Best Monero Wallet: Where To Safely Store It
One of the best ways to protect your cryptocurrency is by using a safe and secure wallet. When it comes to storing your Monero, you want to be sure the crypto wallet you’re using is one of the best available. That’s why we’ve done the legwork and found the best Monero Wallet to store your XMR.
Best Monero Wallet On The Market
That’s why we’ve done the legwork and found some of the best wallets for your Monero.
Whether it’s a mobile wallet, desktop wallet, or hardware wallet, there are excellent options on the market for your Monero.
Read on to discover which wallets are ideal for protecting your XMR.
Best Monero wallet on the market
Whether you’re looking for a mobile wallet, a desktop wallet, or a hardware wallet, there are plenty of options available to store your Monero.
Which one works best will depend on your needs, but below we’ll give you a list of the best Monero cryptocurrency wallets so you can make an informed, educated decision.
Mobile wallets are wallets you take with you on the go.
These wallets reside on your smartphone and support Android and iOS operating systems.
With these mobile options, you can view, send, and receive your Monero no matter where you are.
One of the most popular mobile Monero wallets on the market is the Cake wallet. Cake wallet is completely open-source while offering mobile apps for both iOS and Android platforms.
For many, Cake is the go-to mobile wallet for holding XMR.
As one of the industry’s top privacy coins, Monero holders require more from wallet security than the overall crypto market.
It’s no surprise that Cake offers excellent protection by never requiring a user to give up control over their private keys.
Cake offers a feature that lets users select a remote node to which the wallet can connect to for even further privacy.
An excellent advantage of using Cake wallet is that it’s both lightweight and fast.
The user interface is clean and straightforward, which makes it an excellent option for novice users.
With cake wallet, you can easily store, send, and receive your Monero while also exchanging it for popular cryptocurrencies like ETH, BTC, USDT, LTC, and others.
- Supports both iOS and Android devices
- Remote node options available
- Exchange XMR for other popular digital assets
- Simple and easy to use interface
- Private keys remain with user
- Node can take longer to sync than with other wallets
- Only supports XMR
This open-source Monero wallet only supports Android devices, so if you have an iOS smartphone or tablet, you’ll have to look elsewhere.
With Monerujo, you can easily store and send your Monero on your mobile phone.
Since it’s an open-source wallet, its code has been examined by the Monero community and scrubbed for bugs and malware.
Monerujo is a lightweight wallet, so you have the option to run a remote node to sync your wallet with the Monero network.
This allows the app to be small, which makes it perfect for taking it with you on your mobile device. Still, for a light wallet, Monerujo offers plenty of features.
You’ll have the ability to create or import multiple XMR addresses, which allows you to move your Monero between addresses within the same app quickly.
If you use multiple wallets that have different purposes, this can be very handy.
Monerujo also includes a built-in QR code you can scan to easily send or receive your XMR.
Another excellent feature is the XMR.to service. With this feature, users can send their Monero to a Bitcoin address, where it shows up as BTC.
Conversions occur in the background, which makes the entire process seamless and hassle-free. With this feature, you can pay for Bitcoin transactions without holding BTC.
- Excellent transparency and security
- Use Monero to pay in Bitcoin
- Convenient, accessible, and easy to use
- Does not store personal data
- Only available on Android
- Can only hold XMR at this time
Desktop wallets are cryptocurrency applications that reside on the desktop of your PC or laptop.
Typically these wallets support macOS, Windows, and Linux, or at least one of these three.
Usually, these wallets require internet connectivity to operate and support multiple cryptocurrencies, making them online wallets.
Here are a few of the best desktop wallets for storing your Monero.
Monero GUI wallet
If you prefer something developed by the project team itself, then look no further than the official Monero desktop solution.
You can download it straight from the Monero website for Mac OS, Linux, and Windows.
This Monero wallet is designed to provide an easy way to store, send, and receive your XMR.
Monero’s official desktop application is a full-node wallet, so after downloading it, you’ll need to wait for the entire Monero blockchain to sync.
Unfortunately, this takes a while and requires a considerable amount of hard drive space along with plenty of processing power.
Once the network is fully synced, you’re ready to start using the software wallet.
Sending and receiving XMR within the wallet is simple and straightforward. The security is reliable and accessing your assets is easy.
