Phantom Wallet includes both a hot and software Wallet. It works as a mediator between the Crypto users and the Solana blockchain. It was currently introduced and functions as a website extension only. You can use the platform by downloading it on many well-known websites such as Brave, Firefox, Edge, and Chrome without paying any cost. Once you generate an account on this forum, you can begin to store, receive, send, swap, and collect different tokens on the Solana blockchain. It has a user-friendly interface that any beginner can use easily and conveniently. You can also connect or link hardware wallets on it like Ledger to enhance safety. Furthermore, you can also stake SOL on the Phantom Wallet very easily.
Top Features Supported on Phantom Wallet
- Non-Custodial:
This is the topmost decentralized Wallet. Your account’s safety is in your hands and not assigned to any other party. Being a non-custodial Wallet, the Phantom Wallet is beneficial since no one else can manage or control your assets except you.
- Token Swap:
It is one of the best features offered by the Phantom Wallet, as while swapping, it shows the slippage tolerance, rate, and estimated fee. From the time when Phantom launched its swap feature, over one billion dollars in trade has been noticed. It is a big and impressive achievement for such a new exchange.
- SOL Staking:
You also get an option to stake SOL tokens and receive rewards. Those rewards are not decided or fixed and are totally based on the validator you select to stake with. So, you can conveniently stake on the Phantom Wallet as it is not hard at all.
- NFTs and Collectibles:
You can take it as another interesting feature of the Phantom Wallet, making it more demanding considering that currently, NFTs are hot in the Crypto world. To make the availability more simple, the Wallet has a feature to group the same NFTs directly.
Guide to Create a New Wallet on Phantom Wallet
- Firstly, you have to go to the Phantom Wallet webpage on your device.
- You will see the two following options on your screen.
- Create New Wallet
- Use Secret Recovery Phrase
- Now, you have to head to the Create New Wallet button.
- The Secret Recovery Phrase or Mnemonic will appear on your screen.
- Then, you must note it down in a secure place.
- Or you also have an option to copy the code by pressing the Copy option.
- Nextly click on the Ok; I saved it somewhere option attested at the end of that page.
- After which, you should Create a new password for the security of your device.
- Moreover, tap on the Confirm Password bar and enter the password twice.
- Go through all the Terms of Uses attached to your screen.
- Head to the Save button.
- You will see the Keyboard Shortcut page on your screen.
- You need to click on the Continue option.
- Lastly, you need to click on the Finish button.
Guide to Send SOL from Coinbase to Phantom Wallet
- You should move to the Phantom Wallet extension first.
- Nextly, you have to tap on the Deposit button provided somewhere on your screen.
- Then, you need to note down your Phantom Wallet address.
- After which, visit your Coinbase Wallet by signing in.
- Hit the Transfer/Deposit Solana button attested on that page.
- Go with the Continue bar.
- You need to read all the written information carefully and click on the Send Now option.
- In the end, you must mention the Verification Code in the provided bar and head to the Confirm button.
- That is how you can straightly send SOL from your Coinbase Wallet to your Phantom Wallet.
Guide to Inspect the Staking Rewards on Phantom Wallet
- Foremost, you have to visit your Phantom Wallet.
- From the Homepage, you have to enter your Wallet Address in the search bar.
- Move to the Stakes option.
- From the list appearing on your screen, choose your account.
- Now, you have to hit on the Stake Rewards bar attached to your screen.
- The Epoch bar shows the date and amount of your reward.
- In case you wish to get the information in the form of a spreadsheet, click on the Download CSV option.
Guide to Withdraw Stake on Phantom Wallet
- To begin with the process, you should open the Phantom Wallet on your device.
- Now, head to your Solana Token balance included in your Wallet.
- Then, click on the Your Stake option.
- Further, you need to choose the staking account validator you want to withdraw.
- To proceed, tap on the three-dotted icon given at the top-right corner of that page.
- To complete the procedure, you have to head to the Withdraw SOL option.
- Hurray! You are done with the withdrawal process on your associated Phantom Wallet account.
Guide to Retrieve the Wallet on Phantom Wallet
- Start the process by opening the Phantom Wallet on your desired device.
- Then, hit on the Use Seed Phrase option.
- Now, you have to type the Seed Phrases in the respective boxes.
- Nextly, enter the New and Strong Password for your account and enter it twice.
- Pay attention to all the Terms of Services of the Phantom Wallet.
- After which, you have to tap the checkbox to step ahead in the procedure.
- To conclude, find and press the Import button.
Final Verdict
In short, now you would be clear with the fact that the Phantom Wallet is the self-custodial Wallet that allows its users to buy, send, withdraw, stake, and swap the NFTs and Solana blockchain. You even do not have to worry about the procedure to begin your journey in the Crypto world. The Phantom exchange offers you an easy-to-use interface which means now using this forum would be not difficult at all. You can also grab the above guide to know the directions to create a wallet, withdraw, send and retrieve the Wallet on your Phantom Wallet.