Crypto can be overwhelming.
To help kickstart your crypto journey, we’ve created this guide, in which we’ll discuss what crypto wallets are, which ones you should consider, and increase the safety of your assets.
Now, let’s dive in.
What is a crypto wallet?
A crypto wallet is a software tool to access, manage, and interact with crypto, NFTs, and decentralized applications (dapps).
There are two main types of crypto wallets: custodial and non-custodial.
- Custodial wallet: When you buy, sell, and trade digital assets on a centralized exchange (CEXs) such as Binance, Coinbase, or Kraken, you do so through a custodial wallet. The problem with custodial wallets is that they're in the custody of the CEX. This means that the CEX can—for example—freeze all your assets at any time if it feels the need to do so.
- Non-custodial wallet: If you don't want to be exposed to the risks of a custodial wallet, you can use a non-custodial wallet instead. At their core, non-custodial wallets are either browser extensions/mobile apps or hardware devices. Wallets that come in the form of browser extensions/mobile apps (e.g. Phantom) are referred to as “hot wallets”, as they are always connected to the Internet and accessible online. Wallets that come in the form of hardware devices (e.g. Ledger and Trezor) are referred to as “cold wallets” because they only interact with the Internet when you actively connect them.
Best Solana wallets
As previously mentioned, a wallet allows you to interact with dapps and manage your digital assets in a safe and secure manner. If you wish to do this on the Solana blockchain, you have multiple crypto wallets to choose from. Let’s take a look at the most popular options.
Phantom
Since launch, more than three million people have chosen Phantom (that’s us!) as their dedicated wallet, making it one of the most proven and popular wallets in crypto.
Some of our most popular features include multi-chain capabilities, Cross-Chain Swapper, NFT experiences, and security measures.
Multi-chain capabilities
Although our wallet originated on Solana, we also support the Bitcoin, Ethereum, and Polygon blockchains as well. This means you can experience Solana, Bitcoin, Ethereum, and Polygon hassle-free through one single interface—your Phantom wallet.
Cross-Chain Swapper
Assets such as tokens and NFTs are exclusive to the blockchain they were created on. For example, Ether (ETH) or Bored Ape Yacht Club (BAYC) NFTs are native to the Ethereum blockchain, while SOL and Claynosaurz NFTs are Solana-specific assets. Other assets such as stablecoins—USDC or USDT—are available on multiple blockchains, however, USDC on Ethereum uses different tech than USDC on Solana.
But what if you’d like to use the USDC you have on Ethereum to trade coins, tokens, and NFTs on Solana? That’s where our Cross-Chain Swapper comes into play. Cross-Chain Swapper allows you to convert tokens from one chain to another fast and with low fees.
NFT experiences
An unrivaled user experience is at the core of everything we do. For NFTs, we offer two unique features: Shortcuts and Quests.
You can think of Shortcuts as the “Linktree of NFTs.” In one click, you can access a menu with all the top links and actions for your NFTs. Supported collection include Azuki, Claynosaurz, Degenerate Ape Academy, Famous Fox Federation, Okay Bears, Tensorians, The Heist, y00ts, and others (with more coming soon).
As for Quests, it’s a fun way to earn rewards for completing tasks. What kind of tasks? Sign up for apps, try out new features, and complete other fun web3-related actions.
Current Quests include: DRiP and Camera Mint. With Camera Mint on Phantom Mobile, you can turn photos and videos into Solana NFTs, stored on the blockchain forever. For more on this, make sure to browse through our Camera Mint article.
Security measures
One of the founding pillars of crypto is self custody, the notion that you, the user, should maintain total control of your assets at all times. In order to uphold this vision, we’re committed to all things security. Some of our security features include:
- Scam detections for malicious transactions
- Open-source blocklist to avoid phishing sites
- Non-tracking of personally identifiable information
- Code audit by Kudelski Security, a top software auditing firm trusted by technology companies worldwide
- Bug bounty program for white-hat hackers.
Although we’ve been the leading wallet on Solana since launch, there are some other solid options as well, such as Backpack, Solflare, and Espresso Cash.
Backpack
- Multi-chain support: Backpack is available for Solana and Ethereum.
- Backpack Exchange: The Backpack wallet is the most compatible wallet for the Backpack exchange, as both are built by the same team.
