Phantom began life as the slick, Solana-native browser wallet and quickly became a core entry point to NFTs, DeFi and on-chain apps. Today it’s a full-blown multichain wallet that supports Solana, Ethereum, Bitcoin, Polygon, Base, Sui and more — with built-in swaps, NFTs gallery, staking, fiat on-ramps and (recently) perp trading integrations. This review walks through what Phantom does, who it’s for, real user feedback, security posture, ecosystem integrations, and how it stacks up against alternatives. I’ll cite growth metrics, audits and product milestones, flag open risks, and give a final recommendation so you can decide whether Phantom should be your primary Web3 wallet.
Table Of Content
Quick verdict
Rating: ⭐️⭐️⭐️⭐☆ (4.2/5)
Why we like it
- Exceptionally polished UX for NFTs and token management; great onboarding for new users.
- Multichain support plus unified asset view — manage SOL, ETH, BTC and more inside one wallet.
- Large user base and serious investor backing (15M MAU; $150M Series C at a $3B valuation).
What to watch
- As a hot (software) wallet, Phantom requires careful key management; pairing with Ledger is highly recommended.
- Phantom applies in-wallet swap fees (e.g., ~0.85% on swaps) and routing that can be pricier than standalone aggregators — check rates before swapping.
- Rapid product expansion creates occasional UX regressions and support friction; incidents and at least one legal complaint in 2025 underline the need for cautious onboarding.
Key features & specifications
- Type: Non-custodial browser extension + mobile app (iOS & Android) with desktop experience.
- Chains Supported: Solana (native), Ethereum, Polygon, Bitcoin, Base, Sui and ongoing expansions. Unified view of assets across chains.
- Core tools: In-wallet token swaps (aggregated routing), staking for SOL, NFT gallery with metadata, fiat on-ramps via MoonPay/Coinbase Pay, transaction previews and phishing protections.
- New/Advanced: On-wallet perpetual futures (Perps) integrations (e.g., Hyperliquid), allowing leveraged strategies without leaving Phantom.
- Security: Regular audits (Kudelski Security), $50k bug bounty, open blocklist, transaction preview UI, and hardware wallet (Ledger) support. Note: some audits have flagged issues historically — check current disclosures.
- Fees: Phantom charges swap fees (reported ~0.85% default routing), network gas fees apply. Fiat on-ramps and perps integrations may have separate fee schedules.
Real-world use cases & benefits
- NFT collectors and marketplaces — Phantom’s NFT gallery and metadata support make browsing, sending and listing NFTs intuitive. Great for creators and traders.
- Cross-chain DeFi users — One wallet to view SOL, ETH and Polygon positions; in-wallet swaps reduce friction when moving between ecosystems.
- Stakers & yield chasers — Stake SOL directly; liquid staking options let you keep capital productive while still participating in staking.
- On-chain traders — Perp access (Hyperliquid) and fast UX let active traders take advantage of on-chain derivatives without leaving the wallet. (High risk — understand margin and liquidation rules.)
User testimonials & social proof
Phantom publicly reports rapid growth and scale: ~15 million monthly active users, billions in swap volume and tens of billions in self-custodied assets — metrics highlighted during its Series C. Independent outlets and users praise the polished UX and NFT tooling, while community threads debate swap fee competitiveness and occasional support issues. Always verify live metrics on Phantom’s site or investor updates before relying on numbers for decisions.
“We built Phantom to make crypto feel like an everyday product,” — Phantom team commentary on product goal (company blog).
Expert insights & industry commentary
Security and audits are taken seriously: Phantom runs external audits and a sizable bug bounty, but audits are snapshots — a security issue was raised in litigation documents in 2025 and subject to follow-up. Experts recommend pairing Phantom with a hardware wallet (Ledger) for substantial holdings and to enable blind-signing where required. Phantom’s Series C and investor roster (Sequoia, Paradigm, a16z/Variant involvement reported) demonstrate strong VC confidence in its consumer finance ambitions.
Comparison with top alternatives
| Wallet | Strength | Best for |
|---|---|---|
| Phantom | Polished UX, multichain NFT tools, Perps integrations | NFT collectors, multichain users, Solana-first audiences |
| MetaMask | Largest EVM ecosystem, developer tooling | Ethereum native DeFi users & dApp developers |
| Ledger + Companion apps | Maximum key security, hardware custody | Users holding large balances long-term |
| Solflare / Slope | Deep Solana tooling & validators | Power Solana users needing validator features |
Pricing & value analysis
- App cost: Phantom is free to use to manage wallets and connect dApps.
- Swap fees: Phantom routes swaps and applies a platform fee (commonly reported around 0.85% for standard swaps, 1.5% on some gasless routing) — compare with third-party aggregators for large trades.
- Perps & fiat rails: Fees and spreads vary by provider (Hyperliquid perps, MoonPay/Coinbase Pay on-ramp). Review fees when executing trades or buying with fiat.
Value: Phantom’s UX, security posture and ecosystem integrations provide high utility for collectors and active on-chain users. If you trade large volumes, compare swap routing and perps fees to ensure you’re not paying unnecessary spreads.
Who should (and shouldn’t) use Phantom
Should use it if you:
- Want a beginner-friendly but powerful wallet for NFTs, swaps and multichain assets.
- Prefer non-custodial control with hardware wallet support.
- Are exploring on-chain perps and want integrated tools.
Shouldn’t use it if you:
- Need regulated custodial protections and fiat insurance (use a regulated exchange for that).
- Are uncomfortable managing seed phrases or hardware wallets.
- Require ultra-low swap fees for very large trades (consider dedicated DEX aggregators or CEXs).
FAQs
Is Phantom safe?
Phantom is non-custodial and employs audits (Kudelski), a public phishing blocklist, bug bounties and hardware wallet support — but hot wallets always carry operational risk and require careful key management.
Does Phantom support Ethereum and Bitcoin?
Yes — Phantom expanded from Solana to support Ethereum, Bitcoin, Polygon, Base, Sui and other networks as part of its multichain strategy. Check the app for the latest network list.
How does Phantom make money?
Main revenue comes from in-wallet swap fees and commissions on partner rails (fiat on-ramps, perps integrations). Fee schedules are displayed at swap time.
Final verdict & next steps
Phantom remains one of the most user-friendly and actively developed wallets in 2025 — now a true multichain hub that balances consumer UX with advanced features like perps and staking. Its rapid growth and strong VC backing (Series C, $150M) are solid signals, but the expansion also brings higher operational complexity and occasional incidents. If you choose Phantom, start small, enable Ledger for high-value holdings, read fee disclosures before swapping, and keep your recovery phrase offline.
