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The Best Wallets for Solana for Staking, NFTs, and Defi

Published on 2021-09-21

To make the most of Solana you'll need a wallet that is secure and supports NFTs, Defi and tokens. Read on to find our favourites

Solana is a fantastic blockchain that offers significant benefits in cryptocurrency investments and transactions. The platform features an impressive speed of 50,000 tps, or transactions per second, and tracks transactions using Proof-of-History or PoH technology.

Solana is frequently used for NFTs, Defi, and staking, and there are some great hardware wallets to manage your SOL and your crypto funds with Solana. The following wallets are the best to consider for the Solana network and are highly recommended for trading.

The best wallet for Solana

The best wallet for Solana in 2023 is Backpack Wallet. Despite being a new player in the space, Backpack has quickly become one of the most intuitive and feature rich wallets in the space. It's clear that the team behind it have a deep understanding what users want from a wallet, and they're delivering it in spades.

At present Backpack only works on Chrome and other browsers such as Brave that support Chrome extensions. Given this, here is our breakdown of the best wallets for Solana in 2023:

  1. Best all round wallet: Backpack Wallet
  2. Best mobile wallet: Solflare Wallet offering great support for hardware wallets like Ledger on iOS + Android
  3. Best wallet for staking: Backpack Wallet amazing support for staking via xNFTs
  4. Best wallet for using with Ledger: Backpack Wallet on desktop, Solflare Wallet on mobile

Backpack Wallet - our top pick

Get Backpack Wallet

We're huge fans of Backpack - they're taking the traditional crypto wallet and reimagining it completely. Better yet, they're iterating fast to add slick new features and functionality, unlike the most popular incumbent which appears to be resting on its laurels.

What makes Backpack unique is its system of xNFTs, which you can think of much like the apps on your phone. This may initially sound odd, but quickly becomes really intuitive. Why head to a dapp to conduct a transaction when it can all be done from the comfort of your wallet?

Currently the xNFTs available include games, staking for your SOL and NFTs, reporting tools on markets and network performance, and a handful of dapps. The dapps include lending and borrowing of tokens and NFTs, betting markets plus NFT mint lists, a decentralized Google Drive alternative, music NFTs and many more are being added constantly

It also has simple yet thoughtful design throughout. Fed up of your wallet disappearing when you copy it's address? No problem, just pop Backpack out into its own window. Struggling to see all your NFTs? Just resize that window to fill your screen. It's a simple idea, but one that makes a huge difference to the user experience - no more peering into a tiny box to find what you need.

There's even a chat function - it just takes a click to jump from your NFT to a gated chat room filled with other holders. Who needs Discord, invites and captchas when you can drop in and out of conversations with the click of a button?

Solflare Wallet

Get SolFlare Wallet

Solflare is a relatively easy web-based wallet to install and offers excellent security with the Ledger wallet. SolFlare is one of the best wallets to use for desktop and mobile devices, and it also has a great browser extension.

You'll find this wallet is ideal for swapping, staking, storing, and sending SOL, which is highly compatible with Solana and considered an "all-in-one" option for crypto investing. It's also an excellent option for anyone new to cryptocurrencies or looking for a different, more straightforward, non-custodial, and NFT-friendly access.

Like the Phantom wallet, SolFlare is another excellent choice for using the Ledger Nano X hardware wallet. One of the top features of the SolFlare wallet is having full access to your funds at all times and the option of investing in both audio-based and visual NFTs.

It's also the only mobile wallet that currently works with a ledger, vital if you want to stay secure on the move.

Solflare have recently started adding a number of features that have moved it into the top tier of wallets. They were one of the first to implement priority fees, to ensure user transactions always land, and their recent 'hot wallet' system offers a great way to stay safe online by isolating new dapps and websites from your main wallet, without having to create a new wallet manually.

Phantom Wallet: Is it still the best?

Phantom was one of the best wallets for Solana when it first launched, and it's still a great option for those looking for a simple, easy-to-use wallet. However we feel its worth looking around as both Backpack and Solflare have now caught up and are beginning to surpass it in many areas.

Get Phantom Wallet

The Phantom wallet works as an extension to the Google Chrome toolbar, making it easy to access. The simplicity of the app combined with its broad functionality has quickly made Phantom one of the most popular choices for a Solana Wallet.

Not only does it make accessing your SOL a simple affair, but it includes tools for viewing your NFT collection, and full support for SPL tokens, which means that if you wish to swap tokens such as USDC for SOL - or participate in Solana's exciting world of Defi and Dapps you will have full visibility of the tokens you hold.

Their business model is based on charging a fee for each swap conducted in the wallet, which is a rather high at 0.8%, and they appear somewhat distracted lately by the move to a multi chain setup, which appears to have slowed development on Solana somewhat.

The Phantom wallet also natively supports staking, making it a matter of clicks to delegate your SOL to a validator and start earning rewards. Here we feel perhaps Phantom is just a little too simple. For example, it won't stop you staking 100% of your SOL - which means that you cannot undelegate your stake unless you add more coins to your wallet. This is a common accident and a major cause of support issues for wallet holders.

