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What is Phantom Wallet?

Phantom is a digital hot wallet that has established itself as one of the pioneering wallets in the Solana ecosystem, catering to both mobile and desktop users.

It is now EVM compatible, after adding Etherum and Polygon to its networks. The support for Ethereum and Polygon allows users to trade, receive, and swap tokens in its wallets, as well as collect NFTs across all three blockchains.

Phantom Wallet is a non-custodial browser extension and crypto wallet, and it offers a simple and secure way of interacting with multiple blockchain networks.

Type of Wallet Software/ Hot Wallet
Price Free
Fees Variable network fees
Phantom Features
  • User-Friendly Interface
  • Solana and Ethereum Support
  • Wallet Security
  • Browser Extension
  • Cross-Device Accessibility
Number of Cryptocurrencies Supported 1,000+ ERC, SOL and MATIC tokens
Earn (Staking/rewards) Yes
Customer Service Email, knowledge base, Phantom community and social media platforms.
Hardware Compatible Yes, including Ledger Wallets
SPV or Full Node SPV
Who is it Best for? Best for Crypto Users of All Skill levels
  • Pros
  • Thumbs-Up No history of exploits or hacks
  • Thumbs-Up Cross-platform availability
  • Thumbs-Up Vast crypto compatibility
  • Thumbs-Up Multi-signature feature
  • Cons
  • Thumbs-Down Limited crypto support

Services Offered by Phantom Wallet

  • Secure storage:

Phantom Wallet offers encrypted private keys stored on the user’s device, ensuring the safety of users’ digital assets.

  • Multi-chain support:

Phantom Wallet supports Solana, Ethereum, and Polygon networks, allowing users to manage digital assets across multiple networks.

  • Decentralized application integration:

Phantom Wallet allows users to access decentralized applications on Solana, Ethereum, and Polygon networks.

  • Token swaps:

Phantom Wallet offers a built-in exchange feature that allows users to swap tokens conveniently.

  • NFT compatibility:

Phantom Wallet is NFT-compatible, allowing users to store, manage, and trade NFTs.

  • Crypto staking capabilities:

Phantom Hot Wallet supports crypto staking, allowing users to earn rewards by staking their digital assets.

How to Create an Account

  1. Go to the Phantom.app website and click Download.
  2. Install it in your browser. The wallet window will automatically open a new tab.
  3. Hit the “Create New Wallet” button and follow the instructions.
  4. Choose a strong password and confirm it. Write down the seed phrase provided.
  5. After writing down the seed phrase, confirm it by entering the words in the correct order.
  6. That’s it! You can start using Phantom crypto wallet to manage your digital assets and access decentralized applications on Solana, Ethereum, and Polygon networks.

How to Proceed with a Transaction

How to Make a Deposit

How to Make a Withdrawal

Launch the Phantom app and sign in using the right credentials. Open the Phantom Wallet application on your desktop or mobile device.
After signing in, find the “Deposit” button in your account. Click on “Withdraw” and search for the cryptocurrency you want to withdraw.
Select the coin you want to receive, such as ETH, MATIC, or SOL. Copy your withdrawal address by clicking on the “Copy” button next to it.
Copy the wallet address provided by Phantom Wallet Send the cryptocurrency you want to withdraw to your Phantom Wallet withdrawal address.
Send the cryptocurrency you want to deposit to your Phantom Wallet address. Once the transaction is confirmed, you can withdraw the funds to your bank account.
Wait for the transaction to be confirmed on the blockchain. The time it takes for the transaction to be confirmed depends on the cryptocurrency and the network congestion.

Phantom Wallet Supported Tokens

Here is a list of cryptocurrencies supported by Phantom Wallet:

  • Solana ecosystem: Phantom Wallet supports all the cryptocurrencies on the Solana ecosystem, including USDT, USDC, Serum, Raydium (RAY), SRM (SRM), and every utility token launched with Solana.
  • Ethereum network: Phantom Wallet supports all the cryptocurrencies on the Ethereum network.
  • Polygon network: The platform is compatible with all the cryptocurrencies on the Polygon network.

