Best Solana Wallets

Best Solana Wallets

Robert McDougall 

January 8, 2024

Cryptocurrency

Launched in March 2020, Solana is a relatively new player in the world of crypto. But, despite its recency, it has already cemented its name as one of the best blockchain networks on the market. 

For those unaware, Solana is a modern Layer 1 blockchain network built of efficiency and scalability and it shows. In my experience, transactions on Solana are near-instantaneous with rarely any delays.

The popularity of this blockchain network also applies to its native cryptocurrency; SOL. At the time of writing, SOL is the 10th most popular crypto asset in the world in terms of market cap. 

Now the thing is, if you want to use most Solana-based DeFi apps, games, or services, you’ll likely have to purchase SOL tokens for fees and transactions. 

Luckily, there are plenty of trustworthy crypto wallets that you can use to store SOL securely while also retaining convenient access for transactions. Keep reading to learn about the ones I recommend. 

Top 5 Solana Wallets

There are a lot of crypto wallets — hardware and software — that allow you to store and transfer Solana coins. After testing several dozen of them, I found most of them to be quite good with consistent reliability.

However, for this article, I wanted to find the best of the best. After spending weeks testing all the available options, these are the five Solana wallets that stood out to me above the rest:

#1. Ledger Nano X 

Out of all the wallets I tested, Ledger Nano X is by far my favorite option due to its excellent balance of security and accessibility. But, let’s take a step back and explore what the Ledger Nano X is.

In essence, this is a hardware wallet that stores the private keys for your Solana assets on a physical device. This physical device is no bigger than a USB flash drive so you can easily store it almost anywhere or carry it with you without any issues. 

The biggest advantage of the Ledger Nano X is its security. Since the private keys are stored on a piece of hardware with no internet connection, it is completely safe from hacking attempts. Even if someone gets access to the Nano X, they still need the 4-8 digit PIN code to access your wallet. 

Pros and Cons

Pros
  • Exceptional security that’s safe from wireless hacking attempts
  • Supports the storage of more than 5,500 tokens in addition to SOL
  • The compact design makes it super easy to store or carry around
  • Works with a number of different software wallet apps
Cons
  • You will have to pay 149 USD for this wallet

User experience

My time using Ledger Nano X was nearly perfect. The initial setup and SOL storage process were extremely straightforward and easy to follow. Even after that, using the Nano X to approve transactions was completely effortless thanks to its Bluetooth connection and built-in battery.

I also did not experience any glitches, hiccups, or delays in transferring my SOL assets to and from the wallet.

#2. Phantom Wallet

Put simply, Phantom Wallet is one of the best software wallets I’ve ever used, and not just for storing SOL. A big part of this is the sheer convenience of using this wallet for approving transactions.

On PC, the Phantom Wallet extension is available for all major web browsers, including Chrome, Firefox, and even Edge. This allows you to store and use your SOL tokens, no matter which browser you use for trading, investing, and other Web3 activities. 

Phantom also has smartphone apps for both iOS and Android. These mobile apps are exceptionally well-designed with easy-to-navigate user interfaces. Of course, the most important aspect of a crypto wallet is its security and the Phantom Wallet excels in that department as well. 

From what I know, Phantom is a fully non-custodial wallet. In other words, your Solana private keys are encrypted and stored on your device instead of Phantom’s servers. So, in the unlikely event Phantom gets hacked, your crypto assets will stay secured on your PC or phone.

Pros and Cons

Pros
  • Completely non-custodial where Phantom doesn’t have access to your private keys
  • Available on most popular platforms for your convenience
  • Intuitive and easy-to-navigate UI for both the extension and mobile apps
  • Works with hardware wallets like the ones from Ledger
Cons
  • No advanced trading markets

User experience

As with every other aspect of the Phantom Wallet, my general experience with it was excellent. Setting it up was a breeze and I did not encounter any issues during transactions to and from the wallet.

I also tested its extension on multiple supported browsers and mobile apps on both platforms. As expected, all versions of this software Solana wallet performed equally well.

#3. SolFlare Wallet

Unlike many multi-chain crypto wallets I tried when creating this list, SolFlare Wallet is designed from the ground up to be the ultimate storage option for SOL. Scratch that, it is actually designed to provide a secure yet accessible option for all Solana-related assets, including dApps and NFTs.

Security-wise, SolFlare is on par with my #2 choice as it is also non-custodial. The private keys for your assets are stored on your device. The company behind SolFlare does not have any access to your SOL tokens. But, the security of this wallet doesn't just stop there. 

Another security-related feature that I absolutely loved is the transaction simulator. To summarize, the wallet will simulate a transaction so you know exactly what you’re sending before signing the actual transaction. I can see this protecting many users from potential scams.

