How to send money to Phantom Wallet from Binance
In this article, you’ll learn how to transfer cryptocurrency from Binance to Phantom Wallet using the web version. Binance is the world’s largest centralized cryptocurrency exchange, and Phantom Wallet is the flagship wallet of the Solana ecosystem.
We’ve already covered how to fund MetaMask with Binance. However, Metamask only supports networks compatible with the Ethereum blockchain.
Now let’s find out how to send crypto to Phantom Wallet (although you can do it with any other crypto).
Why you need SOL (Solana)
Each network has fees to complete transactions. The Phantom wallet works on the Solana blockchain, it uses its native cryptocurrency — SOL — to pay for transactions. Mind that you will not be able to make any transactions without SOL tokens in your Phantom wallet, so make sure to buy a bit of SOL before you proceed.
Let’s have a look at how we can top up our SOL balance from Binance.
Withdrawing tokens from Binance
First, head over to the Binance main page.
Once there, click on the Wallet tab and choose Fiat and Spot.
In the wallet overview window, click Withdraw.
Type in the name of the currency you want to withdraw. In this case, it is SOL.
Now log into your Phantom Wallet app or extension, and copy the address next to your wallet name at the very top.
Go back to the Binance withdrawal page and paste the Phantom address into the Address field. After that, the network will automatically be pulled up in the Network field.
Next to the network name, you’ll see the network load status. If it says “Congested”, then the transaction may take longer than usual to process (or even get rejected).
Next, enter the amount to withdraw. Mind that the Solana network charges fees in SOL, so make sure you’re holding that token in the first place. By the way, Solana has some of the lowest commissions out there.
Once entered, double-check everything, and, if all is correct, hit Withdraw. You’ll be asked to confirm the withdrawal using your connected 2FA methods (SMS/Email/Authenticator). The funds will arrive as soon as the network processes the transaction.
Displaying the token in Phantom
Now let’s go to our Phantom Wallet and check if the funds have arrived. In this case, we will see a change in the amount of SOL on the main page, since this coin was online by default.
Sometimes you may have sent your cryptos to Phantom Wallet, but can’t see them on your balance even though the transaction was successful. That’s no reason to worry — it just means that you haven’t enabled the selected token to show up on your Phantom Wallet balance.
This is done manually by importing the tokens. Here’s how:
Open your Phantom Wallet and click Manage token list.
Next, search the token ID in the search field.
All unimported tokens will have an inactive slider next to them.
Click it, and the coin will show up on your Phantom Wallet balance.
If you can’t find the token you need, you can import it manually.
For that, in the token management tab, press the + button.
You’ll see a form for adding token metadata. Now you only have to paste the token details from the network scanner — for Solana, it’s Solscan.
In the Solscan search box, enter the desired token name (for example, GMT) and go to its page. Here, you need to copy the token address.
Then paste it into the Phantom form in the Mint Address field.
Also fill in the name — GMT or whatever else you like — and symbol, aka, ticker: in our case, it’s GMT.
Next, click Add. Please note that there is a one-time fee of 0.00204 SOL for adding a custom token.
Once successful, you’ll see the balance of the added token on your Phantom Wallet main page.
Congratulations! Now you know how to send money to Phantom with Binance.