How to add money to Phantom Wallet

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How to add Money To Phantom Wallet? This guide, explains the two methods that allow you to add funds to the Phantom Wallet App.

The Phantom wallet is a significant factor in the decentralized Solana ecosystem. Moreover, where the Solana blockchain network is designed to handle transactions fast, the Phantom wallet is the place to store your tokens.

With this in mind, the Phantom wallet is one of the available tools on Solana to use your assets in a truly decentralized manner.

The Phantom Wallet App is probably the best tool on the Solana blockchain to manage your crypto assets. Correspondingly, sometimes, it’s necessary to fund it.

Hence, if you want to add money to your Phantom Wallet, then this blog post is for you.

Keep on reading this article to get precise information about the following topics:

  • How to add money to Phantom Wallet;
  • Step-by-step guidance to correctly deposit funds into your Phantom wallet address;
  • Things you need to know about transfer transactions on Phantom.

Adding Funds To The Phantom App

Acquiring a new digital wallet to store your crypto assets can be a daunting task given the myriad of options available.

However, Phantom Wallet is a highly secure wallet, making it an excellent choice for storing digital currencies.

So if you want to start using this wallet, it’s not weird that you want to send currency here.

After all, having a wallet that guarantees the safety of each transaction and token is crucial for a positive cryptocurrency experience.

🔔 Pro Tip – Besides adding funds or cryptos to the Phantom wallet, it’s also possible to store Solana NFTs. Just tap the square symbol in the navigation bar to show any NFTs in the wallet.

How To Add Money To Phantom Wallet

Before starting this process, I’ll assume that you have set up and downloaded the Phantom Wallet App on your mobile device.

Additionally, there are two ways to deposit money to Phantom:

  • You need to receive crypto from someone else
  • Start a buying transaction inside the App

Don’t worry – I’ll show you how to efficiently perform both processes.

Method 1: Buy Coins on the Phantom Wallet App

First, it’s important to mention that Phantom does not sell any crypto tokens. In fact, Phantom wallet is like any crypto wallet interface, that showcases balances on the Solana blockchain. Meaning, if you want to fund your wallet with fiat currency then you will need a third party that will buy these for you.

The third parties available in the Phantom wallet are MoonPay and Coinbase Pay. Finally, before you start the buying process, it is good to know that these parties could charge you fees that are linked to the crypto exchange you decide to choose.

Steps to Buy Crypto with Money on Phantom Wallet

Below are the steps you have to take to use a third-party provider for doing a crypto purchase from within the Phantom Wallet App.

  1. In the Wallet App click on Solana
  2. Next, click Buy button
  3. A search screen appears, where you click Solana again
  4. Give the amount in $ you want to buy and click Next
    Buy SOL on Phantom
  5. Choose one of the two available payment methods: MoonPay or Coinbase Pay
    Pahntom wallet payment methods
  6. From here you will be redirected to a third-party provider to finish the purchase

Remember that I used Solana(SOL) as an example to buy with dollars. Of course, you can buy any cryptocurrency here that supports the Solana blockchain.

All in all, a very smooth and fast exercise that allows you to own cryptocurrency within a few minutes!

🔔 Pro Tip – It’s also possible to use the Phantom Wallet on Instagram. If you already have some NFTs stored in your wallet, you can easily connect them to your Instagram account.

Method 2: Receive Coins From an External Crypto Wallet

This other method requires you to receive coins from another exchange or external wallet.

Also, the deposit must take place from an external platform directly to your Phantom Wallet address.

Step 1: Find the Deposit button in your Phantom account

Make sure that you are logged in to your account. Next, above in the menu you will see three buttons: Deposit, Buy, and Send.

Tap on Deposit, and a list of token suggestions will appear on the screen.

Step 2: Select the coin you want to receive

If you see the token right away, then just tap on the search results. Otherwise, you have to enter the symbol of the token in the search bar above.

Step 3: Copy the wallet address to your device’s memory

Next, you will see a large QR code, and below the account and wallet address you need to receive coins here. Now, you have to copy the wallet address to your device memory.

Deposit Solana(SOL) on Phantom Wallet
Deposit Solana(SOL) on Phantom Wallet

Warning: For sending and receiving cryptos in your Phantom Wallet it’s very important to make sure you have picked the right wallet address. Moreover, sending coins to the wrong wallet address or network will lead you to lose funds and unfortunately, you can’t get these back.

Therefore, always double-check before going to the next step.

Step 4: Give this wallet address to the sender or use it at an external exchange

The last step is to hand over the wallet address to the sender.

If, by any chance, you are the sender, just create a Kucoin(US and EU) or Binance Account to deposit the money.

At these exchanges, you need to start a withdrawal process where you need to paste(from memory) the address in the coins field and send the tokens.

Next, you should receive them in Phantom Wallet soon enough, depending on the network.

And that’s all – your Phantom Wallet is now funded!

It’s now possible to safely store, send, or swap tokens by using the Phantom Wallet App.

Earn Crypto with Staking Solana on Phantom Wallet

So now that you have deposited some funds, what’s next? A very popular feature of the Phantom Wallet is staking crypto(SOL). In short, Staking Solana is like helping the network keep its lights on. You contribute your SOL by “locking” it up, while validators use it to process transactions. In return, you earn rewards (think of it as interest) in the form of more SOL, just for lending your support.

Think of your SOL as votes in a democracy. The more SOL you stake, the more voting power you have, and the more rewards you potentially earn. You can ‘unstake‘ your SOL anytime, so it’s always accessible. Besides, for beginners, It’s a low-risk way to earn passive income while contributing to the network’s security.

Start staking SOL on Phantom Wallet
Staking SOL on Phantom

Here’s a step-by-step guide to staking in Phantom:

  1. Click on your SOL balance in the wallet.
  2. Click the “Start earning SOL” button.
  3. Choose a validator.
  4. Select an amount and click “Stake”.

Finally, staking SOL gives you an average APY of around 5 to 7%.

Related: 5 Best Places To Swap ETH For SOL

FAQ – How To Add Money To Phantom Wallet

Can I Recover My Phantom Wallet Funds with The Recovery Phrase?

The Recovery Phrase is a mechanism designed to protect your funds in case you lose access to your wallet.

Be sure to save this phrase in the correct order! If you fail to save it somewhere, it will be impossible to regain access to your wallet.

Learn more about Phantom Wallet Recovery Phrase here.

Can I Send Money From Binance To Phantom Wallet?

Unfortunately, it is not possible to send fiat money(USD, EUR, etc) from Binance to Phantom Wallet. Both platforms specialize in sending/ storing cryptocurrencies and don’t support bank transfers like Visa or Swift. Only Binance can withdraw or deposit fiat currencies into its platform.

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