Phantom Wallet: A Brief Guide To A Multichain Crypto Wallet For Web3 And NFTs

Dabbling in cryptocurrencies is impossible without access to a crypto wallet – unless you limit your interest to reading crypto stories. Cryptocurrency wallets are essential for storing, sending, and receiving digital assets like Bitcoin, Ethereum, altcoins, meme coins, etc.

To manage your crypto, you can choose between custodial and non-custodial wallets. The former are controlled by a third party (e.g., crypto exchanges like Coinbase), which holds your private keys and funds. Key benefits include customer support and backup with recovery options.

On the other hand, non-custodial wallets give you complete ownership and control over your assets. Generally, they’re also more secure since you’re the sole holder of your private keys. The downside is that there’s no one to back you up. You risk permanent loss of access to funds, if you forget to scribble down your seed phrase and lose your wallet.

There’s another, more fundamental advantage of using a non-custodial wallet. They don’t require KYC. You can manage and trade your assets anonymously, until you decide to come out, e.g., by cashing out via bank.

So, how can Phantom wallet help you with managing your crypto assets?

What is a Phantom wallet?

Phantom wallet is a non-custodial cryptocurrency wallet. It allows users to manage their digital assets, interact with decentralized applications (dapps), and trade non-fungible tokens (NFTs). Phantom wallet was initially designed for the Solana blockchain and managing Solana-based assets. However, it has since evolved to support multiple blockchains, including Ethereum, Polygon, and Bitcoin. In November 2024, Phantom rolled out support for Base, Coinbase’s Ethereum-based layer-2 blockchain.

Phantom wallet is available as both a mobile app and an extension for popular web browsers including Chrome, Brave, Firefox, and Microsoft Edge. It’s a convenient solution, applied also by MetaMask, another leading crypto wallet. It allows you to use Phantom on any device without having to launch separate software or switch between the apps. It also enables smooth interaction with other apps, dapps, and websites, such as CoinGecko or CoinMarketCap to check price charts and other trading data. You can also manage your assets on the go with a mobile app Phantom offers for both iOS and Android devices.

What are core Phantom wallet features?

Phantom is an all-in-one crypto wallet that stands out for its appealing UI, state-of-the-art UX, and comprehensive features enabling a wide range of crypto operations. Let’s take a look at Phantom’s key advantages.

1. Versatility

Although primarily designed for the Solana blockchain, Phantom has expanded to support Ethereum, Polygon, and even Bitcoin (unavailable at MetaMask, to give you a reference). This makes it a versatile option for users interested in multiple ecosystems.

Here’s how Phantom compares featurewise to other wallets selected by their team for comparison.

2. Top-notch UI

Phantom is known for its sleek and modern interface. With its emphasis on user experience and intuitive design, the wallet is an especially attractive option for newcomers to crypto.

3. Speed and performance

Easy and quick to operate in itself, Phantom offers lightning-fast transactions on its “primary” blockchain, Solana, which is known for its low fees and high throughput. You can get things done fast on MetaMask, too (thanks to Layer-2 networks), but the wallet’s primary focus is Ethereum mainnet which gets clogged all too often.

4. Solid security

Phantom, quite obviously, employs robust security measures, including encryption and private key management. You can also enable biometric security either with a fingerprint or facial recognition, to make sure you’re the sole person who can gain access to your assets. Since 2022, Phantom has also provided support for 1Password, a popular password manager for streamlined access to your wallet.

Another notable security feature is transaction previews – a type of firewall for identifying potentially malicious transactions to warn users before they decide to approve them. The mechanism protects wallet holders against all sorts of attacks, including phishing, dapp-level DNS hijacking, software supply chain attacks, and more. Phantom’s transaction previews are powered by their naive company called Blowfish.

The wallet provider also uses an open-source block list of potentially dangerous domains. The app blocks users from making risky connections to those addresses. The same goes for shady tokens and NFTs. Phantom adds contract addresses to the block list.

5. Token management and swapping

Phantom supports in-app token swaps across multiple blockchains, allowing users to easily manage their assets without leaving the wallet interface. You can smoothly view and manage your crypto assets, including SPL tokens (Solana blockchain analog of Ethereum’s ERC-20 tokens), Ethereum tokens and beyond, with options to add custom tokens and organize multiple accounts. In 2023, the app introduced a feature called Cross-Chain Swapper – a bridge that makes moving crypto across different chains safe and easy, so you can swap ETH for SOL with zero hassle.

