Is Phantom Wallet Legit? A Complete Review for Crypto Users

Amidst the several players in the crypto world, Phantom Wallet stands out. It is one of the popular and widely used platforms owing to the features it supports. However, there are still certain questions, many people ask about its legitimacy and authenticity. In this article, I shall be answering several questions, including: ‘Is Phantom Wallet legit?’  

Phantom Wallet has emerged as a pivotal player in the cryptocurrency ecosystem, particularly for its role in bridging accessibility, functionality, and security for over 15 million monthly active users. Phantom’s initial focus on Solana, a high-speed, low-cost blockchain, made it the go-to wallet for Solana’s DeFi and NFT ecosystems.

What is Phantom Wallet?

Phantom Wallet is a popular, non-custodial cryptocurrency wallet designed to help users manage digital assets, interact with decentralized applications, and explore Web3 ecosystems. 

The platform was launched in January 2021, initially for the Solana blockchain. It has evolved into a multichain platform supporting networks like Ethereum, Polygon, Bitcoin, Base, Sui, and more.

Phantom has grown rapidly, boasting over 15 million monthly active users as of early 2025, with $25 billion in self-custodied assets and processing more than 850 million on-chain transactions annually. It’s particularly favored in the Solana ecosystem for its speed and low fees, but now serves as a versatile tool for cross-chain activities like trading memecoins, staking, and NFT management.

Is Phantom Wallet Legit? 

Yes, Phantom Wallet is legitimate and widely regarded as a trusted cryptocurrency wallet, particularly for users in the Solana, Ethereum, Polygon, Bitcoin, and other supported blockchain ecosystems. Its legitimacy is supported by its strong reputation, widespread adoption, and robust security practices.

Here are some of the key indicators of Phantom Wallet’s Legitimacy:

1. Established Company and Transparency

Phantom is developed by Phantom Technologies, Inc., a San Francisco-based company founded in January 2021 by former engineers from reputable tech firms. 

As far as transparency is concerned, the official website provides clear information about the company, its mission, and contact details. Their blog and social media X handle @phantom regularly share updates, partnerships, and security advisories.

2. Widespread Adoption and User Base

Phantom reports over 15 million monthly active users and manages $25 billion in self-custodied assets, with 850 million on-chain transactions annually. This scale reflects significant trust from the crypto community.

3. Security Features and Audits

Phantom is a non-custodial wallet, meaning users control their private keys and funds. The company cannot access or freeze your assets, unlike centralized exchanges. 

Phantom has been audited by reputable firms like Kudelski Security, ensuring code integrity. They also maintain a bug bounty program.

What are the Features of Phantom Wallet?

Phantom Wallet offers a number of distinctive features. Here are some of the features listed below: 

1. Multichain Support

Phantom supports multiple blockchains, including Solana, Ethereum, Polygon, Bitcoin, Base, Sui, and Monad. This allows you to manage a diverse portfolio of assets across these networks within a single wallet interface, eliminating the need to switch between different wallets or networks. 

2. Non-Custodial Wallet

As a self-custodial wallet, Phantom gives users full control over their private keys and funds. The wallet does not store private keys or seed phrases, ensuring users maintain ownership and responsibility for their assets. So, the control lies with you, as a user. You have access and control over your money. It can’t be taken away by anyone. 

3. Token Management

Being a user, you can securely store, send, and receive tokens across supported blockchains, including SOL, ETH, BTC, and various tokens like USDT, USDC, RAY, and others. 

Besides, there are no limits on the number of tokens, balances, or transactions users can manage. Each supported blockchain has a unique public address for deposits, which can be easily copied or shared via QR code. 

4. Built-In Token Swapping and Bridging

Phantom features an integrated decentralized exchange (DEX) for swapping tokens directly within the wallet. It supports tokens on Solana, Ethereum, Polygon, and other chains, leveraging liquidity from multiple DEXs to optimize prices and minimize slippage. A flat 0.85% swap fee applies, in addition to network fees. 

You can swap tokens across different blockchains with a “Refuel” feature that ensures native tokens are available on the destination chain to cover gas fees. 

5. Staking and Earning

Phantom delegate SOL to validators directly in-app to earn rewards up to 7-9% APY, depending on the validator. You can choose from a list with details on commission and performance. 

It also supports Liquid Staking, where you convert SOL to Phantom Staked SOL (PSOL) for up to 9% APY while maintaining liquidity; unstake instantly or via a delayed process, which can take 2-3 days.

