DEXs are crucial in the crypto ecosystem, enabling trust and permissionless trading of digital assets. In this guide, There are several DEXs available on the Solana Blockchain. We’ll be going over 3 decentralised exchanges and how you can swap them. Once you get the hang of one of them, you’ll be able to use all of them without any issues. 

TL;DR

• Select a Centralized Exchange (CEX): Download Binance and create an account.
• Login to Binance: Use Gmail or another method to log in.
• Add Funds to Binance: Buy USDT via bank transfer, card, or P2P.
• Create Phantom Wallet: Download, set up, and save your recovery phrase.
• Transfer USDT to Phantom Wallet: Withdraw USDT from Binance to Phantom Wallet (via Solana network).
• Use a DEX (Raydium, Jupiter, Orca): Connect Phantom Wallet and swap USDT for WIF.
  • Raydium: Open, connect Phantom Wallet, select USDT/WIF, and swap.
  • Jupiter: Open, connect Phantom Wallet, select USDT/WIF, and swap.
  • Orca: Open, connect Phantom Wallet, select USDT/WIF, and trade.
• Track Trades on Dexscreener: Connect Phantom Wallet to monitor transactions.
• Keep Some SOL for Fees: Ensure you have enough SOL for gas fees.

Video Tutorial

Quick Step-by-Step Flow Chart

For those looking for a quick overview, here’s a step-by-step flow chart that outlines the entire process at a glance. Refer to this chart if you want a visual guide to follow alongside the detailed steps below.

 

 

Click Here for the Full High-Resolution Flow Chart

 

Here are the DEXs we’ll be covering today,

• Raydium
• Jupiter
• Orca

With that said, let’s start with choosing an exchange. For this guide, we'll be using a Dogwifhat as an example and swapping USDT in exchange for WIF.

Step 1: Select an Exchange

We don't want to rush the process of learning how to use a DEX with Phantom Wallet. We'll take you through each step of the way, and in this very first, you need to choose a CEX (Centralised Exchange). Finding a reliable and trustworthy platform is the key. You must register on a cryptocurrency exchange. Here are some popular exchanges:

• Binance
• Coinbase
• Kraken
• Gemini
• Robinhood

For this guide on using DEX with Phantom Wallet, we'll be using Binance.

• Go to the app store and download the Binance app on your phone.

 

 

Step 2: Login to Your Account

Once the app is installed, the next step is to log in to your account.

• We'll be using our Gmail account to log in quickly.

 

 

Note: To do any exchange or trading, you must have a verified account. To learn how to create and verify your Binance account, check out our guide on how to use Binance.

Step 3: Adding Funds to Your Account

Now that your account is ready, you need to have funds before learning how to buy a DEX with Phantom Wallet. There are usually several options to fund your account. You can choose from the following options if you don't have any crypto assets.

• Buy with GBP: You can add funds using a bank transfer or credit/debit card.
• P2P Trading: You can buy directly from another user on the platform.

However, if you have crypto assets in your account, you can go with the:

• Deposit Crypto: You can exchange other cryptocurrencies for GBP.

Before proceeding, make sure you are aware of deposit fees and transfer times.

Note: Once you've deposited GBP into your account, you'll have to convert it into USDT. It's a fairly simple process.

However, we’ll be adding USDT directly to your wallet using a credit/debit card. 

• First, you need to open the Binance app and tap on the search bar.

 

 

• Search for “Buy Crypto” and tap on it.

 

 

• Make sure that the crypto you want to buy is set to USDT.

 

 

• Enter the GBP you want to spend, select the payment method for the credit/debit card, and tap on the “Buy USDT” button. 

 

 

Step 4: Creating Phantom Wallet

Now, we'll create a Phantom Wallet if you want to use it with a decentralised blockchain. To do this, you need to first install and set up a wallet on Phantom Wallet.

• Download the “Phantom Wallet” app to your mobile phone.

 

 

• Once downloaded, open the app and agree to the terms of service. After that, tap on the “Create a new wallet” button.

 

 

Note: If you already have an account, then simply tap on the “I already have a wallet” option.

• Toggle the “Face ID” switch to on and tap the “Next” button.

 

 

• Copy the recovery phrase and tap on the “OK, I saved it somewhere” button.

 

 

• A pop-up will appear on the screen. Tap on “Yes” to continue.

 

 

• Now, your account is ready. Just tap on the “Get Started” button.

 

 

Step 5: Adding USDT to Phantom Wallet

Now that you set up the wallet, you need to add USDT to your Phantom Wallet. We’ll be using Solana because it has the lowest exchange rate.

• Go to the Binance app and tap on the “Withdraw” icon.

 

 

• Again, tap on the “Withdraw” option.

 

 

• Choose the USDT option.

 

 

• Tap on the “Send via Crypto Network” option.

 

 

• Now open your Phantom Wallet and tap on the “SOL” option. 

 

 

• Now tap on the “Receive” icon.

 

 

• Copy the address for SOL.

 

 

• Paste the previously copied SOL address of your Phantom Wallet and select the network.

