Best Solana Wallets

The 5 best software wallets for managing your Solana

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Solana is a decentralized blockchain that enables scalability, lower transaction costs, and user-friendly applications. Its native coin, SOL, controls activities in the ecosystem. Solana is compatible with smart contracts, making it a top choice for developers to build decentralized applications (dApps).

Solana (SOL) can only be stored in selected cryptocurrency wallets. 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. These are in addition to other unique features that Solana (SOL) users will find extremely interesting.

Best Solana Wallets of 2023

While all leading cryptocurrency wallets provide a high level of security for safekeeping your crypto assets, improper security practices on behalf of the user can lead to a complete loss of funds. Crypto enthusiasts should take care to store the bulk of their assets meant for trading on exchanges using cold storage methods, and never share your wallet’s login details, recovery phrase, or private keys with anyone.

Best for dApps : MathWallet


MathWallet logo

MathWallet

  • Coins supported: Solana (SOL), Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Cosmos (ATOM)
  • Type of wallet: Non-custodial
  • Price: Free
Why We Chose It

Mathwallet ticks our boxes for security and dApp connectivity as the wallet has several decentralized tools that can be used to simplify the development of games, exchanges, and other dApps. This makes it one of the best Solana wallets for dApps. 

Pros & Cons
Pros
  • Supports over 140 digital assets

  • Multi-platform wallet

  • dApp tools

  • Earning via staking 

  • Custom fees

Cons
  • Card payments not supported

  • No 24/7 customer support

Company Overview

Mathwallet is one of the best software wallets for Solana because of dApps features that make it a central hub for investors and developers with interest in building decentralized applications.

Founded by Eric Yu and Ke Qiao in Southeast Asia, the wallet is a non-custodial and multi-platform software wallet that allows investors to manage their digital assets on a computer desktop, mobile app, or browser extension while retaining sole custody over their private keys. Since it supports over 140 different blockchains, users can swap, stake, and buy several assets seamlessly.

In January 2022, Mathwallet launched a MathDAO venture capital fund to serve as an accelerator for Web3 start-ups. It subsequently obtained a money services business (MSB) license from the Financial Crimes Enforcement Network (FinCEN) in the United States in March 2022. Between that time and November, the wallet also launched support for Arweave to access more dApp tools, partnered with Unstoppable Domains for easy Web3 identification, listed the MATH native token on Coinbase, introduced the Binance Coin (BNB) liquid staking solution, integrated WalletConnect V2.0 for multichain support, and announced support for Binance Account Bound (BAB) token.

Despite pockets of complaints on the Google Play Store about average customer support, Mathwallet’s dApps feature makes it a top choice for developers and experienced investors to build and explore decentralized applications that are available on the Math dApp store. The dApp store has tools needed to build applications on several chains such as the Binance Smart Chain (BSC), SolanaProject, PolkaProject, and many more.

Best for Earning Rewards : Atomic Wallet


Atomic Wallet

Atomic Wallet

  • Coins supported: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Litecoin (LTC), Ripple (XRP)
  • Type of wallet: Non-custodial wallet
  • Price: Free
Why We Chose It

Atomic Wallet is our top choice in this category because of how it paves the way for investors to earn passively by staking tokens and earning rewards in APYs ranging from 5% to 20%.

Pros and Cons
Pros
  • Simple user interface 

  • Opportunity to stake and earn crypto assets

  • Compatible with desktop and mobile devices

  • Adequate security

  • Supports a wide range of crypto

Cons
  • Not compatible with hardware

Company Overview

Atomic Wallet allows users to stake a wide variety of crypto assets to earn rewards. This, in addition to its cashback program, makes it one of the best Solana wallets for earning rewards. The wallet was launched in Tallinn, Estonia as Atomic Swap in 2017 by Konstantin Gladych, the CEO and co-founder of Changelly. The wallet supports over 300 different crypto assets and currently has over 3 million downloads. The project also has a native token known as the Atomic Wallet Token (AWC).

Atomic Wallet has made some updates to its app features including optimizing and updating its exchange screen to track exchange status. It has added several crypto assets such as Solana (SOL), Polkadot (DOT), and several others to its wallet. The project recently integrated the Solana blockchain and announced support for Stellar’s XLM Lumens update.

