This article shows the process for withdrawing SOL from your Solana wallet to a cryptocurrency exchange to convert to your local currency. Before we get started, make sure you have the following:
- A Solana wallet connected with OpenSea
- An account on a cryptocurrency exchange (like Coinbase, Binance, FTX)
Once you have those set up, let's get started!
Withdrawing cryptocurrency to an exchange
For your first cryptocurrency withdrawal from your crypto wallet, we strongly suggest withdrawing a small amount first in order to familiarize yourself with sending cryptocurrency between two wallets.
This is to avoid sending your funds to an unknown/non-existing wallet. Since transactions on the blockchain are irreversible, funds that are missent will likely be permanently lost.
For this tutorial, we'll show how to withdraw SOL from Phantom to FTX.
You’ll need to navigate to your FTX wallet address in your account. This should only be used for SOL. Do not send NFTs to this address!
Once you've copied your SOL address from your FTX account, head back to your Phantom wallet and click Send. You'll enter the FTX address as the recipient before deciding the amount to transfer. Click Next.
Review your transaction to confirm that the wallet address and amount are correct. You’ll see a small network fee. If all looks good, click Send.
How do I withdraw my funds once they’re in the exchange?
Once your SOL has been received in your FTX account, you’ll be ready to withdraw. Check out the steps below:
That’s it! You've transferred SOL from your Phantom wallet to your exchange account - nice!