Phantom review

This Phantom review covers the self-custody wallet that became the default app for Solana users and now spans Ethereum, Bitcoin and several EVM networks. Phantom is free to download and claims more than 20 million users, but most swaps carry a 0.85% fee. We checked its fees, security, supported networks and the chain changes of 2026 as of October 2026.

What is Phantom?

Phantom is a non-custodial hot wallet launched in 2021 by a US start-up led by CEO Brandon Millman. In January 2025 it raised USD 150 million at a USD 3 billion valuation in a round led by Sequoia Capital and Paradigm. It runs as a mobile app for iOS and Android and as a browser extension for Chrome, Brave and Edge, plus a desktop trading tool called Terminal.

Phantom has moved well beyond a simple wallet: swaps and cross-chain bridges, staking, perpetual futures, prediction markets, a Cash balance for stablecoins and a prepaid Visa debit card. New to self-custody? Our guide to crypto wallets explains the basics.

Security model

Your keys are created and stored on your device. Phantom cannot move your funds or recover them: the recovery phrase shown at setup is the only way to restore the wallet. Write it down offline, never type it into a website, and read our seed phrase security guide before funding the wallet.

Phantom simulates transactions and shows the expected balance changes before you sign, and it warns about known malicious sites and tokens. For larger balances, it connects to Ledger hardware wallets (Nano X, Nano S Plus, Stax and Flex), so signing happens on a device such as the Ledger Nano X. Trezor is not among the devices Phantom lists.

One limit for security-minded users: Phantom’s wallet code is not open source. The company publishes external audits instead, by Kudelski Security (2021) and Least Authority (2024), on its GitHub page. Audits help, but they do not replace public code that anyone can review.

Features and fees

Swaps and bridges

According to Phantom’s help center, a 0.85% Phantom fee applies to most swaps, on top of network fees and price impact. A few flows are exempt: deposits to the perps balance, and swaps of USDC, USDT, USDG or PYUSD into the Cash account. Cross-chain swaps are routed through providers such as LI.FI, Relay, deBridge and Garden, and the bridge fee is included in the displayed price impact.

On a USD 1,000 swap, Phantom’s fee is USD 8.50. When your SOL or ETH balance is too low to pay gas, Phantom can offer a gasless swap: you still pay, but from another token or with a sponsored fee.

Staking, perps and payments

• SOL staking: native delegation to a validator, or liquid staking into PSOL (Phantom staked SOL) or JitoSOL. Rewards vary and unstaking takes about one epoch.
• Perpetual futures powered by Hyperliquid since July 2025, and prediction markets: leveraged, high-risk products with regional restrictions.
• Cash, peer-to-peer payments and a prepaid Visa debit card for adults, usable with Apple Pay and Google Pay.
• NFT gallery, token explorer and an in-app browser for Solana and EVM apps.

We found no officially announced Phantom token. Treat any “Phantom airdrop” link that asks you to connect your wallet or type your phrase as a scam; see our guide to avoiding crypto scams.

Supported networks in 2026

Phantom trimmed and reshaped its network list in 2026. It ended Monad support on 26 August 2026 and Sui support on 24 September 2026; funds on those chains remain on-chain and can be recovered in another wallet with the same phrase. On 1 October 2026 it added BNB Chain, its ninth network.

• Solana (native, the core of the app)
• Ethereum, Base, Polygon and BNB Chain
• Bitcoin
• HyperEVM, Robinhood Chain and Arc

Arbitrum, Optimism, Avalanche and Tron are not supported in Phantom, so EVM-heavy users still need a second wallet.

Incidents and risks

We found no public report of Phantom’s own key storage being compromised. The recurring threats are external: fake Phantom apps and extensions, fake update prompts and impersonators posing as support. Phantom says it never contacts users first or asks for the recovery phrase. The 2026 network removals also show a practical risk of multichain wallets: support for a chain can end, forcing you to migrate.

Who is Phantom for?

Phantom is the most polished choice for Solana users, from first purchase to staking and DeFi, and a good second wallet for Ethereum and Base. It is less suited to users who rely on many EVM networks, who want open-source code, or who trade often and want to avoid a 0.85% fee.

Alternatives

MetaMask covers far more EVM networks, Trust Wallet supports over 100 blockchains, and Exodus offers a simpler portfolio app. For savings, keep keys on a hardware wallet.

Verdict

Phantom delivers the smoothest Solana experience, with clear transaction previews and Ledger support. The closed code, the 0.85% swap fee and the recent network removals keep it below the best hardware options on trust.