Phantom wallet review: a Solana app that grew to nine networks

Who is behind Phantom

Phantom is made by Phantom Technologies, Inc., a US company whose terms are governed by Californian law. Most people know it as a Solana wallet, and Solana is still the first network in its list. The company says more than 20 million people use Phantom; that figure is its own and has not been audited by anyone else.

Phantom's terms state that it is not a custodian of your wallet or of the assets in it. That keeps the wallet outside MiCA, which regulates firms that hold crypto for clients. For you it means there is no licensed provider in the middle: backups, addresses and recovery are your job.

Networks Phantom supports, and the ones it dropped

On 13 October 2026 Phantom listed nine networks: Solana, Ethereum, Base, Polygon, BNB Chain, HyperEVM, Robinhood Chain, Arc and Bitcoin, using native SegWit and Taproot addresses. BNB Chain is the newest, added on 1 October 2026. Arbitrum, Optimism, Avalanche, Unichain and Linea are named as unsupported, as is every network not on the list.

The list also shrinks. Monad support ended on 26 August 2026 and Sui support on 24 September 2026. Assets on those chains stay where they are, but you need another wallet that accepts your recovery phrase to see or move them.

Among the coins with their own page here, Phantom can hold these: bitcoin, ether, SOL, BNB, HYPE on HyperEVM, and four tokens that live on Ethereum: SHIB, LINK, PEPE and UNI. XRP, Cardano, dogecoin, litecoin, Polkadot, AVAX, Sui, TRX, Stellar, NEAR, Bitcoin Cash and HBAR are outside its reach.

Fees for swaps and for buying with euros

The app is free and sending only costs the network fee. Phantom adds 0.85% to most swaps; for a cross-chain swap the bridge provider's fee is folded into the rate you are quoted. Swapping supported stablecoins into your Cash balance carries no Phantom fee.

Buying works through that Cash balance rather than straight into a coin. You first top it up with CASH, a stablecoin pegged to the US dollar; in the EU this runs through the payment company Stripe after a one-off identity check. Phantom lists 1.75% for a debit card and 3.50% for a credit card. With Cash you then buy SOL or ether, and bitcoin only via SOL, so a euro purchase can involve two currency steps and two sets of costs.

Within the EU, anyone selling you crypto needs MiCA authorisation, which ESMA's register lets you check. Our comparer covers a different path: buying on MiCA-licensed exchanges and withdrawing to Phantom yourself. How we compare has the details.

Security model and track record

A wallet set up with a recovery phrase keeps its keys on your phone or computer. A wallet created with a Google or Apple login is being moved to Phantom KMS, which according to Phantom keeps the keys in secure enclaves rather than on your device; access then depends on that Google or Apple account.

The wallet's code is closed, so outsiders cannot inspect what the app does or confirm that the store version matches any reviewed code. We found no officially reported security breach of the Phantom wallet itself up to 13 October 2026. Phantom support has no phone number, public email address or Discord server, and never asks for a recovery phrase, private key or PIN.

Sending crypto from an EU exchange to Phantom

In Phantom, tap Receive, pick the network first and copy the address shown for it. One Ethereum address also covers Base, Polygon and BNB Chain. If an exchange offers ether over Arbitrum or Optimism, Phantom will not display it, because it does not support those networks; Phantom's help centre explains how to retrieve such tokens by exporting the account key into another EVM wallet.

For withdrawals above €1,000, EU exchanges must check that a self-hosted address is yours. Bitpanda lists Phantom among wallets for its WalletConnect check, but Phantom's own documentation does not describe WalletConnect, and Kraken's signature check names only EVM wallets such as MetaMask and Trust Wallet. When signing is not possible, exchanges offer other routes, such as a screenshot or a small test transfer.

Things that trip up Phantom users

• Disappearing networks. Read in-app notices: when Phantom drops a chain, coins on it have to be managed in another wallet.
• Connected apps. Anything you connect can request message and transaction signatures. Phantom lets you revoke that permission for all connected apps at once.
• Recovery scams. Phantom warns about people who promise to recover lost funds if you send crypto upfront; they are scammers.

Holding XRP, Cardano or dogecoin as well means using a second wallet. Our crypto wallets overview shows which of the five can hold which coins.