Top 8 Solana Wallets To Store Your SOL and Solana NFTs

Choosing A Solana Wallet

When choosing a Solana wallet, some considerations include ease of use, security, and device compatibility. Each Solana wallet also has its own unique features, such as xNFT compatibility, web2 logins, and supported chains. Ultimately, the final choice depends on your individual needs.

The wallets below are sorted into software and hardware wallets, and wallets in each category are listed in order of their website's monthly traffic according to Similarweb data.

Key Takeaways

• You can use either software (hot) wallets or hardware (cold) wallets to store cryptocurrencies. Software wallets are connected to the internet and offer convenience when connecting to dApps, while hardware wallets are separate devices that are not connected to the internet when not in use and offer a more secure way to hold your private keys.

• Software wallets can offer additional capabilities, such as swapping, staking, or support for xNFTs and web2 logins. 

• Users can opt for a mix of software and hardware wallets to best manage their assets, by keeping trading funds in a software wallet for convenience while storing long term holdings in a hardware wallet.

Solana is currently the 7th largest cryptocurrency, with a market cap of over $17 billion. The project positioned itself as Ethereum's biggest competitor and was even dubbed the “Ethereum killer” by many at its peak, as it offers users fast transaction speeds and low gas fees. 

Since January 2023, Solana’s TVL has grown from about $210M to over $430M. And as Solana's popularity grows, especially with the new developments on the blockchain, more users are looking for the best Solana wallets to store their assets on the blockchain, as selecting a good wallet is crucial to securely store and manage SOL. 

Source: https://defillama.com/chain/Solana

With so many options on the web, each one claiming to be the best, it can be overwhelming for new users to sift through the plethora of information and make an informed decision. The right wallet is pivotal for securely managing and transacting SOL tokens, as well as engaging in DeFi activities on the Solana blockchain.

In this article, we'll look into the top eight Solana wallets of 2023, based on variables like security, ease of use, and accessibility. So, whether you want a hardware wallet for increased security or a software wallet for easy access, this article will help you appraise the available options and choose one that is suited to your needs. 

What Are Solana Wallets?

Solana wallets are cryptocurrency wallets built for the storage and transfer of Solana (SOL) tokens. Most of them even support DeFi activities on Solana, such as swapping, bridging, and staking. 

There are generally two types of wallets for storing SOL and other cryptocurrencies. 

• Hardware wallets: These physical wallets are not constantly connected to the internet and offer a more secure way for holding the private keys to your Solana assets as it protects against malware. 

• Software wallets: These wallets are in the form of apps and browser extensions. They typically remain connected to the internet and offer users convenience and ease of access when it comes to connecting to dApps. 

In this article, we'll cover both hardware and software wallets. But first, let's start with the software wallets because these are quite popular because of their quick access.

Solana software wallets are popular for their ease of use. Most wallets offer browser extensions for Chrome, Brave, and Firefox in addition to iOS and Android apps. While not an airgapped solution, their ease of access and convenience make them indispensable. Some of these wallets also support multiple chains on top of Solana.

The wallets below are listed in order of their estimated monthly traffic based on Similarweb data.

Torus – Web2-Like Experience for Solana

Torus was created in 2019, and offers a Solana-based crypto wallet and provides one-click login for web3 platforms such as decentralized exchanges and NFT marketplaces.

It is a popular gateway for users to access decentralized ecosystems via a familiar web2 login flow like signing in with Google, Facebook, Discord, and others, with over 640K monthly traffic.

Torus wallet transfers are facilitated by Torus Key Infrastructure (TKI). TKI is a mechanism developed by Torus that strikes a balance between great user experience, security, and autonomy over private key control.

Simply put, users maintain control and ownership of their cryptographic key pair but they use web2 login methods, like Google, to access their wallet. The login services have access to only one share of the private key, making it impossible for them to retrieve the user's private key independently, as a threshold number of shares is required to gain access to the key. Besides the login service, other shares of the private key are held by device-specific authentication or a recovery password.

Here are some additional features of Torus Wallet:

• Torus Wallet users only need a Gmail account to get started. That means users can bypass most of the web3 jargon and get started in minutes.

• There will be no more challenging seed phrases. Torus inherits standard account recovery systems, which allow users to regain access to their accounts via email or social login. 

• Torus can access the billions of accounts that already exist on social networks because it uses web2 authentication protocols.

• Torus wallet users' identities are built and designed to be trustless, with no single authority controlling them.

• Torus uses Shamir Secret Sharing as part of TKI to enable secure social login.

• Chains supported by Torus are Ethereum, Solana, Polygon, and BSC.

To maintain the standard and security of the Torus Key Infrastructure and system, the company conducts frequent audits on its code bases. This includes audits from Certik (backend), Aniket Kate (academic), Cure53, and Kudelski.

Phantom – Multi-Chain Wallet Optimized for Solana

Phantom is a user-friendly Solana wallet created in 2021 that allows you to perform several actions on the Solana blockchain, such as buying, sending, receiving, and storing crypto tokens. It also serves as a portal for holding your favorite Solana NFTs. Phantom wallets are also a popular choice to store Solana assets, with over 400K monthly traffic. 

