Best Solana Cryptocurrency Wallet

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Contributor, Benzinga
January 3, 2023

Solana is a Layer 1 blockchain that is designed to support scalable and decentralized applications. Compared to rival blockchains such as Ethereum, Solana can process far more transactions per second and has significantly lower transaction fees. Solana has struggled in the recent FTX calamity but it is still a major player in the Layer 1 battle.

Since its launch in 2019, Solana has increased dramatically in price, resulting in an increase in popularity and total Solana users. The following discussion reviews the best Solana wallets you can use today. 

Disclosure: eToro supports the following currencies: BTC, ADA, DASH, DOGE, EOS, ETH, LTC, NEO, XLM, XTZ, TRX, ZEC. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. T&Cs apply. *The bonus is available to Benzinga readers in the US for open states only. Served by eToro USA LLC.

Best Cryptocurrency Wallets for Solana

Crypto wallets allow users to receive, send and store their digital assets/currencies. Two types of wallets can be used to store cryptocurrencies: hardware wallets and software wallets. A hardware wallet is widely regarded as the most secure way to store crypto. Unlike software wallets, hardware wallets are disconnected from the internet and are not prone to cyber threats and other forms of remote hacking. Instead, hardware wallets keep your private keys offline so that your crypto is inaccessible to anyone but the holder of the private keys.

Software wallets are downloaded as applications or web extensions over phones and other devices connected to the internet. While software wallets fall short in terms of security, they offer superior convenience because they can be accessed quickly through a web extension or an app.

When choosing a the best Solana cryptocurrency wallet, the following features should be considered:

  • Security features: What features ensure security?
  • Price: How much does the cost compare with competing wallets?
  • Access: How do you actually access your crypto?
  • Ease of use: How easy is it to set up and use?
  • Supported cryptocurrencies: Are the coins and tokens you want to store supported?
  • Portability: How easy is it to carry around on a daily basis?

Best Software Wallets for Solana

Software wallets make using your cryptocurrency easy while providing better security than letting an exchange maintain custody of your digital assets. Take a look at some of the top Solana software wallets available right now.

Omni Wallet

Omni is an easy-to-use, highly functional, multi-chain Web3 wallet that has built-in staking functions. Users can display NFTs based on different blockchains and stake and collect tokens through more than 25 blockchains on its mobile application. Omni is backed by a suite of seasoned investors such as MEXC Ventures, Eden Block, Shima Capital, Spartan Group, GSR Ventures and Lattice Capital. 

As opposed to traditional Web3 wallets, Omni app is a one-stop shop that supports over 20 different wallets, enabling users to do everything from one single application. In three taps, users can earn up to 6.33% APR on SOL through staking and liquid staking. Similar to regular staking, liquid staking provides the benefit of liquidity – allowing users to use liquid-staked tokens like a regular token without the need for lock-up periods.

Best Hardware Wallet for Solana: Ledger Nano S

Hardware wallets are the gold standard for crypto storage. They consist of physical devices that store and generate keys without any connection to the Internet and, as such, fall into the classification of cold wallets. Since they’re offline, they offer an extra layer of security from phishing sites, malware and cyber-attacks. 

Ledger’s hardware wallets are some of the most trusted hardware wallets in the world. Users can choose from the Ledger Nano X wallet ($150) or the Ledger Nano S Plus wallet ($79). Ledger wallets support over 1,000+ cryptocurrencies including Solana, Ethereum and Bitcoin, among others.

Solflare

Phantom Wallet

Do You Need to Use a Solana Crypto Wallet?

Despite the extra security offered, crypto wallets are not always needed. This is particularly true for traders that only intend on speculatively holding crypto for a short period of time. Many crypto exchanges such as Crypto.com allow traders to hold their SOL within a wallet on the exchange, and some people leave it at that. 

Where to Earn Interest on Solana

Investors can earn passive income on their idle Solana. The method you choose will depend on your risk tolerance and platform of choice. Here are a few of the most lucrative ways to earn interest on Solana.

Crypto.com

Crypto.com is a popular U.S. cryptocurrency exchange that offers an extensive suite of tradable crypto assets and relatively low trading fees. Users can buy, sell, trade and earn interest on more than 250 cryptocurrencies including Solana with spot trading, futures and advanced order types. 

Investors can earn up to 2.4% APR on idle Solana with Crypto.com. The interest rates vary depending on the amount of Solana held, the length of the lock-up period and whether a user holds CRO (the native token of the Crypto.com exchange). 

Nexo

Nexo is a centralized crypto savings and lending platform that allows users to buy, earn interest and borrow a wide range of crypto assets. The platform serves 5+ million users in 200+ jurisdictions around the world. Nexo combines military-grade security with a seamless user experience. 

Nexo offers an extremely competitive interest rate of up to 8% for idle Solana. Similar to Crypto.com, the amount of SOL earned will depend on the lock-up period and how much NEXO (the native token of the platform) an investor holds.

Cryptocurrency Wallet Best Practices

Best practice of personal crypto wallets is becoming increasingly more important as the crypto market develops. In 2022, investors lost over $3 billion to hackers in over 125 hacks. Here are some steps you can take to further protect your crypto.

  • Don’t keep cryptocurrency on exchanges for longer than is absolutely necessary.
  • Avoid posting your 24-word recovery sheet online if you use a hardware wallet, and pick a pin code that is challenging to decipher.
  • Never publicly brag about your cryptocurrency assets using your real name or an identifying address.
  • Always assume that your devices can become compromised at any time and act with caution.
  • Keep an eye out for fraudulent websites when utilizing software wallets.
  • If possible, use two-factor authentication.

Are Cryptocurrency Wallets Worth It?

Overall, crypto wallets are essential for ensuring the safety of your crypto assets. Traders need them not just to store crypto securely but also to protect and validate transaction information. For more risk-averse investors, hardware wallets are a phenomenal choice – providing an extra layer of security from phishing sites, malware and cyber-attacks. 

If you plan on holding Solana for a sizable period of time, consider one of the Solana wallets mentioned above. While wallets may seem unnecessary, they are definitely worth the investment as they give you peace of mind that is not possible when relying on exchanges.

Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts
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