Serum is the first decentralized exchange (DEX) built on the Solana blockchain, offering fast, efficient, and trustless trading experiences. Developed by Project Serum in collaboration with leading crypto traders and DeFi experts, Serum combines high-speed performance with full decentralization—making it a compelling choice for traders seeking low fees and seamless cross-chain functionality.
In this comprehensive guide, we’ll walk you through everything you need to know to complete your first trade on Serum. Whether you're new to Solana or transitioning from Ethereum-based platforms, this step-by-step tutorial will help you navigate the ecosystem confidently.
👉 Discover how to start trading efficiently on a high-performance DEX today.
Understanding the Basics of Serum and Solana
Before diving into trading, it's essential to understand how Serum differs from other decentralized exchanges:
- Serum operates on the Solana blockchain, which uses the SPL token standard instead of Ethereum’s ERC-20. These standards are not interchangeable.
- Transactions on Serum require a small amount of SOL to cover network fees—known for being extremely low. In fact, around $10 worth of SOL can support approximately one million transactions.
- Fees are deducted in the token you receive during a trade, similar to how centralized exchanges operate.
- Currently, only FTX supports conversion between ERC-20 tokens and their SPL equivalents, meaning users must route certain assets through FTX before using them on Serum.
For example: To trade USDT on Serum, transfer ERC-20 USDT to your FTX account, then withdraw it as SPL USDT directly to your Sollet wallet. FTX automatically handles the conversion.
Step 1: Create a Solana Wallet – Sollet
To interact with Serum, you'll need a compatible wallet. Sollet is the official web-based wallet for Solana and supports both SOL and SPL tokens.
🔐 How to Set Up Your Sollet Wallet
- Visit Sollet.io and click “Create a new wallet.”
- Securely back up your Seed Phrase (Recovery Words)
This 12-word phrase is your only way to recover access if you lose your password. Store it offline—never share it or save it digitally. - Set a strong password to protect your wallet locally.
- Wallet creation complete!
Once set up, your wallet will display your public address (starting with So...)—this is where others can send you SOL or SPL tokens.
Step 2: Add Tokens to Your Sollet Wallet
To trade on Serum, your wallet needs to recognize the tokens you want to use.
💸 Fund Your Wallet with SOL
Transfer SOL from a centralized exchange like Binance or FTX to your Sollet wallet address. You’ll need a small amount (as little as 0.01–0.05 SOL) to pay for gas when adding new tokens.
➕ Adding Tokens: Two Methods
A. Add Popular Tokens (Recommended)
Click “Add Token,” then select from the pre-approved list (e.g., USDT, USDC, SRM). Click “Add,” and the token will appear in your balance after a small SOL fee is paid.
B. Manually Add Custom Tokens
If a token isn’t listed, click “Add Unknown Token” and enter:
- Token Contract Address (find this on Serum’s official site or Solscan)
- Token Name
- Symbol
⚠️ Important: The contract address is not the same as your deposit address. Double-check before proceeding.
👉 Learn how top traders manage multiple blockchain assets efficiently.
Step 3: Connect Your Wallet and Trade on Serum
Now that your wallet is ready, it's time to trade.
🔗 Connect Sollet to Serum
- Go to dex.projectserum.com.
- Ensure you're on Mainnet-Beta (not devnet).
- Click "Connect Wallet" and select Sollet.
- Approve the connection in your Sollet popup window.
Keep this tab open—it will prompt you for confirmations during trades.
🔄 Execute Your First Trade: Swap SOL for USDT
Let’s go through a real transaction:
- Select the SOL/USDT trading pair.
- Under “Sell,” enter 0.1 SOL.
- Click Sell SOL → Review price and fees → Click APPROVE in the pop-up.
- Wait a few seconds—your order is now live on the order book.
Once filled:
- Your USDT won’t appear in your balance immediately.
- Click Settle to finalize the trade and transfer funds into your wallet.
- Confirm again in Sollet.
✅ Done! Your USDT is now available in your Sollet wallet.
How to Deposit Assets into Serum
Since Serum uses SPL tokens, depositing non-SOL assets requires preparation:
✅ Option 1: Use SOL Directly
Buy SOL on any major exchange (Binance, FTX, etc.) and transfer it directly to your Sollet wallet address.
✅ Option 2: Deposit SRM
Transfer SRM from FTX to your Sollet wallet. Note: Only SPL-formatted SRM from FTX works—ERC-20 SRM from other exchanges is incompatible.
✅ Option 3: Convert ERC-20 Tokens via FTX
Supported tokens include:
- USDC, USDT
- XRP, LINK, YFI
- FTT, ETH, BTC
Process:
- Deposit ERC-20 version into your FTX account.
- Withdraw as SPL token to your Sollet wallet address.
- FTX converts it automatically at no extra cost.
Want to reverse? Send SPL tokens back to FTX—they’ll convert them back to ERC-20.
User Experience & Performance Insights
After hands-on testing, here’s what stands out:
⚡ Lightning-Fast Speeds
Transactions settle in under a second with near-zero latency—no frustrating waits or stuck trades.
💰 Ultra-Low Fees
As mentioned, **$10 in SOL lasts for about one million trades**—a game-changer compared to Ethereum’s volatile gas fees that often exceed $50 per transaction during peak times.
🧩 Growing Ecosystem
While Serum’s token selection is expanding rapidly, not all tokens are natively available yet. Most conversions still rely on FTX as an intermediary—but since these transfers are currently fee-free, the process remains cost-effective.
Despite early-stage limitations, Serum delivers an intuitive interface that mirrors centralized exchanges like Binance or OKX, making it accessible even for beginners.
Frequently Asked Questions (FAQ)
Q: Is Serum safe to use?
Yes—Serum is non-custodial, meaning only you control your funds. Just ensure your seed phrase stays private and never share it online.
Q: Why do I need SOL in my wallet even if I’m not trading it?
SOL covers transaction fees (gas) on the Solana network. Without it, you can't add tokens or settle trades—even if you're only using stablecoins.
Q: Can I use wallets other than Sollet?
Yes—modern wallets like Phantom and Slope also support Serum trading and offer better UX than Sollet. However, Sollet remains the original choice for beginners.
Q: Are there withdrawal limits or lock-up periods?
No. All assets are freely transferable at any time—this is one of the core benefits of decentralized finance.
Q: What happens if I send ERC-20 tokens directly to my Sollet address?
They will be lost permanently. Always convert through FTX first or use a bridge service that supports SPL conversion.
Q: Does Serum support limit orders and stop-losses?
Yes—Serum offers full order types including limit orders, market orders, and post-only options. However, advanced tools like stop-loss require third-party apps or manual monitoring.
Final Thoughts: Why Serum Matters in 2025
Serum represents a powerful evolution in DEX design—combining speed, affordability, and true decentralization. While its reliance on FTX for token bridging may seem limiting today, ongoing developments in cross-chain bridges and native integrations are steadily reducing friction.
For users tired of Ethereum’s congestion and high costs, Serum offers a realistic alternative—especially for frequent traders and DeFi enthusiasts who value performance without sacrificing control.
Whether you're exploring yield farming, arbitrage opportunities, or simply want faster trades, getting familiar with Serum now positions you ahead of the curve.
👉 Start experiencing next-generation trading performance with low-cost transactions.