6. NFT Support

Phantom wallet provides a dedicated interface for managing Solana-based NFTs and integrates seamlessly with NFT marketplaces. The app’s support for NFTs includes several key features, including:

- collectibles tab, where all your NFTs are displayed for easy access and management,

- NFT minting for minting NFTs directly from your mobile app, without a third-party service,

- camera mint on Phantom Mobile that allows you to convert photos and videos into Solana NFTs,

- instant sell, allowing you to sell your tokens instantly,

- support for various media types, including images, audio files, video files, and 3D models.

- spam NFT filtering to keep you safe from scams.

How do you set up a Phantom wallet?

For desktop setup, download the wallet extension from the official Phantom website. Get the one specific for your browser – currently, Phantom supports Firefox, Chrome, Brave, and Edge. For mobile setup, download the relevant software from the App Store for iOS or Google Play for Android (remember to only use authorized app stores to avoid security risks and vulnerabilities).

Upon launching the wallet, you’ll be prompted to create a new wallet. That’s where you generate a seed phrase (a 12–24 word recovery phrase). It’s a critical moment, so don't neglect it. Your seed is crucial for recovering your wallet if you lose access to it (your smartphone gets stolen, etc.). Make sure to store this phrase securely offline. You will also need to create a password to protect your wallet, which – unlike seed – you can easily change later if necessary.

Once your wallet is set up, you can create multiple addresses for different cryptocurrencies within the same instance (like Solana, Ethereum, Polygon, etc.), which allows you for better organization through wallet labeling.

For security reasons, you may (the app recommends so) enable biometric authentication and an auto-lock timer – an automatic lock feature that secures your wallet after a period of inactivity. It provides additional protection in case you forget to manually lock the app.

How do I fund my Phantom wallet?

There are several methods you can use to deposit money into your Phantom wallet. You may know them from managing other wallets or accounts beyond crypto. Let’s discuss them briefly.

1. Get crypto from your exchange account

You can withdraw cryptocurrencies like SOL or ETH from your exchange account directly to your Phantom wallet by using the wallet’s public address. Go to the exchange account where you hold SOL (or any other supported token). Navigate to the withdrawal section and select SOL. Use the withdraw function to paste your Phantom wallet’s public address into the appropriate field. Before completing the transaction, review the details. Make sure you’ve got the transaction fees correct – sometimes these numbers can hurt and make you want to wait for a better moment (like lower network congestion). Confirm the withdrawal to send SOL from your exchange account to your Phantom wallet. Once the transaction is processed, verify that the SOL has successfully landed in your app.

2. Buy crypto in-app

Like MetaMask, Phantom allows you to buy cryptocurrencies directly within the app using various payment methods, such as credit/debit cards, Apple Pay, or bank transfers. Not exactly hygienic in terms of KYC, but convenient for users who want to acquire assets seamlessly, without venturing outside the wallet.

3. Transferring money from a hot wallet

If you have another wallet or can ask a crypto-savvy friend for a favor (e.g., paid for in cash), you can send cryptocurrencies to your Phantom public address from another wallet, like MetaMask or Coinbase Wallet. Just to remind: you don't need to type those lengthy address strings – QR codes do the job. If you have a web3 domain name the process is even easier!

4. Use a crypto ATM

If available in your area, you can buy crypto using cash or a debit/credit card at crypto ATMs. The assets can then be transferred to your Phantom wallet.

5. Use third-party payment services

Phantom integrates with various third-party services, like MoonPay and Coinbase Pay, that allow easy purchases of cryptocurrencies, providing more options for funding your wallet.

Can I trade crypto through my Phantom wallet?

Sure thing, that’s one of the reasons it’s made for. The essential trading feature is the swap function that allows you to exchange cryptocurrencies directly within the wallet. To make a trade, open your wallet, select the “Swap” option, choose the token you want to trade, e.g., SOL or ETH, and specify the amount. The app will provide a quote for the swap, allowing you to review the details before confirming the transaction.

Remember to use Cross-Chain Swapper when trading across chains! The process involves selecting your origination chain and token (e.g., Solana and Popcat), choosing the destination chain and token (e.g., Ethereum and Aave), and confirming the transaction. The Cross-Chain Swapper allows you to seamlessly move your assets without needing to go through centralized exchanges. It even includes a “Refuel” option that automatically converts a portion of your transferred tokens into the native currency of the destination chain to cover transaction fees.

If you need funds to trade, you can also purchase cryptocurrencies directly within the Phantom app, as explained above. Tap on the “Buy” button, select the token you wish to acquire, and enter the fiat amount. Phantom integrates with various payment providers allowing you to complete your purchase easily (remember about the KYC exposure, though).

