Solana was founded in 2017 by Anatoly Yakovenko, a former Senior Staff Engineer Manager at Qualcomm and former Software Developer at Dropbox. Solana is currently the fastest proof of stake blockchain, processing over 50,000 transactions per second, faster than Visa.
If you want to learn more about Solana, we’ve got you -> SOLANA – ALL YOU NEED TO KNOW
Solana focuses on fast transaction and scalability.
Scalability is the ability of blockchains to process transactions at the same speed regardless of the amount of transactions. Scalability of transactions allows a smart contract to expand their features, transactions, and users without incurring higher transaction fees and slower confirmation time.
Before we dive into the wallets let’s consider the types of crypto wallets available.
Types of Cryptocurrency Wallets
If you want to receive SOL and SPL tokens, you need a crypto wallet that supports the Solana blockchain. A crypto wallet is a device or application that allows you to store a collection of your key pairs to enable you to send, receive, manage, and track ownership of cryptocurrencies.
Wallets can take many forms. A wallet might be a directory or file in your computer’s file system, a piece of paper, a specialised device for storing cryptocurrencies (a hardware wallet), a smartphone app or a computer program.
When you create a wallet, you will get a collection of one or more keypairs. A keypair is a private key together with a public key.
The public key is what you call the wallet address. A wallet address may be shared and displayed freely. A public key cannot be used to change anything in or withdraw tokens from the wallet. Someone with your wallet address can only send tokens to it.
The private key is required to send cryptocurrencies and make key changes to a wallet. The private key must never be shared. If someone gains access to your wallet private key, they can withdraw all the tokens it contains. If the private key for any wallet is lost, all tokens that have been sent to that wallet’s address will be permanently unrecoverable.
That said, I will focus on only 2 types of wallets for storing cryptocurrencies. There are the software and the hardware wallets, also, I like to add that paper wallets are the safest wallet as they are offline — and leaves no chance for hackers. It’s better used for long term holding.
As the name implies, software wallets exist in your computers and mobile devices. They are usually applications or browser extensions. You can’t touch or smell them.. Examples of software wallets are MetaMask, Yoroi, Daedalus, etc.
1). You can store small amounts of cryptocurrencies in them.
2). They are free to use.
3). Convenient for traders.
1). Less secure.
2). Private key is hackable.
Hardware wallets on the other hand are devices you can hold, and use to store your cryptocurrency. They are specialised for the purpose of holding cryptocurrencies. Examples of hardware wallets are Trezor Model One, Trezor Model T, Ledger Nano S, Ledger Nano X, SafePal S1, Eliipal Titan, D’CENT, Cool Wallet Pro, Keystone Pro, Coldcard, Satochip, and Opolo.
1). Great store for large amounts.
2). Much safer.
3). Great for holding cryptocurrencies.
4). Private key is known to you alone if kept safely.
1). It costs money.
2). Not ideal for traders.
Both software and hardware wallets can contain thousands of cryptocurrencies. However, you need to find which would be compatible with the cryptocurrency you want to hold.
Software Wallets Compatible with SOL
While you can leave your SOL on exchanges. It is not safe. Exchanges are easy targets for hackers.
You can also simply use wallets like Trust Wallet to store your SOL. However, to get the most of SOL, you want to stake or use them to purchase NFTs. This is something you can’t do with the Trust wallet.
In this section, we’ll discuss more about the various Solana software wallets you will find in the crypto space, how they work, pros and cons, and the devices they support.
Sollet is a non-custodial web wallet created by the Project Serum team. It is a 3rd party wallet. Sollet was built by developers for developers.
Being non-custodial, your private keys are not stored by the Sollet site itself, but rather they are stored in an encrypted Keystore File or on a Ledger Nano S or X hardware wallet.
Sollet can be used to send, receive, and swap SOL and any SPL Token. You can also use it to keep track of the SOL domains you have.
The web address for Sollet wallet is sollet.io.
