Best (SOL) Solana Wallets 2021: Which is better, Hardware or Software Wallet?

There are plenty of options available when it comes to storing and safekeeping Solana. Software and Hardware wallets such as Coinbase wallet, Ledger Nano S, etc. help you hold Solana tokens (SOL tokens). This article briefly describes the best 5 Solana wallets that allow you to send, receive, and store SOL tokens on the Solana blockchain. Stay tuned!

WalletHardware/ SoftwarePricingPrivate Key Ownership
LedgerHardware>= $59Offline Cold Storage with Private key ownership
ProkeyHardware $56 – $59Complete Ownership of assets
Trust WalletMobile WalletFreeYou get the Private keys
Math WalletSoftwareFreeNon-custodial
Phantom WalletSoftware Free Non-custodial

What is Solana? 

Solana is widely known as the fastest blockchain across the globe and the fastest-growing ecosystem in crypto. Solana functions with over 400 projects spanning DeFi, NFTs, Web3, and many more. The best thing about Solana is that it confirms the composability between the ecosystem projects by conserving a single global state as the network scales. The user does not have to deal with any fragmented layer 2 system or shared chains.

Solana
Solana

Also, read Rollups – Layer 2 Scaling | Is it the Next Big Thing?

What is a Solana wallet?

In order to safeguard and interact with your SOL tokens on the Solana blockchain, you would need a wallet. Solana comes with various benefits such as it uses the protocol of Proof of Stake consensus, you can easily stake SOL and earn passive income on crypto.

There are numerous options for you to keep your SOL safe and integrated with various other wallets in order to connect directly with the DApps which are developed on Solana. Now, let’s get on with the best five Solana wallets.

However, these aren’t the only amazing things about Solana. It is censorship-resistant and ensures that the network will always be available for applications to run freely and no breaks in the transaction process. Solana is inexpensive as its scalability confirms the transaction of less than $0.01 for both the users as well as developers.

Further, in order to HODL SOL, you first need to do get some of it. It’s best if you’ve already bought some from an exchange platform. Although, if you haven’t, head over to our guide on How to buy SOL?

Ledger Wallet

What is a Ledger?

Ledger Wallet is considered one of the best and most secure ways to store Solana (SOL). Being a hardware wallet, Ledger uses the standard level of encryption techniques that helps in securing the funds.

Further, Ledger devices like Ledger Nano X and S, both support Solana (SOL). These are proven as the best performers all around with incredible features. With Ledger devices, you can keep control over your crypto funds and keep them offline.

Ledger Wallet
Ledger Wallet

How to get started with the Ledger device? 

Set up the Ledger Live app and connect it with your hardware device.

Now install the Solana application on your Ledger device and the SoIFlare wallet extension in your browser. You can follow the steps here to connect them. Further, the Solana application is specifically developed and supported by the Solana community. 

How to set-up Ledger Live with SOL?

  • Open the Manager in the Ledger Live
  • Connect it with your Ledger device and unlock it. 
  • You’ll find Solana in the app catalog. 
  • Now, click the “install” button. Here, your device will show processing while installing the application. 
  • Your Solana app installation is completed.

How to enable blind signing? 

The next step is sending the tokens on the Solana blockchain, but before that, you need to enable blind signing in the settings section. 

  • Connect your Ledger device and unlock it. 
  • Then, open the Solana app and click on the right button to reach the settings. 
  • Here, click on both buttons to validate. 
  • You’ll be in the blind signing settings.
  • Select the option YES by clicking on the buttons. 

Technical Features

  • Material: Developed with brushed stainless steel and plastic along with a lithium-ion 100mAh battery. 
  • Dimensions & Weight: Ledger Nano X comes in the size of 72mm × 18.6mm × 11.75mm and weight of 34g. 
  • Compatibility: Ledger Nano X is compatible with 64-bits desktop computers and smartphones (Android 7+ and iOS 9+). 
  • Box content: You will receive a Ledger wallet along with 1 USB-C to USB-A cable, 3 recovery sheets, 1 getting started leaflet, and 1 Keychain strap. 

Ledger Pricing

The standard price of the Ledger device is quite affordable, excluding the GST and duty. Ledger Nano S comes at the price of $59.

Pros & Cons: 

ProsCons
High security – 100%Very expensive
Cold storage
Beginner’s friendly
AES encrypted Bluetooth

Prokey wallet 

What is a Prokey wallet?

Prokey is known to set up a new definition of wallet security. It offers the best optimization by focusing on every minute detail and suggests the best level of security. Furthermore, Prokey is easy to use, and the user can access any crypto coins without any third-party interaction. 