 

 

• Now, select the amount of USDT you want to send and tap on the “Withdraw” button.

 

 

• Tap on the “Confirm” button.

 

 

• Complete the authentication process for both Email and the Authenticator App.

 

 

After completing the verification process, the USDT will be transferred to your Phantom Wallet.

 

 

Step 6: Using a DEX With Phantom Wallet

Now that you have USDT in your wallet, we can proceed with learning how to use DEX with Phantom Wallet. Beyond swapping assets on Raydium, Jupiter, or Orca, you may want to track your transactions and market trends more efficiently. For this, let's explore how to connect Phantom Wallet to Dexscreener.

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Raydium:

As mentioned before, we’ll be swapping out USDT for WIF.

• Tap on the "Discover" icon in the bottom-right corner.

 

 

• Now, tap on the "Raydium" option.

 

 

• Agree to the terms of Raydium and tap on the "Enter Raydium" button.

 

 

• Next, tap on the "Connect Wallet" button.

 

 

• Choose the "Phantom" option.

 

 

• Select the account and tap on the "Connect" button.

 

 

• Set the top coin to the "USDT" coin and the bottom to the "WIF" coin.

 

 

• Enter the amount of USDT you want to spend and tap on the "Swap" option.

 

 

Once you follow all of these steps and verify the transaction, WIF will be added to your wallet.

Jupiter:

For the next DEX, we'll be going over using Jupiter with Phantom Wallet.

• Tap on the "Discover" icon in the bottom-right corner.

 

 

• Now, look up and tap on the "Jupiter" option.

 

 

• Tap on the "Connect" button.

 

 

• Choose the "Phantom Wallet" option.

 

 

• After that, tap on the "Connect" button.

 

 

• Now, set the top and bottom coins to USDT and WIF, respectively.

 

 

• Enter the amount of USDT you want to spend, and after verifying all of the details, tap on the "Swap" button.

Note: Make sure that you have enough SOL in your wallet to complete the swap. If you don't have a Gas fee, then the swap won't be processed.

 

 

Orca:

Lastly, we'll be going over ORCA so you can learn how to use DEX with Phantom Wallet effectively.

• Start going to the "Discover" section.

 

 

• Look up and tap on the "Orca" DEX.

 

 

• Tap on the "Connect Wallet" button.

 

 

• Choose the "Phantom Wallet" option and tap on the "Connect Wallet" button.

 

 

• After that, tap on the "Connect" button.

 

 

• Now, set the top and bottom coins to USDT and WIF, respectively.

 

 

• Lastly, enter the amount of USDT you want to spend and tap on the "Trade" button.

Note: Make sure that you have enough SOL in your wallet to complete the swap. If you don't have a Gas fee, then the swap won't be processed.

 

 

By learning how to connect Phantom Wallet to Dexscreener, you can keep track of your trades and monitor your portfolio performance with ease.

Conclusion

If you follow the outlined steps, you'll not only learn how to use DEX with Phantom Wallet but also understand how to connect Phantom Wallet to Dexscreener to monitor your transactions effectively. To keep your crypto further secure, use a hot wallet like Argent Wallet. One thing that you should always keep in mind is to do your research before buying any kind of coin.

Even in the case of WIF, you should stay up-to-date with the market to maximise your profit. That's why if you need any kind of guidance, Cryptonary is here to help. Sign up for free and stay up-to-date about coins to look out for. No matter if it's a guide on the safest ways to buy crypto or recent market updates, we'll make sure to provide you with the most accurate information.

FAQs

Here are FAQs for using DEX with Phantom Wallet.

1. Can you connect Phantom Wallet to Dex?

Yes, you can connect your Phantom Wallet to decentralised exchanges (DEXs) such as Raydium, Jupiter, and Orca. Additionally, you can connect your Phantom Wallet to platforms like Dexscreener to monitor live trades, liquidity, and swaps in real-time.

2. Is Phantom a DEX wallet?

Phantom is not a DEX itself but a non-custodial wallet designed for the Solana blockchain. It supports interactions with various DEXs, allowing users to trade and swap tokens directly on decentralised platforms.

3. What DEX does Phantom Wallet use?

Phantom Wallet is compatible with many Solana-based DEXs, including Raydium, Jupiter, and Orca. You can seamlessly connect your wallet to these platforms to swap tokens, provide liquidity, and engage in other DeFi activities.

4. How do I get my Phantom Wallet on my phone to reflect on the DEX desktop app?

To sync your Phantom Wallet with a DEX desktop app, log into the DEX and connect your wallet by selecting "Phantom Wallet" when prompted. Ensure the same wallet is installed on your mobile and desktop browser extensions for seamless transactions.

5. Why do I need SOL in my Phantom Wallet for DEX transactions?

SOL is the native cryptocurrency of the Solana blockchain and is required to pay for transaction fees, known as "gas." Without sufficient SOL in your wallet, transactions such as token swaps or staking cannot be processed. Always ensure you have enough SOL to cover fees before initiating a DEX transaction.

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