Mad Lads, Saga, airdrops… Solana has dominated the headlines over the past few months.
If you’ve been wondering what all the hype is about, and want to get started, you’ve come to the right place. In this guide, we’ll take a look at the top Solana wallets to help you find the right one and kick off your Solana journey.
What is Solana?
Anatoly, a former Qualcomm engineer, introduced the Solana concept in a 2017 whitepaper, and in 2018 he teamed up with Raj to co-found Solana Labs—the development company behind the Solana blockchain.
The vision was to create a high-performance blockchain that addresses the scalability issues faced by existing blockchain networks such as Ethereum. What makes Solana unique is that its architecture supports parallel processing, drastically increasing its scalability and efficiency, and enabling the network to process thousands of transactions per second at a fraction of the cost of other blockchains.
Additionally, Solana’s smart contract capabilities enable developers to build a wide range of decentralized applications (dApps), making it a versatile platform for DeFi, NFTs, gaming, and more.
For more details, read our beginner's guide to Solana.
What are Solana wallets?
Before we start, we need to differentiate between two types of crypto wallets: custodial and non-custodial.
Self-custody in crypto refers to the practice where individuals hold and manage their private keys directly, rather than relying on a third-party service such as an exchange (e.g. Binance or Coinbase)—which comes with both advantages and disadvantages:
Advantages
- Control: You have full ownership of your private keys and, consequently, your crypto assets.
- Privacy: You are not required to share personal information with any third party.
- Lower Fees: Non-custodial wallets typically offer lower transaction fees, especially for large or frequent transactions, compared to custodial wallets.
Disadvantages
- Responsibility: If you lose your seed phrase/private keys, you lose access to your crypto assets. Managing a non-custodial wallet requires diligent safeguarding of your seed phrase/private keys. Consider writing down your seed phrase and storing it securely. Utilizing a hardware wallet such as Ledger can add an extra layer of security as well.
- Learning Curve: Managing a non-custodial wallet requires a deeper understanding of crypto-native security practices.
- Support: Unlike centralized exchanges (Binance or Coinbase), non-custodial wallets usually do not provide a helpline or 24/7 support.
Generally speaking, most Solana wallets are non-custodial wallets—enabling you to store, send, and receive digital assets securely. Also, Solana wallets enable you to interact with DeFi applications, to take advantage of swapping, bridging, and staking.
You can use two types of non-custodial wallets on Solana:
- Software Wallets: These wallets are available as apps or browser extensions, providing users with the convenience and ease of access to connect with applications while remaining connected to the internet.
- Hardware Wallets: These are physical devices that remain offline, offering a more secure method for storing digital assets by protecting against malware and other threats.
What should I look for in a Solana wallet?
Here are a few factors you should keep in mind when selecting a Solana wallet:
- Security: Choose a wallet that implements strong security measures to safeguard your assets from hacks and theft.
- Protocol ecosystem: If you're interested in exploring DeFi, NFTs, and gaming, look for a wallet that connects to popular protocols and marketplaces.
- Multi-blockchain support: If you want to manage all your digital assets in one place, consider a wallet that supports multiple blockchains.
Now, let's explore the top Solana wallets, beginning with software wallets.
Best software wallets for Solana
Phantom
Since launch, more than seven million people have chosen Phantom (that’s us!) as their dedicated wallet, making it one of the most proven and popular wallets in crypto.
Some of our most popular features include multi-chain capabilities, Cross-Chain Swapper, NFT experiences, and security measures.
Multi-chain capabilities
Although our wallet originated on Solana, we also support the Bitcoin, Ethereum, and Polygon blockchains as well. This means you can experience Solana, Bitcoin, Ethereum, and Polygon hassle-free through one single interface—your Phantom wallet.
Cross-Chain Swapper
Assets such as tokens and NFTs are exclusive to the blockchain they were created on. For example, Ether (ETH) or Bored Ape Yacht Club (BAYC) NFTs are native to the Ethereum blockchain, while SOL and Claynosaurz NFTs are Solana-specific assets. Other assets such as stablecoins—USDC or USDT—are available on multiple blockchains, however, USDC on Ethereum uses different tech than USDC on Solana.
But what if you’d like to use the USDC you have on Ethereum to trade coins, tokens, and NFTs on Solana? That’s where our Cross-Chain Swapper comes into play. Cross-Chain Swapper allows you to convert tokens from one chain to another fast and with low fees.
NFT experiences
An unrivaled user experience is at the core of everything we do. For NFTs, we offer two unique features: Shortcuts and Quests.
