Solana is a popular blockchain and is considered a major asset in the crypto space. It has successfully amassed a market capitalization of over $80 billion and reached an all-time high of $295 per coin, each of which is often referred to as a SOL, which is also the cryptocurrency’s ticker. Keeping it safe from hacks and fraudulent transactions is💙 a𝔉 top priority for many Solana holders. Finding the best Solana wallet often varies from one user to another, and each has unique requirements.
At Investopedia, we found that the best Solana wallet is cost-effective, has a strong security infrastructure, and provides an excellent user interface. Our research found Trezor Safe 5 to be the best for security. Coinbase was found to be best for beginners and staking. In addition, we found Exodus to be best for mobile-first Solana holders and Solflare to be best for multi-platform use. Tho❀se interested in accessing decentralized applications (dApps) should weigh the pros and cons of utilizing Phantom. Through independent research, we bring our list of the best Solana wallets.
Best Solana Wallets
- Best for Security: 澳洲幸运5官方开奖结果体彩网: Trezor Safe 5
- Best for Beginners, Best for Staking: 澳洲幸运5官方开奖结果体彩网: Coinbase Wallet
- Best for Mobile: Exodus
- Best for Multi-Platform Use: 澳洲幸运5官方开奖结果体彩网: Solflare
- Best for dApps: Phantom
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any such financial decisio🧜ns. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Best for Security : Trezor Safe 5
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Trezor
- Costs: $169
- Supported Crypto: 1,000
- Hot or Cold Wallet: Cold
Trezor Safe 5 is our choice for Solana investors and traders seeking a cold wallet that can secure 🐬their keys on the Solana blockchain a💮nd provide rich wallet features to help them manage their digital assets.
Strong security features
Supports non-fungibl♕e tokens (NFTs and dece🥂ntralized applications
Allows🐽 trading features and supports up to 1,000 cryptocurrencies
No built-in exchange
Does not allow fiat funding
Limited customer support
Trezor is one of the leading providers of crypto hardware wallets, building its brand on reliability and security. Solana holders seeking a wallet with a tight security infrastructure should consider the Trezor Safe 5. Trezor was founded in 2013 and is headquartered in the Czech Republic, operating in its capital, Prague.
The Trezor Safe 5 is a solid option for security-minded Solana holders. While the device costs $169 per wallet, it is a one-time charge, where users don’t have to pay for an ongoing subscription to keep their Solana keys safe. In addition to supporting Solana, the wallet also supports over 1,000 crypto blockchains, including Bitcoin and Ethereum, and even some lesser-known coins.
Users who purchase this device receive an excellent security presence for their Solana keys. For instance, after every transaction, the wallet generates a new address to enhance security and keep transactions private. To authorize transactions, users must manually authenticate transactions on the device. For device recovery, users can set a standard 12-word phrase. Also, tech-savvy users can audit Trezor's source code, as it is fully open for public review.
The wallet also provides its users with excellent functionality. It can be used to buy, sell, swap, and stake crypto, in addition to supporting NFTs and allowing access to dApps through partnering third-party software. However, there are limitations; the wallet does not have fiat funding capabilities and does not have a built-in exchange. Further, customer service is limited. It consists of only an AI chat and a support ticket, but its help center is very in-depth and has many articles that provides assistance.
Best for Beginners, Best for Staking : Coinbase Wallet
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Coinbase
- Costs: Free to download
- Supported Crypto: 5,500
- Hot or Cold Wallet: Hot
Best for Beginners
We chose Coinbase as the best Solana wallet for beginners due to its💜 easy-to-navigate interface and strong educational resources. Our research also found that the company offe𒈔rs the best customer service among other crypto wallets.
Best for Staking
We also found that Coinbase is best for staking. Coinbase customers can earn up to 14% APY with Solana and more than 130 additional types of crypto, such as Ethereum and Cardano.
