Why we recommend Phoenix Wallet
There are dozens of Lightning Network wallets available on the market and you can compare their features and functionalities using the Veriphi Lightning Wallets Features Comparison Table. LN Wallets range from giving you complete control but being quite hard to use, to being fully-custodial and super easy to use. However, there’s a middle-ground that we found that offers both ease-of-use and sovereignty using Partial Nodes, the major examples being Phoenix and Breez.
We have selected Phoenix Wallet since it’s a fully released app, whereas Breez is still in open beta mode. Phoenix is available on both Android and iPhone platforms.
Phoenix Wallet is trust-minimized, meaning there is a tradeoff where some trust is required when using the following two services:
- channel opening (until the funding transaction is confirmed)
- swaps (you pay upfront, and then their node does the swap)
- ✅Good security with password and biometrics
- ✅Easy backup and recovery
- ✅Very simple to use
- ✅Beginner friendly
- ✅Reputable and renown
- ✅Setup time: 30 minutes
- ❌Less secure than hardware wallet
Phoenix is a real, self-contained Lightning node that runs on your phone. It does not require you to run another Lightning node at home or in the cloud. It is not a custodial wallet either, you are in full control of your funds.
- Buying Bitcoin from a non-custodial exchange over the Lightning Network.
- Ability to transact with Bitcoin on mobile instantly.
- Pay as little in fees as possible for micro-payments
- Transact easily using the QR code capabilities.