Is Phantom Wallet Safe and Legit?

Phantom Wallet has undergone extensive security audits by credible third-party firms, so you can be confident that its codebase is stable and secure. Of course, when it comes to cryptocurrencies, it’s always a good idea to be cautious and use excellent security measures. So, keep your software up to date, use two-factor authentication, and keep an eye out for phishing efforts and harmful websites.

Security

Here are some of the security features we came across during this Phantom wallet review:

Encryption: Phantom crypto wallet protects customers’ digital assets with industry-standard security methods, including strong encryption.

Two-Factor Authentication: Users can set up two-factor authentication as an added degree of security.

Cold Storage: Phantom Wallet stores cryptocurrency in cold storage, which means that private keys are kept offline and away from internet threats like hacking and phishing.

User Interface

The wallet interface incorporates a clean and organized navigation system, typically located on the left or top of the screen. It allows users to access different sections of the wallet, such as the wallet balance, transaction history, staking, swapping, and other functionalities. Phantom Wallet offers customizable settings and preferences, allowing users to tailor their wallet experience to their preferences. This may include options to adjust security settings, language preferences, network configurations, and more. Generally, the user interface (UI) of Phantom crypto wallet is designed with user-friendliness and simplicity in mind.

How to Use Crypto Wallet on Android & iOS

  1. Download the Phantom Wallet app.
  2. Open the Phantom wallet app on your device and create a new wallet by following the on-screen instructions
  3. Fund your wallet by sending cryptocurrency to the wallet address provided in the app.
  4. To send cryptocurrency, click on the wallet icon on the app’s interface. Then, click on the “Send” option and enter the recipient’s wallet address.
  5. Explore additional features of the Phantom wallet, such as interacting with decentralized applications (dApps) and participating in the Solana decentralized finance (DeFi) and NFT communities.

How to Use Crypto Wallet on a Desktop

  1. Open the Phantom Wallet extension and click on “Create a New Account.” Follow the prompts to set up a new account.
  2. Once your account is created, you’ll be directed to the main interface of the wallet.
  3. To send or receive cryptocurrency, click on the “Send” or “Receive” button on the wallet interface. Enter the recipient’s address or scan a QR code to send funds, or share your wallet address to receive funds.
  4. To interact with decentralized applications, navigate to the dApp you want to use and connect your wallet by clicking on the wallet icon or following the provided instructions on the dApp’s website.

Backup & Restore

Creating a Backup:

  1. Open the Phantom Wallet on your desktop computer.
  2. Click on the three horizontal lines in the top-right corner to open the menu.
  3. Select “Settings” from the dropdown menu.
  4. In the settings menu, click on the “Backup” tab.
  5. You will be prompted to enter your password for security purposes.
  6. Once entered, click on the “Create Backup” button.
  7. A backup file containing your wallet information will be downloaded to your computer. Make sure to store this file in a secure location, preferably offline or on a hardware device like a USB drive.

Restoring your Wallet:

  1. Open the Phantom Wallet on your desktop computer.
  2. Click on the three horizontal lines in the top-right corner to open the menu.
  3. Select “Settings” from the dropdown menu.
  4. In the settings menu, click on the “Backup” tab.
  5. Click on the “Restore” button.
  6. You will be prompted to select the backup file you previously created.
  7. Locate the backup file on your computer and select it.
  8. Enter your password to decrypt the backup file and restore your wallet.
  9. Your wallet will be restored, and you will regain access to your funds and transaction history.

Troubleshooting

Wallet Not Opening:

  • Ensure that you have the latest version of the Phantom Wallet app installed on your device.
  • Restart your device and try opening the wallet again.
  • If the issue persists, uninstall and reinstall the app.

Connectivity Issues:

  • Check your internet connection. Make sure you have a stable and reliable internet connection.
  • If you are using a VPN or firewall, disable them temporarily and try again.
  • If you are on a mobile network, switch to Wi-Fi or vice versa and check if the issue is resolved.