Some of the wallet’s other features could use a little more work, so if you’re new to the crypto world, you may want to think about a more user-friendly option.
- Official Monero wallet
- Reliable security
- Quick transaction times
- Users control their XMR
- No mobile option
- Can be a challenge to use
Is Monero wallet safe?
Monero GUI wallet uses open-source code, full node synchronization, and a hierarchal deterministic algorithm to provide the best in security to its users.
It’s clear, based on the implementation of these three security features, that the Monero development team has gone to great lengths to ensure its wallet is among the most secure available.
Another desktop wallet option you can consider is Exodus.
This multicurrency wallet is available to download for both your desktop and mobile devices.
Exodus supports Monero and hundreds of other digital currencies like Bitcoin, Ethereum, Litecoin, Dash, and others.
Compared to some of the other wallets on this list, Exodus might be the most user-friendly option.
With a streamlined user interface, you can manage your favorite crypto assets, sign transactions, send and receive digital coins, and backup your wallet, all in a single platform.
Plus, Exodus has a built-in cryptocurrency exchange, so you can quickly convert your Monero into another coin without leaving the wallet.
Exodus is available for both mobile and desktop, so if you need to be away from your computer, you can sync the two apps together.
When you do this, you can always see exactly how much Monero you have and manage it accordingly.
- Beginner friendly and ease of use
- Multicurrency support
- Mobile and desktop applications available
- Users have complete control of their privacy keys
- Built-in cryptocurrency exchange
- No two-factor authentication
- Not as secure as other Monero wallets
Hardware wallets are physical devices that use cold storage to protect your digital coins.
Because they’re offline, hardware wallets are nearly impossible to hack, so no matter what, your XMR is safe and secure.
Plus, most of these devices are fairly small, so you can take them with you if you need to.
Trezor Model T
After the Ledger Nano devices, the most popular hardware wallet on the market is the Trezor.
While there are two Trezor models, only the Model T offers support for Monero.
The Model T offers users a color touchscreen, which makes it easy to use and navigate.
Not only does the hardware wallet support Monero, but it can also store many other cryptocurrencies as well.
However, like Ledger devices, you’ll first have to install the Monero app to store your XMR.
Once that’s done, you can connect your Model T to your computer and use it to manage your Monero, sign your transactions, and view your balances.
- Supports multiple cryptocurrencies
- Color touchscreen functionality
- Open-source software
- Simple to set up and start using
- More expensive than other hardware devices
- Does not support iOS
When it comes to crypto hardware wallets, Trezor is among the best there is. It’s easy to set up, secure, and affordable. Trezor hardware wallets allow you to send and receive all your favorite cryptocurrencies while providing the privacy and security you need to keep your digital coins safe.
Trezor is one of the highest-rated hardware wallets on the market, so be sure to visit their website and order your favorite one.Visit Trezor
How do I get a Monero wallet?
There are plenty of places to get a Monero wallet.
If you’re using a mobile or desktop wallet, just head to the wallet’s site and download it to your operating system of choice.
It’s really that simple. If you want the Trezor Model T, make sure you only get it from the manufacturer’s website.
Purchasing it from anywhere else could result in getting a hardware device that’s been tampered with.
Is Monero better than Bitcoin?
Monero is a formidable competitor to Bitcoin, even though it’s not as well-known. When it comes to privacy features, Monero wins hands down.
The same goes for transaction fees, mining, and fungibility.
However, the playing field is leveled a bit because Bitcoin is the clear winner in areas such as network effect, price, supply, and scalability.
So, the real winner is going to be based on which is more important to you.
Monero price predictions
Monero has realized significant gains since the calendar turned over to 2021, so don’t be surprised if the trend continues.
Some are predicting that the price of XMR may reach close to $700 by the end of 2021.
If the market continues to be bullish, don’t be surprised if the coin approaches $1000.
On the other hand, if a bear market takes over, XMR may withdraw from higher levels but should have support at the $500 mark.
As you can see, there are several different types of wallets that can hold your Monero.
These include hardware wallets, desktop wallets, and mobile wallets. Each of these types has its own advantages and disadvantages.
For security, a hardware wallet is going to be your best option.
Plus, you’ll get all the features you would expect from a high-quality XMR wallet.
However, if you’re new to the industry, you might consider a desktop or mobile wallet.
These hot wallets are great if you want to buy, sell, or trade your Monero.