Phantom is a cryptocurrency wallet built for the Solana ecosystem of Web3 applications and services. Along with all the tokens, NFTs, and apps on Solana, Phantom now also supports Ethereum and Polygon-based assets and services. Phantom serves as a wallet for sending and receiving crypto transactions, as well as a gateway enabling users to interact with decentralized applications, such as DeFi lending apps or GameFi games.
Getting started with Phantom
Phantom is available as an extension for browsers including Chrome, Firefox, Brave, or Edge or as a mobile app. Setting up a new wallet from scratch only takes a few moments.
Go to the official Phantom home page and click “Download,” which brings up the download options so you can choose the one compatible with your browser. The browser will carry out the installation, so follow the steps on the screen. Once it is done, you can either set up a new wallet or restore an existing wallet.
If you’re creating a new wallet, choose a secure, unique password. Phantom will also create a secret recovery phrase. This phrase is the only way to restore a Phantom wallet if the password is lost or forgotten, so write it down offline and store it safely.
Once the setup is complete, you can access Phantom at any time using the icon in the browser extension menu.
Security considerations when using Phantom
- Be aware that scammers may use the Phantom name and logo on clone or spoof versions of the website and apps to try to trick users into giving away their private keys.
- Only ever download the Phantom apps and extensions from the official website or via the official app store.
- Observe all security measures for protecting recovery phrases, including storing them securely offline and never revealing them to any third party. Phantom offers an integration with 1Password to store your recovery phrase automatically.
Navigating Phantom is relatively straightforward. The total wallet value in USD is shown in the top half of the screen, with buttons to deposit, buy, or send crypto underneath. You can also view and scroll through your individual crypto and token balances. You can add new tokens to the list.
In addition to the default screen which shows token balances, Phantom offers navigation menus for additional features, such as viewing NFT (collectible) balances and accessing the Transfer function to carry out token swaps directly within the app.
The menu also shows a list of available blockchain accounts linked to the wallet. Phantom wallet’s settings section allows users to set up a blockchain address book and configure the language, password, and other settings.
Using Phantom for crypto transactions
Phantom allows you to purchase crypto, including SOL, ETH, and USDC, with fiat currency directly within the app. From the home screen, select the “Buy” button, choose your crypto and the amount in fiat, and the app will bring up a list of supported payment options. Payment will take place via the payment gateway provider.
To receive crypto into a Phantom wallet, click “Deposit” from within the wallet interface and choose the crypto to be deposited. The app will display a QR code and a text string representing the address. Using the sending wallet, scan the QR code or enter the text address for your Phantom wallet into the destination address field.
To send crypto from a Phantom wallet, select the “Send” button from the home page and choose the crypto to send and the amount. You will also need the recipient’s wallet address to populate the address field. You’ll be asked to approve the transaction fees and to send the transaction.
Using Phantom with dapps
To use Phantom with decentralized apps (dapps) such as Magic Eden or Aave, you must first navigate to the dapp’s start page. Launching the dapp will prompt you to connect a wallet with a list of compatible options. Follow the steps on the screen to connect your wallet and approve transactions within the dapp.
For certain dapps, Phantom uses the same dapp connect option as MetaMask. Therefore, to connect your Phantom wallet, you can choose the MetaMask connection, enter your password, and follow the on-screen steps to connect.
Users who use both MetaMask and Phantom wallets on the same browser may wish to configure a default preference, which can be done by configuring a Default App Wallet in the app Settings.
Integrations and additional features
Phantom offers integrations with Ledger and 1Password. The 1Password integration will automatically store the recovery phrase and password in the user’s existing 1Password account when they set up their Phantom wallet.
The Ledger integration only exists for the Phantom mobile app, enabling the user to connect a Ledger hardware wallet to their Phantom accounts so they can connect to dapps using Phantom and transact funds held on a Ledger Nano X device.
How to use Phantom essentials
- Download the Phantom web browser extension from the official homepage.
- Follow the steps to set up a new wallet, including generating a secret recovery phrase that must be stored securely offline.
- Purchase some crypto from within Phantom, or send some to your new account, and you can begin interacting with dapps and tokens.