He is the only one on my son's basketball team who doesn't have a phone. He spends more time on technology than any kid and he sends more texts to the group than any other kid (I think through the family's iPad or something).
My son has a phone and it sits in the family room. It isn't allowed in his room. I have full access to see the websites he visits and his texts and all of his online activity is monitored. I approve all his apps. He knows the rules. He is a great kid and doesn't even want any social media accounts. I talk to him often about the risks of online posting, where he can visit, etc. It has been a tremendous learning opportunity for him.
It's a tough thing given all the risks of phone use. Ultimately, I think good kids stay good and mischievous kids get mischievous and curious kids get curious and on and on. You can hide it from them all you want, but if they want to go looking, they will find a way. I don't think there is a right answer for everyone. I hope your decision is a good one for your family.