Atomic Wallet is a non-custodial, multi-platform software wallet that is secure as private keys are encrypted and tied to a user’s device. This wallet strictly embraces anonymity and does not require users to meet Know Your Customer (KYC) verification requirements to access the wallet’s features.

With 24/7 live customer support and a simple user interface, Atomic Wallet is suitable for both new and experienced investors who desire to manage their crypto asset portfolio and earn passively.

Read the Full Atomic Wallet Review

Best for Ease of Staking : Phantom Wallet


Phantom Wallet

Phantom Wallet

  • Coins supported: Solana (SOL), Tether (USDT), USD Coin (USDC), Raydium (RAY), and Serum (SRM)
  • Type of wallet: Non-custodial
  • Price: Free
Why We Chose It

Staking to earn passive income can often be a technically involved process, which could be a turn-off for new crypto investors. We chose Phantom as our top wallet in this category because it simplifies things by allowing users to complete the process in just three easy steps.

Pros and Cons
Pros
  • Easily buy, send, and receive NFTs

  • Relatively easy staking process

  • Super fast swaps

  • Low transaction fees

  • Privacy and anonymity

Cons
  • No fee customization

  • Security may not be a strong point

  • No live customer support

Company Overview

Phantom’s wallet is a decentralized, non-custodial wallet that allows users to stake crypto assets in three simple steps and earn rewards, making it one of the best Solana wallets for ease of staking. Because security may not be a strong point of the wallet, users can connect the wallet to a hardware wallet for extra security.

The wallet allows users to send, receive, store, stake, and receive NFTs on the Solana blockchain. Phantom has a mobile app that can be downloaded from the website to be used for free. It also has a browser extension that is compatible with Chrome, Brave, Firefox, and Edge.

In the past year, Phantom has partnered with Magic Eden to accelerate the growth of NFTs, launched its mobile app for Android, teamed up with CoinTracker for Solana tax support, and had an Android Beta launch.

With a simple user interface, easy staking, and non-custodial features, the wallet is suitable for all levels of crypto investors.

Best for Beginners : Exodus


Exodus

Exodus

  • Coins supported: Solana (SOL), Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP)
  • Type of wallet: Non-custodial
  • Price: Free
Why We Chose It

Exodus is a non-custodial software wallet that supports a wide range of crypto assets, including Solana. This wallet has an easy-to-use interface which makes it one of the best Solana wallets for beginners.

Pros & Cons
Pros
  • Easy-to-use interface

  • Supports a wide range of crypto assets 

  • Can be linked to exchanges and DeFi platforms

Cons
  • Fees are not customizable for all coins

Company Overview

Exodus wallet is a non-custodial wallet that supports over 290 digital assets and has an easy-to-use interface. Headquartered in Omaha, Nebraska, Exodus was founded in 2015 by Daniel Castagnoli and JP Richardson. The wallet supports assets on the Ethereum, Algorand, Solana, Polygon, and Binance smart chains. The wallet is multi-platform, with options for desktop, mobile, and hardware.

In the past year, Exodus added FTX integration, allowing users to exchange assets within the platform and view their FTX and Exodus balances, while sending assets to and from each platform. This set-up, however, no longer exists for Exodus users, as FTX filed for Chapter 11 bankruptcy protection in the U.S on November 11, 2022. As a non-custodial wallet, users’ details are locally encrypted on their devices. The wallet also embraces anonymity, hence users do not have to meet KYC requirements to access the wallet features.

Because of its simple-to-use interface and support for a diverse selection of assets on various blockchains, Exodus’s wallet is ideal for new and experienced crypto investors.

Read the Full Exodus Wallet Review

Best for Multi-Platform Use : Solflare


Solflare

Solflare

  • Coins supported: Solana (SOL) and other Solana-based tokens 
  • Type of wallet: Non-custodial
  • Price: Free
Why We Chose It

Solflare is a non-custodial software wallet that is available on multiple platforms such as web and mobile applications, giving users the luxury of managing their crypto portfolio even from their pockets. Hence, we chose it.

Pros & Cons
Pros
  • 24/7 live customer support

  • Multi-platform wallet

  • Hardware wallet support

  • Ample educational resources

Cons
  • Supports only the Solana blockchain

  • Limited crypto assets

Company Overview

Solflare is a Solana-based cryptocurrency wallet that supports multiple platforms such as a website  and Android and iOS mobile applications, making it one of the best Solana wallets for multiple platforms. Solflare’s was the first Solana wallet. Users can easily buy, store, swap tokens and receive NFTs, while having access to vast Solana DeFi features from the web or mobile app.