Beginner-friendly interface
Excellent staking rewards
Easy integration with a major crypto exchange
Users cannot fully audit Coinbase's source code
Customer service is limited
New address🍸 is not generated after every transaction
Coinbase is one of the industry's largest and best-known 澳洲幸运5官方开奖结果体彩网:crypto exchanges worldwid🍌e. Since its founding in 2012, it has helped connect crypto to consumers globaඣlly. Our research found that Coinbase is a decentralized, remote-first company that offers the Coinbase Wallet, which we found to be an excellent choice not only for beginners but for users looking to stake Solana.
To start, the Coinbase Wallet has many beginner-friendly features. For instance, it’s free to download and supports over 5,500 various cryptocurrencies, including Solana and other major cryptocurrencies such as Bitcoin and Ethereum. Beginners can easily set up their wallet, fund it by transferring money or utilizing its third-party apps, and start buying and selling crypto. While buying and selling crypto can seem straightforward, there’s generally a learning curve that beginners should be aware of. Still, Coinbase offers excellent educational and research tools to help beginners.
Coinbase Wallet is also our choice for staking Solana to earn income. Users who download the wallet can earn more than 5% APY by staking Solana. Users can stake other digital coins as well and earn up to 14%. It’s important to note that the reward amount depends on the currency available to stake. Yet while the Coinbase wallet offers an overall excell♛ent service for beginners and those seeking rewards through staking crypto, there ar🤪e some drawbacks.
Tech-savvy users who want to test Coinbase's source code will find that its code is not fully open for audit. However, what can be tested is its Multi-Party Computation (MPC). Users can report any vulnerabilities and earn rewards through its bug bounty program. Another weakness is that new addresses are not created after transactions, and users who need more assistance via customer support are limited to chat and email. For more urgent matters, customers must request to be called.
Best for Mobile : Exodus
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Exodus
- Costs: Free to download
- Supported Crypto: Over 280
- Hot or Cold Wallet: Hot
We chose Exodus as t✅he best crypto wallet for mobile-first Solana holders due to its sleek user interface and robust capabilities on mobile platജforms.
An excellent crypto wallet for mobile platforms
Accessible on multiple platforms and compatible with hardwa🙈re wallets
Provides dApp access
Limited support for NFTs
Has a limited selection of crypto
Limited customer support
Exodus is another well-known wallet in the crypto industry. While it’s a fairly new company, it's become a reliable wallet for many users around the world. Established in 2016 and headquartered in Omaha, Nebraska, Exodus is our choice for mobile Solana holders due to its impressive mobile functionality. Users can receive many of the same features that are available on the desktop version.
Users can download the Exodus wallet through Google Play and the App Store. Users at both marketplaces who have downloaded it have rated it highly. Exodus also offers a desktop application and a browser extension for Web3 wallet access. Those who are more security-conscious and want to increase the security of their Solana keys can integrate Exodus and Trezor Model T hardware wallets to enhance their crypto holdings.
The mobile app allows users to buy, sell, swap, and stake crypto and charges standard network fees. While the app is a very functional and versatile wallet that pleases many users, prospective users sh♉ould understand some potential limitations before downloading it.
For instance, the wallet supports Solana and Ethereum-based NFTs, but Bitcoin NFTs are not supported. In addition, Exodus's crypto selection is fairly lean. While it supports Bitcoin, Ethereum, and Solana blockchains, it provides access to only 280 cryptocurrencies. Also, customer service is modest. While it has an excellent help center, it only offers a chatbot and email contact for matters that users may feel are urgent.
Best for Multi-Platform Use : Solflare
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Solflare
- Costs: Free to download
- Supported Crypto: Crypto and tokens on the Solana blockchain
- Hot or Cold Wallet: Hot
While Solflare only supports Solana crypto on the So✅lana blockchain, our research found it to be the best multi-platform wallet accessible across various devices and operating systems.
Dedicated wallet for crypto on the Solana blockchaiꦓn
Accessible on multiple platforms
Good fiat funding options
Does not 🉐support Bitcoin or other crypto that are not on the Solana♐ ecosystem
Learning curve for its advanced features
Selling your position can be cumbersome for some user🀅s
Solflare was founded in 2020, and while it does not have a single headquarters, it has offices in Serbia and Croatia, servicing one of the most popular wallets dedicated to the Solana blockchain. Our research found it to be the best wallet for multi-platform use. Solana holders can download the popular app from Google Play and the App Store, while also having the option to download it to their preferred web browsers such as Google, Firefox, Brave, and Edge.
