We take a closer look at the best Web3 wallets for Solana and their distinctive features. Find out which one is the most suitable for your needs.
Solana is one of the largest blockchain ecosystems, boasting thousands of decentralized applications. With a vast sea of web3 projects and apps on Solana waiting to be explored, it’s crucial that we pick the best wallet that suits our needs.
Whether you’re a seasoned user or a newcomer to Solana’s blockchain ecosystem, finding the best Solana wallet (tailored to your needs) is crucial. This guide explores the top Solana wallets, as well as their pros, cons, distinctive benefits, and what you should be aware of before creating your new address.
The following is a comprehensive breakdown of the absolute best wallets that are suitable for Solana’s ecosystem:
However, before we dive deeper, if you want to learn more about the network and its ecosystem, take a look at our comprehensive Solana blockchain guide.
Without any further ado, let’s take a look at the best wallets for Solana.
Phantom is the most popular Solana wallet in terms of user base (as of writing these lines) — thanks to its multi-purpose design, user-friendly interface, high performance, and low gas fees.
This non-custodial wallet is popular among SOL stakers due to its simplified staking process and user-friendly interface. This makes it a preferred choice for over half a million monthly users. It’s available as a web browser extension for Brave, Firefox, and Chrome — and it’s also available on mobile.
The mobile version is intuitive, allowing users to tab between their funds, non-fungible tokens (NFTs), swap functions, settings, and more. Phantom is a solid choice due to its beginner-friendly and straightforward interface.
However, that doesn’t mean the wallet is simplistic:
The cons? As with everything, there are some drawbacks to Phantom as well.
Phantom key features summary:
Designed by Solana Labs, Solflare was one of the first wallets in the ecosystem alongside Phantom, with identical functionalities, such as token swapping, NFT storage, Ledger integration, and SOL staking. It’s accessible on Google Play, the App Store, and as a Chrome extension.
Despite being nearly identical to Phantom both on its web application and mobile version, Solflare presents some unique capabilities:
Solflare key features summary:
Atomic Wallet stands out due to its high staking yields and a wide range of crypto assets — over 1000 coins available for buying, selling, staking, swapping, and earning rewards.
Staking rewards vary, with top performers like Cosmos, AWC, and Zilliqa throwing the highest yields. However, larger-cap coins like Cardano, Solana, and Ethereum remain the most popular staking options, with lower yields.
Those who wish to stake can find out more about it in this guide.
All crypto purchases on Atomic are made through its parent Simplex, a centralized on-ramp fiat platform (which also means the user must complete a KYC). That said, here’s a breakdown of Atomic Wallet fees:
Moreover, Atomic Wallet allows users to store their NFTs from Ethereum, Solana, BNB Chain, Polygon, Avalanche, and Fantom.
As you may have noticed, Atomic’s main drawback is the fees — a 2% fee (minimum $10) on top of Simplex’s 5% fee. The second drawback is the lack of robust security features. The wallet only relies on a PIN or password for protection and a 12-word passphrase, and there is no support for multi-sig permissions, no integrations with cold wallets, and no Two-Factor Authentication (2FA).
Atomic Wallet key features summary:
Exodus is a non-custodial and multi-functional wallet that works for Solana as well as many other networks.
The Solana Wallet Adapter is integrated with the Exodus Mobile app, allowing users to connect their Solana decentralized applications (dApps) to their wallets or access a vast sea of dApps from several blockchain ecosystems.
It is accessible on desktop, mobile, and browser applications, supporting functionalities like token staking and swapping. Exodus announced its support for Solana in late 2020, and all their desktop, mobile, and hardware crypto wallets inherently support the SOL token. In fact, it is one of the best desktop wallets for beginners.
When using Solana on Exodus, users can expect the following fees:
Pro tip: unlike the other wallets, Exodus has its own staking validator called Everstake. This means staking assets is a more direct process instead of choosing between dozens of validators.
The cons: like other wallets, it uses a 12-word seed phrase and has no 2FA. In other words, more security measures equal more safety in the long run.
Exodus key features summary:
Trust Wallet is one of the top-rated wallets in the market.
You won’t get bored with Trust Wallet as you can store and stake SOL to earn rewards through the Trust Wallet interface, as well as having full control of your assets.
Here’s what you can do with Trust Wallet:
All said and done, Trust Wallet is a solid choice if you wish to store and stake your SOL while exploring the Solana ecosystem all in one wallet.
Trust Wallet key features summary:
MetaMask is arguably the most popular self-custodial Web3 wallet in the industry, trusted by over 20 million users, but that doesn’t mean it supports every blockchain out there. When it comes to Solana, it’s important to note that MetaMask is incompatible right off the bat.
However, users can take advantage of Solana Snap for MetaMask. This is an isolated program that allows MetaMask users to manage their SOL tokens and NFTs while also gaining access to the Solana ecosystem of dApps.
In short, the program provides Solana-specific functionalities on the MetaMask wallet without needing multiple third-party wallets.
To install the Solana Snap for MetaMask, visit the Solflare MetaMask landing page and follow the steps.
MetaMask key features summary:
Mathwallet might not be as popular as the other options, but its vast features provide a sharp edge. It’s available for several platforms, including desktop, mobile, and browser, and even has a Ledger integration.
This wallet is more of a web3, multi-purpose application supporting over 100 blockchains. It allows users to perform DeFi activities, including navigating dApps on a wide range of networks and staking SOL and other cryptos.
Mathwallet acts as more than just a wallet — it’s a web3 browser that incorporates developer tools for builders, a dApp store, a “MathVerse” which contains NFT lands and avatars, a MATH token to redeem for MATH products, and a MathStaking, which allows you to choose between several validators to stake your funds.
