How to Install Phantom Wallet
Step by Step Guide
What Is Phantom?
Phantom is a non-custodial digital wallet used to interact with the Solana blockchain. A non-custodial wallet is different from a wallet hosted on a cryptocurrency exchange. When you keep crypto on an exchange, the types of activities you can do are limited to investing because you don’t hold the private keys.
A private key is a cryptographic secret, typically in the form of a 256-bit number. Anyone who holds the private key has true ownership and control of the assets. Having a non-custodial wallet gives you control of your private key and the freedom to explore the decentralized web. With a non-custodial wallet, you’re the only one responsible for keeping your funds safe.
Phantom is available as a browser extension and android/iOS mobile app. It is available in 11 languages. Once you download and install the wallet, you can buy, sell, send, swap, and store Solana tokens. Phantom also offers a beautiful way to view all your Solana NFTs directly in your wallet.
Download the extension
To download the Phantom wallet extension, you need to go to the Phantom website or can directly go to the Google Chrome extension store or Firefox extension.
Click on the Add to Chrome/ Add to Firefox button whether you are in the Phantom website or Chrome extension store/ Firefox extension store.
Click on Phantom Wallet extension
Now you’ve successfully added the Phantom Wallet Extension to your browser.
On the successful installation, the Phantom wallet window will automatically open in the new tab. If not, you can click the puzzle icon on the top right of your browser and click on the Phantom Wallet.
Click on Create New Wallet
After clicking the Phantom Wallet, you could see two options:
- Create New Wallet
- I already have a wallet
Since you are a new user, click on Create New Wallet
Create a password for your wallet
The next step will be creating a password for your Phantom Wallet.
You can type your password in the Password field and Confirm Password. Ensure to set a solid password with combinations of numbers, alphabets, and special characters.
Storing Secret Recovery Phrase
After clicking the Create New Wallet, you could see the Secret Recovery Phrase as known as Mnemonic.
Kindly note it somewhere private. You could only recover your account via Secret Phrase. There is no other alternative to this. If you lost your Recovery Phrase, you lost everything.
You can copy the code by clicking the Copy button underneath the Secret Recovery Phrase.
You can store your Secret Recovery Phrase in a hardware wallet, a mobile wallet, or a desktop wallet. Otherwise, you can write it down on a piece of paper and keep it somewhere private.
Once you note down your Secret Recovery Phrase, click Continue. Then click continue and finish.
On the successful completion of all steps mentioned here, you could see the message below. Click Finish.
It indicates that you’ve successfully installed the Phantom Wallet Extension and created a Phantom Wallet account.
Navigating Your Phantom Wallet
A wallet address, just like a home address, is a direction that leads directly to your cryptocurrency wallet. Each cryptocurrency wallet is assigned an address, which people can then use to receive funds.
- Your public address is located at the top bar of your wallet. Clicking on the wallet name copies the address to your clipboard. Your address is used to send and receive cryptocurrencies and NFTs.
- The assets tab, which is the first screen that pops up when you open your Phantom wallet, is where you can manage your Solana tokens.
- The collectibles tab is where you can view and receive Solana NFTs.
- The swap tab is where you can exchange SOL for another cryptocurrency.
- and 6.The settings tab is where you can rename your wallet and configure your preferences. You can change your password, remove your wallet, or view your secret recovery phrase here.