With its enormous growth in development activity, transaction volume due to extremely low fees, and enormous growth regarding NFTs, Solana has been one of our biggest Ethereum competitors ever since.
What is Solana?
DeFi applications and SOL tokens are built on the RUST programming language on the fast and secure blockchain network known as Solana. The ability to process 50,000 transactions per second and its low transaction fees are just a couple of the characteristics that make Solana stand out.
What is a Solana Wallet?
The Solana network is supported by cryptocurrency wallets, which are hardware and software packages that let you store your private keys securely. It’s important to note that cryptocurrency wallets do not actually store your tokens because the Solana network is the only place they can exist. Instead, they keep your tokens’ private keys, which serve as the sole means of demonstrating your ownership of your investments. When it comes to securing and storing your cryptocurrency, picking a secure wallet is essential. Anyone with access to your private keys can take control of your tokens or coins.
As previously mentioned, Solana wallets come in a variety of shapes and sizes. One option is a hardware device that offers offline storage, protecting your tokens from malware and hackers. Wallets can also be downloaded straight to your desktop or as a mobile app. Other options include directly accessing some wallets online. Software wallets are more exposed to external threats and viruses, however they are more user friendly and allow you to keep track of your crypto and complete trades conveniently.
Read More: What is Solana Faucet
Does Trezor Support Solana and Solana SPL Tokens?
The Phantom wallet, the best wallet for the Solana blockchain, is currently incompatible with Trezor hardware wallets, regardless of whether you have a Trezor One or a Trezor Model T.
Even though many Trezor users have been urging Trezor (Satoshi Labs) to support the Solana blockchain for more than a year now, it’s probably not realistic to expect it to happen any time soon.
What Hardware Wallet Supports Solana?
You must purchase a Ledger hardware wallet if you want to use a hardware wallet to store your Solana and Solana tokens or NFTs, which we always advise for security reasons.
We recommend grabbing the Ledger Nano S Plus if you want something budget-friendly, the Ledger Nano X if you want your device to have Bluetooth connectivity, or the brand-new Ledger Stax if you want a bigger screen and if you want something “extra”.
Where Should I Purchase a Ledger Hardware Wallet?
Buying hardware wallets should only be done at authorized retailers.
Sometimes purchasing from the likes of Amazon/eBay/Shopee/Lazada can be attractive due to faster shipping times and potentially cheaper shipping fees, but we really don’t recommend purchasing from 3rd party sites to prevent you from purchasing hardware wallets that are either fake or are tampered with.
How to Choose the Best Wallet for Solana?
While there are countless crypto wallets on the market, not all wallets support the Solana ecosystem. Investors in Solana do, however, have a variety of wallet choices to choose from, across various crypto wallet types. You should decide which features are most important to you before looking at the top Solana wallets.
Here are some of the qualities you should take into consideration when deciding on a wallet for Solana:
- How do you get to your wallet? You must choose whether you will feel more at ease using your wallet on a web browser, a mobile device, a computer, or a physical device (linking to a digital platform).
- What level of security does your investment demand? Security is significantly higher for hardware wallets, since they run offline, safe from the attack of hackers and malware.
- Is user-friendliness a concern for you? In comparison to hardware wallets, which are typically more difficult to use if you’re a beginner, a mobile or desktop wallet with a user-friendly interface might be a better option.
- What budget do you have for a wallet? When it comes to storing your cryptocurrency, the majority of software wallets are free to use, but different fees might be applied. On the other hand, hardware wallets are a paid service, with some devices costing over $100.
Best Solana Wallet
SolFlare (Mobile, Desktop and Browser)
A non-custodial software crypto wallet called SolFlare is available as a desktop or mobile app, a Chrome browser extension, or both. You can stake, send, and receive Solana assets using SolFlare. Furthermore, you can directly exchange tokens while keeping your NFTs.
Read More: Custodial vs Non-Custodial Wallets – Difference & Which One to Choose
SolFlare has the benefit of integrating with Ledger, connecting your digital wallet to hardware devices that can store your private keys offline, safe from outside threats, if you’re looking for more security features.
