Phantom Wallet App is a cryptocurrency wallet that enables users to store, transfer and exchange over 30 cryptocurrencies. It’s designed in a way that works the same way as a physical wallet. The app allows users to make instant transactions and exchanges, pay for products and services without leaving the wallet app, buy and sell cryptocurrencies from the wallet app and conduct seamless cryptocurrency to cryptocurrency trading. It ensures that your transactions remain secure. The following are some of the interesting 20 things you didn’t know about Phantom:
20. Stores The Coins Offline
Phantom is a secure cold storage wallet that allows users to store coins offline. The coins are securely stowed away from hackers and malware until it’s time to be spent or traded. Phantom has built-in privacy protections that do not allow anyone to see your balance, transactions, or other personal information. To spend the coins in the wallet, users must first unlock it with their PIN code. After unlocking your wallet, tap on the ‘spend’ button on your phone to send out coins. You need to set the amount you want to send to your recipient before you click on the send button.
19. Supports 30 Cryptocurrencies
Phantom is a free and secure multi-currency wallet that supports over 30 cryptocurrencies and is designed to be simple and easy to use. The wallet works on any browser without the installation of an app on your device. It is simple and fast, and you can register or log in to the wallet with your email address. You can switch between the cryptocurrency that works for you best. For example, you can use Bitcoin to securely and instantly send or exchange cryptocurrency for fiat currency or other cryptocurrencies. You can also store, receive and send over 30 types of cryptocurrencies using the Phantom wallet.
18. The Wallet App Has Servers in More Than 70 Countries
Phantom is supported by the Phantom Secure network that includes servers in over 70 countries and world-class encrypted communication solutions. The Phantom Secure network uses a decentralized system to provide users with anonymity and privacy unlike centralized solutions from the big tech companies. This server ensures that the app is running and accessible 24/7 meaning you can do your transactions any time of the day or night. Also, the servers ensure the apps take less time to load and improve the security of your data.
17. It Has A Platform to Invest In Cryptocurrency
Phantom aims to provide the opportunity to its users for investing in cryptocurrency, trading and buying goods and services globally by partnering with companies like CoinPoint Group Inc. (a Digital Marketing Company), Cointelligence.com (ICO Evaluation Platform), and HEROKU (Crypto Exchange). It also aims to empower businesses from around the world with a payment solution that allows for instant, efficient and cost-effective transactions. Phantom was founded by one of the most experienced teams in blockchain and cryptocurrency. They have launched several successful projects that are active with thousands of daily users. The team has over 20 years of experience in the startup scene and creates innovative solutions to solve problems.
16. Wallet Recovery Feature
Phantom uses a decentralized and distributed password recovery protocol that uses distributed nodes on the blockchain to store passwords. This ensures that your wallet is safe from any malicious attack. The login system is decentralized and impossible to hack. You need to ensure you set a strong PIN code after the registration and keep it safe. This is to ensure that no one can access your wallet if they get a hold of your phone. Also, this ensures that no one can recover the password to your wallet or reset it because of their proximity.
15. No Download Necessary
Phantom is a web-based cryptocurrency wallet that does not require any download. It is a web app that works on any browser. All you need to access your coins is a password and the wallet address, which you will get after registering for the Phantom wallet. You can also quickly increase your wallet with crypto-to-crypto exchange with one click only. This app can be accessed from any secure browser, so you don’t need to download anything. This prevents you from storing your information on the app where one can access it without your knowledge or after you forgot to log in and leave the app running in the background.
14. Built-in Exchange Platform
Phantom has a built-in exchange platform that makes it easy to buy, sell and manage your cryptocurrency portfolio. You can trade Bitcoin or any other supported cryptocurrencies on the exchange. This means you don’t need to move your coins from one exchange to another. The Phantom’s built-in exchange is one of the most secure exchanges with top-notch security to protect your coins and the exchange itself. This ensures that your coins are always available and ready to be used without delays that may occur when transferring from one exchange to another.
13. All-Inclusive Solution
Phantom has all the best features that you can expect in a crypto wallet. It is secure, private, and anonymous. It is a decentralized wallet that does not rely on any third party. With the built-in exchange, you can easily change from one cryptocurrency to another. It has the best wallet recovery feature; you only need to remember your password and PIN code.
12. Built-In Wallet
Phantom has a wallet that can store nearly all the popular digital currencies in the market. You can store and sell all your coins in your wallet without any problem. The wallet only allows you to open it with a password, and this ensures there is no way anyone else can access your wallet and transfer the coins. This keeps your funds secure and safe from attackers.
