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How To Cash Out Solana from Phantom Wallet and Withdraw it to Your Bank Account
The only way to make money in crypto is to actually take profit when your bags are up. There are not a lot of tutorials that show you how turn crypto into cash but that changes today. We’ll show you how to cash out Solana from a Phantom wallet and turn it into money in your bank account. Specifically, we’ll focus on $SOL to $USD in this example but the mechanics are pretty much the same regardless of the crypto currency you’re looking to cash out.
Cash Out Solana from Phantom by Sending it to Coinbase
The first step in the process of cashing out Solana from Phantom wallet is to send it to your Coinbase account or any other centralized exchange you prefer. Once the $SOL has been sent from your Phantom wallet to Coinbase you can then sell it to Cash / $USD. Below are the exact steps to send Solana from Phantom to Coinbase…
Step 1: In your Coinbase account, click on “Receive Crypto” and select Solana as the asset.
Step 2: Copy your Coinbase Solana Receive Address.
Step 3: Open the Phantom wallet that holds the $SOL you want to convert to cash and click “Send”.
Step 4: Select Solana and paste your Coinbase Solana Receive Address. Enter the amount of $SOL you want to send to your Coinbase account. Review the transaction and click the “Send” button.
That’s it, your Solana will be sent (almost instantly) to your Coinbase account.
Sell Solana to Cash $USD in Coinbase
Now that Solana has been transferred from Phantom wallet to Coinbase, the next step is to sell $SOL to cash. Doing that will allow you to withdraw the cash equivalent to your bank…
Step 1: In your Coinbase account, click the 3 dots next to your Solana balance.
Step 2: Next, click on “Sell” to cash (USD) and select the amount.
Step 3: Review the order and note that Coinbase will take a small fee for the sell $SOL to cash transaction. Finally, click the “Sell now” button to complete the order.
Withdraw Cash from Coinbase to your Bank Account
The last step in the process of cashing out Solana from Phantom wallet is to transfer the USD to your bank account. If you have multiple bank accounts connected to Coinbase, you can select the specific one you want to transfer your cash to and below are the steps to do that…
Step 1: Click the 3 dots next to your cash balance in Coinbase and select Withdraw.
Step 2: Enter the amount of cash you want to withdraw from Coinbase and select the bank account.
Step 3: Click the “Withdraw cash now” button and your USD will transfer to your bank.
Your funds will arrive in your bank account almost instantly in most cases. Just remember to keep taxes in mind anytime you cash out Solana Phantom to your bank. Taking profits is an important piece of the crypto game. Now you have the information to turn Solana into cold hard cash in the bank.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