Exodus (Mobile and Desktop)
Exodus is a desktop and mobile crypto wallet supporting 150 different crypto assets, including Solana. Its support for multiple currencies makes it one of the best options for people looking to create a diverse portfolio of cryptocurrency investments that includes Solana tokens. The Exodus also connects to the Trezor One and Model T hardware wallets, giving you access to the maximum level of security offered by cold storage solutions like this one.
You can send and receive cryptocurrency using a QR code or address safely with Exodus. You can stake cryptocurrency assets on Exodus and receive rewards. Exodus exchange doesn’t accept fiat currencies though and relies on peer-to-peer trading.
Trust (Mobile)
For Solana investors looking for a simple access wallet for their iOS or Android devices, the Trust mobile wallet is a practical option. Trust enables mobile SOL coin and token sending and receiving, as well as wallet-to-wallet coin and token purchases using any bank card. Additionally, Trust users have access to the built-in DEX of their wallets for direct cryptocurrency trading. Moreover, the app allows you to track charts and prices, use decentralized applications, and gather NFTs.
You’ll be happy to know that Trust supports 53 different blockchains and thousands of assets if you want to invest outside of the Solana network. Their developers also continuously add support for more cryptocurrencies, allowing you to stay up to date on your investments.
Phantom (Browser)
Phantom is a Solana software wallet that is easily accessible through the Chrome, Brave, Firefox, and Edge web browsers. With a comprehensive feature set, this decentralized financial wallet enables you to securely send, receive, store, manage, and swap tokens within the Solana network.
Phantom, a non-custodial wallet, ensures the privacy of your private keys by keeping them stored and encrypted directly on your device. Only your personal password, which can only be changed using your personal recovery phrase, can be used to access your device. Phantom also works with the Ledger hardware wallet, enabling you to manage your assets with the ease of a web wallet while safely storing your private keys offline.
Atomic (Desktop and Mobile)
A decentralized cryptocurrency wallet called Atomic supports more than 300 digital assets, including the Solana network. From desktop operating systems like Windows, macOS, Ubuntu, Debian, and Fedora to mobile phones like iOS and Android, it enables users to buy, send, receive, trade, and stake cryptocurrency. You can also take advantage of both modalities, using “WalletConnect” to link your wallet on the desktop and mobile app.
The Atomic wallet is especially attractive for beginners due to its user-friendly interface, multi currency support, and in-wallet crypto purchases (using any bank card). Other convenient features offered by Atomic include cash back for crypto exchanges and access to 24/7 live support. Your wallet is password-protected for security, and in an emergency, it can be retrieved using a 12-word backup phrase.
Ledger (Hardware)
You can store your SOL coins and private keys securely on a Ledger device if you want the high level of security that cold storage wallets offer. Ledger wallets are compact, portable, strong, and secure, with a straightforward screen that makes using them easy. A unique PIN code is required to access your device. You can use a 24-word recovery phrase to restore your data to a new device in the event that the device is lost or stolen.
Installing the Solana application on your Ledger wallet is all that is required to use Solana. Ledger supports over 1000 crypto assets, making it a great choice for those looking to invest both inside and outside the Solana network. You can also install additional applications. You should be aware that the Ledger Live app, which enables you to purchase, exchange, and manage cryptocurrency, does not currently support Solana accounts. As an alternative, you can connect your Ledger wallet to another digital wallet, like Phantom or SolFlare.
How Can I Store Solana on Trezor?
If I have a Ledger, can I store SOL? – What are the requirements? Both Ledger and Solana are compatible with this wallet. Furthermore, it encourages the staking of SOL tokens. However, if I choose to use a Ledger wallet, I’ll follow its security protocol.
Solana can also use eToro as a great wallet. On the platform, you can use it to buy and sell stocks as well as cryptocurrencies. It also includes a wallet for Solana. This wallet supports over 270 different cryptocurrencies. You can access your Solana funds using the app, which is available for iOS and Android devices. Additionally, you can use it to connect to your hardware Ledger wallet.
The Verdict
Trezor does not support Solana. However, the Ledger Nano S and X are both excellent hardware wallets that support a variety of cryptocurrencies and will keep your cryptocurrency safe. The Nano S is probably your best option if you’re looking for the best value for your money and don’t hold a significant amount of cryptocurrency.
However if you hold a large amount of cryptocurrency and would like the extra ease of use and iOS mobile app then the Ledger Nano X is the crypto hardware wallet that you will want to use.