- NFT Collection Locking: As soon as this feature is activated, transaction signature requests for selected NFT collections in users' Backpack wallets are automatically rejected—thwarting wallet drains and keeping assets safe at all times.
- xNFTs: On Solana, NFTs can be upgraded to xNFTs. xNFTs are basically applications that allow for rich and immersive token-gated experiences. Two of these experiences have already been demonstrated: in-wallet games and in-wallet videos.
Solflare
- Provenance: Solflare was the first-ever Solana wallet.
- Staking: The Solflare team runs one of the largest Solana validators, which allows you to stake your SOL to earn rewards.
- MetaMask Snaps: Solflare partnered with MetaMask on a white label service that allows MetaMask users to interact with Solana dapps from their Ethereum wallet.
Espresso Cash
- FX: Espresso Cash has a strong focus on cross-border currency exchanges.
- Payments: In order to increase convenience, Espresso Cash allows users to simply share a secure link or QR code on any social platform to transfer funds instantly.
- Open source: Espresso Cash’s software is open and accessible to the public.
Now that we’ve covered the most popular crypto wallets on Solana, let’s take a look at the top Ethereum wallets.
Best Ethereum wallets
Phantom
As mentioned above, we also support Ethereum and Polygon. And our previously-mentioned features—Cross-Chain Swapper, Shortcuts, etc.—can also be used on these chains as well.
Other notable Ethereum wallets include MetaMask, Trust Wallet, and Rainbow.
MetaMask
- Consensys backing: MetaMask is developed and maintained by Consensys, the backbone of the Ethereum blockchain. Consensys was founded by Joseph Lubin, who contributed heavily to Ethereum in its early days.
- MetaMask Snaps: Snaps are in-wallet applications built by third-party developers for MetaMask. Snaps can connect to blockchain protocols beyond Ethereum, show insights about transactions, display notifications, add new privacy and identity features, and much more.
- Open source: MetaMask’s software is open and accessible to the public.
Trust Wallet
- Dapp access: With Trust Wallet, you don't need to browse the internet to access different blockchain apps, you can access them right from your browser extension or mobile app.
- Better swaps: You can swap tokens and coins in your Trust Wallet—with greater choice and better prices than would be the case with MetaMask.
- Open source: Trust Wallet’s software is open and accessible to the public.
Rainbow
- User Interface: Rainbow boasts one of the most beautiful user interfaces among Ethereum-native wallets.
- User experience: Rainbow offers one of the fastest user experiences among Ethereum-native wallets.
- Open source: Rainbow’s software is open and accessible to the public.
How to keep your crypto wallet safe?
Beware of scams and phishing attempts when interacting with crypto, NFTs, and DeFi.
To help protect you and your assets, we’ve prepared operations security (OpSec) best practices when dealing with wallets.
- Secret phrase: When you first set up your wallet, a series of 12 (or more) random words will be generated. This series of words is known as the “secret phrase.” It gives anyone access to your digital assets in your wallet—no password required. But it also helps you to access your wallet if you were to lose the device you installed it on. Never share your seed phrase with anyone, no matter what.
- Wallet setup: When you create a hot wallet, connect and link it to your cold wallet (e.g. Ledger or Trezor) beforeyou do anything else. By doing so, you can be sure that the connection between your hot and cold wallets is safe and has not been tampered with.
- Asset management: When you buy digital assets which you'd like to keep for a long time, you should transfer them from your hot to your cold wallet. By doing so, you disconnect your digital assets from the Internet. Now, if your hot wallet is hacked and the perpetrators want to “drain” it (steal your digital asset), they can’t.
- Wallet operations: Always create multiple hot wallets for multiple use cases, such as trading, minting NFTs, and connecting and using apps.
How to set up a Phantom wallet?
If you’d like a friendly multichain wallet for crypto, NFTs, and DeFi, try us out! We offer browser extensions for Firefox, Chrome, Brave, and Edge, as well as apps for iOS and Android.
First, download Phantom. Then, create a new wallet.
If you’d like to fund, or send funds to, your Phantom wallet, you can do so via the “Buy” button on your asset tab. We offer various funding options such as MoonPay, PayPal, and Robinhood to make it easy for you to fund your wallet.
Once you do that, you're ready to go!
Disclaimer: This guide is strictly for educational purposes only and doesn’t constitute financial or legal advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