11. Backup And Restore
Phantom allows you to backup your wallet if you lose access to your password. It uses a decentralized password recovery protocol that ensures you easily backup your wallet. Since the recovery protocol is decentralized, you are guaranteed to recover access to your coins after the restoration process. The process of restorations include several steps that guarantee you get access to your wallet and coins:
- You will be required to enter your email address
- An email will be sent to you with a unique password recovery link
- You will be required to enter the password recovery link and select the account you want to recover
- The wallet application will then generate a password for you and this password will be displayed to you. From here, you can decide to set your password that is easy to remember and easy to type.
10. User-Friendly Interface
Phantom has a user-friendly interface that makes it easy to use for both beginners and experienced cryptocurrency traders. It has an easy-to-use wallet that supports many coins. This enables you to buy, sell and trade more coins on the platform. The interface has simple and straightforward market charts that enable you to take important trading decisions.
9. Speed Of Transfers In Seconds
Phantom allows you to transfer funds in a matter of seconds. It uses blockchain technology to process transactions and this ensures that your funds are approved and processed within a few seconds. You do not have to wait for hours or days to transfer coins from one wallet to another. Once you click the send button, the recipient receives the coins instantly and can use them immediately. This is one of the most efficient exchanges in the market today.
8. Transaction Limits Set By Phantom
Phantom sets up transaction limits for users depending on the level of verification. For unverified accounts, you can only make transactions worth $500 per day. For verified accounts, you can make transactions worth $5000 per day. These limits are set to enable the user to only trade the amount they are comfortable with. For traders who are new to the market, it is advisable to operate within the limits. This will ensure that you do not lose your coins in the process of trading. Once you become an experienced trader, you can make transactions worth more than $5000 per day on Phantom.
7. Robust Trading Tools
Phantom provides a large number of trading tools that enable you to find the most profitable pair and trade. It has advanced market charts that enable you to make decisions based on the current trend of the market. In addition, it provides a large number of technical analysis tools that help you predict the market before making any transactions. You can even set reminders to notify you once the price of a particular coin reaches specific levels.
6. Low Fees
Phantom has low transaction fees compared to other cryptocurrency exchanges. It allows users to trade without worrying about a deposit, withdrawal, and other associated fees. Phantom has no hidden fees or charges. The app charges 0.85% for all transactions. This is much lower when compared to other exchanges in the market that charge up more than 5% for fiat or cryptocurrency deposits and withdrawals. You are free to know the amount of money you will be required to pay before initiating a transaction. This is a major concern for a lot of traders and ensures that you only pay for the services delivered.
5. Advanced Security System
Phantom has an advanced security system that protects users’ coins and wallets. It follows strict measures to ensure that your wallet and coins remain secure at all times. The system has a complex password encryption algorithm that ensures that all transactions remain secure. You do not have to worry about the safety of your coins when you are at Phantom. The encrypted password ensures that your coins are safe plus your wallet from any hacker who has the intention of stealing your coins.
4. No Data Or Information Leaks To Third Parties
Phantom does not disclose any information to third parties, especially the government. It uses the IP address to determine your location and does not take any action against you if you are outside its jurisdiction. This means that it does not matter where you are from. Phantom will ensure that your coins remain secure and confidential at all times without disclosing any information to third parties.
3. Customer Support And Feedback
Phantom has a customer support tool that enables you to communicate and share feedback with its support team. If you have any concerns or issues, you can visit the platform and share your thoughts on the official website. You can also leave a message via email or through the contact us page. The support team responds within a short period and ensures that you are satisfied before closing the case. This is one of the major reasons why traders prefer to work with Phantom compared to other cryptocurrency exchanges.
2. Insured Funds
Phantom has an insurance cover for all the funds deposited by users. This means that if your coins or wallets are lost, stolen, hacked, or damaged by fires, you can get compensated fully. The insurance cover ensures that all your coins and wallets are restored within a short period. This is unlike other cryptocurrency exchanges, such as Coinbase and CEX.io, which do not insure their customers’ currencies and wallets.
1. Fiat Currency Transfers
Phantom allows users to deposit and withdraw funds in fiat currency, which is the official currency of a country. It helps users to avoid unnecessary banking charges and helps them get coins at a low price. This implies that you can purchase coins for about $10, and sell the coin when its price is high. You can then withdraw your coins in fiat currency and avoid the high bank charges that come with credit card transactions. This saves you a lot of money and brings more convenience when purchasing coins.
Phantom is one of the best cryptocurrency exchanges because it has advanced features that enable users to take advantage of the various opportunities in the cryptocurrency market. The platform has become popular over the years because of its low transaction fees, advanced security system, and high-speed processing engine for trades. With the platform, you can be sure that your coins are safe and secure. You can also enjoy a high return on investment because of its cheap rates. As soon as you sign up for the platform, the support team responds within a short period and ensures that you are happy with the services offered. You can visit the website today and learn more about Phantom.