When it comes to Prokey hardware wallets, Prokey optimum is the best among all. It supports more than 3200+ cryptocurrencies and you can trade any crypto without installing an additional application. Prokey optimum manages all your assets through a single UI. To learn more, read the Prokey review.

prokey
prokey

How to get started with Prokey? 

  • Connect your hardware device: To get started, visit the Prokey wallet interface. Then, connect your Prokey device to your laptop or PC and click on Check Device. 
  • Install Firmware: The next step is installing the latest firmware on your Prokey wallet, which will hardly take 15 seconds. When it is installed, disconnect and then reconnect your device. 
  • Create a wallet: Now, click on the “Wallet” button given on the right side section of the interface. You’ll be directed to the wallet page, where you have to click on “Create A New Wallet”. When you click on it, your Prokey device will ask for confirmation, after which your wallet will be created.
  • Create Backup: Now, create a backup for your Prokey wallet by selecting the backup option. You’ll receive a 24-word recovery seed which you have to copy. This will help you recover your wallet in case of any damage, loss, malfunction, or theft.
  • Name your device: The next step is to name your Prokey device. This helps you in identifying your device among other devices. Write any name within the limit of 16 characters and then confirm it by the browser.
  • Set up a PIN: Then, set up a PIN of 4-6 numbers long to help you protect your Prokey device. Make sure you have a robust PIN code. Also, Bookmark the chrome page of the Prokey wallet. This will help you save time while making any transaction.

Technical Features of Prokey:

  • Microcontrollers & connector: USB Type Micro-B connector and STM32F205RG with True RNG chip.
  • Box Contents: The Prokey device comes with 1 USB hardware wallet, 3 Recovery sheets, and 2 USB Cables. 
  • Compatibility: Prokey devices function most compatible with Windows (7+), Mac (10.8+), Linux, and Android. 
  • Dimensions & Weight: Prokey device comes in the size of 50mm × 41mm × 9.4mm and weight of 16.7g.

Prokey Pricing

The Prokey Optimum hardware wallet comes in the price range of $56-59. As being a hardware wallet, you cannot easily install it from any app store. It comes best from its official website.

Pros & Cons

ProsCons
Secured firmware safety.None Found
High protection from physical and remote hacks.
Manages 1500+ cryptocurrencies.

Trust wallet

What is a Trust wallet?

Stated as the name itself, the Trust wallet is considered one of the most trusted and secured crypto wallets. When it comes to your convenience and profit, the Trust wallet fits perfectly. It has a user community of over 10 million people worldwide. With Trust wallet, you can easily send, receive, store and exchange your cryptocurrency within the limit of the mobile interface. 

Trust Wallet
Trust Wallet

How to get started with a Trust wallet? 

  • Install wallet: The first step in getting started with Trust wallet is to download and install the latest version through the links available on the official website of Trust wallet.
  • Create a wallet: The next step is to open the wallet and click on the “Create a new wallet” option.
  • Recovery phrase: Then, a 12-word recovery phrase would appear on your screen, which will be the backup for your account. (It’s essential to know that only these 12-words would help you restore your wallet access). Make sure you note down this 12-word phrase somewhere safe and in the correct order.
  • After completing these steps, Trust wallet will create a multi-coin wallet for your cryptocurrencies for more than 30+ blockchains.

Trust wallet Features

  • Multi-coin wallet: One of the best features that come with Trust wallet is that it supports numerous cryptocurrencies. You can easily purchase, swap coins or blockchains and various other assets. 
  • Exchange through credit card: The user can easily purchase crypto through credit cards in order to smoothen the trading. 
  • Secured access: Your wallet will be completely secured and for access, it will provide a private key to the users only. 
  • Growth interest: Trust wallet offers a flexible interest rate to the users by working with their coins. In fact, it provides a Proof-of-stake document for you to initiate the growth of interest on the digital channels. 
    Decentralized application: Trust wallet offers a very helpful Decentralized browser so that you can search other vendors and businesses who accept your specific cryptocurrency.

Trust Wallet Fees

Being an open-source mobile application, Trust wallet is absolutely free of costs. It doesn’t even charge any transaction fees.

Pros & Cons

ProsCons
Multi-crypto Wallet.Not available for Windows and Mac.
High Security.
Beginner’s friendly Multi-crypto wallet High security.

Math wallet

What is a Math wallet? 

The very prominent multi-chain wallet supports more than 60 blockchains, including Bitcoin, Polkadot, and others. Thus, the math wallet is widely known as the universal crypto wallet that helps access numerous blockchains. On a broader note, Math wallet also emphasizes cross-chain token exchanges and a multi-chain DApp store. 