It also incorporates a gas tracker called MATHGas, which is a handy feature.
The above were all the highlights, but there are also some considerations:
MathVault key features summary:
While you can use hot wallets for increased security and for higher amounts, it’s recommended to integrate a hardware wallet (cold storage) when storing your valuable SOL tokens. In crypto, the old saying “better safe than sorry” is worth remembering.
The benefit of cold storage is the mitigation of hacks and other types of cyberattacks since the device is not connected to the internet. But yet, there are limitations to cold wallets. For example, if you’d signed a malicious transaction even when using an HD wallet – your funds could easily get stolen, so always pay attention to what transactions you’re confirming.
There are cold wallet integrations for the SOL wallets as well – in the face of Trezor and Ledger.
Trezor is another cold wallet that supports SOL and SPL tokens on its hardware wallets, most popularly, the Trezor Safe 3, which comes with an affordable price point at $79, a compact design, and support for over 8,000 cryptocurrencies.
While the Safe 3 is quite popular, it has been succeeded by the Safe 5 version, which comes with a few extra perks:
Both wallets are practical and good for everyday use, so it all comes down to the user’s needs.
Ledger is a suitable option for securely managing Solana tokens and almost every form of crypto assets.
Both the Ledger Nano X and Nano S hardware wallets are compatible with Solana (SOL) and its tokens, enabling users to securely store, purchase, exchange, and stake Solana using the Ledger Live app.
That said, Ledger is quite a convenient way of managing Solana assets for somewhere between $80 to $150 for the S and X models, respectively. While the X model is considerably higher and more capable, both models provide a solid performance for managing your SOL assets.
There are some undeniable benefits to using Ledger devices.
Ultimately, the choice between Trezor and Ledger depends on individual preferences. Both wallets are virtually identical, but we could highlight the design —Ledger is more compact while Trezor has better UX — and the number of tokens depending on the models.
The Tangem wallet is like carrying a debit or credit card in your pocket. But no, you cannot use it as such. Instead, Tangem allows users to store over 6,000 cryptos and tokens and supports roughly 80 distinct blockchains, including Bitcoin, Ethereum, Solana, Cardano, and much more.
This card-style hardware wallet communicates with mobile devices via Near Field Communication (NFC) instead of USB connections or tiny screens. In other words, it uses a tap-to-connect feature that connects the wallet to your mobile device, allowing you to store, trade, and move cryptocurrencies as well as connect to decentralized applications directly on your smartphone.
However, the downside of Tangem relates to the number of cards each set includes, which are two to three identical cards, all linked to the same main wallet, so to speak. These also act as backups. It’s like having multiple keys for a single lock. Therefore, losing all the cards means all funds are lost unless the user still has their seed phrases.
Some of Tangem’s key features can be outlined as follows:
Tangem does not impose additional costs per use besides network gas fees. Its products include a 3-card set for $59.76 and the Tangem Ring Suite for $136.80.
While cold wallets are often deemed a safer way to store large amounts of capital, they’re not immune to vulnerabilities. It’s not the wallet itself but the software run by companies like Ledger. For example, Ledger has suffered notable security incidents that compromised users’ personal data in the past couple of years.
Phantom is arguably the best wallet for Staking SOL as it streamlines the process intuitively and straightforwardly.
Phantom and Solflare are the two best options for trading SOL and SLP tokens, as they both provide access to a vast sea of Solana dApps and high levels of liquidity.
Some of the largest DEXs to trade and swap DEXs are:
Phantom is simpler and allows you to use those DEXs on mobile or PC, while Solflare might be faster with lower gas fees but a tad more complicated to set up. Either way, both are solid options for trading SOL.
If you’re looking for the best Solana wallets for storing and trading your NFTs, Solflare takes the spotlight.
Solflare offers higher performance, ultra-low fees, and many accessories and tools to take your NFTs and SOL tokens to the next level.
Its integration with MetaMask is a game changer. Users from MetaMask can now manage their NFTs in their MetaMask wallet through the Snap interface.
Self-custody cryptocurrency wallets provide enhanced control and ownership of digital assets, accompanied by heightened responsibility and security considerations. The following outlines the advantages and disadvantages of self-custody wallets:
Advantages:
Disadvantages:
Binance is not a Solana wallet. It’s a centralized cryptocurrency exchange. In fact, it’s the largest one. However, you can store your SOL on Binance because it supports it. However, keep in mind that this is inherently different than storing your SOL on a self-custodial wallet like the ones that are mentioned in this guide.
MetaMask is not a native Solana wallet. However, users can take advantage of Solana’s snap for MetaMask, which is an isolated program that allows them to manage their SOL tokens and NFTs, while also gaining access to the Solana ecosystem through MetaMask.
Yes, Phantom is a hot wallet. It’s the most popular and widely-used hot wallet for the Solana ecosystem.
If you wish to withdraw money from your Solana wallets, as in converting them to fiat, you can use some of the in-app integrations of the different wallet providers. Alternatively, you can send them to a centralized platform, which will have the money converted and sent to your bank account.
No, the team behind Solana doesn’t have an official wallet.
As you can see for yourself, there are multiple good options for picking the best wallet for Solana.
At the end of the day, it all boils down to your personal preferences and the purpose of using this wallet.
All of them have some specifics, although wallets like Phantom seem to be well-rounded and appropriate for the majority of users, regardless of whether they are newcomers or advanced professionals.
Besides content writing, José is a finance and blockchain journalist with over 5 years of experience, covering the latest news on Web3, DeFi, GameFi, and all things crypto. Contact.
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