Phantom Wallet Review

Rating: 5/5

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Rating: 5/5

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What Is Phantom Wallet?

Phantom is a decentralized cryptocurrency wallet for the Solana network that allows the user to send, receive and exchange cryptocurrency with full control over their keys. Phantom generates passwords and keys directly on the device, so only the owner has access to their funds and sensitive information.

In addition to Solana-based tokens, Phantom cryptocurrency wallet supports USD Coin tokens (USDC), non-exchangeable tokens (NFT). The extension works in Chrome, Firefox, Edge and Brave, and there is an app for iOS.

Review Summary

Feature

Total Rating

Ease of Use

5 ⭐⭐⭐⭐⭐

User Interface

5 ⭐⭐⭐⭐⭐

Features

5 ⭐⭐⭐⭐⭐

Security

5 ⭐⭐⭐⭐⭐

Support

5 ⭐⭐⭐⭐⭐

Advantages and disadvantages

Advantages

Disadvantages

  • Simple and intuitive interface
  • Available as an extension for Chrome, Firefox, Edge, and Brave
  • Supports Ledger hardware wallets
  • Has a iOS version
  • Works only with Solana network

About the wallet

About the wallet

Phantom Wallet is a fairly young but actively developing project. The wallet was launched in 2021 as an extension for the Chrome browser. Over time, the development team added support for Firefox, Edge and Brave browsers. An iOS version was released in January 2022 and an Android smartphone app is in development.

The company is also working on integration with the Ethereum network, with a beta version expected soon.

Creating a wallet and getting started

Creating a wallet and getting started

To install Phantom, go to the official website https://phantom.app and click the Download button in the top-right corner. This will open a page with options to download the wallet:

  • Extension for Chrome, Firefox, Edge and Brave;
  • Link to the iOS version of Phantom;

Alternatively, you can find Phantom directly in the Google Chrome extensions catalogue or in the app shop on your Apple smartphone.
On the extension page, click Add to Chrome and confirm your action.

When the extension has been successfully installed, the wallet page will open.

Two options will be available:

  • Create a new wallet — if you want to create a wallet from scratch.
  • I already have a wallet — log in to the previously created wallet.

After clicking on the “Create a new wallet” button, the creation of a wallet will begin. You will first need to create a password.

Create a password

Think of a password that is at least eight characters long. Agree to the terms of use of the service, and proceed to the next step.

Secret Recovery Phrase

The next step is to copy and save the Secret Recovery Phrase. This data should preferably be saved in a password manager that only you have access to.

Keyboard shortcut

The next step is learning how to start Phantom using the keypad. Press the recommended key combination and enter the wallet password when prompted. Press the “Continue” button and finish setting up the wallet.

Phantom Wallet interface

Let's look at the cryptocurrency wallet interface.

Phantom Wallet interface

The Phantom Crypto Wallet interface can be divided into several blocks, which are located from top to bottom.

  • The first block displays the wallet address. It is the same for all tokens. You can copy it by simply clicking on it.
  • The second block serves to display the balance of the wallet.
  • The third block is buttons for receiving and sending tokens.
  • The fourth block is a button for editing the list of coins in the wallet, you can both turn on/off the display of tokens, and add a custom token.
  • The fifth block — with buttons to move between wallet windows.

The wallet also has five windows. The first, main window was discussed above. 

Your Collectibles

The second window serves to display Collectibles, that is, NFT on the Solana blockchain.

Exchange

The third window serves to exchange SOL to other tokens — USDT, USDC, Raydium and others.

Recent Activity

The fourth window will display the history of transactions.

Settings

The fifth window contains the Phantom Wallet settings.

In the settings, you can change the following parameters:

  • Change the name of the wallet;
  • Add a wallet to your address book;
  • Select applications you trust;
  • Change password;
  • Change the lock timer (the time after which you will need to enter a password to use the wallet);
  • Change network (main network, testnet and devnet are available);
  • Export the private key;
  • Show secret phrase;
  • Delete wallet;
  • Create a new secret phrase.

Depositing funds to the wallet

To replenish the wallet, simply withdraw tokens from an exchange that supports SOL(SLP) network withdrawals to its address. SOL token is used for commissions. Without SOL on the wallet, you can't do anything, so the first thing is to top up the wallet with SOL tokens.

Conclusion

Phantom Crypto Wallet is an ideal choice if you need to conduct cryptocurrency transactions in Solana network. It is easy to install and configure, has a clear interface and is well protected against hacking.

The development team is constantly improving their product, the iOS version of the wallet has already been released, the Android version will also be available soon.

Phantom Review Summary 

88% Overall

We have analyzed key features of Phantom based on 3 important criteria for choosing crypto wallet:

  • Trustworthy
  • Usability
  • Number of coins
    Based on researches and our own tests, we have made an independent rating.
89%
Trustworthy
86%
Usability
90%
Number of coins

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.

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