Do you wish to be called "dumb" because you left your crypto assets on the exchange from where you purchased them? Or do you want to be called "smart" because you took the safety of your crypto assets seriously? Well, keeping your crypto assets on your crypto exchange is a highly insensible decision and there's not one but many reasons why it is not recommended by crypto experts. When you keep these assets on the exchange, they are vulnerable to hacks. In the past, there have been cases of crypto exchanges being hacked. And when a crypto exchange gets hacked, you will eventually lose all the funds stored there. But, worry not!!! When you have a Phantom wallet by your side, you can have a good night's sleep and keep your crypto away from intruders for as long as you want.
I'm sure, now, you might be interested in knowing what a Phantom wallet is. Isn't it???
To put it short, we can say that Phantom is a decentralized wallet that belongs to the category of hot crypto wallets that are available in the software format. Alongside performing its basic operation i.e. to store your crypto assets, it also comes in handy in various other scenarios.
Want to know how? Check out the points below and take a look at the operations you can perform right after installing the Phantom extension or the app:
Store: This is the primary feature of the wallet as it allows you to store crypto assets belonging to various blockchains such as Ethereum, Solana, Polygon, etc.
Buy/ Sell/ Trade: After signing up with this wallet, you can also buy, sell, and trade crypto assets using its in-built features
Hardware wallet integration: If you have a huge amount of crypto assets that need additional security, you can surely connect your wallet with a hardware wallet
User-friendly interface: Beginner crypto traders always opt for a platform that is easy to use and this is what Phantom has to offer you. Both the Phantom extension as well as app are pretty easy to use
Being a crypto trader, you must have some queries in your mind like- when I have so many crypto wallets to choose from, then why should I go with this particular wallet? Don't worry!!! This section of the read has got you covered and will surely give you a clear justification of why this wallet stands out from the rest:
Solana staking: who doesn't like some extra earnings? Well, if you also have some SOL in your wallet, you can stake your holdings to earn some additional rewards.
Token swap: not all crypto wallets come with this exclusive feature that is present in a Phantom wallet. Hence, if you wish to swap your tokens easily, you must go with this wallet.
Self-custodial: this is yet another unique feature of this wallet because it makes you the sole controller of your crypto assets that you have stored in your wallet
Biometric authentication: the wallet uses top-notch technologies to provide the wallet users with the required safety and to enhance the security quotient, you can also enable the biometric authentication feature over it
Create up to 100 accounts: if you often get confused with your crypto funds, then using the "Add Account" feature within your wallet, you can easily segregate your funds into different wallets and name them accordingly
Well, the process is pretty straightforward.
All you need to do is download the Phantom extension on a supported browser or download its mobile application. After you've downloaded it, you can set up a new wallet on it by completing some easy steps. Otherwise, if you already have a wallet, you can import that particular wallet using its specific Secret Recovery Phrase.
Want a detailed explanation of the same? Check out the information furnished in the section to follow.