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Phantom Wallet Review: Is This Wallet Safe to Store Your Crypto?
This Phantom Wallet review discusses how this non-custodial browser extension and crypto wallet lets you securely interact with multiple blockchain networks in the Solana ecosystem. It comes with an easily accessible extension that allows users to send and receive cryptocurrencies and tokens, collect NFTs, and even swap tokens within the wallet. We’ll cover all of the pros and cons, so you know if this is the right fit for you.
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Phantom Wallet Overview
- Lightweight non-custodial Solana wallet that works in-browser
- Compatible with Ledger devices for extra security
- Easy to stake Solana on Phantom for passive income generation
- Offers support for a number of tokens and SOL-based NFTs
Phantom Wallet Review: Pros & Cons
Pros
Available on several browsers with an intuitive and beginner-friendly interface
Benefits from Solana’s extremely low fees
Features a built-in token swap feature with Ethereum support coming in the future
Supports linking hardware wallets such as Ledger for increased security
Non-custodial wallet, which means you still hold your private keys
Cons
Relatively new wallet that’s not as tested as some of the competing products
The mobile app is still in development so right now Phantom is only available in browser form
Limited to the SOL ecosystem so that means no support for crypto heavyweights like Ethereum and Bitcoin
Phantom Overview
As they say, a wallet can make or break a chain. Thanks to an intuitive user interface, Phantom makes it easy to use the Solana blockchain. Once you have it downloaded on your browser, all you have to do is insert your password to access the wallet. There are no rigorous KYC or AML requirements. The home page of the dashboard also gives easy access to your send and receive buttons.
Transactions are paid using the SOL token and you can easily navigate to your portfolio of tokens or the built-in DeX. With every token swap, you can see your slippage rate and fees displayed below. The interface also gives you an overview of your latest activities and you can navigate to the settings of the wallet with ease.
Phantom’s Top Features
Phantom is built for simplicity when it comes to managing digital assets on the Solana blockchain. Its most outstanding feature is the built-in exchange that lets you swap tokens on the Solana ecosystem.
It also supports NFTs and collectibles, making it easy for users to not only collect but also view their NFTs in the app. For additional security, the web browser features compatibility with hardware wallets, such as the Ledger hardware wallet.
You can easily connect your Ledger hardware wallet and it also allows for SOL staking, meaning you can use it to earn rewards for staking Solana’s native token. However, note that the wallet is not a full node on the Solana blockchain network.
Cryptocurrencies supported
Phantom supports all the cryptocurrencies on the Solana ecosystem.
Some of the most prominent supported cryptocurrencies on the wallet include USDT, USDC, Serum, Raydium, and Solana. The development team also plans to soon introduce support for Ethereum.
Is Phantom Safe?
This wallet is considered a safe option, especially as its code is independently audited by Kudelski Security (a top software auditing firm).
Furthermore, as a self-custodial wallet, Phantom offers encrypted private keys that are stored on your device, giving you full control. Also, the wallet is designed to prevent users from making unintentional actions that may lead to the loss of funds.
Supported Operating Systems
As a browser wallet, Phantom is compatible with any operating system that supports a browser.
This means you can use it on Windows, MacOS, and any Linux operating system. However, Phantom does not currently come with a mobile app.
Potential Dealbreakers
While the wallet helps users on the Solana ecosystem easily store and manage their digital assets, the platform is still in its development stage.
It is too early to determine the viability of the platform however, its current level of functionality is promising.
Phantom Wallet Review: FAQs
At its core, Phantom is a Web 3.0 wallet similar to MetaMask but on the Solana blockchain ecosystem. It features a built-in decentralized exchange as well as a staking platform for SOL tokens. As a non-custodial wallet, users can use it for the safekeeping of their NFT collectibles as well.
At the moment, the wallet does not have an open-source Github repository. The platform is still operating in its beta version and there are no details about the team’s move towards an open-source platform.
Currently, there is no mobile app.
Yes. Staking SOL is a relatively simple operation and you can actually select from a variety of different validators. The rate of return varies from validator to validator but you can expect anywhere from 5-10% APY generally.
No. Phantom is focused on the Solana ecosystem so there is no support for the biggest crypto on the planet. That said, it has plans to support Ethereum so BTC might be added in the future.
