Solana is a blockchain network that was created in 2017. The network has seen significant growth since its inception, and Solana is now considered to be the best Ethereum alternative due to its low transaction fees and the fact that it is considerably more environmentally friendly than the Ethereum blockchain.
Solana also has the ability to process a staggering 50,000 transactions per second. Due to Solana using the simpler validation processes of proof of history (PoH) and proof of stake (PoS) model, the price per transaction is kept under $0.01.
Those blockchain benefits make its native token, SOL, a big draw for investors — as do the earning opportunities, like staking and lending, that come with holding this token. But where is the best place to hold your SOL tokens in order to keep them safe and maximize earnings?
The 7 Top Solana Wallets of 2022
Compare The Best Solana Wallets of 2022
|Wallet||Seed Phrase||Compatibility||Staking||NFT Support||DeFi Integrations||Hardware Wallet Integration||Customer Support|
|Phantom||12-word||iOS, Android, MacOS, Windows||Liquid with validator options||Yes||Raydium, Fractal, Saber||Ledger||Chat bot, ticket, or ping them on Twitter|
|Solflare||12-24 words||iOS, Android, and desktop app||Liquid with validator options||Yes||Raydium, Solanium, Saber||Ledger||Live chat 24/7|
|Ledger||24-word||iOS, Android, MacOS, Windows||Liquid with randomly chosen validator||Yes||Uniswap, Kyberswap, Binance DEX||Ledger||Email and social media|
|Sollet||24-word||Web-only||None||Yes||Serum, Lido, Apricot, Solsea||Ledger||Discord, Twitter, Telegram and E-mail|
|Exodus||12-word||iOS, Android, OS X, Windows, Linux, Trezor||Liquid; validator is optional||Yes||Magic Eden, Radydium, Solanart||Trezor||E-mail, Twitter, Facebook|
|Coinbase Wallet||12-word||iOs, Android, Google Chrome web extension||Liquid with validator options||Yes||Coinbase NFT, OpenSea, Uniswap||Ledger||Phone, Web browser live messaging, E-mail and Twitter|
|Math Wallet||12-word||iOS and Android compatible with mobile and desktop app||Liquid with validator options||Yes||SolanaProject, Magic Eden, Serum||Ledger and WOOKING Bio||Phone and in-app support|
1. Phantom Wallet
Difficulty level: Intermediate
Phantom wallet is a popular non-custodial browser extension and Solana software wallet. It’s the most proven and popular wallet on the blockchain, and there are currently over 2 million users who utilize the wallet on a weekly basis.
Read More About Phantom WalletExpand to learn more
The wallet comes with extensions that allow users to easily send and receive cryptocurrencies and tokens, collect NFTs, and even swap tokens within the wallet. You can also connect it to an external Ledger hardware wallet in a few steps.
The wallet supports most browsers including Chrome, Firefox, and Brave, while the mobile app is currently available for both iOS and Android platforms. The platform offers a built-in token swap feature, which is currently limited to the Solana ecosystem but does have Ethereum support coming soon. Transaction fees are paid with the SOL token, and these fees are typically less than 1 cent per transaction.
Staking Solana through Phantom is an increasingly popular option for receiving rewards and is a very easy process that takes only a few clicks.
Phantom Wallet allows for liquid staking. This means you delegate your tokens to a service that stakes for you, but you still have access to your funds.
Phantom Wallet was hacked in July 2022 where nearly 4 million dollars was taken; Phantom claims the hack was not linked to vulnerabilities in their system. Through their own investigations, they found that affected users had “imported their seed phrases/private keys to or from a non-Phantom wallet.”
Phantom Wallet Pros and Cons
- Available on several browsers, iOS, Android
- Non-custodial wallet, you retain private keys
- Limited to Solana blockchain
- Phantom has experienced hacking
- Complex user interface
How to Sign Up for Phantom WalletExpand to learn more
Step 1: Visit Phantom's website and choose your browser type.
Step 2: Follow the steps in your browser's extension store to add Phantom to your browser.
Step 3: Start up the Phantom extension after installing it.
Step 4:Click "Create New Wallet" and create a password.
Step 5: Store the "Secret Recovery Phrase" that Phantom assigns to your wallet in a safe and secure location. This is the only way to recover your wallet.
Step 6: You’ve created your wallet, and you can access it at any time by clicking on the Phantom extension.
2. Solflare Wallet
Difficulty level: Beginner
Solflare is a crypto wallet available via a web interface, desktop or mobile app, or as a browser extension. It lets you buy, store, or swap SOL and other SPL tokens with ease. It also supports non-fungible tokens.
