Solana Wallet Comparison: Features, Costs, Functionality

Solana is a decentralized crypto network that was built to solve the blockchain trilemma by improving scalability, and lowering transaction costs while offering a secure platform to build decentralized applications (dApps). At the center of Solana’s ecosystem is SOL, its native token that powers activities on the blockchain.

To interact within the Solana ecosystem, you need a crypto wallet that supports Solana (SOL) and other Solana-based assets. In addition to enabling you to securely store, send, and receive Solana assets, the wallet you choose should also come with smart contract functionalities to enable you to connect to DeFi protocols, NFT marketplaces, and GameFi platforms built on Solana.

In this guide, we’ll look at some of the features you should look out for when choosing a Solana wallet, such as costs, functionality, security, etc. We’ll review five crypto wallets, namely, Trust Wallet, Phantom, Solflare, Ledger, and Trezor, using each criterion. This way, you can choose the right wallet for managing your SOL tokens. Read on for more.

Solana Wallet Comparison Chart

Below, we compare five well known Solana wallets, including Trust Wallet.

Now, let’s dive into the details!

Cost Comparison and Accessibility

First, let’s compare the cost and accessibility of our top five wallets.

Trust Wallet

With over 80M downloads, Trust Wallet is one of the best Solana compatible wallets in the market. Firstly, it’s the most used mobile wallet in the world, and it’s also an easy-to-use, multi-chain, self-custody wallet that allows you to access Web3 safely. Trust Wallet is free to use and doesn’t charge any wallet fees. You only need to pay gas fees when you transact.

In addition, Trust Wallet has a simple and intuitive design and is also available across different devices and platforms. You can download the wallet as a mobile app for iOS and Android or as a browser extension on browsers such as Brave, Chrome, Edge, and Opera.

You can also connect your Trust Wallet to a hardware wallet for enhanced storage security.

Phantom

Phantom wallet is regarded as a native wallet for the Solana ecosystem as it was originally created for that ecosystem. It’s a free-to-download, non-custodial wallet that only requires you to pay gas fees.

The popular wallet features a user-friendly design that is both clean and simple. It’s available as a mobile app, accessible to Android and iOS users. It also works on browsers such as Brave, Chrome, Edge, and Firefox. You can also connect your Phantom Wallet to a hardware wallet.

Solflare

Solflare wallet was created by Solana Labs as one of the first wallets built for the Solana ecosystem. It’s identical to Phantom in terms of functionalities and is also free to download and use.

Available as a mobile application for Android and iOS users and as a browser extension for the Chrome browser, Solflare is an easy-to-use wallet with a user-friendly interface. Like Trust Wallet and Phantom, you can also connect it to a hardware wallet.

Ledger

Ledger is the fourth wallet on our list. Unlike our first three wallets, Ledger is a cold wallet that you can purchase on the wallet provider’s website. The Ledger Nano S Plus, Ledger Nano X, and Ledger Stax are the three Ledger hardware wallets that users can choose from. Their price ranges between €79.00 and €279.00 for the three models.

The Ledger Nano S retails at €79.00 and is a great pick for any newbie interested in a cold wallet that allows you to securely store Solana tokens.

Trezor

Like Ledger, Trezor is another cold wallet. While Trezor is similar to Ledger, it offers a more enhanced user experience by providing users with various functionalities and features.

Prices of the hardware wallet range between €59.00 and €179.00, depending on the model you choose.

Security and Backup/Recovery Options

Each wallet featured in this guide has its own security and backup/recovery option. Let’s look at each wallet’s security and backup options in detail.

Trust Wallet

Trust Wallet offers users two backup/recovery options. As a Trust Wallet user, you can back up your wallet by using a 12-word secret phrase or the encrypted cloud backup option.

Security is at the forefront of Trust Wallet’s existence. Trust Wallet harnesses the power of technology to transform and secure its users' experience on the decentralized web by providing everyone with a safe Web3 experience thanks to the Trust Wallet Security Scanner feature.

The Trust Wallet Security Scanner is an in-built security feature that helps protect a user’s assets in real-time by alerting them of risky transactions and providing multiple levels of protection. The feature also gives users full control over their crypto assets.

If you’d like to get started with Trust Wallet here’s how to set up a new wallet.

First, get the most updated version of Trust Wallet.

Below you’ll see the steps to create a new wallet, but you could just as easily import an existing Web3 wallet to Trust Wallet, if that’s your preference.

However, to create a new wallet:

• Download, install and then open Trust Wallet

• Choose “Create a new wallet”.

• Choose your backup option, or you can optionally postpone the backup process by choosing “Skip”.

