PhantomWallet

Key Takeaways

Phantom Wallet is a crypto wallet for managing cryptocurrencies and other digital assets across multiple blockchains, including Solana, Ethereum, and Bitcoin.

Phantom Wallet is non-custodial, so it doesn’t hold your private keys and seed phrases. Users have total control over their keys and digital assets.

Phantom offers many features and serves as a gateway for users to manage their cryptocurrencies and non-fungible tokens (NFTs). It can also be used to interact with decentralized finance applications.

Keep your crypto wallet safe by using strong passwords, enabling biometric authentication, and connecting only to trusted DApps. Make sure to keep your seed phrase private and safe.

What Is Phantom Wallet?

Phantom Wallet is a non-custodial cryptocurrency wallet. Although it was initially designed for the Solana blockchain, Phantom now supports multiple chains, including Solana, Ethereum, Base, Polygon, and Bitcoin. Being non-custodial means that Phantom Wallet doesn’t hold your private keys and seed phrases, so users have total control over their keys and digital assets.

Phantom Wallet serves as a gateway for users to manage their cryptocurrencies and NFTs (non-fungible tokens). Similar to other Web3 wallets, Phantom also allows you to interact with decentralized finance (DeFi) platforms and applications (DApps).

How to Set Up a Phantom Wallet

Getting started with Phantom Wallet only takes a few simple steps. In this example, we will use the Phantom Wallet browser extension, but the process is pretty much the same on mobile. The main difference is that, on mobile, you can use biometric security such as fingerprint or facial recognition.

1. First, go to the official website and download the version you need. As of December 2024, Phantom is available as a mobile app (iOS and Android) and browser extension (Chrome, Firefox, Brave, and Edge).

2. Next, you can create a new wallet or import an existing one. Let’s create a brand new wallet.

3. You can choose to create a wallet using an email address or a seed phrase. We will use a seed phrase to illustrate how it works.

4. Create a strong password for your wallet. Note that this password will only be used locally (based on your current browser profile and device).

If you are on mobile, you will have the option to use biometric security such as fingerprint or facial recognition.

5. Save your seed phrase in a safe and private place. This phrase acts like your master key and is the only way to recover your wallet. Do not share it with anyone.

6. That’s it! Your Phantom Wallet is ready to use.

How to Use Your Phantom Wallet

If you are using the Phantom Wallet browser extension, you can pin it to your extension bar for easy access.

Phantom Wallet key features

When you open your wallet, you will see four buttons: Receive, Send, Swap, and Buy.

1. Receive: Here you can copy your wallet address or get the corresponding QR code. You will need these addresses when making a deposit or receiving funds from someone. 

For example, if you want to withdraw SOL from your Binance account to your Phantom Wallet, you will need to copy and paste the receiving address on the Binance withdrawal page.

2. Send: Here you can send funds from your Phantom Wallet to another wallet. Select the correct blockchain network and make sure to copy and paste the correct receiving address.

3. Swap: Here you can easily make trades (swaps) between multiple cryptocurrencies. Note that you can use the top right button to change your Slippage settings. 

In short, a higher slippage percentage means your trade may cost more than expected. A lower slippage is better in terms of price, but the transaction may fail if it’s too low. If you are not sure, you can set it to Auto, and Phantom Wallet will try to find the best swap available.

4. Buy: Here you can buy cryptocurrencies through third-party network partners. The payment methods and fees will vary depending on your location. Common payment methods include credit and debit cards, Apple Pay, and Google Pay.

Manage token list

Your Phantom Wallet automatically shows your balances for major cryptocurrencies like SOL, ETH, and BTC. To add or remove specific tokens, click [Manage token list] at the bottom of your wallet interface.

In the following menu, you can choose which tokens you want to show in your wallet by turning their toggles on and off. You can also search for tokens using the Search bar.

We recommend turning off tokens you received from unknown sources, as these are usually scams.

Phantom Wallet accounts

At the top, you can find the public addresses of your Phantom Wallet, one for each supported chain. 

When depositing funds from another wallet or receiving funds from someone, you can click the corresponding public address for a quick copy and paste (similar to the Receive feature we covered above).

It’s safe to share these public addresses with others, but make sure you are using the correct network—Solana for SPL tokens, Ethereum for ERC tokens, Bitcoin for BTC, and so on.

How to create and manage multiple accounts

Phantom Wallet allows you to create multiple accounts within the same wallet. This means you can create and manage multiple crypto wallets using the same password and seed phrase.

1. To create a new account, first click the top left button next to your account name.

2. Next, click [Add / Connect Wallet].

3. You can create a brand new multi-chain account or add existing wallets. Follow the instructions according to your choice.

4. You can easily switch between your accounts using the top left button. Note that each account has a different set of public addresses.

Phantom Wallet Bottom menu

At the bottom of your Phantom Wallet, you will find another menu. 

The first tab is the home interface we discussed previously. It displays your token list and balances.

The second tab takes you to your NFT collection, where you can manage your digital art and other non-fungible tokens.

The third tab takes you to the Swap function we covered earlier in this article.

The fourth tab shows your wallet's recent activity, including past transactions and interactions with DApps.

The fifth tab takes you to an exploration interface, where you can search for projects, tokens, websites, and collections.

Tips for Staying Safe

Keep your seed phrase safe: Write it down and store it in a secure place. Don’t save it online.

Use biometric security: If you’re on mobile, enable Face ID or fingerprint authentication.

Be careful with DApps: Only connect to trusted websites and apps.

Update regularly: Make sure you’re using the latest version of Phantom to stay protected.

Closing Thoughts

Phantom Wallet is a super handy and easy-to-use tool for managing your crypto and NFTs across different blockchains. Since it’s non-custodial, you’re in full control of your assets, which adds an extra layer of security.

Setting up and using Phantom is quick, even if you’re new to crypto. Just remember to keep your seed phrase safe, stay cautious with unknown tokens and DApps, and regularly update your wallet app to stay ahead of security threats.

Further Reading

How to Set Up a Crypto Wallet

What Is a Crypto Wallet and How to Choose the Right One?

Custodial vs. Non-Custodial Wallets: What's the Difference?

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