Comprehensive Review of Phantom App by PayRate42

Overview:
Phantom is a non-custodial multichain cryptocurrency and NFT wallet supporting Solana, Ethereum, and Polygon networks. Users have full control over their transactions and security. The wallet is available as a browser extension and mobile app, boasting millions of users and positive ratings on Google Play.

Key Features:

Supports multiple cryptocurrencies and NFTs, including Memecoins like Shiba Inu (SHIB), wrapped DogeCoin (wDOGE), and Samoyedcoin (SAMO).

Cross-chain swap feature for token conversion, now expanded for faster, low-fee transactions.

Independently audited for security by Kudelski Security.
Real-time fraud detection and a $50,000 bug bounty program.

Security and Issues:
Phantom has robust security measures but experienced a DDoS attack in February 2024, leading to temporary service disruptions. User reviews on Trustpilot indicate concerns about transaction issues. Critical issues include the lack of explicit verification for tokens and recent user concerns about security vulnerabilities on the platform. Users should exercise caution and conduct their own research before engaging in token swaps.

Compliance and Regulation:
Phantom operates unregulated, focusing on software development without overseeing user transactions. It's rated "Orange" by PayRate42 for compliance and customer satisfaction, indicating caution due to some unresolved security and reliability issues.

Transaction Troubles:
Users of the Phantom digital wallet are experiencing difficulties with sending and receiving funds, primarily due to network congestion on the Solana blockchain caused by a surge in users trading meme coins like BOME.

Overall Rating:
From a compliance perspective, Phantom is rated Orange. While they provide necessary information, they support coins that have not undergone audits. Additionally, from a customer standpoint, they are also rated Orange due to DDoS attacks and poor reviews on Trustpilot, raising concerns about the platform's security and reliability.

For more detailed information, visit:
www.payrate42.com/listings/phantom/

8 The Green
19901 City of Dover
Delaware
United States

PayRate42 is a rating agency specializing in payment processors. Our main goal is to protect merchants and consumers by providing transparency through the evaluation and rating of financial service providers. High-Risk Payment Processors (HRPP) operating outside the established regulatory framework are our primary focus.

This release was published on openPR.