Phantom Wallet makes securing your assets on the Solana blockchain much easier. But what about this browser extension wallet makes it such a great choice? Through this comprehensive Phantom Wallet review, you can figure this out. Explore Phantom wallets and features and weigh its pros and cons to understand why it’s a popular choice.
- Explanation of Phantom Wallet’s key features, including a built-in decentralized exchange, SOL staking, and its accessibility.
- Analysis of the platform’s security, fee structure, and customer support services.
- Step-by-step guide on how to use Phantom Wallet as a desktop and mobile app.
What Is Phantom Wallet?
Phantom Wallet is one of the most popular wallets on the Solana blockchain. This decentralized Web 3.0 wallet is non-custodial, meaning its users get complete control of their private keys. With self-custody, Phantom clients get to use the decentralized web without any third-party monitoring and are entirely responsible for their transactions and security.
Since its launch, Phantom Wallet’s sole focus has been providing a simple and secure interface for interacting with multiple decentralized finance (DeFi) projects and decentralized applications in the Solana ecosystem. The platform has a built-in decentralized exchange (DEX), which allows users to buy and sell crypto assets.
Besides that, the wallet is also famous for its NFT marketplace, where users can collect valuable non-fungible tokens (NFTs) on the Solana network or run NFT flipping for profit. Phantom wallet services also extend to SOL staking. SOL is the native token of the Solana blockchain, and Phantom enables holders to profit from the SOL they hold by lending it to the blockchain.
This wallet is also easily accessible. With a browser version and a mobile application for Android and iOS users, Phantom Wallet offers a stable system for sending and receiving digital assets.
Phantom Wallet has many impressive features to help achieve its core purpose. Let’s analyze the top admirable features the Phantom Wallet offers and explain why they are so important.
|Built-in NFT Marketplace||Yes|
|Mobile App||Yes, on Android and iOS|
|Browser App||Yes, on Chrome, Brave, Firefox and Edge|
A Built-In Decentralized Exchange and NFT Marketplace
Phantom is not just a crypto wallet but also an avenue for digital trading currencies. The wallet has a built-in exchange feature, allowing you to swap all the tokens supported by the Solana Ecosystem.
This in-built swap system enables users to compare market prices for a given swap from multiple other decentralized exchanges so they can only choose swaps that generate the highest profits. The feature also comes with a 0.5% slippage rate. This means that if the price of a swap drops by at least 0.5% of the price indicated earlier, the transaction will fail to keep the trader from making a loss.
Aside from the built-in exchange, Phantom Wallet also has a native NFT marketplace. Through a partnership between Phantom and Magic Eden, one of Solana’s leading NFT marketplaces, Phantom Wallet users can now mint, list, manage, and even delete NFT listings without leaving Phantom’s interface. This significantly simplifies NFT creation, acquisition, and management for users, making many prefer the wallet.
Solana is a proof-of-stake (PoS) blockchain. It uses staked coins to generate or mint new coins for the blockchain. Solana refers to the process of verifying staked tokens as “validation.” Validation happens through a validator, often a company or an individual, who cross-checks the validity of the staked transactions. and is overseen by a validator.
Validators receive tokens from delegators. A delegator is an investor who contributes their SOL coins for staking. Both validators and delegators receive rewards for their efforts, calculated as Annual Profit Yields (APYs). The validator’s reward on Solana is called a commission and can be worth a minimum APY of 5%. Delegators, on the other hand, receive commissions worth a minimum APY of 5.5%.
Accessibility and Ease of Use
On a crypto wallet, accessibility and ease of use refer to how easily users can understand and interact with the wallet’s interface and features. The Phantom Wallet has simplicity rooted in its core. The wallet is designed to allow beginners and seasoned users to find their way easily.
The first flex in Phantom Wallet’s usability is that it comes as a web browser extension. Users can access the wallet through multiple mainstream browsers, including Chrome, Firefox, Brave, and Edge. This eliminates any hardware complexities or limitations. The wallet also has a mobile app version for Android and iOS users, offering portability and allowing clients to access services on the go.
Additionally, Phantom Wallet plans on launching support for the Polygon and Ethereum blockchains. When this happens, the wallet will increase the range of tokens it supports and the ease of cross-chain transfers, making it even more accessible.
How To Use Phantom Wallet
You can use Phantom Wallet through the desktop or mobile app. Here’s a step-by-step guide on how to get both Phantom applications.
How to Install the Phantom App on my Desktop
Here is how to set up the Phantom app on your desktop:
Step 1: Visit Phantom Wallet’s website, scroll to the Phantom for Desktop section, and select a browser from the ones listed. This guide will use Chrome.
Step 2: On the Chrome tab that opens, click the Add to Chrome button.
Step 3: A pop-up will appear asking you to confirm that you want to add Phantom Wallet’s extension to Chrome. Click Add extension.
Step 4: Once you finish this, a new Phantom Wallet tab will open. You can create your new Phantom Wallet account by clicking the Create a new wallet button.
Step 5: Enter your preferred Phantom Wallet password in the password fields and click Continue.
Step 6: Click the Eye icon on the next tab to reveal your Secret recovery phrase. You will need these twelve words to recover your wallet if you forget your password or lose access. Note this phrase and save or store it somewhere safe where other unauthorized individuals can’t access it. Check the I saved my Secret Recovery Phrase checkbox and click Continue.
Step 7: The next tab shows the Ctrl + Shift + P option that you can use to launch your Phantom Wallet on your desktop. Click Continue.
Step 8: Tap on the Puzzle icon at the top left of your Chrome tab, and select the pin icon to pin your Phantom Wallet extension, then click the Finish button to complete the signup process.
How to Install the Phantom Wallet on my iPhone
If you’re wondering how to get the Phantom app on your iPhone, it’s simple.
Step 1: Log in to your Apple Store account and search for the Phantom Wallet app.
Step 2: Once installed, click “Create new wallet”, then choose how you want to protect your wallet and click “Next.”
Step 3: You will be provided with your secret recovery phrase, which you need to write down on paper and store somewhere safe (if you lose this seed phrase, you won’t be able to access your assets in the future). Then click “OK, I saved it somewhere.”
Step 4: You have successfully installed your Phantom Wallet. After you’ve agreed to the terms of service, click “Get Started,” and you’re ready to trade.
The Phantom Wallet is essential, especially when trading on the Solana blockchain. This wallet lets users conveniently trade, send, receive, and stake crypto. It also enables NFT collection and trading.
Additionally, Phantom Wallet users enjoy high security on the platform due to its non-custodial design and top-notch security features. They also trade with affordable fees on the wallet and receive remarkable customer support when they encounter challenges. Overall, Phantom Wallet checks all the boxes of a worth-it crypto wallet.
Phantom Wallet Review- FAQs
Is Phantom Wallet safe?
Phantom Wallet is highly secure. The wallet uses a transaction preview security feature to detect and block malicious transactions and notify users of their existence. It also does not store or track any personally identifiable information from its users, maintaining strict anonymity for transactions. Additionally, it allows users to connect to the Ledger hardware wallet, which is famous for its offline security.
Does Phantom Wallet have an app?
Alternatively, you can download the Phantom Wallet browser extension from the wallet’s website and use it as a web app.
Is Phantom wallet better than MetaMask?
The choice between Phantom and MetaMask comes down to personal preference and the specific blockchain network the user wants to interact with. If you are primarily using Solana, Phantom may be the better option due to its tailored features.
If someone is using multiple networks, MetaMask may be more versatile. Both wallets offer strong security and user-friendly interfaces, making them reliable options for managing cryptocurrencies