In this tutorial, I’ll show you how to buy and withdraw Solana (SOL) from WazirX.
Now I’ve written about all these coins and tokens listed on WazirX under “Rapid Listing Initiative“. How to buy them, withdraw them, sell them even if you didn’t buy them from WazirX and so on.
But again, the crypto space is booming and the majority of the participants in this boom are beginners. People who still don’t understand what cryptocurrency is but wish to make money by betting on the popular ones.
Such as Solana. In one of my earlier posts, I recommended that Solana should be in your portfolio. Solana is the epitome of what the blockchain, Defi, and Crypto industries are all about. Super low fees and super high transactions per second. It is everything you expect and should be looking for while buying an altcoin.
Anyways, in this post, I’ll show you how to buy and withdraw Solana from WazirX. The whole process is the same as we did with DOGE. The main reason for writing this post is to also give you a quick solution to the deposit issues currently going on with WazirX.
Step 1: Connect Your Binance and WazirX Accounts
You will need an active Binance account and a WazirX account under the same email address. You will have to connect your WazirX account with your Binance account in the next steps.
This is the only way to withdraw or deposit Solana into your WazirX account.
Sign up for Binance here and WazirX here. Then proceed to connect both accounts by following the steps below:
1. Login to your Binance account. Click on the wallet and select overview
2. Then click on WazirX and connect both accounts
Once you’ve successfully connected your WazirX account with your Binance wallet, proceed to the next step.
Step 2: Buy Solana (SOL) Through WazirX
If you already have SOL coins in your WazirX wallet, skip this step and proceed further.
If you don’t have any Solana coins (SOL) in your WazirX wallet, buy some.
But how?
WazirX allows deposits from a selected number of relatively small banks. Even if you wish to pay via Mobikwik, the charges are there, which isn’t right.
However, there is a workaround to this too.
WazirX allows you to deposit INR through Federal Bank.
Opening a new bank account can be a tedious task, and it’s just another burden if you don’t need it, especially when you already have more than two bank accounts.
But in this case, we can use a neobank like Fi or Jupiter.
Neobanks like Fi and Jupiter are not banks in themselves but have partnered with Federal Bank.
Unlike a conventional bank account, neobanks take a few minutes to open your account, zero-minimum balance and it’s a completely digital process.
So, you can open a new account on Fi or Jupiter then register for Federal Bank internet banking services.
You don’t have to maintain any balance in this account, you get a free debit, very few charges and they offer reward points for saving/spending your money. A win-win deal, so to speak.
Step 3: Transfer The SOL coins to Your Binance Account
The next step is to transfer the SOL you wish to withdraw.
On the WazirX dashboard, click on Funds, and at the top, you will notice a banner like this:
Click on this banner to begin the transfer.
Transferring your coins from WazirX to Binance wallet has no extra charges or fees.
Once the transfer is complete, log in to your Binance account.
Step 4: Withdraw SOL from Binance to your Wallet
On your Binance dashboard, click on Wallet and select Fiat and Spot.
Then click on Withdraw.
Select SOL from the dropdown menu.
Open your crypto wallet, copy your SOL wallet address and paste it in the address field. Crypto wallets that support Solana are Exodus and Trust Wallet.
Ledger is the only hardware wallet that supports Solana, but not directly with the Ledger Live App. You have to use the Solflare extension to transfer it.
Make sure you check the withdrawal address twice.
Once you’re done with entering the withdrawal address and SOL amount, click on the withdraw button.
You will receive a confirmation in your email to authorize the withdrawal. Once you click on the confirmation, your withdrawal will be processed.
And that’s it – congratulations!
In a few minutes, you will receive your SOL coins in your crypto wallet. You can check the transaction progress over at Solana Explorer copying/pasting the transaction hash from Binance.
I hope this tutorial helped you with buying and withdrawing Solana from WazirX.
If you’ve any questions, let me know.
Akshay Ratan
Hi Aayush,
Very informative articles u have.. Keep it up. Have read and seen videos on putting Cryptos in a wallet. But not getting clarity WHY should we do it? What’s the harm if they r lying in Wazir x portfolio? I use Wazir x for crypto buy&sell.
Aayush Bhaskar
Hi Akshay,
It’s because when you store them on your exchange wallet you don’t have access to the private keys. Your coins are stored on the blockchain, and the only way to access these coins for transactions is by having the access to private keys. It’s like the bank password you use to access the funds in your account. If you don’t keep this password secret, well, bad things will happen.
If the exchange goes bust – you lose everything. However, if you store your coins in your own wallet ( like Trust Wallet or Ledger), you can always recover them using the private keys you get with your wallet address. Each wallet has a unique address and set of keys.