Users who want more security enhancements can integrate their Solflare wallet with a hardware device. However, we found Solflare to be only compatible with Ledger and Keystone wallets, both of which are well-known brands. Regardless of which platform users go with, they can download the wallet easily onto their preferred platform, as it's most likely supported. Solflare also provides excellent funding options; users can buy crypto with credit and debit cards, bank transfer, and Apple and Google Pay.
Users can also send, receive, buy, and manage NFTs. However, the crypto has to be supported on the Solana blockchain; Solflare does not support Bitcoin, Ethereum, or any other crypto or tokens not on the Solana ecosystem. Solflare provides its users with a sophisticated wallet, where they can stake and trade their crypto. By staking, users can earn up to 6.8% APY a year. Users can also trade on the Solflare wallet. Users are provided with charting features, market alerts, and 澳洲幸运5官方开奖结果体彩网:trading orders.
However, many users find the wallet has a steep learning curve due to all it offers, but users can get assistance from Solflares' help center. The help center does a good job of enabling users to understand the platform better. In terms of selling your crypto, users must connect their positions with a 澳洲幸运5官方开奖结果体彩网:centralized exchange to complete a sale of their crypto. Keep in mind, you need to utilize an exchange that supports Solana.
Best for dApps : Phantom
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Phantom
- Costs: Free to download
- Supported Crypto: 16
- Hot or Cold Wallet: Hot
Our research found that Phantom wallet offers the best access to dApps for Solana holders. Users can access a rich selection of dApps ♑built across several major blockchains, including Bitcoin and Ethereum.
Offers a great selection of dApps
Easy to navigate with good platform resources
Provides excellent crypto educational
Supports only 16 cryptocurrencies
Not available on the Safari desktop browser
Limited customer support
Phantom wallet was founded in 2021 and is our choice for those seeking the best Solana wallet for dApps access. The company behind Phantom Wallet is Phantom Technologies, Inc., which is headquartered in San Francisco, California.
Prospective users can download the wallet for free on several platforms. Mobile users can download the wallet through Google Play and the App Store. However, the wallet is only available on the following desktop browsers: Chrome, Firefox, Edge, and Brave, and is not supported on the Safari browser.
Those who download the app will find a sleek user interface that’s easy to navigate through the Phantom ecosystem. Users have access to NFTs and several verified dApps. In addition, the wallet supports up to 16 cryptocurrencies, including Bitcoin and Ethereum. While Phantom’s support of only 16 cryptocurrencies may seem light, it's important to remember that the wallet originated as a Solana-focused wallet.
Users also find that Phantom Wallet is committed to educating beginner crypto enthusiasts. The website provides a blog, Crypto 101, which covers beginning and intermediate crypto topics. In addition, Phantom's help center is a good source of support for platform-specific issues relating to the wallet's function. For more serious problems, users can chat with an AI chatbot or submit a ticket for more tailored assistance.
Why You Should Trust Us
Investopedia was launched in 1999 to help promote financial literacy. For those who are interested in finding the best Solana wallet, we independently researched 22 leading wallets to find which wallet is best for the categories we deemed essential. To find which wallet was best for security, beginners, staking, mobile, and multi-platform use, we collected data from each company to create an unbi🌊ased list of the best Solana wallets available on the market.
How We Picked the Best Solana Wallets
Investopꦺedia identified 23 leading Solana wallets that offer consumer services to help users manage and secure their cryptocurrency on the Solana blockchain. Investopedia independently researched an🌳d analyzed these companies by collecting 40 diverse criteria we deemed essential from their websites. We collected 920 data points and scored and weighted each criterion to develop our star rating for each company.
The categories and their weights for this ar🍌ticle are:
- Security: 34.50%
- Trading Features: 25.50%
- Wallet Features: 25.00%
- Fees: 9%
- Customer Service: 5.00%
Based on our independent research, we ♒have compiled a list of the best Solana wallets to help you decide on the best wallet for your crypto needs.
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