1). You can use it to track the SOL domains you have.
2). Compatible with Ledger Nano X.
1). It has a poor UI/UX.
2). You can’t use it to stake SOL.
SolFlare is a non-custodial web-based wallet that was built specifically for Solana. SolFlare supports the sending and receiving of SOL and all Solana tokens (SPL). It also supports the creation and management of stake accounts on Solana.
As a non-custodial wallet, the private keys are not stored by the SolFlare site itself. They are stored in an encrypted Keystore File or on a Ledger Nano S or X hardware wallet. You may also want to save a backup copy of your Keystore file on an external drive.
The web address for solflare is solflare.com.
1). It’s UI/UX friendly.
1). You need to use it with a hardware wallet.
3). Exodus (Desktop and Mobile)
Exodus is a multi currency software wallet that is available in desktop and mobile (Windows , Linux, Mac, Android, iOS) devices. It supports Solana and more than 110 other cryptocurrencies. You can connect the Desktop version with the Trezor Model T hardware wallet using Trezor bridge.
With Exodus, you can receive, send, store and stake SOL on Solana. The web address for Exodus is exodus.com.
1). Exodus includes live charts, a built-in exchange, and 24/7 human support.
2). Compatible with Trezor.
4). Phantom (Web)
Phantom is a Solana compatible app. It is a non-custodial browser extension. Phantom raised 9 million naira in capital and has an experienced and dedicated team constantly working on making the wallet better.
You can store, send, receive, collect, and swap SOL tokens on Phantom. You can also stake SOL tokens on it. The web address for Phantom is phantom.app.
1). Regular updates.
2). Works great with Ledger.
3). Easy to swap.
4). Compatible with Firefox, Chrome, Brave, and Edge.
5). Mobile device and computer compatible.
6). Access to Solana DApps.
7). Supports NFT.
8). DeFi support.
9) UI/UX friendly.
1). You need to connect it to a hardware wallet.
5). Trust Wallet (Mobile)
Trust Wallet is an app available for iOS and Android that can be used to send and receive SOL tokens.
Endeavour to add a passcode to your Trust Wallet application. If someone has access to your phone, they can easily access your tokens on your Trust wallet if there’s no password. Also, make sure to secure your recovery key. It can be used to open your wallet and carry out transactions on another device.
To add a Trust Wallet passcode, open the app, go to Settings, then Security, and Passcode.
The web address for Trust wallet is trustwallet.com.
1). Easy to use.
2). Perfect for holding small amounts of SOL.
1). Doesn’t support staking.
2). Only as secure as your phone is.
3). Doesn’t support Swapping.
6). Zelcore (Mobile and Desktop)
Zelcore is available for Desktop, iOS, and Android devices. It is a multi-currency wallet that supports SOL and all Solana tokens (SPL). You can use it to store, transact, connect to DApps, and decentralised exchanges (DEx trades) and hold SOL tokens alongside BTC, ETH, and other 250+ cryptos.
1). Layered security system.
2). Can hold all crypto assets.
3). Sollet compatible.Soll
4). Deletes on-device digital footprint.
7). BitKeep (Web)
BitKeep is a digital currency wallet and can send and receive SOL/SPL tokens. BitKeep also supports Solana DApps with BitKeep Browser and BitKeep Chrome.
8). Math Wallet (Mobile and Web)
Math Wallet is available on iOS and Android devices and can be used as a Google Chrome extension wallet. The Google Chrome browser extension has a web wallet interface which allows integration with the Ledger hardware. You can only send and receive SOL and SPL tokens on the web version.
1). Access to DApp projects on Solana.
2). Compatible to Ledger hardware.
3). Supports 20+ blockchains.
1). The iOS and Android apps do not yet support SOL and SPL Tokens.
9). Atomic Wallet (Desktop and Mobile)
Atomic wallet supports Windows, Mac, Ubuntu, Fedora, Debian, iOS and Android. It hosts over 300 cryptocurrencies including SOL.
