Phantom is the best-known non-custodial crypto wallet in the Solana ecosystem. For many people it is the front door to Solana: they buy their first SOL, connect to decentralized exchanges, trade meme coins, collect NFTs and stake coins, all from the same purple ghost icon. Over the last few years, however, Phantom has stopped being a “Solana-only wallet”. Today it also covers Ethereum, Base, Polygon, Bitcoin and several other networks, and it offers built-in swaps, liquid staking, perpetual futures trading and its own payments product.
This Phantom wallet review is for people choosing a wallet for Solana, and for experienced users who want to know which networks are supported right now, where the fees come from and how to secure their funds properly. It is not an advertisement: we cover both the real strengths and the real limitations.
You will learn how Phantom works, which blockchains it supports and which it does not, what it costs to use, how to install and set it up without the usual mistakes, who it suits and when an alternative makes more sense.
- What is Phantom
- History and team
- Which networks Phantom supports
- Key wallet features
- Fees: what you pay for
- Phantom security
- How to install and set up Phantom
- Pros and cons
- Who Phantom is for
- Phantom vs alternatives
- FAQ
- Conclusion
- Sources
What is Phantom
Phantom is a non-custodial (self-custody) wallet. Private keys are generated and stored on your own device, not on the company’s servers. Phantom has no access to your funds and cannot freeze them, but it also cannot restore access if you lose your backup. That is both the main advantage and the main risk of self-custody.
The wallet is available as a mobile app for iOS and Android and as a browser extension for Chrome, Brave, Firefox and Edge. The extension is what you use to connect to decentralized apps on a computer, while the mobile version adds a built-in Web3 browser, a feed of trending tokens and payment features. Active traders also get a separate web interface called Phantom Terminal.
Technically, Phantom — like any wallet — is an interface to the blockchain. Your coins and tokens do not “sit” inside the app: balances are recorded on-chain, and the wallet stores keys and signs transactions. If you are new to this, it helps to first read what a crypto wallet is and how hot and cold wallets differ.
History and team
Phantom was founded in 2021 by a team of engineers and designers including Brandon Millman, Francesco Agosti and Chris Kalani, who had previously worked at 0x. The beta of the browser extension came out in 2021, and built-in swaps arrived that same summer. In July 2021 Phantom raised a Series A round with participation from a16z and Variant.
The wallet quickly became the de facto standard for Solana: most dApps on the network show the Phantom button first. The team then shipped a mobile app and moved to a multichain model, adding Ethereum, Polygon, Bitcoin and Base. In January 2025 the company announced a 150 million dollar Series C led by Sequoia Capital and Paradigm.
In 2025–2026 Phantom pushed further toward being a “money app”: it launched liquid staking with the PSOL token, perpetual futures trading, its own dollar stablecoin CASH and a payment card. Keep in mind that Phantom is closed-source software, unlike some wallets that publish their full code.
Which networks Phantom supports
The core of the wallet is Solana: this network is always on and cannot be switched off. Every other network can be toggled on or off under Settings → Active networks. A single recovery phrase derives separate addresses for Solana, for EVM networks and for Bitcoin. The list below is based on Phantom’s official help center as of September 2026.
| Ecosystem | Networks in Phantom | Address format | Coin used for fees |
|---|---|---|---|
| Solana | Solana mainnet | Base58 address | SOL |
| Ethereum and L2 | Ethereum, Base | 0x… | ETH on that network |
| Polygon | Polygon PoS | 0x… | POL |
| Other EVM networks | HyperEVM, Robinhood Chain, Arc | 0x… | The network’s native gas token |
| Bitcoin | Bitcoin mainnet | bc1q… (Native SegWit) or bc1p… (Taproot) | BTC |
| Sui | Sui mainnet (support ends on 24 September 2026) | 0x… (Sui format) | SUI |
It is just as important to know what Phantom does not support. BNB Smart Chain, Arbitrum, Optimism, Avalanche, Unichain, Linea and any other network not on the list are officially unsupported. Unlike MetaMask, you cannot add a network manually via RPC: Phantom only works with blockchains integrated directly into the app. If you accidentally sent tokens to your 0x address on an unsupported EVM network, the help center says you can recover them by importing the same phrase into an EVM-compatible wallet.
A note on Sui: Phantom has announced that it will end support for this network on 24 September 2026. After that date the interface will no longer display or transact with Sui assets. The coins themselves stay on the blockchain and remain accessible through another Sui wallet, but it is better to sort this out in advance.
Key wallet features
Sending, receiving and tracking tokens
The basics — transfers, balances and history — work on every supported network. Phantom automatically displays SPL tokens and NFTs held at your Solana address, and it flags unsolicited tokens and NFTs as spam and hides them. Do not interact with these “gifts”: they often lead to phishing sites.