Speaking of scams, the Anti-Phishing feature of SolFlare also warns the user when they are about to interact with a possibly malicious website or service. I gave this a try by deliberately visiting a crypto scam website which you should not try by yourself. Well, sure enough, SolFlare warned me before I signed any transaction to that site. 

Pros and Cons

Pros
  • Works well with popular hardware wallets in my experience
  • Confusion-free UI that’s easy to understand for new users
  • Excellent security with advanced scam-protection features
  • Available on iOS, Android, and most PC browsers you’ll come across
Cons
  • Can only store assets on the Solana blockchain network

User experience

As I mentioned above, the scam-prevention security features of SolFlare worked perfectly as intended during my use. Other than that, the wallet as a whole met my expectations, both in terms of accessibility and convenience. Even the initial setup process was on par with the best I’ve experienced.

#4. Math Wallet

Math Wallet is one of the most versatile crypto wallets on this list. At the time of writing, it supports assets from more than 150 different blockchains including Solana. 

This won’t mean much to you if you only want to store SOL or other Solana tokens. But, for most crypto investors, this allows them to have all of their funds in one secure wallet for convenient access.

Speaking of security, I also discovered that Math Wallet is completely non-custodial — keeping your crypto private keys on your device. So, as long as you keep your device safe from malicious actors, your SOL assets will stay safe as well.

That said, the most prominent aspect of Math Wallet for me is its minimalistic UI. I know I’ve praised other wallet apps for their intuitive user interface but Math Wallet is in a league of its own. All of its options and menus are laid out in a very beginner-friendly manner which is great for folks that are new to digital crypto storage.

Pros and Cons

Pros
  • Ideal for managing dApps on most of the popular blockchain networks
  • Very minimal and easy-to-navigate user interface
  • Non-custodial security that’s on par with the best Solana Wallets on the market
  • Support for crypto assets on 150+ different blockchain networks
Cons
  • Lacks 24/7 customer support to help users in need

User experience

My experience with Math Wallet was as good as I expected it to be. I can picture someone completely new to the world of crypto getting a bit confused by the large number of supported blockchains, but it wasn’t an issue for me. 

With that said, I especially liked the mobile app for Math Wallet on both Android and iOS. It is fairly responsive and works like a charm for signing SOL transactions on the go.

#5. Trust Wallet

Trust Wallet is one of, if not the biggest name in the world of software crypto wallets. This is because the company behind this wallet is Binance; the largest crypto exchange in the world in terms of daily trading volume, liquidity, and weekly visits. 

I was also already a Trust Wallet user long before I decided to create this list, and re-evaluating it made me an even bigger fan. 

For starters, Trust Wallet is completely non-custodial to ensure the safety of your private keys from digital thieves. It also has one of the largest lists of supported blockchains alongside Solana to allow complete diversification. But, that is not all.

From what I know, the Trust Wallet app also offers incredibly useful features like price charts, crypto exchange, and NFT storage. 

Trust Wallet also has near-flawless integration with Binance. So, if you are already a Binance user, this is likely the best software Solana wallet for you.

Pros and Cons

Pros
  • Backed by the largest crypto exchanges in the world which makes it more trustworthy
  • Industry-leading security with a non-custodial private key storage method
  • Mobile apps come with accurate price tracking options for active traders
  • Supports almost any crypto asset you’ll buy on the Solana network or others
Cons
  • Its browser extension is a bit limited compared to mobile apps

User experience

I haven’t faced any significant issues during my time with Trust Wallet and that stands true for when I re-evaluated it for this list. Storing and transferring SOL is as quick and effortless as you’d hope it to be. Plus, the price tracking features of its mobile apps come in really handy when trading on the go.

Understanding Solana Wallets

Before we explore this topic any further, let’s answer what a Solana wallet even is and how it differs from a regular crypto wallet.

Put simply any crypto wallet — hardware or software — that allows you to store and transact crypto assets based on the Solana network is called a Solana wallet. I have to make this distinction because not all crypto wallets are compatible with this network and its tokens. 

One of the most notable names among these unsupported options is Trezor, the company that made the first hardware crypto wallet. Neither the Trezor Model T nor the Trezor Model One support the Solana blockchain or SOL tokens.

Even among wallets that do support Solana, it can be tough to find the right one. So, to help make this decision easier for you, these are factors that I considered when compiling my list of the best Solana wallets:

Security

Good security should be your number one priority. No matter how good the rest of the wallet is, if it has lackluster security management, I’d recommend moving on to the next viable option.

That said, I highly recommend hardware wallets as they’re pretty much immune to hacking attempts over the internet. But, I understand not everyone can, or even wants to pay a lot of money for a crypto wallet. 

So, if you go with a free software wallet, make sure that it’s non-custodial and that the company behind the wallet does not have access to your private keys. 

