallet Balance and Supported Tokens

Before you do anything, open up your Phantom wallet and check what tokens you've got. The main screen shows all your tokens and their balances.

You'll usually see SOL, USDC, USDT, and a bunch of SPL tokens from the Solana network. Some people also keep Ethereum-based tokens like ETH or Polygon tokens (POL) if they're using those features.

Heads up: Make absolutely sure the exchange you want to use supports the exact token you're sending. If you send something they don't support, you could lose it for good.

It's not a bad idea to write down or screenshot your balances before you start. That way, you can double-check everything went through later.

Ensuring Sufficient Solana (SOL) for Transaction Fees

Every transaction on Phantom needs SOL to pay the network fee. If you don't have enough, nothing's going anywhere.

Fees are usually tiny—around 0.00025 to 0.001 SOL per transaction. The amount can go up if the network's busy or your transaction's complicated.

Check your SOL balance before you send anything. If you don't have enough, you'll need to buy more SOL on an exchange or swap other tokens for SOL inside the wallet.

Don't send all your SOL if you think you'll need to make more transfers later. Always leave a little for future fees.

Sending Tokens to a Supported Crypto Exchange

To turn your crypto into cash, you'll need to move it to an exchange. The big names are Binance, Coinbase, KuCoin, and Kraken.

First, sign up for an account on your chosen exchange and go through their verification process. Then, head to the deposit section and grab the deposit address for the token you want to send.

Seriously, double-check the deposit address. If you're sending USDC, use the exchange's USDC address. Don't just use any old wallet address.

In Phantom, hit Send, pick your token, and paste in the exchange's deposit address. Enter the amount, check everything one more time, and send it.

Tracking Your Withdrawal Transaction

After you send your tokens, you can track the transaction. Phantom gives you a transaction ID right away.

Copy that ID and plug it into a Solana blockchain explorer like Solscan or SolanaFM. You'll see the status and all the details there.

Most Solana transactions finish in 30 seconds to 2 minutes. If you're using Ethereum or Polygon, it might take longer.

Once the exchange sees your tokens on the blockchain, they'll credit your account. After that, you can sell your tokens for cash and withdraw to your bank using the exchange.

Converting Crypto to Cash and Completing Withdrawal

When your tokens land in the exchange, it's time to sell them for regular money and get that money into your bank. You'll need to pick the right exchange, make a trade, and set up a withdrawal.

Choosing and Using Cryptocurrency Exchanges (Binance, Coinbase, KuCoin, Bybit)

Pick an exchange that supports your tokens and actually works in your country. Binance has a massive selection—USDC, Bitcoin, NFT tokens, you name it.

Coinbase is super beginner-friendly and has a clean interface. It's solid for Bitcoin, USDC, and offers direct bank transfers.

KuCoin is good if you've got newer or less common tokens. Lots of Solana tokens show up there.

Bybit is all about trading features and has low fees for bigger moves. It covers Bitcoin, USDC, and plenty of altcoins.

Before you get going, check if the exchange accepts deposits from Phantom wallet addresses. You'll almost always need to verify your identity before you can withdraw to your bank.

Fees can be all over the place. Binance is cheap—about 0.1% per trade. Coinbase is pricier, sometimes up to 1.5% for a simple buy or sell.

Selling Tokens for Fiat Currency on the Exchange

Once your tokens show up in your exchange account, you can sell them for dollars, euros, or whatever you use. Most exchanges let you sell with market orders or limit orders.

Market orders sell your tokens right away at the current price. It's quick, but you might get a slightly worse rate.

Limit orders let you set your own price. The exchange waits until someone buys at your price. It can take longer, but you might get more money.

Check the current price before you sell. Crypto prices jump around all day. If you're selling a lot, you might want to break it up into smaller trades so you don't mess up the price too much.

After you sell, the exchange puts the cash in your account. Now it's just a matter of withdrawing it to your bank.

Withdrawing Funds from Exchange to Your Bank or PayPal Account

To withdraw fiat currency, you’ll need to link your bank account or PayPal to the exchange first. Expect to give them your bank routing and account numbers, and sometimes they’ll ask for extra documents to confirm your identity.

Bank transfers usually take anywhere from 1 to 5 business days. Coinbase and Binance let you do direct bank transfers in most countries, though the fees can be all over the place—from nothing up to $25, depending on how much you’re moving and which method you pick.

PayPal withdrawals tend to move quicker, often landing in your account within 1 or 2 business days. Coinbase hooks up with PayPal for US users, but if you use another exchange, you might need to go through a third-party service.

Double-check your account details before you hit withdraw. It’s surprisingly easy to mistype something, and that can slow things down or, worse, send your money to the wrong place.

Each exchange sets its own withdrawal limits, and those limits also depend on how much info you’ve verified. If you’ve just opened your account, expect daily limits—sometimes as low as $2,000 or up to $10,000. If you want to move more, you’ll have to upload more ID and proof of address.

How long it takes really depends on the exchange, your bank, and the amount you’re withdrawing. And don’t forget—weekends and holidays can tack on a few extra days if you’re using a bank transfer.

These are the things that you need to keep in mind in order to know some stuff on how to withdraw from Phantom wallet. The more you know, the safer your crypto assets will be.