What Is Phantom Wallet?

Phantom is a multi-chain self-custodial wallet that enables users to securely manage their crypto assets across multiple blockchain networks. Learn how to use Phantom in this guide.

Key Takeaways

• Phantom is a self-custodial multi-chain wallet supporting 7 blockchain networks including Solana, Ethereum, Bitcoin, and Polygon.

• Users can choose between seedless login (email + PIN) or traditional recovery phrase setup methods.

• The wallet offers built-in features like cross-chain swaps, NFT management, liquid staking with PSOL, and Bitcoin Ordinals support.

• Phantom includes advanced security features such as machine learning scam detection, transaction previews, and hardware wallet integration.

Phantom Wallet is one of the most popular crypto wallets, with over 20 million downloads and 15 million active users. While it’s most recognized for its Solana compatibility, it also supports multiple chains, including Ethereum, Bitcoin, Polygon, and more.

Introducing Phantom Wallet

Phantom is a self-custodial software (hot) wallet that supports multiple blockchain networks including Solana, Ethereum, Bitcoin, Polygon, and more. It is available as a mobile app and a browser extension. As Phantom is a self-custodial wallet, users are responsible for the management of their assets on the platform.

Originally built for the Solana ecosystem, Phantom has expanded to become a comprehensive multi-chain wallet. With over 20 million downloads, Phantom has grown into one of the most popular crypto wallets, particularly among users in the Solana ecosystem.

How Phantom Wallet’s Multi-Chain Support Works

As a multichain wallet, Phantom users can manage their assets across supported networks from a single interface. Phantom supports 7 blockchain networks at the time of writing:

• Solana – Native support with advanced features including liquid staking

• Ethereum – ERC-20 tokens and dApps with MEV protection

• Bitcoin – Native Bitcoin with rare sats detection and Ordinals support

• Polygon – Low-cost transactions and DeFi protocols

• Base – Coinbase’s Layer 2 solution with seamless bridging

• Sui – Fast, scalable blockchain with Move programming language

• Monad (testnet) – Upcoming high performance EVM chain

Phantom also supports cross-chain bridging with its swap feature, allowing users to swap assets across different supported networks without leaving the wallet interface.

The wallet supports multiple accounts per network, allowing users to create different crypto addresses from the same password and seed phrase. With multiple accounts, users can easily organize their portfolio based on holdings (e.g. NFT collections) and objectives (e.g. Airdrops, Trading), while reducing risk if one wallet is compromised.

Setting Up Your Phantom Wallet

Interested in managing your crypto assets with Phantom wallet? Let’s look at how to get started.

Step 1: Download and Install Phantom

Visit the official Phantom website at phantom.com or download from official app stores. Phantom is available as:

• Browser extension for Chrome, Firefox, and Edge

• Mobile app for iOS and Android devices

Important: Always download from official sources to avoid malicious versions.

Step 2A: Create Your Wallet

Open the Phantom application and click Create New Wallet. Phantom offers two setup methods:

Option A: Seedless Login (Recommended for Beginners)

1. Select Continue with Email

2. Choose your Apple or Google account to continue

3. Authenticate the wallet to use your email

4. Create and confirm a PIN for your account

5. Set up biometric authentication (optional but recommended)

6. Click Next to complete setup.

Note: Accounts created with seedless login can be accessed using your email and PIN. No recovery phrase is generated with this method.

Option B: Secret Recovery Phrase (Traditional Method)

1. Click Create a seed phrase wallet

2. Set up biometric authentication (optional)

3. Important: Write down your 12-word recovery phrase and store it securely

4. Confirm your recovery phrase by entering the words in order

5. Click Get Started to complete setup.

Warning: Your recovery phrase is the only way to recover your wallet. Never share it with anyone and store it safely offline.

Step 2B: Import Pre-Existing Wallet

If you already have a crypto wallet, you can import it to Phantom:

1. Click I already have a wallet during setup

2. Select Other import options

3. Choose to import using either:

   • Seed phrase (12 or 24 words)

   • Private key

4. Enter your wallet credentials

5. Create a username and complete the import.

 

Funding Your Wallet

You can fund your wallet by purchasing crypto on-ramp or via crypto transfers from friends or an exchange.

Method 1: Buy Crypto Directly in Phantom

1. Click Buy on your wallet homepage

2. Select the cryptocurrency you want to purchase

3. Enter the quantity and choose a payment method

4. Select your transaction provider

5. Click Continue and complete the purchase.

Method 2: Receive from Exchanges or Other Wallets

1. Click Receive on your homepage

2. Select the appropriate network (ensure it matches the sender’s network)

3. Copy your wallet address or share the QR code

4. Consider using a specific address when withdrawing from exchanges.

Important: Always verify you’re using the correct network. Sending tokens on the wrong network may result in permanent loss.

 

How to Send and Receive Tokens With Phantom Wallet

You can send and receive tokens with Phantom on supported chains.

