Last Updated on July 23, 2022
The Solana token, SOL, has been rapidly increasing in popularity recently. With everything that the Solana project has to offer, it shouldn’t come as much of a surprise that there are many investors interested in taking advantage of what this cryptocurrency (and the network it’s supporting) has to offer.
Anyone who’s looking for relatively new crypto to invest in should certainly consider the potential that a coin like Solana has to offer – but not all wallets support this particular token. If you’re hoping to find the best crypto wallets for SOL storage, don’t worry, as we have all the information you need on some of the best picks on the market.
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69.17% of retail investor accounts lose money when trading CFDs from this provider
Are you searching for a platform that has a range of cryptocurrencies including Solana, as well as low fees and much more? If so, Capital.com is a crypto exchange that you simply can’t ignore. It’s become one of the most popular options for many Solana traders, experienced and beginner alike.
If you take a closer look into everything that this particular platform can do for you, you’ll find that there’s so much to enjoy. Here’s a quick glance into some of the many pros of trading with Capital.com:
While this is far from everything that you can expect from this site, this should give you an idea of why Capital.com has become such a widely used platform within the crypto community.
*all trading involves risk
eToro is one of the most popular trading platforms on the market, supporting the transactions of cryptocurrency, stocks and more. While all this is great, one of the key things we want to mention is the fact that eToro has its own wallet, too. This separate application could be the perfect place to store your Solana coins; especially if you’re planning on using the eToro exchange for your trading needs.
Several advantages come with using the eToro wallet. For one, it’s secure, meaning that you won’t have to worry too much about the safety of your digital assets.
Of course, there’s also the fact that it’s extremely convenient for anybody using the eToro exchange, which on its own is an excellent all-round trading platform. With its host features, low fees and simplicity, it’s generally a great choice for beginner and experienced traders alike.
Developed by Solana Labs themselves, Solflare was the original Solana wallet, designed specifically to cater to their tokens and work within the Solana ecosystem as a whole. There are many benefits that come with using Solflare; from the many platforms that it supports, to the fact that the browser extension helps to make your life as a trader more convenient.
Other things have helped to make Solflare a more appealing choice too, like the fact that it’s easy to swap tokens of many kinds, the ability to connect to Ledger wallets for added safety and much more.
Generally, with a range of quality-of-life features, it’s not hard to see why Solflare is one of the most notable choices for anyone looking to invest in SOL.
If you’re in the market for a good hot wallet for Solana, you’ll often find that Solflare and Phantom are closely tied, being two of the most prominent SOL wallets in the niche. While similar to Solflare in many ways, there are a few things that Phantom does that may be worth taking into consideration.
For one, Phantom is a native Solana wallet, it works on all the well-known browsers and offers its users simplicity without sacrificing quality or functionality. In fact, many users will find that it’s similar to Solflare in many ways in how it functions.
Despite their similarities, there are still a few things that separate them – and with everything taken into consideration, Solflare is often seen as the better option for a range of users. This is worth keeping in mind if you want to pick the Phantom wallet for your unique needs.
Last but not least from the projects from the Solana ecosystem is Sollet – a simple, open-source option created to make DeX simpler. Its integration with Serum is one of its biggest advantages, but several other aspects have helped Sollet to gain notoriety in the community.
Aside from security and convenience, it’s also able to hold ERC20 tokens, which isn’t something that you’ll find available on either Solflare or Phantom. This may be worth taking into consideration if you think you may want to invest in these assets later on.
While not usually the best option for those who are just starting out, those who are more experienced in the world of crypto are likely to find that Sollet is a good choice.
While a third-party option, there’s a lot that has helped to make the Atomic wallet a great choice for anyone hoping to start investing in Solana. Sharing many features of native wallets like Solflare and Phantom (like being able to choose a validator and stake your coins, for example), it certainly holds its own in the wider crypto community.
Out of all the third-party options for SOL storage, Atomic is cementing its place as being one of the best options for several reasons; from the broad range of digital coins that are supported (including Solana, of course), to the fact that you can easily stake your SOL coins. Features like this, alongside many other factors, have certainly helped Atomic to become as popular as it is today.