The Android version supports Solana staking. It can also be used to receive and send SOL.
1). Connects to multiple blockchains.
1). Desktop does not support staking.
10). Coin98 (Mobile and Browser Extension)
Coin98 wallet supports iOS and Android devices. It also works as a Google Chrome extension wallet. You can use it to send and receive SOL tokens.
Coin98 also gives you access to several exchanges, and has a DApps browser.
1). Direct access to DApps.
2). Easy switch between Solana and DApps built on Solana.
1). Does not support stake accounts or staking operations
11). Solong Wallet (Browser Extension)
Solong is a Browser extension compatible to Google Chrome and Edge. You can use it to send and receive SOL and SPL Ittokens. You can also connect to some of the Solana DApps using Solong.
1). Easy to use.
1). Limited functionality.
12). SimpleHold (Browser Extension)
SimpleHold is a browser extension wallet that is compatible with Chrome, Firefox, Brave and Opera. You can use it to send, receive and store SOL.
1). Acts as an exchange.
2). Low exchange rates.
1). You can’t stake SOL on it.
Hardware Wallets Compatible with SOL
Formerly, hardware wallets can only be used to receive, store and send cryptos. However, now, they integrate with software wallets to allow access to DApps, DeFis, DEXes, and NFT market places. Ledger Nano S and Ledger Nano S are the most popular hardware wallets in the crypto space you can use to manage SOL and SPL tokens.
Ledger Nano X and Ledger Nano S
Ledger Nano X and S are highly reputable hardware wallets. They can store over 1000 cryptocurrencies including SOL and can be connected to a mobile device.
You must however install either of 2 Solana wallets; Solflare or Phantom wallets from the Ledger Live app catalog, before you can start managing your tokens. Solana wallets (software) like SolFlare or Phantom act only on the frontend using the public address provided and derived from the Ledger hardware wallet. Endeavour to keep your hardware wallet and private key away from public eyes.
Solana wallets like Ledger Nanos S and X can work with 2 specially made accessories to protect your Ledger Hardware Wallet Recovery Phrase. These accessories are the Cryptosteel Capsule or The Billfodl.
The Cryptosteel Capsule is made out of 303 and 304 grade stainless steel. It is shockproof, fireproof and waterproof, with up to a 150000N pressure. The Billfodl on the other hand is made out of a marine grade 316 stainless steel. It cannot get rusty and is created to withstand more than double the average impact of a house fire accident and shocks of up to 1000000 volts.
Once any of these Solana wallets are connected to your hardware wallet, you can safely receive, send, store SOL and other tokens, manage them from the list and add custom ones. You can also stake SOL, swap tokens, and collect NFTs with your hardware wallet.
Remember that either of the Solana wallets (software) working with Ledger Live only acts as a front-end view of your activities with your Ledger tokens. You will have to confirm all transactions manually on your hardware wallet.
1). Full control of coins.
2). One of the most secure wallets available.
3). Connect to Solana DApps.
4). Large number of features on Ledger Live.
1). You can only make the most of a Ledger Nano S or Ledger Nano X with the Ledger Live.
You can choose any of the Solana wallets above depending on your requirements, technical skills and the devices available to you. Always remember to keep your private keys private. Also, make sure you bookmark this article. This article will be constantly updated as I find more awesome Solana wallets.
Ovedje Rory is a law student, marketing strategist, content writer, and certified Public Relations officer.
A demystified article on different kinds of crypto wallets. I never knew there was a hardware wallet. Thought it only existed as software.
Thank you for the insight.
This is very Educative and well written. Thank you.
This is very educative.
[…] Hardware wallets provide the best protection against hacks. Most of them are beginner-friendly and integrate well with mobile wallets. If you are looking for more options, check out our article on top 10 Solana wallets. […]
[…] Crypto wallets take many forms. It could be a file in your computer’s file system, a piece of paper, or a specialized device called a hardware wallet. […]