Sending Cryptocurrency

1. Click Send on your wallet homepage

2. Select the token you wish to send from your asset list

3. Enter the recipient’s wallet address

4. Enter the amount to transfer and click Next

5. Review transaction details and click Send to complete.

Receiving Cryptocurrency

To receive assets, simply share your wallet address from the Receive section. Always double-check that the sender is using the correct network corresponding to your wallet address.

Safety tip: Start with small test amounts when sending to new addresses to ensure everything works correctly, and always verify the full address before sending.

Network Management

Phantom automatically handles network switching when interacting with dApps. You can view assets across different networks from your main wallet interface, with each network displaying its respective tokens and balances.

Advanced Security: Scam Protection and Transaction Previews

Here are comprehensive security practices for your Phantom wallet.

Setting Up Biometric Security

Navigate to your profile settings to enhance wallet security:

1. Click your profile icon (top-left corner)

2. Click the settings icon (top-right corner)

3. Select Security and Privacy

4. Toggle Device Authentication to enable biometric login

5. Set authentication timeout intervals under Require Authentication.

Security tip: Enable biometric authentication and set reasonable timeout intervals to balance security with convenience.

Transaction Previews

Before completing any transaction, Phantom displays detailed previews showing:

• Exact amounts being sent/received

• Destination addresses with risk assessment

• Network fees and gas optimization

• Transaction outcomes with potential risks highlighted.

This protects against wallet drainers and malicious transactions by giving users complete visibility into transaction effects.

Machine Learning Scam Detection

Phantom includes industry-leading security features powered by machine learning:

• Transaction Analysis: Real-time evaluation of transaction risk before execution

• Community Blocklist: Automatically updated database of known malicious addresses

• Spam Token Filtering: Suspicious tokens are automatically hidden from your portfolio

• Fake Token Detection: Advanced algorithms identify tokens mimicking popular currencies.

Hardware Wallet Integration

Hardware wallets are considered the most secure medium for crypto custody, as they are not constantly connected to the internet like a hot wallet. By connecting your Ledger to Phantom, you’ll be able to use your Ledger as a key to access and manage your crypto assets in the Phantom wallet.

1. Navigate to your account section

2. Click Add Wallet → Connect Hardware Wallet

3. Enable Bluetooth on your Ledger device

4. Follow the connection prompts to pair your Ledger device

5. Complete the pairing process.

Note: Only Bluetooth-enabled Ledger wallets are compatible with Phantom.

Bitcoin and Ordinals: Complete Setup Guide

Phantom offers comprehensive Bitcoin ecosystem support, including advanced Ordinals functionality that most competitors lack.

Bitcoin Address Management

Phantom supports multiple Bitcoin address formats:

• Native SegWit (bc1…) – Lower fees, faster confirmation

• Taproot (bc1p…) – Enhanced privacy and Ordinals support

• Legacy addresses for broad compatibility.

Phantom’s Support for Bitcoin Ordinals

Bitcoin Ordinals are unique digital artifacts inscribed on individual satoshis. Phantom provides comprehensive Ordinals support:

Viewing and Managing Ordinals

1. Navigate to your Bitcoin wallet

2. Select the Collectibles tab

3. View your Ordinals with full metadata display

4. Check floor prices and rarity rankings.

Purchasing Ordinals

1. Use the built-in Buy feature

2. Connect to supported marketplaces (Magic Eden, UniSat)

3. Browse collections with advanced filtering

4. Execute purchases with transaction preview.

Rare Satoshis (Rare Sats) Detection

Rare satoshis, or “rare sats,” are unique specific units of Bitcoin due to their historical or technical significance within the Bitcoin blockchain.

For Bitcoin users, Phantom can detect rare satoshis (rare sats) in your holdings:

• Uncommon sats – First sat of each block

• Rare sats – First sat of each difficulty adjustment

• Epic sats – First sat after each halving

• Legendary sats – First sat of each cycle.

To protect rare sats:

1. Phantom will notify you when sending BTC if rare sats are detected

2. Use tools like Magic Eden’s UTXO splitter to preserve rare sats separately

3. Check external explorers like Mempool.space or Ordiscan.com for detailed analysis.

BRC-20 Token Support

Phantom supports BRC-20 tokens (Bitcoin’s token standard):

• Token Management: View balances and transaction history

• Trading Support: Connect to BRC-20 marketplaces

• Transfer Functionality: Send/receive BRC-20 tokens safely.

Advanced Phantom Wallet Features

Phantom also includes additional features to make it a one-stop destination for crypto.

Earning Yield: A Guide to Staking SOL for pSOL

Phantom Wallet launched PSOL, a liquid staking derivative that offers up to 7% APR. You can stake your Solana directly on your Phantom wallet and receive the yield-bearing PSOL, which can be used on supported DeFi applications for lending and other yield generating avenues.