This wallet has an excellent token-swapping feature with low fees, allowing you to exchange supported crypto tokens quickly. To learn more about the capabilities of the Phantom wallet, check out our ultimate guide to the Phantom wallet.

Here are some additional features of Phantom wallet:

• Phantom makes it easier to connect with numerous Solana dApps, and prominent NFT markets like SolSea, Solanart, and Metaplex.

• Phantom allows you to stake your Solana (SOL) tokens to gain staking rewards, which are transferred into your wallet at regular intervals.

• Beyond Solana, Phantom now also supports Ethereum and Polygon.

• One of the recent additions to Phantom’s feature is the ability to mint users’ media as NFTs directly from the app.

• Users can burn unwanted/spam NFTs in exchange for SOL (be careful to avoid links). 

Mobile users can easily download the Phantom wallet from Play Store or App Store. This Solana wallet also comes as an extension for popular web browsers, like Brave, Chrome, and Firefox.

Phantom has been audited by Kudelski Security, a world-renowned software auditing firm. The report is publicly accessible on Phantom's website.

Solflare – Secure and User-Friendly Wallet for Solana

Solflare is one of the first wallets designed for the Solana ecosystem. This wallet's functionality is similar to Phantom's in various ways. These include token swapping, storage of visual and audio NFTs, Ledger integration for better security, and SOL staking. Solflare has its own mobile application in addition to its browser extension.

It also has additional features unique to its platform:

• The wallet will allow users to manage their investment assets directly through an upcoming interface with the Solrise investment platform. 

• MetaMask users can use their wallets to connect to Solana dApps through the Solana Wallet Snap.

• Solflare uses a 24-word mnemonic phrase to strengthen its security credentials.

• Users can stake, swap, and bridge through the Solflare wallet. 

• Solflare is compatible with Solana Pay, a payments network on Solana that offers businesses fast transactions and near zero gas fees.

The Solflare wallet is easily accessible via Google Play or the App Store, and there is also a Chrome browser extension.

There is no security audit report available for Solflare wallet at time of writing. 

Backpack – Solana Wallet Supporting xNFTs

Backpack, created in 2022, is the one of the newest entrants in the wallets space by Blue Coral Inc, a startup that focuses on Solana development. The Backpack wallet has most of the features users would expect from a non-custodial hot wallet. The unique selling point (USP) of this wallet is its support for xNFTs, as Blue Coral Inc is also the company behind the Mad Lads NFT, and users could only mint the Mad Lads collection on Backpack during launch.

xNFTs, short for Executable Non-Fungible Tokens, are a new token standard on Solana. They introduce the capability of adding executable code within an NFT, which widens the utility of NFTs, although this functionality has yet to be revealed on the Mad Lads collection.

Source: Backpack

At present, Backpack only works on Chrome and other browsers that enable Chrome extensions, such as Brave.

Here are some of the interesting features of the Backpack Wallet:

• Backpack includes in-wallet messaging, which makes it easier to communicate data, information, and digital assets like tokens and NFTs.

• Backpack also provides rich and engaging token-gated experiences, such in-wallet games and videos, using xNFTs, or applications.

• Backpack supports Solana and Ethereum.

The team behind Backpack is also working on an exchange.

Sign up for the waitlist https://t.co/44tITBLJSA 🎒 https://t.co/Wy5zQQLLum pic.twitter.com/aTE9FqmyJ3

— Backpack 🎒 (@xNFT_Backpack) October 31, 2023

Glow – Burn Tokens and Earn Solana

The Glow wallet is a self-custody wallet for Solana (SOL) and Solana-based cryptocurrencies and NFTs, created in 2020. It displays real-time prices and metadata for your SOL and NFTs based on data from various sources such as OpenSea and Solanart.

Like most other wallets, Glow also allows you to purchase, exchange, and sell your Solana-based digital assets, as well as stake your SOL.

Source: Glow

Glow wallet users can use the Apple Keychain security feature to protect their wallet keys. This feature essentially backs up your private keys to iCloud. While this provides you with a convenient way to retrieve your private keys in case you lose them, do note that storing your private keys online also potentially opens you to additional risks in the event of sync issues. 

The Glow wallet app is available on Google Play and App Store. The web wallet version is also supported by browsers including Brave, Edge, Chrome, and Firefox.

A notable feature about Glow is that it allows you to upload media directly from your phone’s camera roll/gallery and mint it as an NFT.

Glow only supports the Solana chain.

Top Hardware Solana Wallets

Hardware wallets are the center of the crypto-universe for those who hold a substantial amount of assets.

They provide nearly enterprise-level security at a pocket-friendly price. The airgapped nature of these wallets implies no internet hacker or phishing scammer can access your assets without your conscious approval.

If you're familiar with hardware wallets, you're probably wondering where Trezor is. Trezor is not included in this list because it lacks support for the Solana blockchain. Some speculate that it could be because a large part of Solana’s DeFi ecosystem is closed source.

