There is no doubt that Solana was one of the big winners of the Crypto world this year. With new crypto enthusiasts rushing into the space often the first step is to find and install the right wallet. Whether you just want to hold or stack Solana, or are looking to buy Solana NFTs, finding the right wallet is essential. The wallet should be secure and satisfy all the features you want, while also being user-friendly.
I put together a list of 5 wallets and listed their Pros and Cons to help you decide which wallet is best for your specific needs.
In general there are two types of wallets: Hardware wallets (Cold wallets) and software wallets (Hot wallets). The important difference between them is the connection to the internet. While hot wallets are directly linked to the internet for higher convenience, cold wallets are like a hard disk. You can imagine it's basically impossible for hackers to steal assets from a hard disk, especially if it's unplugged, but the higher security also comes at a price and lower convenience.
1. Phantom
From my marketplace comparison the most recommended wallet that is supported by nearly all Solana NFT marketplaces is Phantom. This wallet is also my personal favorite and I can highly recommend it.
Phantom comes as a browser extension for Firefox, Chrome, Edge and Brave. But the app not only has a clean design and can display your NFTs. It also offers a built-in DEX for easy token swaps, staking as well as support for the Ledger hardware wallets, if you want highest security.
2. Solflare
Another great wallet is the community-created Solflare. In general they offer similar features compared to Phantom, including NFT support, stacking and swapping tokens making it a great all-in-one solution for any purpose.
Solflare comes both as a browser extension as well as a web app. The company is also working on a mobile app that will be released soon. All in all a great wallet for both Solana newbies and veterans.
3. Sollet
Sollet is an open source specifically targeting advanced crypto users and developers, meaning if you are a crypto beginner this wallet is probably not for you.
Sollets is a web-based wallet and a browser extension that, next to sending and receiving funds, allows users to connect and interact with decentralized apps (Dapps) on the Solana blockchain.
4. MathWallet
MathWallet is a multichain wallet, supporting many coins as well as a variety of products. Some of the Dapps include token exchanges and staking. If you are looking for a wallet that goes beyond the Solana blockchain and is backed by investors like Fenbushi and FundamentalLabs you should take a closer look at MathWallet.
5. Ledger Nano Series
So far I only covered the “hot wallets”, that are all linked to the internet and therefore have a small but constant risk of being exposed to hackers. If you want to go the extra mile for maximum security, you should check out the Ledger Nano Series.
These wallets can be used in combination with the other “hot wallets” like Phantom or Solflare, but after transferring assets to them, they can simply be unplugged, making it impossible for hackers to steal your NFTs or coins. This is especially great if you are a long term supporter of crypto and/or NFTs and want to hold your assets long term.
Ledger Nano is paired with an app so that you can always keep track of your assets. Right now Ledger offers the Crypto Starter Pack for $69 containing a selection of everything you need to get started:
The Ledger Nano S hardware wallet
A Crypto Beginner’s Guide
A $25 voucher for purchasing crypto assets
All of this comes at a price I find a very reasonable trade off for no more sleepless nights, worrying about your crypto assets.
Conclusion
If you read through all of this article and still can’t decide which wallet to choose, here is a summary of all wallets and their Pros and Cons:
Phantom
✓ NFT support
✓ Dapp support
✓ Staking
✓ Built-in token swap
✓ Clean design
✗ Only available as browser extension
Solflare
✓ Visual & audio NFT support
✓ Staking
✓ Built-in token swap
✓ Multi-platform support
✗ Only available as web app and browser extension (mobile coming soon)
Sollet
✓ Dapp support
✓ Good SPL token support
✗ Not beginner friendly
✗ No NFT view support
MathWallet
✓ Multi-Platform app (mobile, browser extension, web app)
✓ 70+ chains supported
✓ Variety of Dapps
✓ Great development support
✗ Not beginner friendly
Nano Ledger (hardware wallet)
✓ Supported by many software wallets
✓ Highest security
✓ Mobile app
✓ Desktop app
✗ Not free
✗ Not suitable for fast transactions
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