Considering the growth of crypto currencies globally, there has been an immense boost in the Defi region (decentralized finance). To use these (dApps) decentralized applications users need crypto currency wallets. With a huge ecosystem providing a variety of wallets the Solana Wallet has been one of the most used and trustable wallets.
Solana Wallet is just like any other crypto wallet, that is specific to the Solana blockchain network. A Solana wallet is used to store, send and receive $SOL and SPL Tokens or NFTs.
With many Solana Wallets available in the crypto market, you must be confused on which to select. This article guides you through the Top 5 Solana Wallets.
How to Choose the Best Solana Wallets?
One of the most important decisions for each one of us is choosing the right wallet, be it an experienced user or a beginner this remains a nerve cracking decision for everyone.
For example: The way in our regular lives we choose a bank account to store and save our real world money, we usually check all the facilities and features that the bank provides, ensuring how secure our money will be after depositing, including the smooth process while sending, receiving and withdrawing our money, similarly we choose a cryptocurrency wallet to store the crypto currency.
Want to Know the Top Qualities of Solana Wallets?
Prime qualities needed while choosing a Solana Wallet should include:
- Easy to operate: The Solana Wallet needs to be easy to use for all types of users.
- High security: Choosing a wallet which follows top security practices should be very important.
- Easy access to Defi: Helps the users to smoothly access decentralized finance (Defi) and NFT’s (Non-fungible token).
- Accessible over multiple platforms: It must be quick and simple while using on various platforms.
- Timely updates: It has to keep the users updated with all the latest modifications and transitions.
- Low Gas fees:It is always beneficial for the users to choose a wallet that has low gas fees.
Top 5 Solana Wallets in 2024
The top 5 Solana Wallets in 2024 includes the following:
Phantom
Phantom wallet was launched in January 2021, by a couple of engineers, creative designers and co-founders aiming on making crypto more approachable and user friendly. The Phantom wallet allows the users to purchase, send, receive and save crypto currency.
Here are few Pros and Cons of Phantom wallet:
| Pros | Cons |
| Easy to Navigate | No live customer support |
| Low Gas fee | Inefficient with ledger devices |
| Consolidated staking process | |
| On-the-spot swaps | |
| Robust security | |
| Allows users to sell NFT within 2 clicks | |
| Offers multiple blockchains |
How to Set Up a Phantom Wallet?
Here are few simplified steps to create a Phantom Wallet –
- Go to the Phantom website,
- Click on download for chrome, for downloading on your mobile phone to go to the play store or app store.
- Click on, Create new wallet,
- Create a new password,
- Set up your secret recovery phrase/seed phrase (remember to store this phrase as it grants full access to your wallet and funds, it is the only way to recover your wallet if lost).
Solflare
Solflare is the first ever wallet developed by Solana, which functions like any other Solana wallet for storing, sending, receiving and staking $SOL & its NFT’s.
Here are few Pros and Cons for Solflare Wallet:
| Pros | Cons |
| 24/7 support through solflare live chat | Solflare facilitates only on the Solana blockchain. |
| Supports Hardware ledger | Difficult in setting up as compared to Phantom |
| Provides substantial knowledge through Solflare Academy | |
| Diverse compatibility | |
| Helps users to manage their investment through solrise finance. Fraud detection, gives an alert before engaging with any harmful websites. |
How to Set Up a Solflare Wallet?
Here are few simplifies steps to create a Phantom Wallet –
- Go to the Solflare website,
- Click on download for chrome, for downloading on your mobile phone to go to the play store or app store.
- Click on, Create new wallet,
- Create a new password,
- Set up your secret recovery phrase.
Trust Wallet
Trust wallet was founded in the year 2017, and is consistently used for engaging in cryptocurrency transactions, allowing it to send, receive, store and interact with various DApps (decentralized applications).
Here are few Pros and Cons for Trust Wallet:
| Pros | Cons |
| Most trusted wallet having over 140 million users. | Lacks 2 factor authentication (2FA) |
| Supports 100+ blockchains | |
| 600+ million NFT’s | |
| Increased wallet security through encryption | |
| Safely alerts | |
| User friendly |
How to Set Up a Trust Wallet?
- Go to the Trust wallet website.
- Click on download,
- Choose the option for downloading on your desktop or mobiles phones
- Click on create a new wallet,
- Accept the terms and conditions;
- Create a 6 digit password,
- Complete the secret code setup and start exploring the app.
Backpack
Backpack wallet is one of the latest wallets launched in the Solana ecosystem founded in 2022 by Blue Coral Inc which has also established the Mad Lads NFT and Solana’s first xNFT.
Here are few Pros and Cons for Backpack Wallet:
| Pros | Cons |
| Supports Solana & Etherium | Backpack wallet is a Software wallet, it does support any hardware wallet. |
| Makes trading easy through its Backpack Exchange | Reduced Security and high risk as it only functions on desktop and mobiles phones. |
| Allows users to stake SOL directly through the wallet | |
| Provides a Lock feature to protect your NFTs. | |
| Convenient and faster to use compared to other wallets. | |
| Supports xNFT’s (Executable Non-Fungible Tokens) |
How to Set Up a Backpack Wallet?
Here are few simplifies steps to create a Phantom Wallet –
- Go to the Backpack website,
- Click on download for chrome, for downloading on your mobile phone to go to the play store or app store.
- Click on, Create new wallet,
- Create a new password,
- Set up your secret recovery phrase.
Glow
Glow wallet is one of the crypto wallets allowing users to securely execute their crypto transactions via storing, receiving, selling and staking SOL on the Solana ecosystem. Glow allows users to do seamless transactions in seconds without any gas fees.
Here are few Pros and Cons for Glow Wallet:
| Pros | Cons |
| Allows users to create NFT’s directly through uploading from their phones. | Supports only on Solana. |
| Special feature for IOS users for securing their wallet keys. | Backing up wallet key codes online is an additional risk to the users. |
| Swaps coins with Zero fees | |
| Apple keychain security for IOS users |
How to Set Up a Glow Wallet?
Here are few simplifies steps to create a Glow Wallet –
- Go to the Glow website,
- Choose the preferable extension, for example, for using Google, click on download on chrome.
- Select Add to chrome
- Later click on add extension and select create new wallet.
- Create a password and set up your secret recovery phrase.
Comparison of Top 5 Solana Wallets
Here is a comparison table for your better understanding.
| Features | Phantom | Solflare | Trust | Backpack | Glow |
| 24/7 Customer Support | No | Yes | No | No | Yes |
| Supported blockchains | Solana, Polygon, Ethereum | Solana | Supports majority of the blockchains | Solana, Etherium | Solana |
| Safety Check | Inspected | Not inspected | Inspected | Not inspected | Not inspected |
| Hardware support | Yes | Yes | Yes | No | Yes |
Conclusion
This article contains an intensive research on all the features, pros and cons, security, customer support services and procedure to follow for setting up top Solana wallets. The purpose for conducting this research is to help users choose top Solana wallets having robust security features and credibility. Choosing a wallet which supports Hardware is always the most reliable option.
The above discussed top 5 Solana Wallets are the most popular and reliable wallets in the crypto community having over millions of users, however as per the changing market trends it is always advised to conduct your own research before coming to a conclusion.