Read More About The Solflare WalletExpand to learn more
One benefit of using Solflare is that you can stake your tokens, liquid or locked, and earn rewards. The platform also has direct integration with FTX, a popular crypto exchange, so you can transfer tokens between the two platforms seamlessly.
There are over 100,000 Solfare users globally.
- Wrapped SOL
Solflare Wallet Pros and Cons
- User-friendly interface
- Accessible through multiple platforms– mobile device, desktop, web, or browser extension.
- Supports NFTs and staking
- SPL tokens only
- Security– Solfare has been compromised before.
How to Sign Up for Solflare WalletExpand to learn more
Step 1: Visit Soflare's website and click on the “Access Wallet” button in the top-right corner.
Step 2: Select “I need a new wallet.”
Step 3: Save your recovery phrase securely. You can copy and paste it into a secure folder, write it down on paper, or download it as a .TXT file.
Step 4: Confirm your recovery phrase by pasting or uploading it.
Step 5: Set a passcode for your wallet.
Step 6: You can access your wallet.
Difficulty level: Expert
Ledger is a hardware wallet that lets you store your cryptocurrency offline for better security. You can either buy a Ledger Nano S Plus for $79 or Nano X for $149. Meanwhile, you can also use the Ledger Live app to manage the crypto assets on your hardware wallet.
Read More About Ledger WalletExpand to learn more
Ledger lets you buy and swap a broad range of cryptocurrencies, including SPL tokens. It isn't limited to SPL tokens, so you can buy other cryptocurrencies like ETH, BTC, and ADA to build a diverse portfolio.
You can download the Ledger Live app on a macOS, Windows, or Linux desktop or an Android or iOS mobile device.
Ledger Wallet Pros and Cons
- Great customer support
- You retain ownership of your private keys
- You must pay for the hardware wallet
- Complex to setup and connect your cold wallet to Ledger Live.
How to Sign Up for LedgerExpand to learn more
Step 1: Unbox your Ledger hardware wallet and check its contents. The package should include one hardware wallet, a USB cable, three recovery sheets, and a keychain strap.
Step 2: Download and install the Ledger Live app on your desktop or mobile device. Tap through the "Get Started" sequence and accept the required terms and conditions.
Step 3: Click “Set up my Ledger” and select your type of Ledger wallet; Nano S, Nano S Plus, or Nano X.
Step 4: Since it’s a new device, choose “Set up a new Nano”. Turn on your Nano device and select “Set up as new device.”
Step 5: Set up your PIN code.
Step 6: Store the recovery phrase assigned to your wallet in a safe location. Confirm your recovery phrase by typing it in the exact sequence.
Step 7: Pair your Nano to the Ledger Live app via Bluetooth.
Difficulty level: Expert
Sollet is an open-source wallet for SPL tokens. You can access it only through the web interface or browser extension. There’s no desktop or mobile app for it.
Read More About The Sollet WalletExpand to learn more
You can connect a Ledger hardware wallet to the Sollet app just as you’d do with Ledger Live.
Sollet was designed for advanced users, so it lets you connect and interact with decentralized applications on the Solana blockchain. However, it has a less-optimized user interface that makes it unfriendly to beginners.
Sollet Pros and Cons
- Integrates with decentralized apps
- Low swap fees
- Supports domain names
- No mobile app
- No desktop app
- Doesn’t support NFTs
How to Sign Up for SolletExpand to learn more
Step 1: Visit Sollet's website.
Step 2: Copy and download your recovery phrase and store it somewhere safe.
Step 3: Click “Continue” and confirm your recovery phrase by pasting it in the pop-up box.
Step 4: Choose a password for your wallet.
Step 5: You can access your wallet and add tokens.
Difficulty level: Beginner
Exodus is a crypto wallet accessible via a desktop app, mobile app, or browser extension. It lets you buy, swap, or stake cryptocurrencies and earn interest on tokens built on the Solana blockchain.
Read More About Exodus WalletExpand to learn more
This wallet includes a fiat on-ramp service, meaning you can buy cryptocurrencies with a credit or debit card, bank transfer, or Apple Pay. It also lets you connect and interact with a network of decentralized applications.
Exodus includes support for NFTs, so you manage all your NFTs on the Solana blockchain in one wallet. You can also connect your Exodus wallet with a Trezor hardware wallet in a few steps.
Exodus Wallet Pros and Cons
- Supports staking
- Supports NFTs
- No two-factor authentication
How to Sign Up for ExodusExpand to learn more
Step 1: Visit the Exodus website. Follow the link to the browser extension on Google Chrome or Brave and install it.
Step 2: Launch the extension and select “Create New Wallet.”
Step 3: Create a password for your wallet.