• Start using Trust Wallet.

Step 2: Buy crypto using your Trust Wallet

• Select the “Buy” button, from the wallet’s Home screen.

• Choose Solana (SOL), and enter the amount you wish to purchase.

• Select the third party provider and payment method you’d like to use.

• Select “Buy SOL”, and then follow the steps to complete the purchase.

Phantom

The Phantom Wallet only utilizes a 12-word secret phrase as a recovery option. Given there is no cloud backup option, ensure you note down your secret phrase during the setup process.

Regarding security, the Phantom wallet uses Transaction Previews, which function as a firewall that spots any malicious transactions and warns users before approving them. In addition, the Transaction Previews also protect users against attacks, such as dApp-level DNS hijacking, phishing, and software supply chain attacks, among others.

Solflare

Like Phantom, Solflare wallet's only recovery option is a 12-word secret phrase. In terms of Solflare’s wallet security and privacy, the crypto wallet has incorporated a Hierarchical Deterministic wallet technology that enables users to create an unlimited number of distinct addresses for every transaction.

Ledger

When it comes to recovery options, the Ledger wallet uses both a secret phrase and a 25th word. The 25th word refers to an instance where users add an optional “passphrase” or extra word to the 24-word secret phrase.

In terms of security, Ledger utilizes the Secure Element chip coupled with its proprietary OS that helps protect a user’s crypto assets, including NFTs, from any malicious hacks.

Trezor

Trezor’s recovery options also include a secret phrase and a 25th word. In addition to the two, Trezor also incorporates Shamir backup. Shamir backup is a type of recovery option that securely splits a secret phrase while creating an element of redundancy.

Unlike all other wallets in this guide, Trezor utilizes a PIN code to protect its investors' crypto assets. Each time a wrong PIN is keyed in, the waiting time between each attempt increases by a power of two. After 16 unsuccessful attempts, the device automatically wipes data off itself.

Functionality and Ecosystem Integration

Now, let’s take a look at wallet features and functionalities as well as Solana ecosystem integrations.

Trust Wallet

Trust Wallet supports a wide range of crypto assets, including SOL and SPL tokens (Solana's ERC-20 equivalent). In addition, Trust Wallet supports 10M+ digital assets across 100+ blockchains, like Bitcoin, Ethereum, and Binance Smart Chain, among others.

Using Trust Wallet, users can also browse Solana dApps, decentralized finance (DeFi) apps, NFT marketplaces, and other Solana-based applications. In addition, Trust Wallet enables you to stake and swap the SOL token in-app, making it one of the most ecosystem-integrated wallets in the market.

Phantom

Phantom Wallet supports 1,000+ crypto assets, including SOL and SPL, across the Ethereum, Polygon, and Solana blockchains.

You can also access DeFi platforms to borrow, lend, or swap using your Phantom wallet. The wallet also makes it easy for users to access various NFT marketplaces. In addition, you can also stake your SOL tokens using the Phantom wallet.

Solflare

Although the Solflare wallet is identical to the Phantom wallet, it supports limited crypto assets. Besides the SOL token, it also supports SPL tokens. In addition, Solflare only supports the Solana blockchain.

Solflare has DeFi integration, which allows users to access DeFi platforms, NFT marketplaces, and DAO applications built on the Solana blockchain. Users can also stake and swap SOL using Solflare.

Ledger

Ledger hardware wallets support 1,000+ crypto assets, such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). It also enables you to stake your SOL tokens. However, Ledger doesn’t support SPL tokens, nor can you use the hardware wallet to connect directly to decentralized applications within the Solana ecosystem.

Trezor

Trezor hardware wallets support 8,000+ assets across 10+ blockchains, including Solana (SOL) and SPL tokens. However, Trezor doesn’t support SOL staking, nor can you connect the hardware wallet to Solana dApps directly.

Conclusion

When it comes to choosing a good Solana wallet, it all boils down to individual needs and preferences. For example, do you prefer a software wallet you can access on your phone and computer or a physical wallet device that you can touch and feel?

Trust Wallet is an excellent crypto wallet for beginners and experienced crypto traders alike, given its ease of use, platform accessibility, enhanced security features, and the millions of assets it supports.

In addition, consider other features like staking, swapping, user interface, and dApp integrations when choosing your preferred wallet. These features, coupled with security, shouldn’t be compromised in your search for a good crypto wallet.

As the Web3 ecosystem continues to grow, we can expect that the wallet landscape will evolve to provide more versatile and user-friendly wallet interfaces and features.

Download Trust Wallet today to manage, stake, and swap your SOL tokens.

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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.