Swaps and cross-chain transfers
The built-in Swap feature pulls quotes from aggregators and decentralized exchanges and lets you swap tokens within one network or across networks, for example SOL to ETH on Base. You can set your own slippage tolerance or leave it on automatic. On Solana there are also gasless swaps: if you do not have enough SOL to pay the network, the fee is deducted from the token you are swapping, but the total cost of such a trade is higher.
SOL staking
Phantom supports two kinds of staking. Native staking delegates your SOL to a validator of your choice directly from the wallet. Liquid staking lets you deposit SOL and receive PSOL (Phantom Staked SOL), a token that accrues rewards while remaining transferable and swappable. Staking yields are not fixed and depend on network conditions and validator performance. For the mechanics, see our Solana review.
Trading and Terminal
The app includes a feed of trending tokens, and Phantom Terminal offers tools for active trading of Solana tokens and perpetual futures (perps) executed on Hyperliquid. To trade perps, funds are converted to USDC and bridged to Hyperliquid. Remember that leveraged futures are high-risk products where you can lose your entire margin. The same goes for speculative tokens — read why meme coins are so risky before buying whatever is trending.
Phantom Cash and the card
Phantom has launched its own dollar stablecoin, CASH, on Solana (issued through Bridge, a Stripe company) and a Visa payment card that works with Apple Pay and Google Pay. The card and bank transfers require identity verification, and availability depends on your country: at launch the product is aimed primarily at users in the United States.
Fees: what you pay for
The Phantom wallet itself is free: installing it, creating addresses, holding, sending and receiving coins require no subscription. Transactions, however, involve several kinds of costs.
- Network fee. It goes to the blockchain’s validators or miners, not to Phantom. On Solana it is usually small, but during congestion it rises because of priority fees. On Ethereum and Bitcoin the cost depends heavily on network load.
- Token account deposit on Solana (rent). To hold a new SPL token, a separate account is created on-chain and a small amount of SOL is reserved for it. You can reclaim it by closing an empty token account.
- Phantom service fee. Charged on swaps for certain trading pairs, on gasless swaps and on some other features. It is already included in the quote you see before confirming; the exact rate is shown in the interface and terms of service and may change.
- Partner fees. When you buy crypto with fiat through built-in providers, move funds cross-chain or trade perps, the payment providers, bridges and exchange charge their own fees.
The practical takeaway: the built-in swap is convenient but not always the best deal. For larger amounts, compare the final amount you will receive against using a DEX directly or an exchanger where the rate and fee are visible up front.
Phantom security
The classic backup method is a Secret Recovery Phrase of 12 words. Whoever obtains it gets full control of every address in the wallet on every network. We cover storage rules in detail in seed phrase: what it is and how to store it safely.
The alternative is to create the wallet with a Google or Apple account and a PIN. In that case the encrypted backup can only be restored with both the account login and a 4-digit PIN. Phantom does not store your PIN and cannot reset it, and after seven incorrect attempts the backup on that device is deleted. This is convenient for beginners, but the strength of the setup also depends on the security of your email account; you can still export the recovery phrase and store it separately.
Before you sign, Phantom simulates the transaction and shows the expected balance changes, while its scam detection warns about malicious sites and suspicious requests. This lowers the risk but does not rеplace your own attention: new schemes do not always make it into the databases immediately.
For large amounts it is worth connecting a hardware wallet. Phantom natively supports only Ledger devices: over USB in the extension and over Bluetooth in the mobile app. You need the Solana, Ethereum and Bitcoin apps installed on the Ledger, and Ledger Live must be closed while connecting. Trezor is not supported directly — our comparison of the two makers is in Ledger vs Trezor.
The main threats to Phantom users are not hacks of the wallet itself but social engineering: fake websites and apps, fake “support” on social media, signing malicious drainer transactions and spam tokens carrying links. Genuine Phantom support will never ask for your recovery phrase or PIN.
How to install and set up Phantom
Setup takes a few minutes, but this is exactly where most critical mistakes happen. Follow the steps in order.
- Download only from the official website. Follow the link from phantom.com to the App Store, Google Play or your browser’s extension store. Search results often contain sponsored fakes.
- Choose how to create the wallet. A classic 12-word phrase gives you full control; signing in with Google or Apple plus a PIN is simpler but depends on your account.
- Write the recovery phrase down on paper. Do not photograph it or keep it in notes, cloud storage or messengers. Double-check the word order.
- Set a strong password and enable biometrics. The password protects the wallet on this particular device but does not rеplace the backup.
- Enable the networks you need. Under Settings → Active networks, keep only the networks you actually use to avoid address mix-ups.
- Fund the wallet with the network’s native coin. Without SOL on Solana or ETH on Ethereum and Base you cannot pay the fee, even to move tokens.
- Send a test transaction. Transfer a small amount and confirm it arrives before moving your main funds.
- For large amounts, connect a Ledger. The device account appears separately in Phantom, and every signature is confirmed on the Ledger itself.
Once the wallet is ready, you need to fund it. If you hold stablecoins or other crypto, you can exchange them for SOL on RubyCash without registration and enter your Phantom Solana address as the receiving address. Before swapping, make sure the Solana network is selected.