Math wallet covers over 1.2 million users worldwide. It is available for all platforms, and users can easily download it from Android and iOS stores. 

When it comes to Solana (SOL), the Math wallet functions pretty well. It is considered a very secure, high-profit, and diversified crypto wallet.

Math Wallet
Math Wallet

How to get started with Math wallet?

  • Install the application: The first step in getting started with Math wallet is downloading it from the Chrome web store and installing it on your device. Also, add it to your browser. 
  • Create a password: The next step is creating an eight characters strong password for your wallet. 
  • Create a wallet: Now, select a blockchain from the available list and create a wallet. 
  • Backup: It’s essential to complete the backup steps so that you can recover your funds in times of crisis. You will receive a 12-words long phrase as your backup. Make sure you note it down and keep it safe. 
  • Your math wallet is created now. Choose either “Web wallet” or “DApp Store” to begin trading. 

 Math Wallet Features

  • With Math Wallet, you can easily monitor your portfolio and keep a track of all your earnings.
  • You stay updated with all the latest news about the wallet, blockchains, and others. 
  • You can create in-app wallets that allow you to store, transfer and receive tokens pretty easily in a single-stop shop experience. 
  • Supports Decentralized applications that operate on numerous blockchains like EOS, Cosmos, ETH, and others. 

Math Wallet Pricing

Math wallet comes as a chrome extension and mobile app (Android & iOS) and hence is free to use.

Pros & Cons:

ProsCons
Control over your funds and assets.Risk of mobile virus and malware.
Earn rewards without leaving your wallet.
High security

Phantom wallet

What is a Phantom wallet?

One of Solana’s most secure and functioning wallets, the Phantom wallet is something you shouldn’t miss out on. It provides a safe and easy way to send, store, stake, or receive tokens on the Solana blockchain. In addition, phantom wallet unlocks an effortless and secure way to connect and interact with blockchain-based applications directly from your suitable browser. The phantom wallet is a very user-friendly and digital web wallet for the Solana blockchain.

Phantom Wallet
Phantom Wallet

How to get started with the Phantom wallet?

  • Download Phantom: The first step is downloading the Phantom wallet application and choosing the browser type. Add up the Phantom application to your browser and install the application. 
  • Create a wallet: Now, click on the “create new wallet” option given on your screen. 
  • Create backup: Your screen will display a secret recovery phrase that would help you recover your wallet. Make sure you store this recovery phrase somewhere safe and protected. 
  • Look for the Phantom icon: For chrome users, search for the phantom icon at the right-hand side of your browser. After finding it, pin it and start trading. 

Phantom wallet Features

  • Secured Token swaps: Phantom wallet provides a build-in DEX to ensure that the token exchanges are done safely at the best possible pricing. 
  • Non-custodial: With the Phantom wallet, you get access to all the data and funds. 
  • Support from Ledger: The trendy hardware wallet- Ledger also supports Phantom and ensures additional security. 
  • NFTs and Collectibles: Phantom, makes sure that your NFTs look good in place. 
  • Web3 Support: You can explore a wide range of blockchain applications built on Solana.  
  • SOL Staking: With the Phantom wallet, you can easily stake inside your wallet and earn rewards. 

Prokey Pricing

The phantom wallet is free to use as it comes as a Chrome extension!

Pros & Cons

ProsCons
Multi-crypto wallet.Third-party interface.
Fast transactions.Risk of personal protection.
East to use.

Best Solana Wallets: Conclusion

Numerous wallets support Solana (SOL) and offer excellent services at hand. Hardware, software, and dozens of mobile wallets are available to make Solana trading pretty handy for the users. However, our suggestion would choose to a Hardware wallet such as Ledger or Prokey, as they provide complete control of your assets rather than a third party wallet. Further, if you don’t have the necessary funds to own a hardware wallet, then you can go with the Trust Wallet.

Frequently Asked Questions

How to buy Solana?

Ensure you have a verified online account that supports Solana and buy a wallet afterwards to store your assets. Now, purchase Solana on any suitable platform like Binance with the use of Bitcoin or USDT. 

Does Solana have a wallet? 

Solana supports numerous wallets from all categories and even from third parties sources. Therefore, you can check out and select the most suitable wallet for safekeeping your Solana assets. 

Is Solana worth buying? 

Solana is widely famous among crypto users and has achieved greater relevance than other tokens like Dogecoin. Moreover, with Solana, you get to earn significant profits and rewards.

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Pratyusha Srivastava
I am a law student. My interests are in technical, legal, news and business writing. Writing has always been my passion and I write to connect purely with the audience and build a strong relationship with them.

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