How To Set Up Your Phantom Wallet

Published on
July 31, 2022

What is a Phantom Wallet?

Whether you’re new to cryptocurrency or you’re interested in the many Solana projects out there like Parcl, setting up your Phantom wallet can be pretty daunting.

But, we’re here to help make this as stress-free and straightforward as possible. Phantom is a non-custodial wallet, which means you’re the only person with access and sole control over your funds. A phantom wallet makes it possible for you to use any decentralized applications built on the Solana blockchain, including Parcl.

Installing Phantom

Download the Phantom wallet extension here and select your preferred browser. Simply follow the steps outlined after clicking on the preferred browser.

a list of browsers that support phantom

After the install is complete, a new tab will appear with the option to create a new wallet; click “Create New Wallet.”

create a phantom wallet

You’ll then need to write down your recovery phrase and store it away in a secret location. If you can’t access your wallet for any reason, this phrase will allow you to recover your wallet. If you lose your recovery key, no one can help you get your funds back.

Never, ever ever ever, give your recovery phrase to anyone. It’s recommended that you write the phrase down on a few different pieces of paper and store them in separate locations around your home.

Finally, just look for the Phantom icon in the browser toolbar, which, if you’re using Chrome, will be at the top right-hand side of your browser.

Sometimes it won’t pin to your browser, so you’ll need to press the puzzle icon, which will give you a list of all your extensions; you simply just click the pin icon next to Phantom, and it’ll then appear by default at the top right-hand corner of your browser.

pin phantom extension to your google browser

Buying SOL

The most popular ways to buy Solana are using either Coinbase or Binance. So, let’s say you’ve set up your Coinbase account, head to the Solana market page, and click the Buy / Sell button at the top right.

buy and sell cryptocurrency

A pop-up will then appear; you simply insert the amount of money you want to invest into Solana, click preview buy, and then confirm the purchase.

buying cryptocurrency on coinbase

Congrats! You’ve just bought your first Solana.

Buying USDC on Coinbase

Send and receive crypto on multiple networks, starting with Polygon and Solana

  1. Once your payment method is set up, you can go to the "Buy/Sell" tab in your Coinbase account and select USDC from the list of available cryptocurrencies.
  2. Enter the amount of USDC you want to purchase, or the amount of money you want to spend, and select your payment method.
  3. Review the details of your purchase and click "Buy USDC" to complete the transaction.
  4. You should now see your USDC balance in your Coinbase account.
  5. Click “Send & Receive” in the upper right corner, and enter your Phantom wallet address # to send.

Read the full article on Coinbase here.

Transferring SOL to your Phantom Wallet

Now it’s time to transfer your Solana from Coinbase to your Phantom wallet; the process will be almost identical regardless of the exchange you’re using.

Click the Phantom icon on your browser, a pop-up will appear, click the receive button, A search bar will appear, type in Solana and click.

solana typed into phantom wallet

It’ll then lead you to a small page with a barcode and your Solana wallet address, hit copy.

QR code to deposit sol

If you’re using Coinbase, click the option to Send / Receive right next to the Buy / Sell button at the top right corner.

send and receive cryptocurrency on coinbase

Enter how much Solana you’d like to send to your phantom wallet, then paste your Solana address into the address bar.

confirming a transaction on coinbase

Once you’re happy with everything, hit send now, and then check your Phantom wallet to make sure it’s delivered. And voilà, you now have Solana in your Phantom wallet, ready to use on any Solana Dapp and investing in real estate assets on Parcl.

Shared content and posted charts are intended to be used for informational and educational purposes only. Parcl does not offer, and this information shall not be understood or construed as, financial advice or investment recommendations. The information provided is not a substitute for advice from an investment professional. Parcl does not accept liability for any financial loss or damages. For more information please see the terms of use.

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