Step 4: Tap “Continue,” and you can access your Exodus wallet.
6. Coinbase Wallet
Difficulty level: Intermediate
Coinbase Wallet is a non-custodial wallet that gives you control of your crypto and private keys. You can store and send SPL tokens seamlessly through the mobile app or browser extension. It includes support for NFTs, although not for those based on the Solana blockchain.
Read More About Coinbase WalletExpand to learn more
You can connect your Coinbase Wallet to different decentralized exchanges to swap assets. You can also stake Solana and other tokens to earn interest. Unfortunately, this wallet doesn’t support liquid staking but only locked staking.
Coinbase has over 100 million registered users across its products, including its self-custody wallet. It’s one of the most popular crypto platforms globally.
Coinbase Wallet Pros and Cons
- User-friendly interface
- Supports many SPL tokens
- Very secure– no known hacks.
- Doesn’t support Solana-based NFTs.
- No desktop app.
How to Sign Up for Coinbase WalletExpand to learn more
Step 1: Visit the Coinbase website and navigate to their wallet page. Follow the link to Download and install the Coinbase Wallet browser extension.
Step 2: Launch the extension and tap “Create New Wallet.”
Step 3: Copy the 12-word recovery phrase for your wallet and click "Continue."
Step 4: Confirm your recovery phrase by selecting the first and last words.
Step 5: Create a password for your wallet.
Step 6: You can access your wallet at this point.
7. Math Wallet
Difficulty level: Expert
MathWallet is a crypto wallet that supports over 100 blockchains including Solana. It's accessible via a mobile and desktop app, web interface, or browser extension.
With Math Wallet, you can store, transfer, or swap SPL tokens with ease. You can stake Solana by sending them to a staking wallet where they’ll be locked for the specified staking period.
Read More About Math WalletExpand to learn more
With this tool, you can connect your wallet and interact with many decentralized applications. You can also connect the app to a Ledger hardware wallet.
This wallet has its own native token, MATH, that gives better staking rewards. There are over 1 million Math Wallet users worldwide.
Pros and Cons of Math Wallet
- It supports cross-chain swaps
- Connects to many decentralized apps
- It has a complex user interface
How to Sign Up for Math WalletExpand to learn more
Step 1: Visit the Math Wallet website and follow the link to download the Math Wallet browser extension on Google Chrome, Brave, or Microsoft Edge.
Step 2: Launch the browser extension. Choose a password and click “Create.”
Step 3: Click "Switch Network" and select "Solana Mainnet Beta."
Step 4: Head to your homepage. Click the "+" button next to Solana Mainnet Beta and select "Create Wallet."
Step 5: Choose a name for your wallet.
Step 6: Copy your recovery phrase, store it securely, and you’re good to go.
What are Solana Wallets?
Solana wallets are either hardware or software that allows crypto holders to store, send and receive Solana tokens. Software wallets exist on the blockchain and tend to be unique to specific cryptocurrencies, while hardware wallets usually support multiple types of cryptocurrency.
Solana hardware wallets don’t actually store cryptocurrency, as it is always kept on the blockchain. What the hardware wallet does is store your private key that opens up the lock on the blockchain where your Solana resides. Hardware wallets like Ledger Nano X allow you to protect your private keys and keep you safe from an online attack.
Solana software wallets like Phantom, Solflare, and Sollet are apps or programs that hold your private keys online. These software wallets are best viewed like a keychain that stores the keys that give you access to your Solana. The three types of Solana software wallets are desktop, mobile, and online. These wallets can be used on the web, phone, or tablet.
These wallets differ from Ethereum and Bitcoin wallets. Bitcoin wallets can’t support smart contracts, yet Ethereum can. Ethereum and Bitcoin wallets will require significant gas fees for transactions, while Solana will be less than one cent per transaction.
How Solana Wallets Work
Solana wallets work by storing your private keys and public addresses. Your private keys are what give you access to your Solana, and your public address is what you use to receive Solana tokens. When you send Solana, you will use your private keys to sign a transaction that includes the amount of tokens you are sending and the destination address. This transaction is then broadcasted to the Solana network, where it will be verified and incorporated into the next block on the blockchain.
Transfers between Solana wallets are easy and straightforward. All users have to do is paste in the Solana wallet address they are sending to, choose the amount, and simply send.
Solana wallets can store any token based on the Solana blockchain. These tokens are called Solana Program Library (SPL) tokens, with SOL being the most popular one.
Setting up a wallet is a fairly straightforward process. Once you’ve selected a wallet, download the browser extension from the website if you are using a computer OR the mobile app for phones. Open the app, and then select “Create new wallet.” A new wallet will be generated for you along with a multi-word passphrase (write this down somewhere safe!). You can now start using your wallet to buy and store SOL.
