What is Phantom Wallet and How to Set Up & Use It

Learn how to set up and use Phantom Wallet, including downloading the extension, creating an account, securing private keys, and more.

Key Features of Phantom Wallet

Phantom Wallet is a multi-chain, non-custodial wallet originally built for Solana but now supports Ethereum, Polygon, Bitcoin, and other networks, making it a versatile choice for crypto users.

Core Features Include:

• Multi-Chain Support: Manage assets across Solana, Ethereum, Bitcoin, Polygon, Base, and Sui networks.
• Built-In Token Swaps: Seamlessly exchange tokens within the wallet.
• NFT Management: Store, view, and interact with NFTs directly.
• Staking Functionality: Stake SOL tokens to earn rewards.
• Enhanced Security: Biometric authentication, encryption, and Ledger hardware wallet integration.

👉 Discover how Phantom Wallet simplifies DeFi and NFT management

How to Set Up Phantom Wallet

For Desktop Users (Browser Extension)

1. Download the Extension: Visit Phantom's official website and add the extension to Chrome, Firefox, Brave, or Edge.
2. Create a New Wallet: Set a strong password and securely store the 12-word recovery phrase.
3. Access Your Wallet: Pin the extension to your browser toolbar for quick access.

For Mobile Users (iOS/Android)

1. Download the App: Install Phantom from the App Store or Google Play.
2. Enable Biometric Authentication: Use Face ID or fingerprint for added security.
3. Backup Your Recovery Phrase: Write down and store the 12-word phrase offline.

Using Phantom Wallet: Key Functions

• Deposit Funds: Generate a wallet address or QR code to receive tokens.
• Send Tokens: Enter the recipient’s address, select the asset, and confirm the transaction.
• Swap Tokens: Use the built-in exchange to trade tokens across supported chains.
• Manage NFTs: View and transfer NFTs from the dedicated tab.
• Connect to DApps: Interact with DeFi platforms and NFT markets seamlessly.

👉 Learn why Phantom is the top choice for multi-chain crypto management

Gas Fee Management

Phantom automatically optimizes gas fees, but users can adjust them manually:

• Solana (SOL): ~$0.00025–$0.002 per transaction.
• Ethereum (ETH): Varies from $2–$50+ during peak congestion.
• Polygon (MATIC): Typically under $0.10 per transaction.

Security Best Practices

1. Never Share Recovery Phrases: Store them offline and avoid digital copies.
2. Use Strong Passwords: Combine letters, numbers, and symbols.
3. Enable 2FA: Biometric authentication adds an extra layer.
4. Verify DApp Connections: Only connect to trusted platforms.
5. Update Regularly: Install the latest wallet versions for security patches.

FAQs

Is Phantom Wallet free to use?

Yes, Phantom is free, but blockchain networks charge gas fees for transactions.

Can I use Phantom on multiple devices?

Yes, sync your wallet using the recovery phrase across desktop and mobile.

How do I recover a lost wallet?

Use your 12-word recovery phrase to restore access on a new device.

Does Phantom support hardware wallets?

Yes, it integrates with Ledger for enhanced security.

Which networks does Phantom support?

Solana, Ethereum, Bitcoin, Polygon, Base, and Sui (as of 2025).

Are there fees for swapping tokens?

Phantom charges a small service fee for in-app swaps, in addition to network gas fees.

Phantom Wallet combines user-friendly design with robust multi-chain functionality, making it ideal for beginners and advanced users alike. By following this guide, you’ll be equipped to securely manage crypto assets, NFTs, and DeFi interactions. Always prioritize security to protect your digital wealth.