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September 16, 2022

The Top 6 Best Wallets For Solana

If you’re looking for the best wallets to store your Solana tokens, then read on as we take a deep dive into some of the best Solana wallets out there.
Marko Kulundžić
Marko Kulundžić

The well-known blockchain known as Solana blockchain presents users with important advantages in the realm of cryptocurrency investments and transactions. Proof-of-History, also known as PoH technology, is utilized for transaction tracking on the platform, which also boasts an amazing speed of 50,000 tps, which stands for transactions per second.

The Solana application is designed to operate with blockchain scalability as well as intelligent contracts.   Because the platform relies on its network to function, there is a cap on the amount of software applications that may be used with it. Fortunately, Solana is both innovative and trustworthy, which places it among the most highly regarded blockchains.

Solana is often used for NFTs, Defi, and staking, and there are some excellent hardware wallets that can be used with Solana to handle your SOL as well as your crypto money. The Solana wallets which will be listed in this article (some of which will be hardware wallets) are the most reliable options for use with the Solana network and come highly recommended for storing, staking and trading.

What Makes a Good Wallet for Solana

There are certain traits that a good Solana wallet should possess, and we are going to list them here.

1. Security and Reliability


A wallet needs to be stable, reliable, and ultimately safe for usage, and your private keys need to be only your private keys indeed. We tend to look at user experience, security options and performance so-far when taking a look at a wallet’s reliability and safety.

2. Design


Users are able to purchase, sell, and spend tokens without any hassle, see and trade NFTs, and conveniently manage their digital assets when the user interface (UI) is well designed. When it comes to protecting key pairs, signing transactions, managing tokens, and interacting with decentralized applications, various wallet solutions employ a variety of different methods. The finest Solana wallets make this process easy to understand and use.

3. Dapp Support and Connectivity


There is a large ecosystem of decentralized apps (dApps) built on top of the Solana blockchain, and in order for you to engage with these applications, they must support the wallet that you use. If you wish to buy a non-fungible token from one of the top NFT markets on Solana or trade SPL tokens on Orca's decentralized exchange, you need a wallet that those applications support. 


As a result, the most reliable Solana wallets are already incorporated into the widest variety of Solana decentralized applications.

4. Native Swapping Enabled


Instead of forcing users to connect to the user interface (UI) of a decentralized exchange in order to swap tokens, some (but not all) wallets enable users the option to switch SPL tokens directly from within the wallet natively. 


This allows users to avoid having to rely on a decentralized exchange in order to swap tokens. Wallets simplify the user experience by providing customers with built-in swapping capabilities, allowing users to do more actions with less effort required.

5. Continued Updates and Improvements

Numerous Solana wallets have extremely active development and support teams, which guarantee a positive user experience, high levels of security, the addition of new features, and compatibility with other wallets. The very best wallets are those that promptly address issues, continually introduce new enhancements and features, and actively listen to input from users.

Best Solana Wallets

Based on the aforementioned criteria, as well as many others, we have compiled a list of 6 best Solana wallets, in no particular order, and in our opinion you will not go wrong with any one of these. This list will contain 5 software wallets and 1 ledger hardware wallet. Of course, they do differ from one another, and it might depend on your personal priorities and preferences, but ultimately, all of the following Solana wallets are solid.

Phantom Wallet

Phantom is probably the most popular and well-known Solana crypto wallet. It is a native Solana wallet made exclusively for Solana’s ecosystem. The Phantom wallet may be accessed with little effort because it functions as an extension for the toolbar in Google Chrome. In a short amount of time, Phantom has become one of the most well-liked options available in terms of Solana Wallets because of the mix of its user-friendliness and the extensive range of functions that it offers.

Not only does it make accessing your SOL a simple affair, but it also includes tools for viewing your NFT collection and full support for SPL tokens. This means that if you wish to swap tokens such as USDC for SOL - or participate in Solana's exciting world of Defi and Dapps - you will have full visibility of the tokens you hold. In addition, it makes it a simple affair to access your SOL.

The Phantom crypto wallet incorporates native support for staking, which means that delegating your SOL to validators and getting started with collecting rewards is as simple as clicking a few buttons. In this regard, we have the impression that Phantom is just a tad too straightforward, which might sound a bit unusual for a disadvantage, but here is what we mean  For instance, it will not prevent you from staking all of your SOL, which indicates that you will not be able to unstake and withdraw your assets unless you add additional coins to your walle (due to the required gas fees). This is an accident that happens frequently and is a key contributor to the issues that wallet holders report.

They also make it their default to display the most popular validators first, which allows huge validators to amass more stake but makes it more difficult to decentralize the network. This is made worse by the fact that they do not label the commission that a validator charges in their list, which a lot of users mistake for the APY return they will receive. As a result, they are encouraging users to use validators that charge a higher fee rather than ones that provide a higher return.

When used with your Ledger Nano X hardware wallet (more on this hardware wallet later), this add-on for your browser is among the most reliable and secure options available. The integration of both of these solutions results in one of the safest possible choices for digital wallets now available on the market.

Your SOL will be kept completely safe and secure by the Phantom Wallet, which is a wonderful addition to the Ledger Nano X hardware wallet. This will let you utilize all of the functions and DApps without the slightest kind of anxiety. When you have both wallets loaded on your Ledger, you will be able to take use of all of the capabilities that are available through the Ledger Live app catalog.