User interface

A Solana wallet with the best security will be useless without a functional and easy-to-use user interface. Ideally, you want to entrust your SOL tokens to a wallet that allows you to access and transfer your assets with as few steps as possible. 

dApps & NFTs

Decentralized apps (dApps) and Non-Fungible Tokens (NFTs) are a major part of the Solana ecosystem. If you’re interested in exploring those assets and services, make sure the wallet you choose supports them as well. 

Staking

Staking Solana (SOL) using a wallet involves participating in the network's proof-of-stake consensus mechanism to help secure the network and in return, earn rewards. Typically, the process involves depositing SOL into the wallet, choosing a validator to delegate your stake to, and then initiating the staking transaction. While your SOL is staked, you'll earn rewards proportionate to your stake. Choosing a Solana wallet that allows staking is a great way to grow the amount of SOL you own.

Additional features

Look for uncommon features like crypto price tracking, anti-phishing alerts, and transaction simulation. These features can be a difference maker between two otherwise equally capable Solana wallets.

Benefits of Using a Wallet to store your SOL

Some of you might be wondering why you need to use a wallet at all. After all, most crypto exchanges allow you to store SOL right on their platform. 

Security

The most significant reason for you to use a dedicated wallet for your Solana coins is security. Exchanges — even the biggest ones — are not immune from getting hacked. If they do get hacked, you’ll most likely lose all of your SOL investment before you even know what happened. 

Wallets prevent this from happening by keeping the private keys for your assets in a secure location, away from hackers. For non-custodial software wallets, this secure place is the storage of your device with encryption. On the other hand, hardware wallets store these keys on a physical device that does not have an internet connection. 

Staking

One of the significant advantages of using a crypto wallet that supports Solana is the opportunity to stake SOL tokens. Staking is a process that allows SOL holders to actively participate in transaction validation on a proof-of-stake (PoS) blockchain.

By staking their SOL in a crypto wallet, users are essentially delegating their tokens to a network validator, which in turn contributes to the security and efficiency of the blockchain. As a reward for this participation, stakers can earn additional SOL tokens proportional to their staked amount. This ability to earn passive income while helping to secure the Solana network underscores the benefit of staking SOL using a compatible crypto wallet.

Tips for Keeping Your Solana Secure in a Wallet

Keep in mind that even the most secure Solana wallets are not 100% immune to every single attempted theft. But, don’t worry, you can make it as close to impenetrable as possible by following these tips I myself follow with every crypto wallet I use:

Private key handling

Learn about and implement Internet Best Practices on the device that has your private keys on it. Also, avoid plugging any unidentified devices into it. 

Understand that your Solana assets can be in danger even with the best Solana wallets, if your device itself is compromised.

Regular software updates

Keep your software wallets and hardware wallet companion apps up to date. This will ensure that you have the latest security patches and there is no known vulnerability for potential hackers to exploit. 

Phishing scam awareness

Even with the most secure wallet setup, you can still lose your SOL tokens if you fall victim to a phishing scam. 

To avoid these situations, I’d recommend paying close attention to each transaction you make. Double-check the address and amount before signing a transaction. Also, do not share your credentials with anyone, even if they claim to be from the company behind the wallet you’re using. 

How to recover lost wallets

If you somehow lose access to your hardware wallet or the device with private keys, don’t worry. You can recover them as long as you have the 12 or 24-word seed phrase you were given during the initial setup. 

To keep this seed phrase secure, I suggest looking into metal seed phrase storage options. You can read my article on the best crypto seed phrase storage solutions.

Conclusion

I cannot stress enough just how important it is for you to choose the right wallet for your Solana coins. After all, the last thing you want is to lose your entire SOL portfolio to a hacker. Having a Solana wallet is also a great way to stake your coins, and earn interest on them. 

While I have listed the best wallets based on my time using them, your requirements may differ from mine. Be sure to consider your own needs and circumstances before entrusting a crypto wallet with your hard-earned SOL coins.

Frequently Asked Questions

Is Trezor compatible with Solana?

From my testing, Trezor hardware wallets are not compatible with the Solana blockchain. This includes SOL and all other crypto assets on the Solana network.

Which hardware wallet supports Solana?

I recommend my favorite hardware wallet that’s compatible with Solana - the Ledger Nano X. Other than that, you can also look into the D’CENT wallet.

Is Ledger compatible with Solana?

Yes, it is. I gave it a try myself and after installing the latest firmware updates, all of Ledger’s hardware wallets (Nano X, Nano S Plus, and Nano S) were able to store crypto assets developed on the Solana blockchain.


Tags


You may also like

What Are Meme Coins and Tokens?

What Are Meme Coins and Tokens?
>