Monero (XMR) is the first cryptocurrency to utilize the CryptoNote protocol. Originally, Monero was released in 2014 as a fork of Bytecoin (BCN). The main feature of the Monero coin is the increased confidentiality of transactions. XMR is also characterized by low commission, fast confirmation of transactions, and infinite emission.
The capitalization of Monero brings it closer to the 28th line in the general list of cryptocurrencies so far. Nevertheless, the coin is quite popular among crypto investors and traders; it is especially appreciated for its anonymity. However, as with any other cryptocurrency, if you want to buy some XMR coins, you will need a special crypto wallet to store them. Today we will consider the best storage options for the Monero cryptocurrency.
Best Monero (XMR) Wallets 2021
- Ledger Nano X
- Monerujo Wallet
- Cake Wallet
- Monero GUI Wallet
- Monero Paper Wallet
- MyMonero Wallet
- Edge Wallet
What Is a Monero Wallet?
The digital currency Monero (XMR) is created to perform anonymous payments. Two personal keys, Stealth addresses, and a ring signature system guarantee the confidentiality of the transactions. However, if you are to work in the XMR blockchain ecosystem, you need to create/buy a Monero crypto wallet.
A Monero wallet is an application/device or an online page, which allows you to manage your crypto coins. A desktop or mobile utility must be downloaded to a PC or an electronic gadget, and access to the online Monero wallet is carried out via browser. To increase security, you can connect the official Monero wallet to the Ledger Nano S hardware safe and feel like you are in a Swiss bank. Finally, you can store the Monero crypto coins in the wallet of one of the 70 trading platforms, although this is not a very reliable option.
Types of Monero XMR Wallets
There are 2 main ways to store any cryptocurrency:
During hot storage, the wallet is constantly connected to the Internet — you can make a transfer at any time.
Software wallets come in different forms, each with its own set of unique characteristics. Most of them are connected to the Internet in one way or another – they are called ‘hot wallets. Crypto wallets differ in supported cryptocurrencies and software platforms, such as Windows, Mac, Linux, and other operating systems.
Desktop wallets are wallets that you need to download and install on your computer. One of them is, for example, the well-known Exodus Wallet. A desktop wallet is available to the user only from one device. Due to the storage of private keys on the computer’s hard disk, the security level of these wallets is higher than that of web wallets. However, as long as your computer is connected to the Internet, your wallet remains vulnerable.
Such wallets are most popular among new users and people who trade a lot. Web wallets are usually offered on the websites of major cryptocurrency exchanges. Users can store any purchased currency in these wallets. This type of wallet is popular due to the ability to quickly and easily sell various coins and make transfers directly on the site, which is very convenient for newcomers.
Web wallets are also good because they can be accessed via browser from anywhere in the world. This allows you to always manage your funds if you need to pay for something or make a transfer. The main problem o crypto storage is the potential risks of hacker attacks, so storing large amounts of money in web wallets might be quite dangerous. Despite the fact that the reliable exchanges do everything possible to ensure the security of the offered wallets, they cannot control other people’s computers and detect viruses and spyware in them, with the help of which hackers steal money from users’ accounts.
Mobile wallets are a type of software wallet that a user downloads to a mobile phone in a form of an application. Convenient mobile wallets are relatively easy to manage. Recently this type of wallet has become very popular, although it has various limitations due to the capacity of phones. However, if you want to regularly pay with cryptocurrencies, you cannot avoid using a mobile wallet.
Mobile wallets are generally slightly more secure than online wallets, but they might be vulnerable to external attacks.
During cold storage, your wallet is not connected to the network. You can store coins and accept transactions from other users, but you will need an internet connection to send funds.
It is not difficult to guess that cold storage of cryptocurrency is the most secure option. Hackers cannot gain access to the wallet using special programs or a remote connection. Of course, hot wallets can also be secure, but such storage solutions are still more vulnerable compared to cold ones.
A hardware wallet is a separate physical device, inside which private keys are stored in an isolated environment. Unlike a paper wallet, hardware storage is multicurrency. You can store not only XML in it, but also other crypto coins supported by the wallet.
The most well-known hardware wallets are:
- Ledger (Nano S and Nano X models)
- Trezor (Model One and Model T) and others.
The cost of a hardware wallet can reach $200. You can store cryptocurrency, accept transfers, and send funds. It is enough to connect the wallet to a computer or smartphone. In other words, a hardware wallet is much more convenient than a paper one (with similar security). However, you have to pay for convenience.
A Paper Wallet is an ordinary piece of paper on which a private key (or seed phrase) and a public address are printed. The address (it can be in the form of a QR code or a set of random characters) is used to send the cryptocurrency, and the private key is used to gain access to the stored funds. The seed phrase is usually used to recover a private key.
You can create a paper wallet using a special generator service (for example, Moneroaddress.org). The service generates random characters for the private key and public address and then places them in a special way on the form for printing.
All that remains is to print the paper wallet on the printer and take all necessary measures to ensure its safety (for example, to laminate the sheet to protect it from mechanical damage, etc.).
A paper wallet is created completely free of charge. You can accept XMR transfers from other users and store coins in your paper wallet. Unfortunately, it is impossible to send funds from a paper wallet — you need to convert them into a hot wallet. This can be done by importing a private key. If you want to store money in a paper wallet again, you will need to create it again.
