Cryptocurrency enthusiasts often look for user-friendly platforms to securely store and manage digital assets. Phantom Wallet has become popular thanks to its straightforward interface and reliable safety features.
This is a non-custodial, multichain wallet designed to give users full control over their digital assets without requiring them to depend on a third party.
Though it originally focused on the Solana ecosystem, Phantom has grown to become the top Solana wallet, and one of the best cryptocurrency wallets in general, as it supports numerous other blockchains —ranging from Ethereum and Polygon to Bitcoin and Base, making it a convenient choice for managing various portfolios within one intuitive interface.
This guide provides a concise overview of installing, configuring, and securing Phantom Wallet on desktop and mobile devices.
Phantom Wallet: Key Features
Moreover, Phantom’s swapping and bridging capabilities allow seamless movement of assets across networks like Solana, Ethereum, and Polygon. Crypto staking on Phantom is equally effortless, with the wallet supporting directly delegating SOL tokens to validators for earning rewards.
Token Swapping and Bridging
Phantom Wallet allows users to swap different cryptocurrencies through multiple blockchains, including Ethereum, Polygon, Bitcoin, and Base.
To start swapping, open Phantom’s Swap section and select the tokens you want to exchange. Review the transaction details, including fees and slippage settings, then confirm the swap. Keep in mind Phantom charges a flat 0.85% fee on swaps in addition to network fees.
Also, make sure you have enough SOL to cover up transaction fees. In the same way that Ethereum-based transfers, regardless of the token, require a minimum amount of ETH to execute the transaction.
dApp Integration
Phantom also provides a convenient gateway to dApps on Solana, including NFT marketplaces, games, lending and borrowing protocols, and general DeFi projects.
On desktop, you typically connect Phantom by visiting the dApp’s website, clicking “Connect Wallet,” and selecting Phantom from the list of options. On mobile, you can use Phantom’s in-app browser to enter a dApp’s URL, grant the necessary permissions, and start transacting or interacting.
Thanks to Phantom’s multichain support, you can trade tokens on the best Solana decentralized exchanges (DEXs) like Jupiter or Raydium, engage in lending or yield farming, and mint or sell NFTs on marketplaces such as Magic Eden or Tensor.
As if that is not enough, the wallet includes scam detection tools to spot malicious contracts or phishing attempts, and it lets you easily revoke dApp permissions whenever you want. This integrated approach—spanning Solana, Ethereum, Polygon, and other networks—provides a unified experience that makes it simple to explore a variety of Web3 applications securely.
Phantom Security Features
Security is paramount for any cryptocurrency wallet, especially in today’s industry where technological advancements move faster than ever.
That said, Phantom provides users access to built-in safeguards that go beyond traditional security models. The wallet also has an auto-lock mechanism that secures your account after periods of inactivity, preventing unauthorized use if the device is left unattended.
Here’s an overview of some of the many security features of Phantom:
- Non-custodial architecture: Phantom never stores sensitive data such as seed phrases or private keys on its own servers. These details remain with the user, minimizing risks tied to centralized storage.
- Advanced encryption: Private keys are locally encrypted on your device. Even if the device is compromised, decryption requires explicit access and cannot occur in the background.
- Biometric Authentication: On mobile, Face ID and fingerprint recognition add an extra layer of protection. These measures help ensure that only the wallet’s owner can unlock it.
- Scam detection and transaction previews: Real-time analysis identifies suspicious transactions or blacklist interactions. The wallet also provides clear previews, enabling you to verify details before approving any transaction.
- Open-source blocklist: Phantom incorporates a regularly updated list of known phishing sites and malicious platforms. Blocking access to these sites directly from the wallet reduces the risk of accidental engagement with scam projects.
- Hardware wallet compatibility: Integration with the best hardware wallets in the industry, like Ledger and Trezor.
Phantom Liquid Staking
Solana has several liquid staking options: Jito, Marinade, MarginFi, and Blaze.
They all pretty much work similarly. For instance, when you stake through Jito using Phantom, your SOL is delegated to validators running the Jito-Solana client, which collects and distributes both standard staking rewards and additional maximal extractable value (MEV) rewards. In return, you receive JitoSOL tokens. These tokens function like receipts for your staked position: they accrue rewards over time, can be traded or transferred freely, and can even be deployed in various Solana-based DeFi projects.
Because JitoSOL remains liquid, you can put it to work in platforms like Kamino, Drift, or MarginFi to earn additional returns while still benefiting from underlying staking rewards. Moreover, yields can be as much as 15% higher than native staking because of Jito’s focus on MEV optimization.
You could start liquid staking with Phantom following these steps:
- Fund your wallet and make sure you have enough SOL in your Phantom Wallet to cover both the staking amount and transaction fees.
- Open your SOL balance within Phantom, select the option for liquid staking, and enter the amount of SOL you want to stake.
- Next, confirm the transaction; JitoSOL tokens will appear in your wallet, representing your staked position.