Hardware Solana Wallets vs. Software Solana WalletsExpand to learn more
Solana hardware and software wallets both offer some similar features, but there are distinct differences between the two.
A Solana hardware wallet is often a small device that plugs into a computer or connects through Bluetooth, which acts as a portable key to access your Solana assets safely from anywhere you are. They give you an extra layer of security and protection against cyber attacks, malware, and phishing attacks, even if the computer you are using isn’t secure. Using a Solana hardware wallet can also log you into many Dapps without having to create new accounts.
Solana software wallets are apps or programs that hold your private key and can be used on phones, tablets, or computers. These wallets generate a seed phrase between 12-24 words that prove ownership of your Solana.
Tokens You Can Store in Solana Wallets
Solana wallets like Phantom support all tokens in the Solana ecosystem. This means you can store native SOL tokens as well as SOL-based NFTs!
Additionally, the wallet supports other well-known cryptocurrencies, including:
Solana Wallets vs. Ethereum WalletsExpand to learn more
Solana and Ethereum are both massively popular in the blockchain world. Ethereum tends to be more popular since it was released in 2015 and gained significant traction since. Whereas Solana is relatively new and still growing, just being launched in 2019.
Solana uses a proof-of-history (PoH) mechanism, while Ethereum uses a proof-of-stake (PoS). Solana has achieved a high level of scalability by leveraging the PoH mechanism, and it allows for around 50,000 transactions per second (TPS). Ethereum’s newer PoS mechanism boasts double the transaction capabilities at 100,000 TPS. Both PoH and PoS are highly scalable and better than Proof-of-Work which was previously used by Ethereum and is still used by Bitcoin.
Solana wallets offer the ability to purchase NFTs for no transaction fee and very few congestion issues. This means purchasing NFTs with a Solana wallet is more easily accessible than Ethereum wallets.
Ethereum wallets tend to be better when you are looking for smart contract support. Most financial institutions prefer Ethereum over Solana. Solana is slowly trying to catch up, but it's a long road to catch up to Ethereum’s colossal size.
How to Choose The Best Solana Wallet
There are many factors to look at when it comes to choosing a Solana wallet. Choosing what features you are looking for and the specific needs of the wallet will depend on the user, but this is a list of common factors that investors look for.
- Fund Accessibility: Choosing a wallet that allows you to have access to your funds is important to many investors. Choosing a non-custodial wallet will be better for users interested in retaining the keys to their wallets. Choosing a non-custodial wallet allows users to retain complete control of their keys and funds. With custodial wallets, the private keys remain in control of the wallet provider, which means they ultimately have control over the funds.
- Fiat onramps and offramps: On ramps are a way to enable users to exchange their Fiat money for cryptocurrency. Off ramps let users cash out their earnings from crypto by enabling them to sell their digital assets for Fiat money.
- User Experience: If you are looking for the most user-friendly experience, a custodial wallet is generally the way to go. They tend to have more user-interactive features and a more user-friendly layout. Non-custodial wallets generally require more technical know-how which can create a frustrating experience for some users.
- Hardware or software: One of the biggest factors when it comes to picking a wallet is choosing between a hardware or software wallet. If increased security is your main priority, a hardware wallet will probably be your best choice. If you are looking for ease of use through apps or browsers, a software wallet would be ideal.
- Safety and Security: Users looking for the most secure wallet should look towards a non-custodial hardware wallet. They are secure from cyber threats due to not being connected to the internet. Users should ensure the storage of private keys and recovery phrases.
Final Thoughts on Solana Wallets
Due to the underlying blockchain of Solana offering cheap transactions for a low price, this seems to be one of the most promising wallets on the market. It is continually increasing in popularity, and many investors are taking advantage of what Solana has to offer. There are multiple Solana wallets to choose from that all have their pros and cons, so make sure you research which one might work best for you.
Frequently Asked Questions
Which wallet is the best for Solana NFTs?Expand to learn more
Phantom Wallet is generally considered to be the top Solana NFT wallet on the market. Phantom Wallet allows users to manage their NFT assets, regardless of their form, simply and safely.
Which hard wallet supports Solana?Expand to learn more
There are currently three popular hardware wallets that support Solana. The Ledger Nano X, Trezor, and D’Cent.
What is the best Solana Wallet?Expand to learn more
Ledger NanoX is the top-rated wallet for Solana. It is a wallet that provides a great mix of security and ease of use for everyone from beginners to veterans of crypto trading. It allows you to store up to 100 blockchain apps, has a large screen, and offers Bluetooth connectivity.