Ledger Nano X – Bluetooth-Enabled Solana Wallet

Ledger has established itself as the leading hardware wallet company and is one of the most recognized option for safeguarding Solana tokens.

Ledger’s Nano X Solana wallet is a mid-tier option from their product line, but it still packs a powerful punch.

To purchase this wallet, which retails for approximately $149, interested users can go directly to the Ledger website.

Ledger offers a variety of features and perks that place it among the best Solana hardware wallets on the market in terms of security and usability. Below are some of the outstanding features of Ledger’s Nano X Wallet:

• A 24-word seed phrase serves as the gatekeeper along with a PIN to authorize transactions after boot up

• Connectivity via USB or Bluetooth: Ledger's Nano X Wallet can connect via Bluetooth — a big win for usability. 

• Top Hot Wallets Supported: Easily connect to leading DeFi wallets while safeguarding transactions with your Ledger.

• Ledger Live: A user-friendly software interface that helps you to manage your Solana and other cryptocurrency holdings. 

• Ledger supports over 70 chains and 5,000 crypto assets.

Ledger’s wallets have been audited by Quarkslab and Kudelski IoT.

The Secure Elements used in Ledger devices have received an EAL5+ certification after passing a Common Criteria security examination — an international standard for banking cards and regulatory standards.

SafePal X1 – Bluetooth Solana Wallet

In September 2023, SafePal launched its new hardware wallet, X1, which is endorsed by prominent industry players like Binance Labs, Superscrypt, and Animoca Brands.

Source: SafePal

The X1 wallet is the first in SafePal’s product line to be Bluetooth-enabled. Interestingly, the wallet is priced lower than their other airgapped models, at $69.99.

Here are some stand-out features of SafePal X1:

• The SafePal X1 supports Bluetooth 5.0 for faster connectivity and better range.

• The device also supports over 60 blockchains and over 100 million tokens and NFTs, with endless cryptocurrency storage.

• The SafePal X1 Wallet has several layers of security, including a secure element chip and a PIN code.

The hardware wallet has an EAL5+ independent secure element, a real random number generator, many levels of security sensors, and an anti-tampering self-destruct mechanism.

Tangem – Solana Wallet Without Seed Phrase

Tangem wallet was launched with the intention of making cryptocurrencies accessible to anyone by integrating a hardware wallet based on smartcards with mobile apps, where users tap their smartcard to their phone to use Tangem wallet. 

The price for Tangem starts at $54.90 for a 2 cards set, and $69.90 for a 3 cards set. The number of cards is the number of copies of the wallet holder's private keys, and where the backup cards can help to restore access to the wallet in the event a card is lost or stolen.

Tangem gives users access to thousands of decentralized services, such as allowing them to interact with NFTs, issue loans, borrow funds, trade on exchanges, and much more.

Below are a few notable features of Tangem:

• Tangem Wallet allows you to purchase and sell cryptocurrencies via Apple Pay, Google Pay, and credit card payments.

• Tangem abstracts away the need for seed phrases. They are stored safely on up to 3 cards, which leverage your smartphone’s NFC functionality, where the card’s embedded chip generates a random private key.

• It's resistant to dirt, dampness, and hacking attempts. The card runs reliably between -25°C (-13°F) and +55°C (131°F), with a chip life of more than 25 years.

• Tangem supports 37 blockchains and over 1,000 cryptocurrencies.

As an added security safeguard, Tangem incorporates a microcomputer chip. It has been certified by Common Criteria at the EAL6+ level, which is the same level of chip security used in passports and ATM cards.

Comparing the Top 8 Solana Wallets

Methodology and Conclusion

Our methodology for identifying the top 8 Solana wallets includes a thorough evaluation of each wallet's features, including but not limited to; support for types of assets, security, and accessibility.

The list has been intentionally segregated into two – software wallets and hardware wallets – to provide value to users who prefer one over the other.

The north star metric in selecting these Solana wallets was their compatibility with the Solana blockchain. This is followed by practical testing of ease of use and overall user experience from the lens of both beginners and advanced users, which ultimately results in the selection of the best options. Critical criteria such as security, user interface, device compatibility, and usability have been taken into consideration during this process.

Overall, while software wallets listed in this article provide incredible convenience while offering self-custody of funds, hardware wallets take the trophy in the security category. For users planning to engage in Solana DeFi activities regularly, software wallets are an option to consider. For those who want to hold on to a significant portion of SOL without occasional transactions, hardware wallets are the better fit, although these are not available for free.

However, these are not mutually exclusive. Users can opt for a software wallet to store their trading assets, while storing long-term holdings in a cold wallet for better protection. This article is only meant to serve as a guide in your research on the best Solana wallet for your needs; always do your own research into the individual wallets before deciding which one you will use to store your assets.

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Sankrit K

Sankrit is a content writer and a subject matter expert in web3. He has worked with notable companies, including Ledger, Alchemy, and MoonPay. Sankrit specializes in helping web3 brands create content that is easy to understand while accurately explaining technical concepts.