How to Create a SOL Wallet (Beginner's Guide)

Solana is one of the most popular blockchains in crypto, with fast transactions, low fees and a huge ecosystem of tokens, NFTs and apps. If there's a SOL prize on RaffleKing that's caught your eye, you'll need a Solana wallet address to claim it.

Unlike ETH prizes, which land automatically in your linked EVM wallet, SOL runs on its own network. To receive it, you'll need to add a SOL address in Settings.

The beginner route: a centralised exchange

The easiest way to get a Solana address is through a centralised exchange (CEX) like Binance, Coinbase, or Kraken. A CEX holds your funds on your behalf, and for anyone coming from Web2, it's the most familiar starting point.

The benefits:

• Your account is recoverable if you lose your password (there’s no seed phrase to manage)
• The interface is straightforward
• Cashing out to your bank account is built in

The Web3-native route: a non-custodial wallet

If you want full control and more privacy, a non-custodial (or 'self-custodial') wallet is the way to go. For Solana, Phantom is the go-to: it’s widely used, well-supported, and built specifically for the Solana ecosystem. Just keep in mind when you go down this route, you're solely responsible for managing your seed phrase and you cannot recover it if you lose it.

Here's a walkthrough on both.

Setting up a Solana wallet on Binance

Head to Binance.com and click Sign Up. You'll need an email address and to complete a quick identity verification (KYC) before your account is fully active. This is standard on all centralised exchanges.

Once you're in, go either to Deposit or Account Wallet in the top right corner.

Select Deposit Crypto.

Search for Solana and select SOL as both the coin and the network.

Binance will generate a deposit address for you – this is your Solana wallet address.

Note: our wallet address works like an email address: sharing it does not give anyone access to your account or assets. That said, always double-check any permissions a platform asks for.

Setting up a Solana wallet on Phantom

Phantom is one of the most popular non-custodial Solana wallets, followed by Solflare. Your Solana sits in your wallet and only you can access the account, as long as you keep your seedphrase safe. Vigilance is paramount here, keep it secure or lose access to your funds.

Set up is typically faster with fewer steps and KYC checks.

Either download the Phantom app, or head over to Phantom.com/download to install the extension on your preferred browser.

When prompted on the app, select Create a New Wallet.

Take note of your 12-word recovery phrase and store it somewhere safe, ideally offline.

On the homepage, click Receive Solana, and you’ll see your SOL address.

Copy it, then head back over to RaffleKing and paste it in under Settings → Addresses.

Final Thoughts

The Binance steps will translate across most centralised exchanges, including Kraken, OKX, and Coinbase. What matters most is which exchange is regulated in your country, and whether it supports a local off-ramp.

On the non-custodial side, Phantom is the most popular choice for Solana, but Solflare and Backpack are also standout options worth exploring.

Solana's speed and low transaction fees have made it one of the most active ecosystems in crypto, and now you've got a front row seat. With your new SOL wallet all set up, head over to Raffles and get in the game.