Funds Not Showing:

  • Double-check that you are using the correct wallet address.
  • Verify the blockchain explorer to ensure that the transaction has been confirmed.
  • If you recently made a transaction, give it some time to be processed on the blockchain.

Transaction Issues:

  • If a transaction fails, check that you have enough balance to cover the transaction fees.
  • Ensure that you have entered the recipient’s address correctly.
  • If the issue persists, try adjusting the gas fees for the transaction.

Phantom Wallet Alternatives

Phantom Wallet Vs Trust Wallet

Phantom Wallet was designed for the Solana blockchain and its native tokens, but now also supports Ethereum and Polygon. It has a user-friendly interface with a sleek design and intuitive navigation, making it suitable for beginners. It focuses on simplicity and ease of use, providing features like token management, sending and receiving transactions, staking, and swapping tokens.

On the other hand, Trust Wallet is a multi-chain wallet that supports a wide range of cryptocurrencies, including Bitcoin, Litecoin, Cardano, Ethereum and other ERC-20 tokens. It offers a feature-rich interface with comprehensive functionality for managing different cryptocurrencies. It also supports DeFi applications, allowing users to participate in lending, borrowing, and other activities.

Both wallets are accessible as mobile and desktop platforms and support hardware wallet integration for enhanced security. They also both give users full control over their private keys, ensuring self-custody of funds.

Consider the specific blockchain and tokens you work with when choosing between the two wallets.

Phantom Wallet Vs Exodus Wallet

Phantom supports Ethereum, Polygon, and Solana, providing access to the Solana ecosystem and passive income through staking SOL tokens, Exodus, on the other hand, supports multiple blockchains like Bitcoin, Litecoin, Cardano, Tether, Dogecoin, and Solana, providing access to a wide range of cryptocurrencies.

Both wallets offer a range of features like staking, swapping, non-custodial storage, and NFTs, and provide secure environments for users. Phantom offers hardware wallet support and an intuitive interface, while Exodus has third-party integrations with services like Compound Finance and MoonPay, and a modern user-friendly interface.

The choice between the two depends on individual preferences.

Final Thoughts

Phantom Wallet is a cutting-edge, non-custodial, multi-chain Web3 wallet that is tailor-made for managing digital assets and accessing decentralized applications on Solana, Ethereum, and Polygon networks.

This hot wallet comes packed with a plethora of features that ensure that your assets remain secure and accessible at all times. Some of these features include self-custody, secure storage, multi-chain support, decentralized application integration, token swaps, NFT compatibility, crypto staking capabilities, and hardware wallet compatibility.

With such a wide range of features, this wallet is a versatile and secure option for managing digital assets and accessing decentralized finance. It is available as a desktop application and mobile app for iOS and Android devices, which guarantees that you can manage your digital assets on the go.

If you are interested in the Ethereum, Polygon, or Solana blockchains, this wallet is worth considering.

Q&A Session

In this section, Eugene Abungana will address your inquiries and the most common questions regarding Phantom Wallet and offer guidance to newcomers in the field.

Feel free to submit your questions through our contact form, and we will strive to respond within 48 hours.

Phantom Wallet is considered safe and legit. It is also compatible with Ledger devices, which adds an extra layer of security.

Simply select the tokens you want to stake and follow the on-screen instructions. You can also use the Phantom wallet in conjunction with your Ledger wallet for enhanced security during the staking process.

Phantom wallet is considered a good Solana wallet. It provides a user-friendly interface and supports a wide range of features, including staking, swapping, and NFTs.

Phantom wallet is regarded as a good wallet for several reasons. It is lightweight and easy to use, making it accessible to both beginner and experienced cryptocurrency users. Additionally, its compatibility with Ledger devices enhances security.

Whether Phantom is the best wallet depends on individual preferences and specific requirements. While it offers a range of features and security measures, there are other wallets available in the market with similar functionalities.

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Eugene Abungana

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Author

I have worked with several companies in the past including Economy Watch, and Milkroad. Writing for BitEdge is highly satisfying as I get an opportunity to share my knowledge with a broad community of gamblers.

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Reviewer

Will Wood

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Updated on 16/04/2024