Funding wallet from a Centralized Crypto Exchange
This guide covers buying SPL tokens from a centralized cryptocurrency exchange (CEX) and transferring them to your Solana wallet.
Here, the FTX exchange is used to fund a Solana wallet with USDC and SOL. The process for other centralized exchanges is very similar.
You will need to register an account with the centralized exchange of your choosing. This generally takes some time and will require you to provide some personal details to support the exchange’s KYC process.
To begin, you will need to transfer FIAT funds (i.e. Euros, Pounds Sterling, U.S. Dollars, etc) from your bank account to the exchange. Most exchanges support bank transfers as well as debit/credit card top-ups.
You will need to follow the steps for the given exchange you're operating with, but the process is generally well explained in their docs. Sometimes, top-up processes may take a day or two to clear before the funds appear in your exchange account.
Depositing USD into FTX
Once you have FIAT funds available within your exchange account, you will be able to trade and purchase assets.
- 1.Search or navigate to the market for the asset you wish to purchase (SOL and USDC).
SOL/USD Trading Pair on FTX Exchange
2. Specify the buy order you wish to place by selecting your order type, the price (if not using a market order) and the quantity. Then, place your order.
In the example below, a BUY market order for 0.09 SOL (estimated to cost around 10 USD at the current price) is placed.
Buying 0.09 SOL for 10 USD
Once your orders have been executed, you should be able to view your SOL and USDC (or simply USD - depending on the exchange) balance within your centralized exchange wallet or balances tab.
Next, you need to withdraw these tokens to your Solana Wallet.
- 1.For each asset, you’ll need to initiate a withdrawal process by clicking 'Withdraw'.
Withdraw SOL from FTX Exchange Spot Wallet
2. Open your Solana wallet and obtain it’s address by copying and pasting it from the wallet’s header.
Copying Solana Wallet Address
3. Complete the remainder of the withdrawal form, which will generally require you to provide:
- The amount of the token to be withdrawn
- The address of the wallet you would like to withdraw to
- Some sort of authentication - for example a Google Authentication or SMS two-factor authentication.
Completed Withdrawal Process
Withdrawal Method and Fee
4. It will usually take your exchange some time (generally a matter of minutes, but could be up to an hour or more on rare occasions) to withdraw these funds.
Once you have been notified that they have been successfully withdrawn, you should be able to see them within your Solana wallet.