Phantom: software wallets rating breakdown
Excellent product, strong transaction simulation, and the most explicit denial of IP-to-address linkage in any privacy policy we read — Phantom states its systems are "not designed to associate your IP address with your wallet address".
Excellent product, strong transaction simulation, and the most explicit denial of IP-to-address linkage in any privacy policy we read — Phantom states its systems are "not designed to associate your IP address with your wallet address".
How the score is built
Each criterion is scored 0–10 and weighted. The median column is the middle score across every entry in this ranking, so a row reads as a position rather than a number.
| Criterion | What we measured | Weight | Score | Category median | Rank | Weighted gap |
|---|---|---|---|---|---|---|
| Security model and open code | — | 30% | 2 | 8 | 15 of 17 | -1.80 |
| Privacy | — | 20% | 4 | 5 | 12 of 17 | -0.20 |
| Transaction transparency | — | 15% | 8 | 5 | 3 of 17 | +0.45 |
| Swap cost | — | 15% | 4 | 5 | 10 of 17 | -0.15 |
| Recovery and portability | — | 10% | 9 | 9 | 1 of 17 | 0.00 |
| Networks | — | 10% | 7 | 7 | 9 of 17 | 0.00 |
Measured 14 July 2026 · weights and method · decided by security model and open code, worth -1.80 points against the median
Security model and open code: 2/10
Non-custodial, MPC or custodial — and where the key actually sits on your device. Then the licence, as it stands today rather than as folklore remembers it: several well-known wallets have quietly moved to source-available terms that are not open source. Audits count only when the firm is named and the report is public.
Scored 2 of 10 against a category median of 8, which places it 15th of 17 among software wallets on this criterion. At a 30% weight that is 1.80 points below the median contribution of the weighted total. The best score in the category is 10, the worst 2.
Privacy: 4/10
The most underrated question in this category: which RPC endpoint does the wallet talk to out of the box, and who owns it? If the default RPC is operated by the wallet’s own vendor, that vendor sees the IP address behind every balance check and every transaction, and can link it to your addresses. We read the default configuration and the privacy policy, and we quote the clause. Can you point it at your own node, and how hard is it?
Scored 4 of 10 against a category median of 5, which places it 12th of 17 among software wallets on this criterion. At a 20% weight that is 0.20 points below the median contribution of the weighted total. The best score in the category is 10, the worst 2.
Transaction transparency: 8/10
Does the wallet simulate the transaction and show you the actual outcome before you sign it, and does it warn you about known drainer contracts? The same question as clear signing on a hardware device, asked of software.
Scored 8 of 10 against a category median of 5, which places it 3rd of 17 among software wallets on this criterion. At a 15% weight that is 0.45 points above the median contribution of the weighted total. The best score in the category is 10, the worst 3.
Swap cost: 4/10
The built-in swap is how most free wallets are paid. We record the published service fee — and when a wallet does not publish one at all while still taking a cut of the spread, that silence is the finding and it is scored as one.
Scored 4 of 10 against a category median of 5, which places it 10th of 17 among software wallets on this criterion. At a 15% weight that is 0.15 points below the median contribution of the weighted total. The best score in the category is 10, the worst 1.
Recovery and portability: 9/10
Standard BIP39, and whether the seed restores in another wallet. A wallet you cannot leave is a custodian with extra steps.
Scored 9 of 10 against a category median of 9, which places it 1st of 17 among software wallets on this criterion. At a 10% weight that is exactly level with the median of the weighted total. The best score in the category is 9, the worst 3.
Networks: 7/10
Which chains genuinely work, from the wallet’s own documentation.
Scored 7 of 10 against a category median of 7, which places it 9th of 17 among software wallets on this criterion. At a 10% weight that is exactly level with the median of the weighted total. The best score in the category is 9, the worst 2.
Other measurements
Its nearest neighbours in this ranking
| # | Entry | Security model and open code | How it differs |
|---|---|---|---|
| 12 | MetaMask | 4 | Ahead by 2 on security model and open code. |
| 13 | Trust Wallet | 4 | Ahead by 2 on security model and open code. |
| 15 | Coinbase Wallet (Base App) | 2 | Level on security model and open code; the gap is elsewhere. |
| 16 | Argent (now "Ready") | 5 | Ahead by 3 on security model and open code. |
Questions about this score
Can I use my own RPC with Phantom?
+
No — there is no supported path to your own node. That makes it the strictest wallet in this rating on that point: whatever its privacy policy says, the architecture gives you no way to verify it or to opt out of the infrastructure it describes.
How good is Phantom's privacy policy?
+
Unusually explicit. It states that Phantom's systems are not designed to link IP addresses to wallet addresses, where most policies in this category leave themselves room. It is a clearer commitment than the norm, and it is a commitment rather than a technical guarantee.