phantom wallet secure

We recently wrote an article about the Phantom Wallet. So, this piece will be a continuation of where we stopped. Crypto wallets play a vital role in the community. They help you store, manage, and send cryptocurrencies.

However, not all wallets have similar levels of security. And some are more prone to attacks than the others. Let’s find out more details about the Phantom Wallet.

Is Phantom Wallet Secure?

Phantom is a secure browser wallet. Phantom’s code was independently audited by Kudelski Security, a high-ranking software auditing firm. Additionally, being a self-custodial wallet, Phantom provides encrypted keys stored on a user’s device, giving them full control of their assets.

Phantom provides an extra layer of protection, preventing users from actions that could risk their funds.

Since Phantom is non-custodial, users have the bulk of the responsibility to ensure the security of their wallets. When creating a new wallet, users are required to write down their secret recovery phrase, which consists of 12 words. These words are important. They are needed to restore access to the wallet. Unfortunately, losing your recovery phrase means losing your wallet.

Additionally, anyone who discovers the phrase will have access to your cryptocurrency holdings. You must document them accurately, in the proper order, and keep them securely, away from possible risk.

Can Phantom Wallet Hold ETH?

Phantom is tailored for Solana and Ethereum. Phantom makes it easy to conduct DeFi transactions safely. The wallet, however, only accepts the SOL version of ETH and not the ERC-20, as popularly seen on other sites. So you can send ETH to Phantom, however, via the SOL network.

What Coins Does Phantom Wallet Support?

Phantom offers support for all the cryptocurrencies on Solana, some of which include:

  •  USDT
  • USDC
  • Serum
  • Raydium
  • Solana
Phantom Wallet Fees

Solana transactions demand that you pay transaction fees, sometimes known as gas fees, for any transactions made on the network. It requires you to pay such fees in SOL, similar to how Binance uses BNB and Ethereum uses ETH.

So, you should always keep a reasonable number of SOL tokens in your wallet to cover any transaction costs associated with sending, swapping, staking, etc.

At the time of this writing, SOL trades at $14.77, with a 24-hour trading volume of $991,010,253.

⬆️For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.

⬆️ Check out our most up-to-date research, NFT and Metaverse buy, and how to protect your portfolio in this market by checking out our Altcoin Buzz Access group. And for a limited time, it’s FREE. Just click the link and try it today.



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.