You can think of Shortcuts as the “Linktree of NFTs.” In one click, you can access a menu with all the top links and actions for your NFTs. Supported collection include Azuki, Claynosaurz, Degenerate Ape Academy, Famous Fox Federation, Okay Bears, Tensorians, The Heist, y00ts, and others (with more coming soon).
As for Quests, it’s a fun way to earn rewards for completing tasks. What kind of tasks? Sign up for apps, try out new features, and complete other fun web3-related actions.
Current Quests include: DRiP and Camera Mint. With Camera Mint on Phantom Mobile, you can turn photos and videos into Solana NFTs, stored on the blockchain forever. For more on this, make sure to browse through our Camera Mint article.
Security measures
One of the founding pillars of crypto is self custody, the notion that you, the user, should maintain total control of your assets at all times. In order to uphold this vision, we’re committed to all things security. Some of our security features include:
- Scam detections for malicious transactions
- Open-source blocklist to avoid phishing sites
- Non-tracking of personally identifiable information
- Code audit by Kudelski Security, a top software auditing firm trusted by technology companies worldwide
- Bug bounty program for white-hat hackers.
Although we’ve been the leading wallet on Solana since launch, there are some other solid options as well, such as Backpack, Solflare, and Espresso Cash.
Backpack
- Multi-chain support: Backpack is available for Solana and Ethereum.
- Backpack Exchange: The Backpack wallet is the most compatible wallet for the Backpack exchange, as both are built by the same team.
- NFT collection locking: As soon as this feature is activated, transaction signature requests for selected NFT collections in users' Backpack wallets are automatically rejected—thwarting wallet drains and keeping assets safe at all times.
- xNFTs: On Solana, NFTs can be upgraded to xNFTs. xNFTs are basically applications that allow for rich and immersive token-gated experiences. Two of these experiences have already been demonstrated: in-wallet games and in-wallet videos.
Solflare
- Provenance: Solflare was the first-ever Solana wallet.
- Staking: The Solflare team runs one of the largest Solana validators, which allows you to stake your SOL to earn rewards.
- MetaMask Snaps: Solflare partnered with MetaMask on a white label service that allows MetaMask users to interact with Solana dapps from their Ethereum wallet.
Espresso Cash
- FX: Espresso Cash has a strong focus on cross-border currency exchanges.
- Payments: In order to increase convenience, Espresso Cash allows users to simply share a secure link or QR code on any social platform to transfer funds instantly.
- Open source: Espresso Cash’s software is open and accessible to the public.
For more general information, make sure to read our Best Crypto Wallets guide as well!
Best Solana wallet for trading
Phantom is your best option if you'd like to trade SOL and memecoins on mobile or PC.
Our mobile app enables you to seamlessly access popular Solana apps such as Jupiter, Drip, and Tensor directly, without needing to leave the app.
Also, you can effortlessly search for any token within the app using Phantom Explore, making trading simpler than ever before.
Best Solana wallet for NFTs
If you’re looking for the best Solana wallets for storing and trading your NFTs, Phantom is in pole position as well.
As mentioned above, Phantom offers two unique NFT features, Shortcuts and Quests, as well as native integrations to popular NFT marketplaces.
And if you'd like to explore NFTs beyond Solana, Phantom makes it easy with seamless on-ramps to Bitcoin and Ethereum NFTs.
Best Solana wallet for staking
Phantom is arguably the top wallet for staking your SOL, especially when it comes to liquid staking.
Liquid staking enables you to maximize your rewards, gain flexibility to participate in DeFi, and helps secure the Solana network, which is good for the ecosystem. But there’s a problem. Most people aren’t aware of all these amazing benefits.
So to make liquid staking easier than ever, we teamed up with Jito, the leading Solana liquid staking platform.
Read more about liquid staking on Solana.
Best hardware wallets for Solana
Several reputable brands dominate the hardware wallet market for Solana, each with its unique features:
- Ledger: Known for its sleek design and support for a wide range of cryptocurrencies. Ledger offers three main models: the Nano S, the more advanced Nano X, and Ledger Stax—the most advanced and customizable solution.
- Trezor: One of the first hardware wallet brands, Trezor is praised for its open-source firmware and user-friendly interface. They offer the basic Trezor Model One and Trezor Safe 3, as well as the premium Trezor Safe 5 with a color touchscreen.
- Keystone: The products feature a large display for easy verification of transaction details, as well as a self-destruct mechanism against side-channel attacks.
Hardware wallet vs software wallet
Unsure whether to choose a hardware or software wallet for Solana? Let's explore the pros and cons of each:
- Hardware wallets are often considered the gold standard for secure long-term storage due to their robust security features. However, they can be more expensive and may not provide the same quick access to your digital assets as software wallets.