Last but not least, Phantom allows you to connect with various dapps in the Solana ecosystem for trading purposes. You can navigate to a decentralized exchange (DEX) through the wallet, connect your Phantom wallet, and trade assets directly on that platform.

How can I buy NFTs through a Phantom wallet?

Phantom allows users to buy NFTs through various marketplaces that operate on Solana or other networks. So, how do you proceed? First, open your wallet and connect it to a trustworthy marketplace of your choice, such as Magic Eden or Tensor. These platforms allow you to browse and purchase various art and collectible NFTs directly using Solana’s native token. But you can also connect your Phantom wallet to OpenSea, a leading NFT marketplace. You simply visit the market's website, click the "connect wallet" icon in the top right corner, select "Phantom" and then click on "Connect".

The purchase process is pretty straightforward. Once connected, you simply explore the available NFTs. When you find an item you want to buy, just follow the marketplace’s prompts to complete the buy. Ensure you have sufficient SOL in your wallet to cover both the price of the NFT and any associated transaction fees.

If you're interested in creating your own NFTs, you can visit a mint site that supports Solana or another type of NFTs. After minting, these NFTs will automatically appear in your Phantom wallet, where you can manage them alongside any collectibles you've purchased. You can also mint directly in the app through the camera mint feature mentioned above.

How to withdraw crypto from Phantom wallet to bank account or cash out otherwise?

At some point, you may want to cash out. Phantom doesn’t directly support fiat withdrawals. Instead, you will need to transfer your cryptocurrency to a centralized exchange (CEX). Here’s how you proceed:

1. Open your Phantom wallet and select the cryptocurrency you want to withdraw (e.g., SOL), click on the “Send” button, and enter the deposit address. Make sure to choose the correct network (Solana in this case) when sending.

2. Once the funds are in your exchange account, you’ll need to sell your crypto for fiat currency (like USD). Navigate to the trading section of the exchange, select your cryptocurrency, and choose the option to sell it for cash.

3. After selling your crypto, go to the withdrawal section of the exchange. Select your bank account as the destination and enter the amount you wish to withdraw. Follow any prompts for verification, and then submit your withdrawal request.

It may take a few business days for the funds to appear in your bank account, depending on the exchange’s processing times.

Not keen to step into the KYC zone?

Here are the alternatives.

1. You can use peer-to-peer platforms to sell your cryptocurrency directly to other users for cash. Examples include Noones and HODL HODL – both P2P crypto trading websites allowing users to trade directly with each other without the KYC hassle.

2. Some services offer crypto debit cards that allow you to load your cryptocurrency onto a card and spend it like cash at retailers or withdraw it from ATMs. Examples include Crypto.com, Binance, Bybit, and Wirex cards. However, they may come with KYC requirements, so don’t forget to read the fine print.

3. You may also try local exchange offices that offer converting crypto for cash. They may have different requirements regarding KYC, so make sure to check their policies beforehand. They typically allow you to exchange various cryptocurrencies for local fiat currency without the need for an online account.

4. Like with funding your wallet, ATMs are a cool option to avoid scrutiny. Many crypto cash machines allow you to sell your assets for cash without requiring extensive verification. At least up to a certain amount. You can approach a nearby ATM or even initiate a transaction online and transfer funds from your Phantom wallet to the ATM's address. After confirming the transaction, you’ll receive the code you can use to withdraw your paper money.

5. You may also find individuals through classifieds or social channels willing to buy your cryptocurrency directly for cash. That’s the risky option, though – you never know who you’re dealing with.

Does Phantom wallet provide user support?

Absolutely. Phantom app comes with comprehensive user assistance through several channels. The primary option the Phantom help center, available through the “Support” button at the top bar on the app’s website. It provides access to tons of helpful content classified into popular categories, such as account management, tokens, and NFTs, staking, etc. From there, you can also access FAQ to find answers to the most common issues bugging app users. For advanced users, Phantom also provides technical documentation named Phantom Developer Docs. The landing page includes FAQ, developer power tools, best practices, and resources.

If you can’t find what you’re looking for, you can always ask for personalized assistance. To do this, just start a chat and submit your request to the support team.

For security reasons, Phantom has retired public support channels like Discord and Twitter, explaining that these platforms have been prone to scams.

The app reminds users that Phantom representatives will never ask for sensitive information, such as the secret recovery phrase.

Ready to go? Remember to keep your seed safe and always do your research before making trades!