Overview
Phoenix is a mobile wallet made by ACINQ, one of the companies that built the Lightning Network. It gives you self-custody Lightning payments without the technical work: channels are opened and resized automatically using a technique called splicing, so you see a single balance.
How it works
You back up your wallet with 12 words. When you first receive funds, Phoenix opens a channel for you (for a fee). After that, Lightning payments are near-instant and cheap, and you can also send on-chain from the same balance.
Fees and availability
Phoenix charges a small fee on Lightning payments (around 0.4% plus a small fixed amount) and a fee when it needs to add liquidity to your channel. These are clearly shown in the app.
In May 2024 ACINQ removed Phoenix from US app stores, citing regulatory uncertainty about whether Lightning service providers count as money transmitters. Check whether it is available in your country.
Security
Phoenix is open source and has a strong reputation. Your funds remain in your control even if ACINQ goes offline, using your 12-word backup.
Pros and cons
Pros
- The easiest self-custody Lightning wallet.
- Open source, from an experienced Lightning team.
- Fast, cheap payments after setup.
Cons
- Not available in US app stores.
- Fees for opening channels and adding liquidity.
- Bitcoin only.
Who it’s for
Phoenix is ideal for anyone who wants to pay with Bitcoin over Lightning while keeping their own keys.
Verdict
Phoenix is the best balance of simplicity and self-custody on Lightning. Highly recommended where available.