- You can trade or transfer your JitoSOL or use it in DeFi protocols while your SOL earns rewards in the background.
How to Stake With Phantom Wallet?
Phantom Wallet offers an easy way to stake crypto but currently only supports SOL. Each staked SOL helps validate transactions on the Solana network and in return, users receive a portion of the fees collected by the validators.
You can easily view your current staking balance and accrued rewards within the Phantom interface, clearly showing how much SOL you have staked and any pending rewards.
Phantom suggests going to platforms like validators.app to find the best Solana validators to delegate tokens. Those with a smaller budget often look for a smaller validator with lower commissions and higher APY.
Current estimates show APYs can reach up to 9% for SOL, though actual rates vary with network conditions.
Once you stake, any rewards automatically compound, meaning they are added to your staked balance, but you cannot separately withdraw the accumulated rewards; you must unstake everything to access them.
If you decide to unstake, ensure you have enough SOL (approximately 0.05 SOL) for gas fees. Otherwise, the transaction will fail.
How to Install And Use Phantom?
The sections below provide step-by-step instructions for setting up Phantom on desktop browsers and mobile devices, followed by essential security tips to ensure your funds remain safe.
- First, choose the browser you want to install Phantom on. The wallet supports Chrome, Firefox, Brave, and even Edge.
- Make sure you download it from the official Phantom website. Then, follow the prompts to install the extension through your chosen browser’s extension marketplace.
- Once you are directed to the extension store, click “Add” or “Install” to integrate Phantom into your browser.
Security Tips Before Downloading Phantom
Before you start your Phantom journey, consider the following safety tips to avoid losses and security breaches in your personal device:
- To avoid spoofed applications, always download Phantom from its recognized sources: its official website, Phantom.com, or reputable app stores.
- The 12-word seed phrase is the only way to recover your account if your device is lost or stolen. Treat it like a key to a vault; never, under any circumstances, share it.
- Phantom’s support team will never ask for your seed phrase. Be cautious if anyone requests that information, as it is a common scam tactic.
- In addition to a secure seed phrase, always set strong local passwords or biometric locks for each device.
Phantom Mobile App
Phantom Wallet’s mobile application for iOS and Android allows users to manage cryptocurrencies and explore dApps as well. Its functionality closely mirrors its desktop counterpart, so you can access your portfolio from multiple devices without missing a beat.
Therefore, whether you’re sending tokens, staking SOL, buying NFTs, or looking to explore dApps directly on the go, Phantom as a mobile app is equally user-friendly and pretty simple with every interaction, all while keeping security and user privacy at the forefront.
Here are some of the key features you can find on the mobile version:
- Cross-platform sync: The mobile app integrates seamlessly with Phantom’s desktop wallet, ensuring that your assets, transaction history, and settings remain consistent wherever you log in.
- Token swapping: Built-in and cross-chain bridging features allow fast exchanges between supported networks. Moving funds from one chain to another no longer requires a separate service.
- Staking: The app allows you to stake SOL, which allows you to earn rewards while supporting network security. Rewards are automatically added to your staked balance, making compounding effortless.
- Biometric security: Devices that offer face ID or fingerprint authentication are supported, adding extra protection against unauthorized access.
- Push notifications: Real-time alerts keep you informed about transfers, staking updates, and other account activities, ensuring you never miss important developments.
- Mobile dApp browser: An integrated browser allows direct connections to DeFi protocols, NFT marketplaces, and blockchain games. Instead of juggling multiple apps, you can explore all these services in one interface.
Frequently Asked Questions
Is Phantom a Good Solana Wallet?
Phantom is widely regarded as one of the best wallets for interacting with the Solana ecosystem. Originally developed as a Solana-native wallet, it excels at managing SOL tokens, handling Solana-based NFTs, and connecting to various dApps. Its intuitive interface and regular updates make it a top choice among Solana enthusiasts.
Is Phantom Wallet Safe?
Phantom is considered a secure option for storing and transacting cryptocurrencies. Below are key features that contribute to its strong safety record:
- Non-Custodial Design: Users retain their private keys, preventing centralized points of failure.
- Scam Detection: The wallet flags suspicious transactions and blocks known phishing sites or malicious tokens.
- Hardware Wallet Integration: Compatibility with Ledger devices keeps private keys offline, reducing exposure to hacks.
- Code Audits: Regular reviews by Kudelski Security help ensure the code remains up-to-date and robust against vulnerabilities.
What Assets Does Phantom Support?
Beyond supporting Solana and Solana-based cryptocurrencies, Phantom also supports ETH and EVM-based tokens, as well as assets from Polygon, Base, and Sui.
Does Phantom Support Hardware Wallets?
Yes. Phantom integrates with hardware wallets like the Ledger Nano S, Nano X, and Ledger Stax, as well as Trezor models. Because these devices store private keys offline, they add a critical layer of protection against online threats such as phishing attacks and malware.
