Best Solana Wallets: Where to store your SOL tokens and NFTs
In current times, Solana stands as one of the top blockchains to thrive in the crypto industry. It is a layer 1 blockchain network with decentralized characteristics that ensure to facilitate users with a scalable, beginner friendly and cost effective solution. However, Solana is not truly decentralised as we have seen Solana network getting shut down multiple times, and the blockchain had to reset.
Even then, the Solana network is evolving constantly with new development happing on the chain on a regular basis. As of now, they have been coming up with a lot of new ideas like xNFTs, compression baking for NFTs, the hype surrounding the Backpack wallet, the add on called “Mobile Saga”, the DAS indexer and a lot more.
SOL, being the native currency of Solana, can be stored only in a few particulate wallets. Not just Solana, but also all the tokens are that built on Solana, you need a wallet to store these coins. And to keep your funds safe, it is important that you opt for a reputable and secure option. In this article, we will dive deeper and cover the best Solana wallets you can use in 2023.
What we are going to learn?
List of Best Solana Wallets
There are many opinions in the market that define what an ideal Solana wallet should be like. According to Investopedia “The best Solana wallets should have at least five essential features that make them stand out. These features include user-friendliness, dApps connectivity, native swaps, native stakes, incentivization, and suitability for beginners”
After thorough research and understanding, we have curated a list of the six best wallets Solana wallets that you can use to store your SOL tokens and NFTs. These wallets include
- Solflare Wallet (Most recommended)
- Phantom Wallet – Best for smartphone users
- Atomic Wallet – Best for earning interest on Solana
- Exodus Wallet – Best Desktop wallet
- Math Wallet
- Solong Wallet
- Ledger Nano X – Best Hardware Wallet for storing Solana
Solflare Wallet: Free Extension Based Solana Wallet
The Solflare Wallet was the very first Solana wallet to actually be created and marketed itself to be the “safest way to start exploring Solana”. As of now, the wallet has 22% Circulating Sol STAKED, over 89 MM in Stake Accounts and approximately 1,503,160,235 dollars worth of funds that have been staked with the help of Solfare.
Not only is the NFT interaction with the wallet impeccable, but as a wallet, it also facilitates connection with maybe every Solana Dapp. Solflare protects its users from malicious schemes by initiating its feature that simulates transactions. Apart from the standard extension capabilities with browsers like Chrome, Brave, Firefox, Opera, Edge, and the provision of a mobile app on iOS and Android software, Solflare is also available on Safari browsers.
I personally use Solfare wallet to store Solana NFTs.
Phantom Wallet: Best Solana Wallet App
Phantom wallet is the most popular as well as the most well-known Solana wallet today. If this wasn’t enough, it is also widely considered to be the most user friendly Solana wallet that is available in the market. Phantom is a non custodial kind of wallet that supports many advanced features. The wallet platform has also collaborated with other projects like Magic Eden to provide greater and more efficient NFT compatibility. Phantom is functional both as a mobile app, as well as an extension that is available on browsers like Chrome, Brave, Firefox, and Microsoft Edge. Additionally, we believe that the staking abilities of the wallet are really helpful for users to make an added income from their funds. If you have to nitpick, one con that you can find is that Phantom’s security features aren’t as enhanced as others. However to combat this you can connect it to a hardware wallet also.
Learn more about Solana Ecosystem Wallet Phantom has Secured $109M
Atomic Wallet: Solana Wallet with Staking Option Enabled
Atomoinc wallet is a decentralized option that supports a huge variety of coins and tokens that amount to over three hundred. In fact, the platform goes a step ahead and has launched its very own native coin called Atomic Wallet Token (AWC). The Atomic wallet has been quite the leading example in its field and grants users a very valued power of anonymity. Apart from the general functionality, one of its highlight features is the Staking options.
Staking on Atomic wallet can bring you around 7 per cent in earnings on an annual basis. The earning bonuses have impressive APYs that vary from 5% to 20%. It has really reputed security features and can be easily downloaded on both desktops as well as mobile software. The customer support given by Atomic wallet is of top notch quality and is available at your disposal all the time. The one downside of this platform is that it doesn’t provide integration capabilities with any hardware wallet.
Exodus Wallet: Desktop Solana Wallet
Exodus is a really good non custodial wallet offering that was founded in 2015. The asset support provided by the platform is impressive with backing given to over 290 coins along with NFT management features. The interface is smooth and simple, which makes it very easy to comprehend for beginners. The wallet grants users local encryption and anonymity benefits which frees them from the hassles of KYC verification.
You can connect Exodus to many other exchanges and DeFi platforms to make the most of the platform. Not only does it offer you efficient fiat on-ramp services that allow you to make payments using fiat currencies, but it also lets you connect to a Trezor hardware wallet. One area where Exodus lacks, however, is that there is no customization available for the fees of all coins.
Learn more about:Exodus Wallet Review: Is it the Best Crypto Wallet For Desktop?
Math Wallet: App, Extension, Web Wallet and Hardware
Math wallet is a great Solana wallet that outshines for its world-class connectivity provided to decentralized applications. It has multiple tools that enable it to make the process of developing games, applications and exchanges with a lot of ease and simplicity.
Currently, it supports an upward of 140 assets and works across many platforms. Much like most wallets, it can be easily used on the computer desktop, mobile app, or browser extension.
Using the platform’s dApp store you can access so many tools which can help developers to create applications on several chains such as the Binance Smart Chain (BSC), Solana, Polkadot, and a lot more.
Solong is a great wallet option especially if you are an amateur in the industry. It makes the installation process extremely easy through its browser extension available on both Chrome and Microsoft Edge. Additionally, Solong also aids in you accessing and connecting to some very useful Solana dApps. The wallet provides users with a very simple interface. This helps in getting rid of the complexities of the entire process. However, it does also bring a major con along with it.
Due to its simplistic approach, the wallet fails on delivering many advanced options when it comes to functionality. The staking or swap options are not very evolved yet. However keeping this aside, it is overall a great option for those who are just starting out. With Solong, you can either create a new account or restore an older wallet as well. One of the highlights is that you can connect Solong to even Lido and perform efficient staking.
One disappointing thing about Solong wallet is it has not got many good reviews on Chrome store.
- Solana (SOL) Price Prediction 2023, 2024, 2025 till 2030: Can SOL reach 100USD again?
- Solana in 2023: What is the future of Solana?
Ledger Nano X: Best Hardware wallets to Store SOL tokens
For anyone who loves holding their SOL token on hardware wallet, I recommend Ledger Nano X. It is one of the most secure Solana wallet. In Ledger X, not just SOL, you can hold ERC20 tokens and Bitcoin too. However, it is not free. Ledger Nano X for storing SOL tokens and NFTs is recommended only to those who have a sizeable portfolio (higher than 10,000USD).
I personally use Ledger Nano X wallet to store Solana token.
A good wallet is key to safeguarding your funds in crypto and making the most of your investments. There are several factors you should keep in mind before choosing your preferred Solana wallet. Also, always remember that your own personal research trumps everything else. With a good amount of learning, you can make informed investment decisions and amplify your earnings.