In today’s article, we will be helping you choose the best type of wallet that is most appropriate for storing and managing Monero.
Monero is a privacy-focused coin which currently ranks 10th according to its market cap of $1,077,457,893, XMR being priced at $64.94 USD (at the time of writing).
In today’s article, we will be presenting different types of wallets which are suited to store XMR.
Official Monero Desktop GUI
The Monero GUI was developed by the Monero team for their community members to exclusively store XMR. The desktop wallet is compatible across a wide variety of operating systems.
The main menu of the wallet features your account balance at the upper left section, and under it, a selection of tabs where you can send funds, receive funds, view your transaction history, or change the account settings.
On the bottom left of the menu, there is a small icon which displays your connectivity status to Monero’s blockchain network. When you are about to receive funds, check to see if the ‘connected’ status is displayed so your funds can be properly processed.
Guarda Monero Wallet
Guarda is a multi-currency wallet which supports a wide list of cryptocurrencies including BTC, LTC, XRP, XMR, and all ERC20- based tokens. This free wallet is compatible with devices which operate using Windows, Mac, and Linux. Also, no personal information is required during the installation process.
Guarda does not store private keys on their own servers. You will also be provided with a backup passphrase when you install the wallet.
There are some additional built-in features that are also very useful. This includes an incorporated exchange platform, that enables trading with cryptocurrencies within the wallet. Furthermore, Guarda also allows the purchase of cryptocurrencies with fiat currencies. Visa or MasterCard payments are also accepted due to its collaboration with Coinify.
Guarda is available as a web and desktop wallet, and can easily synchronize two device types together.
Ledger Nano S
Ledger Nano S is a popular hardware wallet considered to be the most secure storage option for your cryptocurrency holdings. It has support for hundreds of different cryptocurrencies, and starting with April 2018, it also began offering support for Monero.
The wallet’s set-up process is rather intimidating, as it requires the user to have some knowledge with using the command line. But there is a very comprehensive guide which can help users through the process.
Leger employs a variety of security features that make it almost impossible for hackers to gain access to your funds even when your personal computer is infected. The only disadvantage of the Ledger is the cost, which is around $80-90 USD.
MyMonero is an online wallet, meaning that you can access your Monero funds from any web browser. The same Monero core developer who created the Monero Ledger integration also manages this wallet, and provides users with secure, hosted Monero accounts.
The wallet doesn’t need to run a full node, meaning it will work much faster. The account registration process takes less than a minute, but please store the 13-word login key somewhere you won’t lose it. It’s not recorded Monero’s servers, so if you forget or lose this key you will not be able to access your account.
In spite of its convenience and speed, the wallet also exposes your coins to the highest security risks. MyMonero even cautions users of this during the wallet creation process, displaying the following message:
“… It is extremely difficult for MyMonero to securely deliver its code to your browser. This means that there is considerable risk in using MyMonero for large amounts!”
If you are a trader that can be rarely held in front of a desk computer, then a mobile application is far more suitable for you. There are very few mobile wallets on the market compatible and Monerujo is only available for Android systems.
You are able to transfer funds from any location from your smartphone or view the funds that are being sent to your account. The wallet also has a conversion calculator that allows you to put into perspective XMR’s value compared to other coins on the market.
Monerujo’s software source code is openly available for anyone to inspect on GitHub. The developers are also open to the advice given by community members regarding the improvement of the wallet’s code.
Exodus Monero Wallet
It is among the first desktop wallets to have full compatibility with ShapeShift – a popular instant cryptocurrency exchange which has support for a number of cryptos, allowing Exodus users to trade with them.
Similar to other desktop wallets, Exodus keeps your cryptocurrency assets directly on your device. Being a lite wallet, Exodus never makes you download the entire blockchain to your computer.
The wallet charges transaction fees each time a transaction is processed. The fees are paid to each blockchain network to their respective miners, and are not held by Exodus.
Monero Paper Wallet
The Monero paper wallet generator can be accessed at MoneroAddress and it is recommended that you use it offline so your keys are never at risk.
The Monero paper wallet will generate two QR codes and two keys, one which represents your private key, and the other being a public key that can be shared to have Monero sent directly to the paper wallet.
A paper wallet, when used properly, can be just as secure as a hardware wallet, with almost 0 chances of losing your coins in a hack or malware attack.
This has been our selection of the best wallets for XMR storage. As the coin’s popularity will rise, so will the number of options on the market. Regardless of your choice, be sure to apply the best security practices.