Phantom Wallet: How to Make & Tips for Using It Safely

Phantom Wallet is one of the important platforms in the crypto world that provides advanced solutions for digital asset management.

Phantom Wallet is Solana’s most famous native crypto wallet, supporting DeFi, NFTs, and GameFi on the SOL network.

This wallet can be integrated with the most popular web browsers like Chrome, Firefox, Microsoft Edge, and Brave. There are also apps for iOS and Android-based devices.

Phantom Wallet is also becoming popular as the Solana blockchain gains fame as an alternative to Ethereum.

What’s more, shortly, Phantom Wallet plans to be able to connect with major platforms such as Ethereum and Polygon.

Therefore, Phantom Wallet makes it easy for users to purchase, store, and transact digital assets on the Solana blockchain.

So, here is a complete review of Phantom Wallet, from understanding how to create it to security tips.

What is Phantom Wallet?

Quoting id.beincrypto.com, Phantom Wallet is a non-custodial web 3.0 wallet known as a Solana blockchain crypto wallet. This crypto wallet resembles MetaMask, which is used for the Ethereum blockchain.

Phantom lets users purchase, sell, and store digital assets such as cryptocurrencies and NFTs.

The wallet can be accessed through both mobile and desktop devices. In addition to support for Solana, Phantom recently announced its plans to support Ethereum and ERC-20-based tokens in its app.

Phantom Wallet Features

Phantom Wallet crypto wallet offers features that make it an ideal choice for SOL token holders. Some of its top features include:

Solana Staking: SOL Staking with support from 10 different validators, providing Annual Percentage Yield (APY) in the range of 5%-9%.
Solana-based NFT storage: Secure and optimized storage facility for Solana-based NFT collections.
Support for dApps in the Solana Ecosystem: Phantom Wallet supports decentralized applications (dApps) in the Solana ecosystem.
Token Swap: Allows users to swap tokens directly within the app, simplifying the process of exchanging crypto assets without the need to leave the wallet.

Phantom Wallet Launches Crypto Wallet on Ethereum and Polygon

For your information, Phantom Wallet intends to expand its scope by launching this crypto wallet on Ethereum and Polygon.

The Phantom team actively explores other networks and promises to provide updates as the project progresses.

In addition, the Phantom team is also planning the integration of additional features, such as support for decentralized exchange (DEX) and Decentralized Finance (DeFi).

The developers ensure that the wallet will evolve to meet user needs consistently.

How to Create a Phantom Wallet?

Please note that there are two ways to create a Phantom Wallet: extensions and applications. Quoting the page id.beincrypto.com, here is the guide:

A. Browser Extension on PC

Go to phantom.app/download and select the type of browser you are using. Follow the steps as directed to add Phantom to your browser. Once successfully installed, you will see Phantom appear in a new tab.
For new users, select “Create New Wallet” and create a strong password.
For existing users, click“I already have a wallet” and enter the seed phrase to restore your wallet.
After entering the password, select “Continue”.
Keep your Secret Recovery Phrase safe, as it is the key to accessing your wallet.
Click “Continue” once you feel secure with your seed phrase.
Next, you will be given a keyboard shortcut to access the Phantom app quickly. Click “Continue” to continue.
Now, you are ready to use Phantom. Look for the Phantom icon on your browser toolbar. For example, Chrome users can find it at the top right of the browser.

If it is not visible, check the puzzle icon and click on it to see the installed extensions. Phantom will be there if you pin the icon to make it easily visible.

B. Mobile App

Visit phantom.app/download and select the marketplace according to your phone type (iOS/Android). Then, follow the step-by-step instructions to add Phantom to your phone.
Once installed, open the app and observe the new Phantom user screen to create a new wallet.
For new users, select “Create New Wallet” and perform device authentication (according to the phone type) to protect the wallet from unauthorized access.
For existing users, click “I already have a wallet” and enter your seed phrase to recover your wallet.
Always keep your Secret Recovery Phrase safe, as it is the access key to your wallet.

Safety Tips for Phantom Wallet Users

Quoting help.phantom.app, Phantom provides an industry-leading suite of security features and a support team willing to help keep users safe.

However, security starts with the user. Here are some steps you can take to help keep your Phantom wallet safe, including:

Never share your secret recovery phrase, including with support staff or websites you interact with. They are only needed to recover your wallet, for example, if your device is lost or damaged.
Secure your operating system:
– Windows
– Mac
– Linux
Use a very strong password for Phantom
Enable automatic locking under Settings > Security & Privacy
Avoid multiple file types altogether, especially from unknown sources (e.g., via email or internet browsing).
Never interact with unsolicited tokens or NFTs. Scammers send “airdropped” tokens, hoping that users will visit their site, interact with their dApp, and then withdraw funds from the wallet.
Read the transaction simulation message from Phantom Wallet. Phantom Wallet provides a transaction simulation message that explains what the transaction will do. If the transaction simulation does not match your expectations or fails, do not proceed.
Only visit trusted and reputable dApps and sites. New sites that appear in a day and disappear the next day have a high risk of faking users.

Additional advice:

Use two wallet accounts, the first for day-to-day web3 interactions and the second for storage. The second wallet should only be sent/received with the first wallet. To do so, simply click the hamburger icon on Phantom, then click +, then click “Create a wallet.”
Use hardware wallets such as Ledger devices. Store your valuable digital assets on Ledger devices and only interact with Web3 solutions.
Periodically, take the time to revoke access to your wallets on Ethereum and Solana.

Conclusion

To conclude, Phantom Wallet is Solana’s most famous native crypto wallet, supporting DeFi, NFTs, and GameFi on the SOL network.

It can be integrated with the most popular web browsers like Chrome, Firefox, Microsoft Edge, and Brave. In addition, there are also apps for iOS and Android-based devices.

Furthermore, it is important to note that this article is presented as a learning resource, not advice on crypto investment.

Given the high volatility in the crypto investment market, readers are advised to conduct thorough research and considerations before making any investment decisions.

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