Phantom Review

Phantom scores 7.4 out of 10 in our wallet ratings, fourth of the six wallets we rate. It earns a clear custody statement, a published swap fee and solid Ledger support. It is held back by code that is not stated to be open source and by a network list that is useful but short.

How Phantom scores in wallets

Each wallet in this category is marked on five criteria, each from 0 to 10 with equal weight. This entry is based on desk research of Phantom's security page and help center. We did not test the wallet for this rating.

The overall score is the plain average: (9 + 3 + 7 + 10 + 8) / 5 = 37 / 5 = 7.4.

Two marks changed at this check, and the overall score rose from 6.0 to 7.4. The July 2026 entry relied on the homepage, which gave neither a fee nor a network list. Phantom's help center now documents both. Fee transparency rose from 4 to 10 because the swap article publishes a fixed 0.85% fee, the standard on which MetaMask and Rabby also score 10. Chain & asset coverage rose from 6 to 7 because the supported-networks article now lists nine networks across Solana, EVM chains and Bitcoin.

Strongest criteria

Fee transparency: 10

Phantom's swap article states a 0.85% fee on most swaps. It names the exceptions: perps deposits, and swaps of USDC, USDT, USDG or PYUSD into the Cash account. For cross-chain swaps it explains that the bridge provider's charge is added to the network fee, and shows that charge as a separate line when you swap from the Trade screen. On a $500 same-network swap, the Phantom fee is $4.25 before gas and price impact. Perps trading has its own published schedule. A clear fee is not a cheap one: Phantom's 0.85% is close to MetaMask's 0.875% and well above Rabby's 0.25%.

Custody & key control: 9

The security page says Phantom never has access to your funds. One nuance matters here. Wallets created by signing in with Google or Apple keep their keys in Phantom's key-management service rather than on the device, according to the help center, and the "show private key" option is not available for them, though the recovery phrase can still be exported. A wallet created with a recovery phrase keeps keys on your device. Our seed phrase guide covers backups.

Hardware wallet support: 8

Phantom supports Ledger devices: the Nano X, Stax and Flex over Bluetooth on mobile, and the Nano S, Nano S Plus, Stax and Flex by cable in the extension. It also supports the Seed Vault on Saga phones, which no longer receive updates from Solana Mobile. Trezor, Tangem and the Ledger Nano Gen5 are listed as unsupported. With one major brand, Phantom sits below Exodus (Ledger and Trezor, 9) and the wallets with long multi-brand lists (10).

Weakest criteria

Open source: 3, not stated

Phantom's security page mentions an open-source phishing blocklist and links to audit reports, but it does not say that the wallet itself is open source or name a licence. We score what is published. Under this category's rubric, a missing open-source statement is scored the same way as Exodus's was before it stated a position, so the mark stays at 3. It records that nothing was disclosed, not a finding about the code.

Chain & asset coverage: 7

Solana, five EVM networks plus HyperEVM, and Bitcoin give Phantom reach across three chain families. That is more than an EVM-only wallet but far fewer networks than Trust Wallet's 100-plus. Phantom also removed one: support for Sui ended on 24 September 2026, so Sui assets can no longer be viewed, sent or swapped in the app.

What the score does not cover

• Cash, the card and perps. The Cash account uses a stablecoin issued by a third party, and perps run on Hyperliquid. Both have country limits and risks that this rubric does not score.
• Audit quality. Phantom links audit reports, but the rubric does not assess them, and an audit is not insurance.
• Hands-on testing. No transactions were made for this rating.

Phantom vs MetaMask and Exodus

The rated wallets stand at Rabby Wallet 9.0, Sparrow Wallet 8.8, MetaMask 7.8, Phantom 7.4, Exodus 7.0 and Trust Wallet 6.4. MetaMask, 0.4 points ahead, ties Phantom on custody, open source and fee disclosure. It edges ahead on coverage (8 against 7) and on hardware support (9 against 8). Exodus, 0.4 behind, has broader coverage and Trezor support. Phantom passes it on fee disclosure (10 against 5), because Exodus publishes only a "from 0.5%" spread.

Who it suits

The score suits Solana users who also hold Ethereum, Base or Bitcoin and want the swap fee stated up front. It also suits people who already own a supported Ledger. It is a weaker fit for anyone who needs auditable open-source code, uses a Trezor, or relies on networks outside Phantom's nine. Phantom says it will never ask you to claim a reward or connect to an outside site; our guide to wallet phishing explains the common lures.