Phantom is the best Solana wallet for most people, with a score of 8.6/10. It is self-custodial, works with almost every Solana app, supports nine networks and Ledger, and has built-in scam warnings from its Blowfish acquisition. The main downside is a 0.85% swap fee, among the highest of the big Solana wallets.
Risk notice: Crypto trading is high risk and memecoins can go to zero in minutes. Phantom is a hot wallet, and one malicious signature can empty it. This page is not financial advice; only trade what you can afford to lose.
Facts on this page were checked October 23, 2026, from Phantom's own docs and the sources linked below. This is a research-based review built from published docs, not a hands-on trial.
What Phantom is
Phantom launched in 2021 as a Solana wallet and is now a multichain app with browser extensions for Chrome, Brave, Edge and Firefox plus iOS and Android apps (Coin Bureau). It said it had 15 million monthly active users when it raised $150 million at a $3 billion valuation in January 2025, in a round led by Sequoia and Paradigm (The Block).
It is self-custodial: you hold a recovery phrase or set up recovery with a Google or Apple account and a PIN. Phantom cannot move your funds or reverse a transaction.
Phantom fees
As of October 2026:
- Swaps: Phantom's fee page lists "a flat 0.85% transaction fee" on swaps, already included in the quoted rate and collected in the token you sell. It says it will update the page before changing rates. Coin Bureau's June 2026 review describes the fee as 0.85% "on select swaps" (Coin Bureau), so check the quote screen.
- Cross-chain swaps: bridge and liquidity-provider fees apply on top; Coin Bureau reports them as typically 0.1%-0.5%.
- Perps: Phantom's perps run on Hyperliquid and add a 0.05% builder fee on each open and close, shown at trade time (Solana Compass). That fee had earned Phantom about $20.6 million by June 2026.
- Sends and holding: no Phantom fee, only network fees. Solana network fees are usually fractions of a cent.
What 0.85% costs: a $1,000 swap pays $8.50 to Phantom, against $1 at Jupiter Mobile's 0.1% SOL-stablecoin rate and $0 at Backpack's 0% wallet fee (our arithmetic). If you swap often, that's the reason to consider a cheaper wallet or a trading terminal; see best Solana trading app.
Supported chains
On October 1, 2026 Phantom added BNB Chain as its ninth network (Solana Compass):
| Network | Supported |
|---|---|
| Solana | Yes |
| Ethereum, Base, Polygon | Yes |
| Bitcoin (incl. Ordinals) | Yes |
| HyperEVM, Arc, Robinhood Chain | Yes |
| BNB Chain | Yes, since Oct 1, 2026 |
| Arbitrum | No (per Phantom docs) |
| Sui | Deprecated (per Phantom docs) |
Phantom doesn't support custom networks, so you can't add an RPC for an unsupported chain.
Security features
- Blowfish scam detection. Phantom acquired Blowfish, which shows transaction previews, flags risky approvals and warns before you open malicious sites. Phantom says it is building this deeper into the app to block scam transactions before funds are lost (Phantom).
- Transaction simulation. Phantom simulates transactions before you sign. Its docs say that if it "can't accurately simulate a transaction, users may see a warning message," and new sites can show a "new domain" warning (Phantom docs).
- Spam and NFT tools. Phantom hides likely spam tokens and NFTs and offers burn tools (Coin Bureau).
- Ledger support. Phantom's docs say it "currently supports Ledger hardware wallets" (Phantom docs). On mobile it works over Bluetooth, first launched for the Nano X (Phantom). Solana transactions usually need blind signing enabled in the Ledger app, which means the device can't show you every detail, so the software warnings still matter.
Incidents and phishing
August 2022, Slope drain. About $4 million was drained from roughly 9,000 Solana wallets. The cause was traced to the Slope wallet, which had logged seed phrases. Phantom said it found no evidence its systems were compromised and that affected Phantom users had imported keys to or from a non-Phantom wallet (The Block).
February 2026, address poisoning via Phantom chat. ZachXBT reported a victim lost 3.5 wBTC, about $264,000, after copying a lookalike address, in a pattern tied to Phantom's built-in messenger. He said the interface didn't filter spam transactions. Keys were not compromised (Cointelegraph). Cointelegraph's article did not include a Phantom response.
Fake Phantom sites. As the biggest Solana wallet brand, Phantom is the most-copied. Phishing trackers list lookalike domains such as wallet.web-phantom[.]to (PhishDestroy). Phantom's real site is phantom.com (phantom.app redirects there). Phantom will never ask for your recovery phrase.
How to stay safe:
- Install only from phantom.com or the official app stores.
- Never type your recovery phrase into a website, form or "support" chat.
- Paste addresses from a trusted source, never from your transaction history, and check the first and last characters.
- Treat airdropped tokens, NFTs and "claim" links as scams.
- Keep bot and terminal wallets separate from your main Phantom wallet (Telegram trading bot security).
If you've already signed something bad: Solana wallet drained: what to do.
Pros and cons
Pros
- Supported by almost every Solana app and terminal
- In-house scam detection and transaction previews (Blowfish)
- Ledger on extension and mobile
- Nine networks in one app, plus Hyperliquid perps
- Social-login recovery option for beginners
Cons
- 0.85% swap fee, versus 0% at Backpack and 0%-0.5% at Jupiter Mobile
- February 2026 address-poisoning loss tied to its chat feature
- Heavily imitated by fake sites and apps
Phantom vs alternatives
| Wallet | Swap fee | Chains | Hardware |
|---|---|---|---|
| Phantom | 0.85% | 9 | Ledger |
| Solflare | Not published | Solana only | Ledger, Keystone, Shield |
| Backpack | 0% wallet fee | 14 | Ledger, Trezor, Keystone |
| Jupiter Mobile | 0%-0.5% | Solana only | Ledger, Trezor |
Details in best Solana wallet and Phantom vs Solflare.
Verdict
Phantom is the safest default for most Solana users: broad app support, real scam tooling and Ledger support on both desktop and phone. Pay attention to the 0.85% swap fee if you trade often, and to phishing, which is where most Phantom users actually lose money. Over time, old wallets also fill with empty token accounts holding rent (Solana rent explained); you can check yours read-only with the SOL reclaim estimator.
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