List of the Best Monero Wallets
To reliably save coins, the holder should choose one of the following options:
#1. Ledger Nano X (Hardware Wallet)
The Ledger Nano X is often considered one of the best Monero wallets in the market. The Nano X model is the most modern device that Ledger can now offer to its customers. The device uses all modern hardware wallet security features. Make sure you only purchase your Ledger device from the official site.
#2. Trezor (Hardware Wallet)
Trezor is a secure crypto asset wallet that provides secure management of more than 1,000 supported tokens and cryptocurrencies. The price of such a hardware wallet is around $95 and can be a perfect addition to a variety of portable devices.
#3. Monerujo Wallet (Software Wallet for Android)
Monerujo is a lightweight Monero wallet that uses remote nodes to synchronize with the Monero blockchain. This is an open-source wallet that provides the ability to store personal data on a personal device.
The user interface of the application is presented in a simple form. Some of the outstanding features of Monerujo include the ability to manage multiple wallets, as well as QR scanning for sending and receiving XMR payments, making it one of the best Android Monero wallets out there.
#4. Freewallet (Software Wallet)
Freewallet provides quick access to the cryptocurrencies such as bitcoins, ethers, XMR, and many others in the form of separate convenient wallets. Users can also buy XMR cryptocurrency with a bank card through the app. The online registration takes a few minutes and allows you to authorize via email, Facebook, or Twitter. Freewallet allows users to track XMR transactions as well as send, receive, exchange and store Monero in the secure form. The software is available for Android and iOS devices.
#5. Cake Wallet (Software Mobile Wallet)
This wallet is one of the community-approved by users on the official cryptocurrency website (along with Monerujo, MyMonero, and Edge).
The Cake Wallet was created by the American company Case Technologies LLC. In 2018, the company released the first open-source Monero wallet for iOS devices, and in 2020 – for Android ones. Since 2021, Cake Wallet supports not only Monero (XRM) but also Bitcoin (BTC) and Litecoin (LTC). All information about the gadget can be found on the official website cakewallet.com. There are links to the application in Google Play and the App Store.
- Supports multiple currencies – XMR, BTC, and LTC;
- The ability to view the value of stored assets in a fiat currency;
- Built-in exchanger. In the application, you can convert ADA, VSN, DAY, EOS, USDT, TRX, and other coins;
- Buying cryptocurrency inside the app;
- User-friendly multilingual interface;
- Supports multiple wallets and accounts in one application;
- The ability to create wallet backups locally or in the cloud.
Cake Wallet is an absolutely free and open-source project. It is sponsored by developers’ funds and community donations. If you wish, you can make a donation yourself on the official website to contribute to the further development of the wallet.
#6. Exodus Wallet (Desktop & Mobile Software Wallet)
Exodus is a desktop wallet that gives the user full control over their encryption tools without storing any private keys. Like other desktop wallets, Exodus stores your cryptocurrency assets directly on your device. Being a lightweight wallet, Exodus never forces you to download the entire blockchain to your computer.
#7. Monero GUI Wallet (Desktop Software Wallet)
GUI Wallet is another official wallet for storing XMR. You can find it on the official website of the project (getmonero.org) in the ‘Downloads’ section.
The wallet is a desktop software storage for Monero. It is suitable for computers on Windows, macOS, and Linux (all systems are 64 — bit). The Monero GUI Wallet has an open-source code that you can download from Github.
The wallet has a friendly, adaptable, and multilingual user interface. It is ideal for technically inexperienced users whose main task is to safely store, accept and send XMR cryptocurrency. It is enough to download the program, open it, join a remote node — and you can carry out transactions. In advanced mode, you will be able to fully control the connection to the node and the operation of your wallet.
On the main page, you can see the status of the current balance, as well as the main sections of the wallet:
Among the cool features of the GUI Wallet, we can highlight the ability to estimate the cost of XMR in a fiat currency right inside the application. To find out how much your assets are currently worth on the market – you do not have to request information from other services.
Also, if there is not enough space on the hard disk, you can trim the blockchain. At the same time, download only 1/3 of the blockchain to the device, preserving all the features of the wallet.
#8. Monero Offline Wallet (Paper Wallet)
Monero Paper Wallet generates two QR codes and two keys, one of which represents your private key and the other is a public key that can be used to send Monero directly to your paper wallet, which, when used correctly, can be just as secure as a hardware device, with almost zero chances of losing your coins as a result of hacking attacks.
#9. MyMonero (Web Software Wallet)
One of the most reliable online wallets is MyMonero, one of the services recommended by the official cryptocurrency website. It can be found at mymonero.com. In general, it is better to call this wallet cross-platform – you can use it in the form of mobile, desktop, and web Monero storage.
In the MyMonero wallet, you will find the following sections:
- MyMonero Wallet. It stores all the information about the wallet — the current balance, address, private key, Seed phrase, as well as the transaction history;
- Send Money. Section for sending coins — you can choose the amount, recipient, and priority (affects the speed of sending and commission);
- Receive Monero. The section for requesting transfers. Available after installing the app;
- Contacts. Contact book, available after installing the application;
- Exchange. A built-in exchange service where you can convert XML to BTC, for instance.
#10. Edge Wallet (Mobile Software Wallet)
In terms of security issues, Edge wallet has two-factor authentication and one unique code that you can send to each phone that logs into the app. The wallet is available for iPhone and Android and is recommended for beginners. Edge supports Ethereum, Monero, and many other ERC-20 standard tokens for cryptocurrency trading.