Exchange USDT to SOL
Pros and cons
Phantom strengths:
- Best-in-class compatibility with Solana apps: almost every dApp on the network supports Phantom.
- A clean, well-designed interface that beginners can understand.
- Solana, Ethereum, Base, Polygon and Bitcoin from one recovery phrase.
- Transaction simulation, spam filtering and scam warnings.
- Native and liquid SOL staking right in the wallet.
- Ledger support in both the extension and the mobile app.
Weaknesses:
- A limited set of networks: no BNB Smart Chain, Arbitrum, Optimism, Avalanche, TRON or TON.
- You cannot add a custom network via RPC.
- The service fee on swaps means the built-in swap is not the cheapest option.
- Closed-source code.
- Ledger is the only natively supported hardware wallet.
- It is a hot wallet, and its popularity makes it a frequent phishing target.
- The card and some financial features are not available in every country.
Who Phantom is for
Phantom is the logical choice if most of your activity is on Solana: DEXs, SOL staking, NFTs, new tokens and apps in the ecosystem. It also suits people who want Solana plus basic Ethereum, Base and Bitcoin operations in one app, and beginners who value a clear interface without cluttered settings.
It is a weaker fit if you actively use BNB Chain, Arbitrum, Optimism, TRON or TON, because Phantom does not support those networks. For holding a large amount of bitcoin long term, a hardware device or a dedicated bitcoin wallet is more suitable. And keeping a significant balance in Phantom without a Ledger attached is not a good idea — as with any hot wallet.
Phantom vs alternatives
Here is a short comparison of Phantom with other popular wallets. Features change over time, so check the official websites before deciding.
| Wallet | Type | Main strength | Core ecosystem |
|---|---|---|---|
| Phantom | Hot, non-custodial | Best Solana experience, simple interface | Solana, plus Ethereum, Base, Polygon, Bitcoin |
| MetaMask | Hot, non-custodial | dApp compatibility, custom EVM networks | Ethereum and EVM, plus Solana, Bitcoin, TRON |
| Trust Wallet | Hot, non-custodial | Many networks in one mobile app | Multichain |
| Ledger / Trezor | Hardware (cold) | Keys isolated from the internet | Multichain |
If you need a wallet for a wide range of EVM networks and custom RPCs, read our detailed MetaMask review.
FAQ
Yes, you can download Phantom and use it to store, send and receive crypto for free. You pay the network fee on every transaction. An additional Phantom service fee applies only to certain features, such as swaps.
According to the official help center as of September 2026, Phantom supports Solana, Ethereum, Base, Polygon, Bitcoin, HyperEVM, Robinhood Chain and Arc. Sui support ends on 24 September 2026. BNB Smart Chain, Arbitrum, Optimism and Avalanche are not supported.
No. Unlike MetaMask, Phantom does not let you add networks manually via RPC. You can only use the blockchains that the developers have integrated into the app.
For everyday amounts Phantom is reasonably safe if you follow the basics: use the official version, a strong password and keep the recovery phrase only on paper. For large amounts, connect a Ledger so the keys are never stored on your computer or phone.
If tokens were sent to your Phantom 0x address on an EVM network Phantom does not support, such as BNB Smart Chain, they are not lost. Import the same recovery phrase into an EVM-compatible wallet, sеlect that network and you will have access to the funds. Never enter your phrase on unfamiliar websites.
Fees on Solana are paid in SOL, and a small SOL deposit is reserved whenever you hold a new token. Without SOL in your balance, a regular token transfer will fail. For swaps Phantom may offer a gasless mode, but it costs more.
Phantom natively supports only Ledger: over USB in the browser extension and over Bluetooth in the mobile app. Trezor is not supported directly. With a Ledger connected, every transaction is confirmed on the device itself.
PSOL is Phantom Staked SOL, a liquid staking token. You deposit SOL and receive PSOL, which accrues staking rewards while you can still transfer or swap it. The yield is not fixed, and any staking carries technical and market risks.
No. Phantom does not control your keys and cannot reverse a blockchain transaction. Anyone posing as support who promises to recover funds or asks for your recovery phrase or PIN is a scammer.
Conclusion
Phantom remains the reference wallet for Solana: it offers the best compatibility with the network’s apps, a thoughtfully designed interface, SOL staking and solid anti-scam tooling. Support for Ethereum, Base, Polygon and Bitcoin has turned it into a convenient all-round wallet for people whose activity is concentrated on those networks.
Still, keep the limitations in mind. The network list is closed and leaves out many popular EVM chains, you cannot add your own network, and the convenience of built-in swaps comes with a service fee. It is a hot wallet, so for large amounts it is best paired with a Ledger.
If you are willing to follow basic security rules — keep your phrase offline, check websites and the transactions you sign, send test transfers — Phantom is a reliable gateway into the Solana ecosystem.