HOW TO CREATE A SOLANA WALLET IN 5 STEPS? (2024)

In 2023, Solana’s crypto topped the TOP 5 with the highest profits in the year. That is why we all want to be able to receive and exchange SOL tokens on the Solana blockchain. But for this we will need to Create a Solana Wallet or a wallet that accepts SOL. Depending on the Blockchain that we want to exchange, we will need one wallet or another .

Specifically, to market Solana we will need a special wallet. The most used and common are Phantom and Solflare . It is worth clarifying that there are other cryptos such as Ethereum (ETH) or Bitcoin (BTC) that usually use Metamask , a decentralized and non-custodial wallet.

In that sense, throughout the note, you will learn how to create a Solana Wallet using Phantom , the one we recommend the most. Likewise, if you want to know other alternatives and how to create them, you should continue reading.

1. PHANTOM SOLANA WALLET

The most popular wallet that Solana operates is Phantom. With both its mobile version (IOS and Android) and its website (Google Chrome, Brave, Mozilla Firefox, Microsoft Edge), the tool has managed to scale to more than 3 million active users . In addition, this wallet will allow you to operate on multiple chains ( Ethereum, Bitcoin and Polygon ), Swap Cross — Chain , work with many NFTs and high security measures.

If we talk about its interface, it turns out to be very intuitive, easy to use and works optimally. You will be able to integrate all Solana dApps, swap tokens, trade NFTs, staking Solana , among others.

Both tokens and NFTs are exclusive to the network they were created. ETH and BAYC are native to Ethereum and SOL to Solana . While stablecoins (USDC or USDT) are available on multiple chains, they use different technologies such as Ethereum’s USDC and Solana’s USDC. In this way, the Cross-Chain Swap will help us exchange tokens and NFTs on different chains quickly and with low fees.

Ledger : Phantom will allow you to integrate with Ledger (another cold wallet) and transact SOL, Solana NFT and SLP tokens securely using both wallets.

Another aspect to highlight is that Phantom has a built-in exchange and supports a hardware wallet to increase its security . Furthermore, as it is a non-custodial wallet , only the owner of each account will be able to access the private keys and their own crypto funds.

CREATE A SOLANA PHANTOM WALLET

To create a Phantom Solana Wallet , a multi-chain wallet ideal for crypto, NFT and DeFi, you need to follow the following steps:

1. Enter the Phantom page.
2. Once inside you must select the “ Download ” button. You can download the browser extension you use most or its mobile application.
3. Then you have to select the « Create new wallet » button and a secure password. The password will only be used on the device used.
4. Enter your password and select “Continue” .
5. You will be presented with his “Secret Recovery Phrase.” It is the only way to get your wallet back. It will consist of 12 predetermined words.
6. The last step is to save your wallet password, protect your Secret Recovery Phrase and click “Continue”.

2. SOLFLARE SOLANA WALLET

See Also

Solana address example | Coin WalletHow to Create a Solana (SOL) Wallet: Get Your Solana Wallet AddressSwap Ethereum and Polygon Tokens in Phantom • Phantom

On the other hand, we have the Solflare Solana Wallet . A very secure and powerful wallet that will allow you to exchange, buy and store both NFTs and tokens and also access this app from any device, be it computer or laptop.

It is considered the most reliable in the Solana network and the first to hit the market. It has many subscribed users, although it is not the most popular like Phantom.

Although both wallets share many similar features such as being able to integrate with Ledger or perform stalking (it runs one of the largest Solana validators, allows us to stake our SOL and earn rewards) but Solflare does not support another blockchain .

A great ally of Solflare is MetaMask , as it offers us a white label service that allows MetaMask users to interact with Solana dapps from their Ethereum wallet.

In other aspects worth highlighting, Solflare will allow you to Simulate your Transactions (you will see the funds that will come out of your wallet before confirming the transaction), obtain Hardware Wallet Support (you will be able to exchange blockchain safely) and Protection against Phishing (you will receive a warning before interacting with potentially malicious sites and use Solana Dapp with peace of mind).

CREATE A SOLANA WALLET FROM SOLFLARE

If you are looking to operate on the Solana network, Solflare is a secure and ideal option to which you can access Solana DeFi, both from the browser and from a mobile device. To create a Solana Wallet from Solflare , follow these steps:

1. Enter the Solflare page .
2. Then you must choose the device : online version or mobile version. Extension for the web or QR to download on your cell phone.
3. You will see a window where you can open your wallet if you have or “ Create a new Solflare wallet ”. You can also access your account through Ledger and with Keystone .
4. When creating your wallet, you will be presented with a Recovery Phrase . It will be 12 words. Solflare is a wallet that cares about your security, so it will ask you to enter the 12 words. Copy it to a safe place.
5. The last step is to create a password and confirm it.

