Once you have bought your Solana (SOL) coins, you will need a secure and reliable crypto wallet to store them.
This article will list down all the BEST Solana wallets you can use now. It covers hardware wallets, software wallets, and exchanges wallets for you to choose from.
What is the best Solana (SOL) wallet you can use to store your crypto?
Here are all the nine (9) Solana software & hardware wallets and crypto exchanges you can use to store your SOL.
Hardware Wallets for SOL
If you want the most secure cryptocurrency wallet, it has to be a hardware wallet. Designed to be extremely strong, physically and digitally encrypted, a reliable hardware wallet is suitable for long-term holding of your crypto assets.
The popular Trezor hardware wallet supports over 1800+ coins and tokens. However, their hardware wallet currently does not support Solana (SOL). Nevertheless, you can check the Trezor website for their latest supported coins.
Below are the two (2) hardware wallets that support Solana (SOL).
1. Ledger Nano
Considered one of the pioneers in making cryptocurrency hardware wallets, the Ledger wallet supports Solana right out of the box.
When using your Ledger Nano device, you can install Ledger Live, their platform of apps and services, and easily buy Solana (SOL) through any cryptocurrency exchange partners, e.g. Changelly and Coinify.
Ledger offers two (2) variants of their hardware wallet, the Ledger Nano S and the Ledger Nano X.
The notable difference between the two (2) Ledger wallets is their storage capacity. The Nano S can install and store up to three (3) different apps, while the Nano X can install and store up to 100 different apps at a time. Apps are needed for managing each crypto asset. Therefore if you want to store Bitcoin (BTC), you will need to install the Bitcoin app on your Nano wallet.
You can purchase either of the Ledger Nano devices at a price between USD 59 to USD 149 at their official website.
2. SafePal S1
Founded in 2018, SafePal currently manufactures one (1) hardware wallet called the SafePal S1. It supports over 10,000+ digital assets and constantly has a product updates cycle every 2-3 weeks.
Widely announced to be invested by Binance, the largest cryptocurrency exchange, the wallet has a complete offline air-gapped signing mechanism that prevents alteration and hacking. However, the wallet has no Bluetooth, WiFi, NFC and USB connection.
The company also offers a SafePal app that you can install on Android or iOS devices. The app allows you to buy crypto with a credit card, bank account and other payment methods. You can also swap and trade crypto assets easily in it.
You can purchase the SafePal S1 hardware wallet at a discounted price of USD 49.99 instead of the usual price of USD 69.99, which comes with a one (1) year warranty.
Software Wallets for SOL
Software crypto wallets are easy to install and work on most operating systems on desktop and mobile devices. These wallets are considered “hot” wallets as they need to be connected to the Internet to work.
Software wallets are convenient, and since they can be installed on mobile devices, users will find them easy to use, especially when we use them for making cryptocurrency payments and transfers.
3. Solflare
Solfare is a non-custodial wallet that you can store, send, stake and swap Solana (SOL) using its wallet. With all these features, it aims to be Solana’s all-in-one digital wallet solution.
A non-custodial wallet means that the user will control their own wallet private keys, and no one else can recover back the wallet for them if there are any technical issues. On the flip side, this also means that Solfare, or any other wallet provider, cannot gain secret access to your crypto funds.
Staking SOL using Solfare is very easy. First, you need to create a new staking account in Solfare in the wallet, input the amount of SOL you want to stake and choose a Solana validator.
You can use Solflare as a web wallet using your web browser or install it onto your mobile device. It supports both Android and iOS devices.
4. Trust Wallet
Highly regarded as one of the safest software wallets, Trust Wallet allows you to buy, store and swap different cryptocurrencies all in one place. The wallet supports over 50+ blockchains and thousands of coins and tokens.
It is a multi-coin wallet app that supports the main blockchains within the Ethereum ecosystem and works with any ERC20, BEP2 and ERC721 tokens while providing coverage as a Bitcoin Wallet. In addition, the wallet supports the Binance Smart Chain (BSC) network and supports the Solana (SOL) coin.
Trust Wallet is available on both Android and iOS mobile devices.
5. Exodus
Exodus is a sleek and minimalist-looking software wallet for desktop and mobile devices. It is also compatible with the Trezor hardware wallet.
Exodus supports over 155+ cryptocurrencies that allow you to store and send cryptos. In addition, the wallet dashboard offers live charts and portfolio displays based on your deposited assets. The wallet also has a built-in exchange that allows for easy purchase of cryptos.
Within the wallet platform, you can also stake your Solana (SOL) at a 5.72% APY interest rate using its Rewards feature. Besides Solana, staking is available for Algorand, Cosmos, Cardano, Tezos, Ontology and VeChain.
6. Atomic Wallet
Atomic wallet is a decentralized, secured, and anonymous wallet that can be installed on major operating systems, e.g. Windows, macOS, Linux, Android and iOS.
When you install the wallet, there is no need to provide any email accounts, ID verifications or undergo any KYC process.
Atomic wallet supports over 500+ coins, including Solana (SOL). When you store SOL in this wallet, it also allows you to stake SOL at a 7% APY interest rate, which is a pretty decent rate.
Exchanges for SOL
Though not the safest place to store your SOL, a cryptocurrency exchange offers a ready-made Solana wallet for you to use immediately. There is no need for updating and restoring the wallet as the exchange platform will take care of all these in the background.
In addition, crypto exchanges are suitable for those who want to buy and trade cryptos easily as they behave like marketplaces between buyers and sellers. Therefore, store your SOL in any of these reputable cryptocurrency exchanges listed below for maximum security and safekeeping reasons.
7. Binance
Binance is, by far, the largest cryptocurrency exchange out there. It has the most daily trading volume compared to other exchanges. It also offers the most number of trading pairs and supports the most number of coins & tokens.
Binance supports Solana (SOL), and at the time of this article, Binance is trading the most number of SOL on a daily volume basis compared to other exchanges.
8. Coinbase Exchange
Coinbase is the 2nd largest cryptocurrency exchange in the market at the time of this article. It also comes in second in terms of SOL daily trading volume.
Founded in 2012 and is essentially an American company, Coinbase has many local offices around the world, which gives its customers confidence in terms of customer and technical support. It is also a publicly listed company on Nasdaq since 2021.
Coinbase can be downloaded for both Android and iOS devices, as well as a Chrome browser extension.
9. FTX
Coming up next is FTX. Founded in 2019, it is already the 3rd largest crypto exchange in terms of the trading volume of all cryptos.
The exchange labelled itself as a crypto derivatives exchange. Besides the usual cryptocurrency trading, FTX offers derivatives, options, volatility products and leveraged tokens.
Summary
Choose the Ledger Nano wallet or SafePal S1 hardware wallet for hardware wallets.
Choose Solflare, Trust wallet, Exodus or Atomic wallet for software wallets.
For cryptocurrency exchanges, choose either Binance, Coinbase or FTX exchange.
