A beginner's guide to using the Phantom wallet

What Is the Phantom Wallet?

1. The Phantom wallet is a digital cryptocurrency wallet designed primarily for the Solana blockchain. It allows users to store, send, receive, and interact with Solana-based tokens and decentralized applications (dApps). Built as a browser extension and mobile app, Phantom provides a seamless interface for navigating the Solana ecosystem.

2. Unlike traditional wallets that hold physical currency, Phantom stores private keys securely on the user’s device. This means users maintain full control over their assets without relying on a centralized custodian. The wallet supports SPL tokens, which are Solana’s equivalent to Ethereum’s ERC-20 tokens.

3. Phantom integrates directly with Solana’s fast and low-cost network, making it ideal for frequent transactions. It supports NFTs (non-fungible tokens) on Solana, allowing users to buy, sell, and display digital collectibles within the wallet interface.

4. The wallet is available as a Chrome, Firefox, and Brave extension, as well as an iOS and Android application. Its cross-platform functionality enables users to manage assets from desktop or mobile with synchronized access through a secure seed phrase.

How to Set Up a Phantom Wallet

1. Begin by visiting the official Phantom website using a supported browser. Download the extension from the Chrome Web Store or the Phantom app from the App Store or Google Play. Ensure you are on the correct site to avoid phishing attempts.

2. After installation, click the Phantom icon in your browser toolbar to launch the setup process. Choose “Create a New Wallet” and set a secure password. This password protects access to the wallet on your device but does not recover your funds if lost.

3. During setup, Phantom generates a 12-word recovery phrase. This phrase is the only way to restore your wallet if your device is lost or damaged. Write it down and store it offline in a secure location. Never share it or store it digitally.

4. Confirm the recovery phrase by selecting the words in the correct order. Once verified, your wallet is ready for use. You’ll be shown your wallet address, a unique string used to receive SOL and other tokens.

Using Phantom for Transactions and dApps

1. To receive funds, click the “Receive” button and copy your wallet address. Share this address with the sender. Transactions on Solana typically settle within seconds and cost a fraction of a cent in fees.

2. To send tokens, click “Send,” paste the recipient’s address, enter the amount, and confirm the transaction. Always double-check addresses before confirming, as blockchain transactions are irreversible.

3. Phantom connects easily to Solana-based dApps like decentralized exchanges (e.g., Raydium, Orca) and NFT marketplaces (e.g., Magic Eden). When visiting these sites, click “Connect Wallet” and select Phantom to authorize access.

4. When interacting with a dApp, Phantom will prompt you to approve transactions. Review the details carefully, including fees and token amounts, before signing. This prevents unauthorized actions and potential loss of funds.

5. The wallet includes an NFT gallery view, automatically displaying eligible NFTs held in your account. You can view details, transfer NFTs, or list them for sale directly through integrated marketplaces.

Security Best Practices for Phantom Users

1. Never disclose your 12-word recovery phrase to anyone. Scammers often pose as support agents to steal this information. Phantom’s team will never ask for it.

2. Enable device-level security such as biometric authentication (fingerprint or face ID) on mobile and use a strong password on desktop. Keep your operating system and browser updated to protect against vulnerabilities.

3. Beware of fake websites and phishing emails. Always verify the URL is “phantom.app” and avoid clicking on suspicious links shared via social media or direct messages.

4. Limit permissions when connecting to dApps. Some sites request broad access; disconnect wallets after use to reduce exposure. Regularly review connected apps through the Phantom settings menu.

Frequently Asked Questions

Can I use Phantom with blockchains other than Solana?Phantom primarily supports Solana and its associated tokens. While it has added limited support for Ethereum and Polygon through wallet switching, its core functionality remains focused on Solana.

What should I do if I lose my recovery phrase?If you lose your recovery phrase and cannot access your wallet, there is no way to recover your funds. Phantom does not store user data centrally. Prevention through secure backup is critical.

Are there fees when using Phantom?Phantom itself does not charge fees. However, Solana network fees apply to every transaction. These are minimal, usually less than $0.01, and paid in SOL.

How do I switch between Solana and Ethereum networks in Phantom?Open the wallet, click the network indicator (e.g., Solana), and select Ethereum or Polygon from the dropdown. Your address changes per network, so ensure you’re using the correct one when transacting.