How to "Sell" on Phantom Wallet

Objective

Guide on how to convert and withdraw crypto assets using Phantom Wallet.

Key Points

• Phantom Wallet Limitations

  • On both the desktop app and Chrome extension, you cannot directly "sell" crypto for traditional money (e.g., USD).
  • You can only swap (trade one token for another) or send (transfer crypto to another wallet).

• Swapping Tokens

  • Swapping allows you to exchange tokens, e.g., swapping Solana (SOL) for USDC (a stablecoin pegged to the US dollar).
  • Swapping to USDC is common but remember USDC is still a crypto token, not actual fiat money.

• Withdrawing to Fiat Currency

  • To convert crypto into cash (e.g., actual dollars), you must send your USDC/SOL to an external exchange that supports fiat withdrawals, such as Coinbase.
  • After transferring your crypto to such an exchange, you can withdraw to PayPal or your bank account.

Step-by-Step Summary

1. Swap Tokens (Optional)

   • Open Phantom Wallet.
   • Swap SOL (or other tokens) to USDC within the app.

2. Send Tokens to Exchange

   • Choose “Send” in Phantom Wallet.
   • Enter the receiving address from your exchange account (e.g., Coinbase).
   • Input the amount and complete the transaction.

3. Withdraw Fiat from Exchange

   • On the exchange platform, follow their process to convert USDC or SOL to real money (e.g., USD).
   • Withdraw funds to your bank or PayPal if supported.

Additional Tips

• Phantom is best for holding, sending, receiving, and swapping crypto, not for cashing out.
• Always double-check wallet addresses before sending funds.
• For actual fiat conversion, use a trusted centralized exchange.

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