Another great third-party wallet we’d like to mention is the Exodus wallet. Generally, Exodus is known for its simplicity and security, and is commonly used by investors of a wide variety of coins (including the better-known ones like Bitcoin and Ether, as well as upcoming tokens like Solana). Because of this, you’ll generally find Exodus to be a great choice, regardless of what assets you’re planning to invest in.
You can even trade your tokens too, thanks to the partnership Exodus has with the Shapeshift exchange. There’s also the ability to link it to your Trezor or Ledger device (two excellent hardware wallet brands), which makes safe storage more accessible. Essentially, Exodus can act as the perfect in-between for trading and safe storage, and this is a feature not to be overlooked.
Out of all the hardware wallets that are available to Solana investors, there’s no doubt that the Ledger Nano X is one of the best. From offering more security than the software wallets mentioned on this list so far, to the fact that it’s fairly priced compared to some of the other options on the market; the Nano X cold wallet certainly has a lot going for it.
For the most part, if you’re interested in safety, you can rely on a Ledger hardware wallet to keep your tokens secure. Thanks to its excellent encryption, 24-word seed phrase and more, you can relax knowing that your coins aren’t going anywhere without your knowledge. You can even use the Ledger Live app to make your experience investing even simpler, which only helps to ensure that you get the most out of your endeavours.
Finally, we have Trezor – a brand that’s in close competition with Ledger for the number one spot in the market for hardware wallets. These two companies have a lot in common with each other, but there are a few things that differentiate them.
Factors like a larger touchscreen give Trezor an edge over the competition, but both have their pros and cons and ultimately, the choice between Ledger and Trezor will come down to personal preference. One thing that’s undeniable regardless of competition is that Trezor is a great hardware wallet overall, being incredibly secure, facilitating more than 1,000 coins and much more.
You’ll find that any of the 8 wallets above will be a great choice for storing Solana tokens. Even so, you may be wondering which one of the tools in this selection will be the most useful for your needs. Unfortunately, it’s not easy to pick one above the rest, due to the varying factors that come into play for investors. For example, beginners may find eToro to have the best array of features, while more experienced crypto enthusiasts may be more interested in a dedicated option like Sollet.
Because of this, the best thing to do is consider what it is that you need from a crypto wallet and choose one based on your preferences.
With several options available to those interested in SOL, it can often be quite a challenge to choose. Fortunately, there are generally a few questions that you can ask when trying to pick out the ideal wallet for your needs, such as:
If you consider these few things while searching for a wallet, you’re likely to have a better chance of picking the right one for your needs.
On certain platforms, such as the Solflare, Atomic and Phantom wallets, you’ll be able to stake your digital coins. But what exactly does this entail?
If you plan on purchasing a larger amount of Solana and storing it as a long-term investment, staking can be a great way to boost your earnings. Essentially, staking allows you to earn interest on your tokens, so that you start gaining a little extra passive income off your SOL coins before it’s time to sell. All in all, it’s an excellent opportunity for those who are more interested in the buying and holding strategy, but not applicable to those who would prefer to stick with day trading.
With the 8 Solana wallets mentioned above, we’re certain that you’ll enjoy a good trading experience regardless of which one you choose. Each has its own pros and cons and factors that may be better suited to some traders rather than others (for example, things like simplicity versus advanced capabilities, iOS versus Android compatibility and so on), so it is still best to take the time to look into each of them to ensure that you’re choosing the right one for your needs.
While many consider Solana to be the better option, some may not agree. However, one factor that can’t be ignored is the things that SOL does better than Ethereum. For example, Solana is able to process many more transactions, as many as 50,000 per second in fact, which is considerably more than Ethereum can (with a limit of 15-30 per second). Solana also has lower transaction fees, which is another way that this network can be perceived as better than Ethereum.
Yes, the Solana network uses a proof of stake consensus mechanism, which is simply how the network validates new transactions in the database, as well as how it keeps the blockchain secure. In most cases, proof of stake is considered to be a less risky alternative to proof of work, which was the original consensus mechanism for adding new blocks in the cryptoverse.
The world of crypto investments isn’t usually a guaranteed place to earn cash. These digital assets are well known for their volatility and this is something that you’ll need to be wary of regardless of which currency you want to invest in. Unlike many of the other cryptocurrencies on the market, SOL has the potential to do great things, thanks to everything that the Solana network aims to do moving forward – and this does help to make this particular project seem worthwhile.