Solflare supports hardware wallets such as Ledger and its anti-phishing technology alerts users when they interact with malicious websites and other dApps. With 24/7 live customer support, the wallet also has vast educational resources made available through the Solflare Academy.

In July 2022, Solflare added FTX integration to address issues of liquidity in the Solana DeFi ecosystem. However, Solflare’s plan for this integration has been interrupted by FTX’s Chapter 11 bankruptcy filing in the U.S on November 11, 2022.

The vast features and the educational resources presented by Solflare make it ideal for all levels of investors.

Final Verdict

Exodus has a seamless interface which makes it a top choice for both new and intermediate cryptocurrency investors. Phantom and Atomic Wallet, on the other hand, allow users to stake Solana (SOL) coins and earn rewards. While staking on Phantom can be completed in three easy steps, the massive security breach that occurred in August 2022 is still a concern.

Solflare and Mathwallet allow users to experience simplicity in multi-platform usage and explore decentralized applications, respectively. While Solflare supports only Solana-based tokens, Mathwallet supports over 140 public blockchains. Solflare’s blockchain academy is a unique feature that investors will find interesting.

Comparison Of The Best Solana Wallets

Asset Type Number of Currencies Supported Any Security Breach since 2015?  Incorporated Exchange  24/7 Live Customer Support  Compatible Hardware 
Mathwallet Best for  dApps Over 140 blockchains No Yes No Yes
Atomic Wallet Best for Earning Rewards 300+  No  No Yes  No 
Phantom Wallet Best for Ease of Staking Not specified  Yes, in August 2022  No  No Yes 
Exodus Wallet Best for Beginners 291  No  Yes  Yes  Yes 
Solflare Best for  Multi-Platform Use Not Specified  No  Yes  Yes  Yes 

Want to learn more about digital currencies? You're not alone.

Most adults have a beginner's understanding of cryptocurrency, but plan on using such assets as a key source of retirement funds, according to the 2022 Investopedia Financial Literacy Survey.

What Makes a Great Solana Wallet?

Crypto assets such as Solana are meant to be stored in cryptocurrency wallets. The way you choose certain banks to store your fiat money because of the features should be the way to select cryptocurrency wallets too. Certain features investors must look out for include native swaps, dApps connectivity, native staking, a great user interface, and regular updates.

Native swaps help users to exchange their tokens, a good user interface ensures the site is easy to navigate, and native staking is a unique feature that ensures users earn rewards. These features, combined with security, should not be compromised.

Frequently Asked Questions

What Is Solana?

Solana is a decentralized blockchain built to address the blockchain trilemma by enhancing scalability and security, lowering transaction fees, and providing a user-friendly decentralized application for the blockchain ecosystem.

The native token, SOL, governs activities in the Solana ecosystem. The network is spread across thousands of independent nodes, making it resistant to censorship.

What Are Some Features of a Solana Wallet?

Some features that Solana wallets should have include:

  • Easy-to-use interface
  • dApps connectivity
  • Stake and earn
  • Buy, store, swap, and stake features
  • Regular updates
  • Mobile-friendliness

Can You Mine Solana?

Solana is a proof-of-stake coin that cannot be mined. However, users can stake their tokens on the network to earn rewards. Staking is the process of locking your Solana tokens in a vault for a given period to earn rewards.

What Are the Types of Cryptocurrency Wallets?

The two main types of crypto wallets are custodial and non-custodial wallets. Custodial wallets are hosted by third-party entities or companies that provide enterprise-level data security systems and hold users’ private keys. Non-custodial wallets are wallets that give users sole custody of their private keys.

Based on function, crypto wallets are also categorized as hot and cold. Hot wallets have an internet connection or a device that has a connection. Cold wallets, on the other hand, do not have an internet connection.

Methodology

One of the most important things to consider before you transact in and store Solana is that you have a suitable Solana wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top Solana software wallets. With your digital holdings at stake, the most crucial consideration is the reputation and security of the wallet you choose. Our top Solana wallets were selected after we reviewed 24 companies based on their security, reputation, features, fees, and customer service.

Overhead view of young Asian woman using NFT investment wallet on smartphone

d3sign / Getty Images

Article Sources
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