It's one of the best and safest browser extensions to use in conjunction with your Ledger Nano X wallet. The combination of these products offers one of the most secure options for digital wallets on the market.

The Phantom Wallet is an excellent addition to the Ledger Nano X, which gives your SOL wholly safe and secure so that you can access all the features and DApps without concern. With both wallets installed, you'll maximize all the features Ledger provides on the Ledger Live app catalog.

Ledger Nano X Hardware Wallet (plus Solflare or Phantom Wallet)

Get Ledger Nano X

The Ledger Nano X Hardware Wallet is one of the top crypto wallets to install, and it's easy to use, which also makes it popular. It's a great option to hold your Solana crypto funds securely so you can use DApps built on this blockchain and earn rewards.

You'll find this wallet is one of the easiest to install, and you'll find the Ledger Live app a valuable feature for making communication between the Ledger Nano X through the Manager table. This also makes installing the Solana app easier, which can be accessed through the app catalog.

You can create the SolFlare wallet on Ledger Nano X in just a few simple steps while implementing security features and allowing you to send, receive and store SOL currency. The wallet's staking tab offers access to a list of validators so that you can research stake totals, skipped blocks, the number of delegators, and the websites of validators.

While the Ledger Nano X cost is slightly higher than other crypto wallets compatible with Solana, it's worth the high security and keeping your SOL safe. It's one of the safest hardware wallets for staking, NFTs, and Defi, and accessing many features not provided by other wallets.

Accessory Options for Ledger Nano X Hardware Wallet

The Ledger Nano X wallet is one of the most secure crypto wallets, though adding some security will increase the hardware's internal recovery system with the Recovery Phrase option. If you choose to upgrade your Ledger's security, you'll have the option of adding the Billfodl or the Cryptosteel Capsule.

The Billfodl is constructed out of stainless steel, so it's rustproof, fire-resistant, and can withstand a shock of up to one million volts. The Cryptosteel Capsule is also made of stainless steel, which is waterproof and fireproof. Both options reinforce your Ledger hardware wallet.

Math Wallet

Get Math Wallet

This option is ideal with both desktop and mobile browsers and works as an extension.  Math Wallet is compatible with over twenty blockchains and allows you to switch between them, making transactions and processing easy. Android and iOS support this digital wallet, and it is also compatible with a Google Chrome extension.

You can explore and access numerous decentralized exchanges or DEXes, connect to Solana DApps, and use Ledger hardware with the Google Chrome extension option.

Exodus Wallet

Get Exodus Wallet

If you're looking for a multicurrency wallet that includes SOL, Exodus is a good option. This crypto wallet is compatible with many devices and operating systems, including Linus, Mac, Windows, iOS, and Android. It allows you to stake Solana, where you can earn a passive income of approximately 6% annually, but doesn't offer a wide choice of validators so hurts decentralization.

SOL cryptocurrency is quickly sent and received with the Exodus wallet. This option is a versatile wallet to consider if you're interested in SOL and other currencies for trading, sending, and receiving crypto funds.

Atomic Wallet

Get Atomic Wallet

Atomic wallet is a versatile option for both desktop and mobile devices. You can install this wallet with many operating systems, including Ubuntu (Linux-based), iOS, Windows, Mac, Fedora, and Android. It's a great way to access and manage Solana while staking earns around 7% annually on Android versions of the wallet.

One of the robust features of Atomic is the ability to access and trade over 300 cryptocurrencies. You may find some differences between the Android and desktop versions of the wallet, with some features more accessible than others, though overall, this product is ideal for transferring a wide range of coins and cryptocurrencies through multiple blockchains, including Solana.

Coin 98

Get Coin98

This wallet is a great option to use with Android and iOS devices, and it's compatible with Google Chrome as an extension. Coin98 is very easy to use and works as a browsing tab that gives you access to DApps from Solana to build and switch between networks. It's considered the "gateway" to decentralized finance (Defi), and the website is easy to navigate and learn about the wallet's features.

Coin98 allows access to various tabs so that you can explore and use multiple networks and exchanges at the same time. It's an excellent wallet for beginners and novice cryptocurrency investors.

Trust Wallet

Get Trust Wallet

The Trust wallet is an app that works with Android and iOS devices to receive and send SOL coins and tokens. It's famous as a mobile wallet and easy to download on your device and connect to the Solana network. You can quickly review statistics and metrics on the network in real-time and search the Solana blockchain easily.

You can access this wallet through Google Play or iOS and download the app quickly, making it convenient to view and interact with for making transactions.

Additional Options for Solana

Hardware and paper wallets are generally secure for storing cryptocurrency. They are both considered safe due to their ability to maintain records offline, preventing hacking and malware from accessing crypto accounts. Hardware wallets keep your crypto accounts safe when your computer is offline and when you're connected due to the private keys and how they are secured.