- On the other hand, software wallets are convenient for daily transactions and are generally free to use, but they are more susceptible to online threats like phishing attacks and malware.
- Conclusion: While hardware wallets offer superior security, they might not be as convenient for frequent trading or small transactions compared to software wallets.
As such, a best practice is to combine the use of software wallets with hardware wallets.
This approach allows you to keep the majority of your crypto assets offline and secure in your hardware wallet, while maintaining a smaller amount in software wallets for day-to-day transactions or trading.
A couple of things to consider:
- Wallet setup: We suggest starting a dual setup with both a new software wallet and hardware wallet. When you create a software wallet, connect and link it to your hardware wallet (e.g. Ledger) BEFORE you do anything else. By doing so, you can be sure that the connection between your software and hardware wallets is safe and has not been tampered with.
- Asset management: When you buy digital assets which you'd like to keep for the long term, you should regularly transfer them from your software to your hardware wallet. By doing so, you disconnect your digital assets from the Internet. Now, if your software wallet is hacked and the perpetrators want to “drain” it i.e. steal your digital asset, they can’t.
- Wallet operations: Always create multiple software wallets for multiple use cases: trading, minting NFTs, and when using/testing new platforms and apps, especially when they are still in alpha/on devnet.
By carefully considering these factors and implementing a combined software and hardware wallet strategy, you can enhance your overall operational security (OpSec) setup while maintaining flexibility for various activities.
For more details, read our hardware wallet guide.
How to set up a Phantom wallet?
If you’d like a friendly multichain wallet for crypto, DeFi, and NFTs, try us out. We offer browser extensions for Firefox, Chrome, Brave, and Edge, as well as apps for iOS and Android.
First, download Phantom. Then, create a new wallet.
If you’d like to fund your Phantom wallet, you can do so via the “Buy” button on your asset tab. We offer various funding options, such as MoonPay, PayPal, and Robinhood to make it easy for you to fund your wallet.
Once you do that, you're ready to go.
Where and how to buy Solana (SOL) and other tokens?
As soon as you have secured both a software and hardware wallet, you're ready to dive into the Solana ecosystem!
The easiest way to start is to buy, sell, and trade Solana (SOL), here's how:
- First, download Phantom. Then, create a new wallet.
- As soon as your wallet is set up, and you access it for the first time, you’ll be welcomed by a screen with two options:
- Buy crypto
- Transfer crypto
- Select “Buy Crypto” then “Solana (SOL)”
- Insert the amount of SOL you want to buy
- Select “Next”
- Choose your funding option: MoonPay, Coinbase Pay, etc.
- Finalize your order
Once you’ve completed your purchase, your SOL will appear in your wallet.
From there, you can swap into other tokens within the ecosystem. But before you do, take a moment to read our Solana tokens guide to learn all about them.
How to bridge tokens to Solana with Phantom?
If this is your first time using Solana, you might have most of your assets on other blockchains, such as Ethereum and Polygon. With our Cross-Chain Swapper, you can bridge tokens across Solana, Ethereum, and Polygon right in your Phantom wallet. Here’s how:
Solana wallet FAQs
- Is there an official Solana wallet? Unlike other blockchain networks, Solana does not have an official wallet. However, several reputable wallets, such as those recommended above, offer excellent functionality and security for Solana users.
- Is Phantom a hot wallet? Yes, Phantom is a hot wallet. Generally, "hot wallets" are also known as "software wallets," the term we've used throughout this article.
- Can I use MetaMask for Solana? MetaMask is not a native Solana wallet. However, users can access the Solana ecosystem through MetaMask Snaps, which enable Solana functionality within MetaMask.
- What are the fees for using a Solana wallet? Solana is renowned for its low transaction fees, often less than a cent, making it an attractive option for cost-effective blockchain activities. As the network's usage has surged, pricier priority fees have emerged, allowing users to expedite their transactions during increased network activity/congestion. Priority fees, however, are optional and don’t need to be paid if you’re happy to wait a bit longer for your transactions to go through.
- How can I withdraw money from my Solana wallet? Withdrawing tokens from your Phantom wallet to a bank account requires a few additional steps, as direct withdrawal is not available. You need to use an exchange such as Binance or Coinbase to convert tokens into fiat currency, then transfer that fiat to your bank account. This process ensures a smooth transition from digital assets to traditional currency. Alternatively, consider the off-ramping options on Sphere.
Disclaimer: This guide is strictly for educational purposes only and doesn’t constitute financial or legal advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