6. User Interface and Additional Tools

• Intuitive Design: Phantom supports a Clean, beginner-friendly layout with real-time notifications, transaction history, and easy navigation. It supports seedless login via Google or Apple accounts with a PIN.
• Social Features: You can claim usernames for peer-to-peer transfers without addresses; follow traders via a social feed to see buys or sells. It has over 3.8 million usernames and 14 million followers. 
• dApp Browser: The platform supports a built-in browser for mobile to interact with DeFi, games, and Web3 sites without leaving the app.
• Gaming and Memecoins: Phantom is optimized for Solana-based games with one-click approvals; trade memecoins like Bonk or Dogwifhat directly.
• Explore and Trends: It supports social feed for following market activity; bet on token prices without owning them.

7. Robust Contact Support

Phantom Wallet provides customer support primarily through digital channels designed for self-service and ticket-based assistance. Customer Support is available 24/7 globally, but it operates via a chatbot and ticketing system rather than direct phone or email interactions to prevent scams. This approach aligns with crypto best practices, focusing on education and prevention rather than intervention in user errors.

Phantom does not offer traditional customer service like phone numbers or direct emails, as these could be exploited by scammers. All interactions must go through official channels on their help site. 

Also, read Is MetaMask Legit or a Scam? Everything You Must Know

Is Phantom Wallet Safe to Store Crypto?

Yes, Phantom Wallet is a safe wallet to store Crypto. If you are searching for a safe and secure wallet to store your Solana tokens, Phantom Wallet is an option that you must consider. 

Being a non-custodial wallet, it does not keep your keys on any centralized server. You are offered total control over your money and ensure it is not taken away from you or disappears, for that matter. 

The platform is audited independently by Kudelski Security, which is one of the best auditing firms globally. Besides, Phantom Wallet also offers support for Ledger hardware wallets, which provide an additional layer of security for your crypto holdings.

In addition to this, the platform desists from tracking or storing any form of identifiable information. 

Pros and Cons of Phantom Wallet

Some of the pros and cons of Phantom Wallet are: 

Pros	Cons
Phantom Wallet seamlessly manages assets across Solana, Ethereum, Polygon, Bitcoin (BRC-20/Ordinals via WalletConnect), Base, Sui, and more.	Phantom has limited customer support. No phone or direct email support; relies on chatbot and ticketing system. Response time varies from 24 to 72 hours.
It supports an intuitive design for beginners and advanced users; a clean layout with portfolio tracking, transaction history, and an Explore tab for trends.	Users are responsible for seed phrase safety; phishing scams or user errors, such as clicking malicious links, can lead to fund loss.
Available as a browser extension, including Chrome, Firefox, Edge, Brave, Opera, Tor, and a mobile app (iOS, Android) with seedless login via Google or Apple.	Bitcoin swaps are not supported, limiting trading flexibility compared to Solana and Ethereum.
NFT gallery with tools for pinning, hiding, burning, and trading on marketplaces like Magic Eden, OpenSea, and Tensor.	Despite a beginner-friendly UI, concepts like seed phrases, gas fees, or scam prevention can overwhelm crypto newcomers.

Rating of Phantom Wallet

Here is how Phantom is rated by different rating sites: 

1. Trustpilot

Phantom Wallet’s rating on Trustpilot is notably low at 2.5 out of 5, based on roughly 100 reviews. Users who leave positive feedback often praise the wallet’s ease of use for Solana-based transactions and NFT management, with comments like, “Setup was a breeze, and Solana swaps are super fast. 

However, the majority of reviews, around 60% are 1 or 2 stars, driven by frustrations over irrecoverable losses from phishing scams or hacks.

2. Apple App Store

The Apple App Store gives Phantom one of its highest ratings at 4.6 out of 5, based on around 50,000 reviews, reflecting its polished integration with iOS. Users rave about the clean design and features like Face ID security and Apple Pay for crypto purchases.

3. Google Play Store

Phantom Wallet enjoys a strong 4.6 out of 5 on the Google Play Store, backed by over 150,000 reviews, reflecting its popularity among Android users for mobile crypto management. Positive reviews highlight the seamless mobile experience, with users praising features like SOL staking and biometric security. 

Final Verdict: Is Phantom Wallet Legit?

First off, Phantom has a strong track record since its 2021 launch. It is built by a reputable team, supports major chains like Solana, Ethereum, Polygon, Bitcoin, Base, and Sui, and integrates seamlessly with trusted platforms like Magic Eden, OpenSea, and Jupiter for NFTs and DeFi. Its features are robust. 

That said, “legit” doesn’t mean risk-free. Phantom’s self-custodial setup means if you lose your seed phrase or fall for a phishing scam, your funds are gone, and support can’t recover them.

Also, read Is Polymarket Legit? Here’s What You Need to Know

Frequently Asked Questions