How to Withdraw from Phantom Wallet to Your Bank

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Want to cash out your crypto from Phantom Wallet to your bank account? Don’t worry, it’s simple! This guide will show you how to easily withdraw your funds from Phantom and get them into your bank.

Step 1: Set Up a Centralized Exchange (CEX) Account

Before you can send crypto to your bank, you’ll need to use a centralized exchange (CEX) like Coinbase, Binance, or Kraken. Here’s how to do it:

  1. Sign up for an account on your chosen exchange.
  2. Verify your identity by uploading some documents (this is required to withdraw to your bank).

Step 2: Transfer Crypto from Phantom Wallet to the Exchange

Now, let’s send the crypto from Phantom Wallet to your exchange account:

  1. Open your Phantom Wallet.
  2. Click on the Send button and select the cryptocurrency you want to withdraw.
  3. Copy the deposit address from the exchange where you want to send your funds.
  4. Paste the address into Phantom and enter the amount to send.
  5. Confirm the transaction and wait for the transfer to complete.

Step 3: Sell Your Crypto on the Exchange

Once your crypto arrives on the exchange, you’ll need to sell it for your local currency (USD, EUR, etc.):

  1. Go to the Trade section on the exchange.
  2. Select the crypto you want to sell (e.g., SOL, BTC).
  3. Choose to sell it for your desired currency (USD, EUR, etc.).
  4. Review the details and confirm the sale.

Step 4: Withdraw Funds to Your Bank

After selling your crypto, you can withdraw the cash to your bank account:

  1. Go to the Withdraw section on your exchange.
  2. Select Bank Transfer as the withdrawal method.
  3. Enter your bank details (if you haven’t already).
  4. Choose the amount to withdraw and confirm.

Your funds will typically arrive in your bank account within a few business days.

And that’s it! You’ve successfully withdrawn crypto from Phantom Wallet and cashed out to your bank. It’s quick and easy, and now you know how to convert crypto into real-world money. Happy cashing out!