Key Points
- Types of Cryptocurrency wallets and their benefits and consequences
- What is a Phantom wallet and what are its core features?
- How to set up your Phantom wallet?
To be a part of the Cryptocurrency world is not possible without having a Crypto wallet, unless your interest is only in reading about crypto-related topics. Cryptocurrency wallets are used for the storage, transfer and receipt of digital currencies such as Bitcoin, Ethereum, various altcoins and memecoins, etc.
Different Types of Crypto Wallets?
When it comes to managing your cryptocurrency, you have the option to select between custodial and non-custodial wallets.
- Custodial Wallets
- Non-Custodial Wallets
Custodial wallets are managed by a third party, such as cryptocurrency exchanges like Coinbase, which retain your private keys and funds. The advantages of custodial wallets include customer support and backup options for recovery.
Oppositely, non-custodial wallets provide full ownership and control over your digital assets. Generally, non-custodial wallets offer more enhanced security than custodial because in non-custodial wallets you are the only one who has access keys and control over your digital assets, but in custodial wallets a third party is operational. However, the biggest drawback in non-custodial wallets is the absence of any type of support. Suppose if you forgot or lost your keys, you risk losing permanent access to your assets.
Additionally, there are some benefits of using non-custodial wallets, they do not require KYC. This allows you to manage and trade your assets anonymously until you choose to reveal your identity, such as when cashing out through a bank.
What Is 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). In starting, the Phantom wallet is designed for the Solana Blockchain and managing Solana-based assets. But now it is evolving and supporting multiple blockchains, including Ethereum, Polygon, and Bitcoin.
In November 2024, Phantom rolled out support for Base, Coinbase’s Ethereum-based layer-2 blockchain.
You can use it in the mobile app and the web browser, including Chrome, Brave, Firefox and Microsoft Edge. Metamask allows you to use it on any device.
With the help of MetaMask you can use Phantom on any device without switching between the apps. It helps in checking the price charts and other trading data on different apps and websites with convenience, such as coingecko or coinmarketcap. Both iOS and Android device supports the asset.
Phantom Wallet Features
Phantom wallet is an all-in-one Crypto wallet that stands for its attractive UI and comprehensive features enabling a wide range of crypto operations. Let’s take a look at Phantom’s key advantages.
1. Versatility
In the starting phase, the Phantom wallet is only designed for the Solana Blockchain, Phantom has expanded to support Bitcoin, Ethereum, Polygon. This makes it a versatile option for users interested in multiple ecosystems.
2. Top-notch UI
Phantom is known for its top-notch modern interface. With its emphasis on user experience and pretty simple design, the wallet is an especially attractive option for newcomers to crypto.
3. Speed and performance
Phantom wallet is easy and quick to operate, Phantom offers lightning-fast transactions on its primary blockchain, Solana, which is known for its low fees. You can get things done fast on MetaMask, but the wallet’s primary focus is Ethereum mainnet, which gets clogged all too often.
4. Solid security
Phantom employs strong security measures, including encryption and private key management. You can also enable biometric security either with a fingerprint or face 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. 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. Built in Firewall to Block Harmful Transactions
Another special feature was also introduced – a type of firewall for identifying harmful transactions, which will help the users to decide the approval of the transactions beforehand. The transactions previews are powered by Blowfish. The harmful users are blocked by the app to avoid the risky connections.
6. Easy Cross Chain Swapping
Phantom users can easily manage their assets without leaving the wallet interface, and you can easily handle your crypto assets, including SPL tokens(Solana blockchain analog of Ethereum’s ERC ($0.03)-20 tokens). An app was introduced called Cross-chain Swapper, this makes moving crypto across different chains safe and easy, so you can swap ETH ($2,174.98) for SOL ($140.29) with zero hassle.
7. Easy Minting of NFTs and Trading
Phantom mobile app helps you to convert photos and videos into Solana NFTs. On its app, you can sell your tokens instantly.
Steps to Fund Your Phantom Wallet
You can get crypto from your exchange account and make a direct deposit in the wallet.
You can directly buy crypto in-app or transfer money from another wallet. Use a crypto ATM to buy crypto coins and deposit them in your wallet. Use third-party payment services such as MoonPay or Apple Pay.
How to Swap Tokens in Phantom Wallet
The important – trading feature of Phantom wallet is that it allows the swap function that allows the user to exchange crypto currencies directly within the wallet.
For the trade: open your wallet, select the “swap” option, choose the token you want to trade, eg, SOL or ETH, and specify the amount.
Phantom will provide a quote for the swap, allowing you to review the details before confirming the transaction.
To use the cross-chain swapper: the process includes selecting your origination chain and token (eg, Roland and popcat), choosing the destination chain and token (e.g., Ethereum and Aave), and confirming the transaction.
How To Buy NFTs in Phantom Wallet
Users can buy NFTs through various marketplaces that operate on different networks. To buy NFTs, you need to follow the steps:
Open your wallet and connect it to a trustworthy marketplace of your choice, such as Magic Eden or OpenSea.
To connect to your phantom wallet to OpenSea, a leading NFT ($0.00) 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”.
After connecting, simply explore the available NFTs. After finding what you want to buy, just follow the marketplace’s prompts to complete the process. Ensure you have sufficient SOL in your wallet to cover both the price of the NFTs and any associated transaction fees.
How To Cash Out or Withdraw Crypto From Phantom Wallet?
Sometimes you may want to cash out. But Phantom wallet does not support flat withdrawals. Instead, you will need to transfer your cryptocurrency to a centralized exchange. There are some steps to process your Withdrawal:-
1:- Open your Phantom wallet and select the Cryptocurrency you want to withdraw. Click on the send button and enter the deposit address where you want to send your Cryptocurrency. Make sure to choose the correct address while sending.
2:- Once the Cryptocurrency is transferred to your exchange account, you need to sell your crypto for fiat currency like USD. Select the trading section and choose that which you want to sell, and then choose the option sell.
3:- After selling the Cryptocurrency from your exchange account, go to the withdrawal section of the exchange. Select your Bank account for the final withdrawal destination and enter the amount you wish to withdraw. Follow any prompts for verification, and then submit your withdrawal request.
Depending on the exchange’s processing times, it may take a few business days for the funds to appear in your bank account.
If you don’t want to step into the KYC zone, there are some alternative ways by which you can withdraw your funds.
Does Phantom Wallet Provide User Support?
Does Phantom wallet provide user support? It’s answer will be absolutely Yes. Phantom app comes with all necessary user assistance through several channels. At the top bar on the app’s website, there is a “support” button, clicking on this button, you can get primary help.
From the support section, you can also access FAQ’s to find the most common problems faced by 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.
Conclusion
This is all you need to know about Phantom wallet. We have covered most of the major questions you think of. New updates and changes are coming in the crypto space regularly, so it’s better to check the official website for new updates. creator solana token