Solflare Wallet

Solflare crypto wallet was one of the first wallets created specifically for the Solana ecosystem, and it was conceived and created by Solana Labs. Its popularity is comparable to, if only slightly weaker than that of Phantom, and it offers support for a wider variety of platforms than Phantom does. In addition to the add-on for browsers, it also comes with its own web app and mobile app, making it even more convenient for people who are always on the move.

When it comes to exchanging tokens, storing visual and audio NFTs, connecting with Ledger for additional protection, and staking SOL, the wallet has the same capabilities as Phantom. Similar to Phantom however, it  also includes a few surprises of its own, including the following:

When it comes to exchanging tokens, this feature is accessible on the mobile application and the browser extension on the web application, but it will not be available on the mobile application until the future.

Wallet customers will soon be able to manage their investment capital through the Solrise investing platform thanks to an impending connection between the two platforms. This is a useful feature, especially when one considers that the same team is responsible for developing both products.

The mnemonic phrase employed by Solflare is 24 words long, but the one used by Phantom is just 12 words long. As a result, Solflare is the more secure alternative.

Because of its staking functionality, the user is prevented from staking all of their tokens at once, which helps account for the inevitable transaction fees that come along with doing so.

On the basis of the information presented above, Solflare might be better suited for individuals who want to get more out of a wallet than simply the bare necessities. Because of the rock-solid nature of the team that is working on it, the wallet itself is rather safe, and the community on Discord provides a significant amount of support for the wallet.

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Solong Wallet

Solong is a great choice for people who are just getting started with cryptocurrencies and want a Solana cryptocurrency wallet that doesn't need a lot of work to install. Both Microsoft Edge and Google Chrome support the straightforward installation of the Solong browser extension. It is an easy method for storing Solana currencies and tokens, and it also enables connectivity to some decentralized applications (DApps) from Solana.

It's possible that the Solong wallet won't include all of the features that an advanced user may be searching for. If, on the other hand, you want an easy method to access Solana cashassets and the benefits of a quick and efficient blockchain, this is an excellent place to start after you have a better understanding of SOL and cryptocurrency trading.

Solong is probably the best choice if you’re a beginner.

Atomic Wallet

Atomic Wallet is a flexible, jack of all trades alternative cryptocurrency wallet that may be used on desktop computers as well as mobile devices. This wallet is compatible with a wide variety of operating systems, including Ubuntu, iOS, Android, Mac, Windows and  Fedora.  It is an excellent method for gaining access to and managing Solana, and on Android versions of the wallet, staking earns around 7% per year.

Atomic gives users the capability to access and trade in more than 300 different cryptocurrencies, which is one of the platform's many useful features. This software is suitable for transferring a broad variety of coins and cryptocurrencies over several blockchains, including Solana. However, there may be some discrepancies between the Android and desktop versions of the wallet, with certain capabilities being more accessible than others.

Exodus Wallet

Exodus wallet is yet another well-liked third-party wallet.  When it comes to staking SOL, in contrast to other wallets, where you may pick validators, Exodus defaults to its own validator, which is known as Everstake, and it provides a return of 6.1% annual percentage yield (APY). In order to properly stake SOL, you will need to provide time for a warmup and a cooldown phase.

In a manner analogous to that of Atomic, the wallet is available on a number of desktop systems, including Linux, Mac and Windows, in addition to mobile devices. In terms of the integration of hard wallets, it differentiates itself from the other options by merging with Trezor rather than Ledger. Fans of Trezor, if you've been looking for a hot wallet that would complement your hardware wallet, Exodus seems like a good option for you.

The integration of the Exodus wallet with the Shapeshift exchange makes it possible for users to trade cryptocurrencies and digital tokens. It is OK to use it as a medium of trade for little sums, but big sums should be handled with caution because there is a risk that the money would be "lost."

Ledger Nano X Hardware Wallet

The first and last hardware wallet on this list, Ledger Nano X hardware wallet is probably the safest way to store your Solana cryptocurrencies. The reason we chose this particular hardware wallet is due to its ease of use, functionalities available, and amazing security.

It is quite simple to connect Ledger Nano X hardware wallet and Solflare or Phantom wallet.
Firstly, open the My Ledger tab in Ledger Live, and connect/unlock your Ledger device. Then search for the appropriate Solana app and click the install button. (You can see the official instructions here).

While it’s true that a Ledger Nano X hardware wallet costs more than the majority of most other hardware wallets and software wallets, it is arguably the safest option, as a hardware wallet is inherently safer than keeping your assets in a hot wallet.

FAQs

Can you store Solana in Coinbase wallet?

Yes, you can. Coinbase Wallet, a self-custody wallet offered by the cryptocurrency exchange Coinbase known as Coinbase Wallet has added support for the Solana blockchain to the Chrome browser plugin it offers.

Who offers Solana staking?

There are plenty of options for Solana staking. The most popular ones include Coinbase, Binance, Huobi and FTX. The specific annual rewards vary, but roughly includes ranges between 4% and 20% APY.

Is Phantom wallet Solana safe?

It is as safe as it can be. Phantom is a self-custodial wallet. Your private keys are encrypted on your device and aren’t shared with anyone. Short of using hardware wallets, this is one of the safest wallets you can have.

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FREECASH STATISTICS

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EARN TODAY

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