Have you ever heard of Phantom wallet? It is a famous Solana wallet that is used by a lot of people. Phantom is regarded as one of the best Solana wallets. It is easy to navigate and safe. It stores your personal keys on your computer and not on a server. It implies that you are the sole user of your funds. It is still risky to have all your crypto in one place.
Crypto is fun, yet it may also be frightening. Crypto users have lost billions of dollars to scams and hacks. In 2023, according to the FBI, the sum of money lost to crypto fraud was 5.6 billion. And at the beginning of 2025, more than 2.17 billion dollars had been stolen in crypto services. These are the headlines that demonstrate the importance of crypto wallet security. We are all interested in ensuring that we lock up our digital property and keep our money safe against fraud.
Even more wallets on Phantom will help keep your crypto safer.
Risks of Keeping All Crypto in One Wallet
It is as good as putting all your crypto into one wallet, leaving all your money in a single piggy bank. In case that piggy bank is destroyed or stolen, you lose all. The same can be said about a crypto wallet. To take but one example, a hacker might steal your seed words and empty that wallet.
In addition, all the blockchain transactions are transparent. When you have a single wallet to do everything, someone can view all balances and the activity. Tracking your wallet becomes easy by carrying all your coins using one wallet. Users (and trackers) are able to track your address and view your balances and expenditures. That can make you a target.
Carrying several wallets is a way of separating money. As an example, you may be spending with one wallet every day. Store it in another one, it is long-term. This complicates matters as far as other people tracking all your coins is concerned. This is why many users are turning to more advanced, ledger-based systems, like those explained in our guide on how Ripple Oracle bank ledgers are changing finance, to improve both security and privacy.
Phantom Wallet Multi-Account Feature
The better news is that Phantom can today manage many wallets in a single application. Previously, Phantom used to have a single seed phrase secret recovery phrase. Today, Phantom has a multichain wallet that accommodates several accounts to as many as 100 wallets. This implies that you are free to open multiple wallet accounts within the same application.
As an example, you can export a wallet from MetaMask to Phantom. Then you may make another wallet having a new recovery phrase. Since you have all your wallets in Phantom. You don’t need separate apps. It is similar to possessing several insurance boxes at a bank. All the boxes are lockable and keyable, yet you are able to control all of them.
How to Create Multiple Wallets in Phantom
As an illustration, the following are the steps of adding a new wallet in Phantom (quick Phantom wallet tutorial):
- Open Phantom and go to settings and then Manage Accounts.
- Click Add / Connect Account.
- To import an already created wallet, select Import Secret Recovery Phrase and enter the seed phrase that consists of 12 or 24 words.
- In order to generate a new wallet, click Create New Account and provide a name and select a seed phrase.
- Click Create or Import and your new wallet account will be found in Phantom.
Benefits of Multiple Wallets for Safety
Being a little paranoid, you can use several wallets in Phantom and have additional security and privacy. Here are some key benefits:
- Wallet Separation for Security: One wallet can hold the long-term funds, and the other one can contain the spending funds. In case one wallet is hacked, the other remains secure. This is according to the golden rule, which is never to have all the assets in a single location.
- Protect Funds from Hacks: Diversification of your crypto in wallets forms a moving target for an attacker. When hackers just steal one wallet, they will not take the rest. An infraction in one instance is much less devastating.
- Manage Crypto Safely: It is possible to arrange wallets based on purpose or chain. As an example, buy a wallet with Solana DeFi and a wallet with NFTs. Phantom is a Solana browser and also supports other chains, so you can easily control all of them. Individual wallets and clearly labeled items enable you to keep track of what you spend and have without any confusion.
- Avoid Wallet Tracking: Every wallet has an individual address, and it is not so easy to connect all that you have. When one person views the transactions of a wallet, he/she will not automatically know what is contained in your other wallet. This is to prevent wallet tracking. According to one of such guides, the fact that you use multiple wallets implies that people cannot see your complete transaction history under the same address.
- Backup and Redundancy: When you have lost one wallet, you can still access your other wallets. It is necessary to always put down the wallet recovery phrases on paper and store them in a safe place. And you can replace that wallet in case of necessity and not lose all.
- Peace of Mind: Lastly, the second reason is that people feel much safer knowing that their crypto is not in one place. You will not panic when one wallet runs out, as your other wallets are still holding the size of your fortune.
Tips to Secure Your Phantom Wallets
You should have good security habits even though you have more than one wallet. Here are some practical tips:
- Protect Your Seed Phrases: You should keep your recovery phrase secret. Make a list of them and store them somewhere.
- Enable Phantom’s Security Features: Auto-lock is on in Phantom. Analyze the information of each transaction and then approve. Phantom displays what is being sent out and to whom.
- Use Hardware Wallets: Have a hardware such as Ledger or Tangem, to Phantom your primary money. Hardware wallets store keys offline and therefore even when you are tempted to follow a malicious link, your money remains safe.
- Verify Links: It is always important to check to ensure that you are on the actual site or DApp. Bookmark trusted sites. Do not put your seed words in any place. One of them cautions against giving your keys to anybody.
- Stay Updated: Phantom needs to be upgraded. Security holes and bugs are fixed through updates. Another thing to keep your eye on is the Phantom team.
- Use 2FA on Exchanges: In case you use exchanges, use two-factor authentication. It will not guard your Phantom wallet per se. Even then, it makes your entire crypto safe.
With the help of these practices and keeping your eyes open, you will be able to navigate through crypto and not become a victim of some pitfalls.
Conclusion: Secure Your Digital Assets
The key to being safe in crypto is the number of layers. Phantom is a great wallet. It fastens your keys to your computer. There are several wallets in Phantom that will increase the number of levels of security. You separate your coins. Hackers can do this with a great deal of difficulty.
This is not care, it is about fear. We value our crypto. There can be one wallet that is used to spend money and another for savings. When one scammer enters one wallet, the other wallets are safe.
Concisely, divide your crypto into various Phantom accounts. Support them properly and observe proper security practices. The safe way of crypto. You guard your finances against hacking and phishing. These are the steps that will allow you to do DeFi and NFTs on Solana. You get more peace of mind. Do not make a secret of your private keys. Several Phantom wallets will assist in keeping your electronic resources safe.