Using a Paper Wallet

A paper wallet is also considered a safe way to store cryptocurrencies to track the information contained in your digital wallet. The paper or printed version of your wallet doesn't provide the actual number of coins or tokens but rather the details of your wallet so that it's recorded and stored safely.

Using a paper wallet means that no private keys are stored on your computer or the web - this makes it impossible for hackers to take your money by stealing your keys, as you must approve each transaction manually. However you may still be vulnerable to phishing attacks and social engineering - if a hacker can fool you into entering your details on a website, they still have access to your funds.

It's essential to store paper wallet details in a secure, stainless steel cabinet or similar storage space with a lock or security device. It's the ideal way to keep your SOL and other currencies recorded and securely stored. You can easily print your paper wallet online, though most crypto investors prefer using a hardware wallet.

Is there an official Solana wallet?

No, as a decentralized network all Solana wallets are third-party wallets. There are some brilliant wallets available for Solana, but none of them are official wallets. The Solana team does not endorse any particular wallet, but as an independent site we can 😅

Check the top of the page for our latest thoughts and recommendations for the top Solana wallets.

Is Metamask a Solana wallet? How do I add SOL to Metamask?

No, Metamask is not a Solana wallet. Metamask is a browser extension that allows you to interact with the Ethereum blockchain and other EVM based chains. Solana has a great choice of wallets with user experiences that put Metamask to shame. IF you haven't tried a Solana wallet yet, you should definitely give one a try.

Our top picks are Backpack, Solflare, and Phantom. All of these wallets are easy to use and have great user experiences. They also have great support for staking and NFTs.

How to Choose a Wallet for Solana

Solana is one of the top blockchain platforms for the most popular cryptocurrency investment options, including NFTs, staking, and storing tokens and coins. These devices are constructed with solid durability, including resistance to water, fire, and high voltage levels. One of the essential features of a Solana-compatible wallet is security, significantly improved with a hardware wallet.

Wallet Choices for all User Levels

You can choose from various crypto wallets based on your experience and how comfortable you feel using commands (for advanced users) or app-based options. For most users, app-based wallets allow you to install an app for easy interaction without the need to learn complex codes or commands that more experienced or tech-savvy users may prefer.

Characteristics in a High-Quality Crypto Wallet

Based on the options available for Solana, and other cryptocurrencies, you’ll want to consider the following attributes when you decide which one is best:

  • Is the wallet web-based? If you’re comfortable using an app, you’ll want to consider this feature as well.
  • The level of security is essential. Ledger Nano X offers some of the best security in hardware wallets, while web-based versions may not suit specific types of transactions, such as DApps.
  • Are you an experienced user and comfortable with command-line wallets, or prefer a user-friendly app or mobile-based option? Most people prefer web and app-based for this reason.

Desktop or web-based apps are also popular, like app-based wallets. Web-based wallets allow users to access their SOL from anywhere, with tight integration into many Dapps that allow you to connect your wallet with a click of a button. While powerful you should remember to only connect your wallet to sites you trust - there may be reduced security or a higher risk of hackers or online theft in some cases, and at times approving a transaction on an untrusted site may do more under the hood than you expect.

In these situations, it may be recommended to avoid accessing DApps or other features unless you have a hardware wallet installed or a similar device to protect your crypto funds better.

If you're unsure about a site, most quality wallet apps will allow you to create a new set of keys and setup a 'burner' wallet,where you can transfer in a small amount of pocket money to play with, without connecting your main wallet, with all your valuable NFTs and Defi tokens, to a site that may not be 100% legit.

While not every wallet supports Solana, there are a growing number of options for interacting with SOL cryptocurrency, as more digital wallets are continuously developed over time.

It’s essential to keep updated on new versions of crypto wallets, upgrades, and accessories that may enhance your experience and improve your digital account’s security.

Best Crypto Wallets for Defi

When you choose a crypto wallet for Defi, you need one that’s also compatible with Solana's SPL Token system, and Phantom or Solflare Wallet are generally the best options for both.

Defi-specific wallets are among the safest to use and offer access to a wide range of products without the need for completing KYC (know your client) information or maintaining a minimum balance.

The risk of using an unsupported wallet on defi projects is that when you exchange your SOL for the tokens available on their site it may appear your wallet has been emptied! This is because if a wallet has not specifically integrated SPL tokens it simply doesn't know how to display the tokens.

Fortunately, your tokens are still attached to your wallet, and provided you are using a non-custodial wallet such as the ones shown above you can import your keys into another app like Solflare or Phantom.

Unfortunately this is not the case if you are using a custodial wallet provided by an exchange such as Binance or Coinbase - since you do not posess the keys, and they have not implemented features such as tokens or NFTs, your tokens are permanently inaccessible, lost until the exchanges catch up to the exciting technologies Solana offers. While MetaMask, Argent, and Coinbase are popular wallet options, they are not currently compatible with SOL or Solana cryptocurrency. However, you may consider them as a good option for other cryptocurrency exchanges.

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