To stake SOL for PSOL on Phantom Wallet:

1. Select Solana from your asset list

2. Scroll to the staking section and click Start Earning

3. Enter the amount you wish to stake

4. Review the transaction and click Stake.

Swaps and How to Go Cross-Chain on Phantom

Phantom includes built-in swap functionality:

1. Click the exchange icon on the bottom menu

2. Select the tokens you want to swap

3. For cross-chain swaps, choose the destination network

4. Review pricing, slippage, and fees

5. Click Swap Now to execute the transaction.

Managing Your NFTs 

The Collectibles tab within your homepage lets you view your NFT collection with artwork display. From this tab, you can also manage your NFTs across supported networks and sell NFTs instantly at market prices.

Phantom’s NFT management features include an instant sell function that swaps your NFTs at the best bid offer from top NFT marketplaces. It tracks top marketplaces on Solana and EVM networks, including Blur, OpenSea, X2Y2, LooksRare, Magic Eden, and Tensor.

To sell an NFT:

1. Navigate to Collectibles

2. Select the NFT you want to sell

3. Click Sell for and choose from available offers

4. Review profit/loss estimates and click Accept.

Managing Multiple Accounts for Enhanced Security and Organization

You can create and manage multiple accounts on your Phantom Wallet across supported chains.

Phantom allows you to create multiple accounts for better organization and security:

1. Navigate to your account section (profile icon)

2. Click Add Wallet → Create New Account

3. Name your new account and click Create

4. Switch between accounts by selecting them from your account section.

Benefits of multiple accounts:

• Enhanced security through asset separation

• Better organization (trading, DeFi, NFTs)

• Improved privacy for different activities.

Social Feed and Discovery

Phantom Wallet has a social feed and discovery section. This section enables users to find new and trending projects, while monitoring market activity directly within their wallet.

1. Click the search icon (bottom-right)

2. Browse trending tokens, top gainers/losers, and popular dApps

3. Follow top traders to monitor their activities

4. Discover new tokens and applications.

Best Practices and Safety Tips

For the safety of your asset, here are some security precautions to take while using your wallet.

Never Share Your Private Key or Seed Phrase

The private key or seed phrase is the sole ownership requirement for any crypto wallet. Anyone with your wallet’s seed phrase or private key will have unrestricted access to the assets in your account. 

• Never share your recovery phrase or private keys with anyone

• Store recovery phrases offline in a secure location

• No legitimate service (including the wallet provider) will ask for your private keys.

Use Multiple Accounts for Different Purposes

For ease of management and security, you can set up multiple accounts for different purposes, where each wallet created with the seed phrase will have a different private key. Segmenting your account splits your assets, therefore reducing the losses in case of a security breach. 

• Use multiple accounts for different purposes (trading, DeFi, NFTs)

• Enable biometric authentication

• Set appropriate authentication timeouts

• Consider a hardware wallet for large holdings.

Verify Token Addresses Before Transacting

Before sending tokens to any address, make sure you verify the full address.

• Start with small test amounts for new addresses

• Review transaction previews carefully

• Be cautious of unknown tokens or suspicious dApps.

Final Thoughts

This article reviews the Phantom Wallet and guides crypto investors on how to use the Phantom Wallet provides a comprehensive solution for managing crypto assets across multiple blockchains. Its user-friendly interface, robust security features, and extensive dApp integration make it suitable for both beginners and experienced users.

Whether you’re new to crypto or expanding beyond single-chain wallets, Phantom offers the tools needed to safely navigate the multi-chain crypto space. Start with small amounts to familiarize yourself with the features before managing larger holdings.

Remember: This guide is for educational purposes only and does not constitute financial advice. Always do your own research before investing in cryptocurrencies or interacting with new protocols.

Disclaimer: This guide is for educational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk, and you should only invest what you can afford to lose. Featured projects are not endorsed and should not be taken as investment recommendations.

Frequently Asked Questions

Is Phantom Wallet safe?

Yes, Phantom Wallet implements industry-leading security measures including machine learning scam detection, community blocklists, hardware wallet integration, and comprehensive transaction previews. As a self-custodial wallet, your security ultimately depends on proper seed phrase management.

What blockchains does Phantom support?

Phantom supports 7+ blockchains: Solana, Ethereum, Bitcoin (with Ordinals), Polygon, Base, Sui, and Monad (testnet). This makes it one of the most comprehensive multi-chain wallets available.

How to recover Phantom Wallet?

Recovery depends on your setup method:

• Seedless wallets: Use your email and PIN

• Traditional wallets: Use your 12-word recovery phrase

• Imported wallets: Use the original seed phrase or private key

Can I use Phantom Wallet for Bitcoin Ordinals?

Yes, Phantom offers comprehensive Bitcoin Ordinals support including viewing, purchasing, trading, and rare satoshi detection. It’s one of the few wallets with native Ordinals integration.

How much does Phantom Wallet cost?

Phantom Wallet is free to download and use. You only pay network transaction fees (gas fees) when making transactions, which vary by blockchain and network congestion.

Does Phantom Wallet offer customer support?

Phantom offers 24/7 official support through its help center, but remember that staff will NEVER ask for your Secret Recovery Phrase,