3. BACKPACK SOLANA WALLET

In this ranking of the best solana wallets , we have to highlight Backpack for being the newest of the wallets. In addition, it brings innovation with xNFTs (Executable NFTs), since it allows you to create them and have them act as apps within the wallet. Additionally, you can upgrade your NFTs to xNFTs as the latter offer more immersive experiences.

You will find it in the Google Chrome and Mozilla extensions as well as in applications for Android and IOS devices and you will be able to enjoy the traditional features to interact in the Solana Blockchain .

But there are also other benefits exclusive to Backpack such as MargenFi with up to 1.05x point boost, Zeta Markets with 1.1x Z-score boost, and Tensor with 1.25x point boost. As well as Spam Filtering , which will allow you to keep your wallet clean of tokens and collectibles .

As for NFTs, you can lock them to prevent them from running out. This will frustrate draining wallets and keeping assets safe. The blocking limit will be up to more than 100 of the Solana NFT collections (such as the Madlads collection , one of Solana’s top projects). If you are interested in knowing more about SOLANA NFTs, this video is for you:

CREATE A SOLANA BACKPACK WALLET

Like the previous wallets, Backpack will require you to complete a few minimum steps to create a Backpack Solana Wallet , although it will not take you more than 5 minutes.

1. Enter the Backpack page.
2. Choose the option you want to download: Desktop or Mobile.
3. You will see a new tab with the options to Create a new solana wallet or Import wallet (Secret Phrase, Hardware Ledger, Private Key or Public Key).
4. You will be given the Secret Recovery Phrase . Twelve non-modifiable default words. You must keep it locked.
5. Since the Backpack Wallet accepts both Solana and Ethereum , you have to enter which currency you will use.
6. The last step is to create an 8-character password and name the account.

OTHER OPTIONS TO CREATE A SOLANA WALLET

The Solana network has many wallets available and different from each other. Without a doubt, those mentioned above are the most used and popular within this econosystem. But they will not be the only ones that are recommended, safe and comfortable. To highlight, we can mention the following:

• EXPRESSO CASH WALLET:
• Creating a Solana Wallet in Expresso Cash will allow you to make payments through a link or QR code on any platform. It also stands out for having an Open Source available to all users. Say hello to financial freedom and goodbye to high fees, complex processes and geographic restrictions.
• TRUST WALLET:
• It is one of the best valued wallets. Creating a Solana Wallet in Trust Wallet will allow you to store and stake SOL to earn restarts. You can also use different Solana dApps (such as Solend, Raydium, Jupiter, or Marinade Finance). On the other hand, the purchase of nft and the exchange of SLP tokens will be available . Supports more than 70 blockchains (ETH, SOL, Binance Smart Chain, etc).

TOP 5 SOLANA WALLET

REASONS TO CREATE A SOLANA WALLET

Before choosing a wallet to operate with Solana , different aspects must be taken into account:

Security: Open source projects have the benefit that the community rectifies vulnerabilities, although it must undergo periodic audits . You should make sure you select a wallet that takes measures to protect your holdings from hacking and theft .

Bug Bounty : Because periodic audits cannot detect everything, this tool will be very valuable in discovering and solving new problems.

Protocol Support: If you want to trade DeFi and NFT , you need to find a wallet that can connect to popular protocols and marketplaces.

Compatibility with multiple blockchains: It is ideal to be able to manage all your cryptos in a single Wallet, so you should consider starting with a wallet that supports multiple blockchains .

Wallet Type : Although there are cold wallets, there are others that we can find in the browser extension, which will be comfortable but not as secure.

Frequent Asked Questions

Is there an official Solana Wallet?

Although history tells us the opposite in the rest of the blockchains, Solana does not have an official wallet . However, the wallets we mention in this post have an exemplary reputation in the community.

What happened to Sollet’s wallet?

The Sollet Wallet was once a very popular wallet among Solana users, although the project fell in 2022 . Although you can recover your belongings, it is not recommended to continue using it.

What is the Best Solana Wallet for Staking?

To Stake SOL , the best option is Phantom via stakeview.app or validators.app. It is a simple and agile process.

I want to operate SOL. Which Wallet is best?

Both Phantom and Solflare are the best options for trading SOL and SLP tokens . Both allow access to all Solana dApps and high levels of liquidity . But Solflare will be the best at handling NFTs .

Which DEX are the best?

1) Orca — The largest TVL offering low fees, fast exchanges and yield generating features. 2) Raydium — Decentralized DEX combining a hybrid automated market maker model. Provides the necessary liquidity and the best swaps. 3) Jupiter — It is a DEX aggregator notable for its design and trading options. Emulates a CEX without leaving it decentralized.