A crypto wallet can come in both hardware and software form and allow the wallet owner to store, send and receive cryptocurrency. When cryptocurrency first burst onto the scene, these wallets were fairly simple, and the UX was rather clunky. But, as years have gone on, using both software and hardware has become easier.
When you set up your crypto wallet, you'll generate a public key, and a private key, both of these together are known as a keypair.
The public key (pubkey) is used by other people to send you cryptocurrency. The public key can also be used to see the balance of that particular wallet. The private key is your digital signature, and this is used with every transaction or change to the wallet. Never share your private key with anyone; if someone knows your private key, they'll be able to access your wallet.
If you want to use or store your Solana, you'll need a trustworthy and compatible wallet, so let's dive into 10 Solana crypto wallets you should consider setting up.
Why Spend The Time To Research Crypto Wallets?
Just like you would shop around for the best bank account to open, you'd do the same with your crypto wallet. There are a few things to consider before taking the plunge.
Whether it's a hardware or software wallet, ability to stake, compatibility with most browsers, and whether it has its own smartphone app.
5 Solana Cryptocurrency Wallets
The most popular wallet for storing Solana-based tokens and NFTs. The Phantom Wallet is the most user-friendly software wallet on this list. It offers various staking options incredibly fast swaps and has recently released its iOS App, previously only offering an Android App.
You'll also be able to use the browser extension along with your Ledger Nano X; the extension can be found on Chrome, Brave, Firefox, Vivaldi, and Edge.
If you'd like a step-by-step guide on how to set up your Phantom Wallet, check out our guide here.
Like Phantom, Solflare is another popular non-custodial Solana wallet, with $7.51B of Solana staked on the platform.
Solflare allows you to connect to almost any Solana Dapp, and the ability to simulate a transaction, which protects you from scams.
Solflare, like Phantom, gives you a comprehensive NFT functionality, allowing you to store, send and receive from a metaplex NFT gallery. Solflare is also compatible with the Ledger hardware wallet.
Unlike Phantom, Solflare can be added as a Safari extension. Other options include Chrome, Brave, Firefox, Opera, Edge, and a mobile app on iOS and Android phones.
A great option for beginners to cryptocurrency as it's easy to install with Microsoft Edge and Google Chrome browser extensions.
A simple way to access your Solana and ecosystem tokens, Solong allows you to connect to a few Dapps built on Solana. You'll not get all of the advanced options of staking or swaps, but it's a good start for beginners to the crypto ecosystem.
Ledger Nano X
The first hardware wallet on our list. If you're looking for a more secure option for your cryptocurrency and not just Solana, ledger could be the way to go. Not only is it secure, but it's also easy to use. You get your crypto onto the ledger by using a software wallet, either Solflare or Phantom.
The ledger nano costs more than any other wallet on this list but offers plenty of security to hold your crypto and many more features than other wallets out there.
Atomic wallet is another valued option for many investors. The wallet can be accessed via desktop or mobile; and can be installed over several operating systems, including iOS, Windows, Mac, Fedora, and Android. The staking feature allows you to earn 7% on your Solana annually.
With over 300 listed cryptocurrencies at your fingertips, it's ideal for those that are just beginning to expose themselves to cryptocurrency. The website also has plenty of resources to learn from, such as the academy and the easy-to-understand explainer guides.
Researching to find the best wallet for you and your Solana is an important first step in your crypto investing journey. The five wallets mentioned above are some of our favorites for investors with any experience level.
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If you'd like to learn more about Parcl and how we're making Real Estate investing accessible to everyone, check out our Intro to Parcl article.