Thanks to its simple and intuitive interface and fast transaction processing, Phantom can be considered a successful choice for both beginners and experienced crypto enthusiasts. It is also known for its integration with decentralized applications (dApps), making it a versatile tool for interacting with the Solana ecosystem.
Phantom Wallet ranks first among wallets for SOL: it is used by over 3 million active users who rate it as the best among its peers. Solana developers also recommend Phantom as the preferred option for storing their assets.
| Pros | Cons |
| Users control their private keys, which are stored on their device. This ensures a high level of security, independence, and privacy. | Since the keys are stored on a device connected to the internet, the risk of cyberattacks and unauthorized access cannot be completely eliminated. |
| Initially, the wallet only worked with the Solana blockchain, but now it also supports Bitcoin, Ethereum, and Polygon, providing more opportunities for working with different cryptocurrencies. | If the user loses their private keys, they will lose access to their assets. To avoid this, it is necessary to make backups and securely store the recovery phrase. |
| Users can easily fund their wallet by purchasing cryptocurrency through bank cards or transfers without relying on third-party services. | Unlike some other wallets, like MetaMask, the developers of Phantom do not share open source code. This raises concerns among users who prefer the transparency of the software being used. |
| The wallet has a built-in swap feature that allows you to instantly exchange cryptocurrencies directly within the app without the need to use other platforms. | |
| The wallet supports the Ledger hardware device, allowing you to store private keys on a separate physical device for added protection against online threats. | |
| Users can manage their NFTs and trade them directly through the wallet, which significantly simplifies interaction with digital assets. | |
| The Phantom project offers a bug bounty program, where anyone can receive a reward for finding vulnerabilities that could lead to the loss of user assets. | |
| Users can earn through staking by holding SOL tokens: supporting the Solana network brings passive income. |
How to create an account in Phantom
The wallet has two versions - browser and mobile. Let's take a detailed look at the account creation instructions using the browser application as an example.
Step 1: Download and install
On the main page of the official Phantom Wallet website, click the "Download" button.
In the opened window, you will see the browsers that support the extension. Choose the one you use, for example, Chrome.
In the online store, click the "Install" button and follow the system prompts.
Step 2: Creating a new account
After installation, the web application will open in a new window. Select the option 'Create a new wallet'. Come up with a strong password that you will use to log in to your personal account in the browser, and click 'Continue'.
Step 3: Saving the secret phrase
In the next window, you will be assigned a recovery phrase consisting of 16 words. It serves as the key to access your wallet — only with it can you restore your account. Rewrite the phrase exactly in the order it is presented on the screen and keep it in a safe place. After that, check the box ‘I have saved my recovery phrase’ and click ‘Next’. In the next window, a keyboard combination will be provided to quickly navigate to your wallet.
Installation of Phantom on a mobile device
The process of installing the Phantom Wallet app is practically the same as the browser version. On the main page of the official website, click 'Download'.
In the opened window, select the operating system of your device and install the wallet through the app store.
In the app, follow the system prompts. The process of creating a new wallet is exactly the same as during registration in the browser version.
How to recover access to an already existing Phantom wallet
Accessing an existing wallet is easy if you have the recovery phrase saved. In the initial window of the browser or mobile version, select the option 'I already have a wallet', then enter the 16 words you wrote down when creating your account. If you do not have this phrase, accessing the wallet will be impossible.
How to top up your Phantom wallet
On the main screen of the wallet, click the 'Top Up' button and select the token you want to add to your balance. Copy the wallet address and use it to withdraw assets from the exchange where they are stored. You can also receive cryptocurrency from other users in the same way: just provide the wallet address or QR code to the sender.
How to send cryptocurrency from the Phantom wallet
Go to the 'Send' tab and select the coin you need to send to another person. Enter the recipient's wallet address and the amount of the transfer, then click 'Next'. If the transaction is successful, you will receive confirmation.
How to buy cryptocurrency in the Phantom wallet
In Phantom Wallet, there is a feature to purchase cryptocurrency without involving an exchange. To do this, you need to go to the 'Buy' tab, select the coin you want to acquire, and enter the amount. There are also options for quick purchase of fixed amounts.
Purchase is possible through three payment infrastructures that Phantom collaborates with. Choose the optimal option and follow the system's instructions.
