Monero made its grand entrance in 2014 as a Bytecoin fork. If you wish to purchase Monero or XMR coins, you will need a special wallet for safekeeping them. In case you pick the wrong wallet, you risk exposing your IP address. In today’s article, we are going to look at some of the best Monero crypto wallets, so you can get superior storage alternatives.
What is a Monero wallet?
This cryptocurrency ensures transactional privacy using a ring signature system, stealth addresses, and two personal keys. Nevertheless, for working with the XMR blockchain, you need to create or purchase a special storage device. This is a device that lets you supervise your crypto holdings. You can use it via browser, PC, or a mobile phone.
How does a Monero wallet work?
No matter what shape the wallet comes in, it corresponds with the public ledger and stores your private and public keys. The public key of your wallet functions as the coin address, and you can compare this to your bank account, where any individual can track the orders. However, they have no way of tracing them back to you. Using the wallet’s private key, you can access the balance on the public key. The private key is used to approve transactions in the ledger.
Should you use a Monero wallet?
Yes, you should always use a wallet if you value privacy. Some transactions are sensitive, and you don’t want other people to know about the details. So, the best option is to use a secure wallet that will let you conduct transactions in a swift manner while keeping your identity a secret.
How to securely store your Monero coins?
There are several options when it comes to safeguarding Monero coins. You can use a desktop wallet to secure your assets; however, the syncing speed might be a little slow. If you don’t like too much time in front of a computer, you can use a mobile wallet. Web wallets offer an easy storage option; however, they are less secure compared to others. If you have a large number of coins, it is better to go for an offline wallet. Since these devices are not connected to the internet, there are fewer chances of someone else accessing your data.
Is it possible to keep your cryptocurrencies in two or more wallets at a time?
Yes, it is possible. The majority of traders divide their assets between software and hardware wallets. Hot wallets allow for easy access, while hardware devices offer a high level of safety. When you divide your assets like this, even if one of the devices becomes compromised, you still have some of your assets stored in the other one.
Hot vs. cold Monero wallets
Types of Monero wallets
Pros
Cons
Hot wallets
Instant access to assetsLow maintenance costs User-friendly
Vulnerable to cyber attacksDependant on third-parties
Cold wallets
Protected from online theftSmall and compactUsed required to confirm transactions
Highly expensiveDifficult to use
What to look for when choosing a Monero wallet?
Here are all the different things you should look for.
2FA (2-factor authentication)
This functionality prevents others from easily accessing your XMR wallet. You can only log in after you have verified your identity. Even if another person got hold of your password, they wouldn’t be able to log in. The second authentication level makes the system highly secure.
Multi-signature support
There might be multiple owners of a wallet. In such a scenario, multi-signature support allows you to safeguard your device. Before you can access it, you must enter multiple keys. Other than preventing unauthorized access, it also prevents users from transferring assets to a different device.
Supported currencies
Before investing in a wallet, you must make sure what currencies are compatible with it. It is the prudent course of action to diversify your portfolio and invest in multiple assets. As such, you’d want a wallet that supports the crypto coins you currently own. Multi-currency devices are more convenient because they allow you to store different types of tokens.
QR code scanner
If you are using a mobile wallet, it is important to have a QR code scanner. While transferring coins, you can simply scan the QR code generated by the wallet.
Exchange with crypto wallets
It is a plus when a wallet is compatible with different platforms. When a wallet supports a particular exchange, you can easily make payments, purchase, sell, and execute orders on the platform after linking your wallet to it.
User-friendly interface
The interface of the device should be intuitive enough for you to easily navigate through it. Beginners might get confused when a wallet has too many complex functionalities. It should let you log in, deposit, and withdraw assets without much hassle. You can consult the reviews written by existing users to get an idea about the user interface.
Customer support
Trading in cryptocurrency is a time-sensitive affair, and when something goes wrong, you should have it resolved as soon as you can. For this reason, it is important for the wallet to have a dedicated customer support team. If you face any issues, you should be able to contact the team at any time and get the easiest solution to your problems. Avoid companies that do not share the contact details of the support team.
Good user reviews
Before buying any product, it is wise to check out what other people are saying about it. When a product is high-rated on a third-party website, you know that other people have benefited from using it. This makes you more confident about investing in the wallet.
Are Monero wallets safe?
Most devices offer a high level of security for your assets. To protect your wallet, you can block your account. It is also possible to restore access even if you happened to lose your credentials. Some of them have advanced safety features like a fingerprint scanner, 2-factor authentication, PIN code, email confirmation, and transaction limits. A few wallets even let you store your XMR coins offline for added security.
Is Monero legal?
Yes, it is a 100% legal cryptocurrency. Since it is focused on privacy, you cannot trace the transactions. However, due to the private nature of this asset, many unscrupulous individuals use it for conducting illicit activities.
Support for decentralized apps: This device is compatible with a large number of coins and a wide range of decentralized applications. This lets you conduct transactions in Monero with enhanced privacy.
Self-custody wallet: The wallet lets you maintain full control over your crypto coins, data, and keys. You can safely store your NFTs and coins on a single platform.
Back up: There is a 12-word recovery phrase for this device. You can save it in an encrypted format on Android and Apple devices.
Wallet Type:
Hot
Available Platforms:
Mobile, Desktop, Web
Supported coins:
100+
Gemini
Pros
Cons
Both hot and cold storage
Convenience fee for trading
Hot wallets insured by underwriters
Native SegWit addresses
Key statistics:
Insurance: With Gemini, you don’t have to worry about your assets getting stolen since they are backed by experienced underwriters.
World-class support: The customer support team is available 24/7 to answer any queries and solve any issues.
Advanced engineering: The wallet infrastructure is updated regularly to support new currencies and optimize for network usage and customer experience.
Staking: When you stake with the Gemini wallet, you can have an annual interest of 2%-7.4%.
Wallet Type:
Hot & Cold
Available Platforms:
Android, iOS
Supported coins:
70+
Kraken
Pros
Cons
In-built exchange
Custodial wallet
SegWit support
Reliable and secure
Key statistics:
Encrypted data: Kraken encrypts all the sensitive user data. However, users need to undergo a KYC procedure.
Majority of funds stored in cold devices: The exchange stores 95% of the users’ assets in offline cold storage centers spread out all over the world. These centers are protected by CCTV footage and guards.
In-built exchange: Kraken is one of the most trusted exchanges out there. You can trade in crypto coins whenever you wish, and there is no need to transfer your assets from the wallet to the exchange. This is extremely convenient for day traders.
Wallet Type:
Custodial
Available Platforms:
Mobile, Desktop
Supported coins:
144
Binance
Pros
Cons
24/7 assistance
Difficult to use for novice traders
Basic and advanced trading interfaces
Large collection of trading tools
Key statistics:
Wallet Direct: Thanks to this feature, you can easily link your Binance account with the wallet. This saves you the trouble of copying and pasting addresses during the transfer of digital assets.
Multiple recovery routes: In case you lose access to your wallet, you can recover it by accessing two out of three recovery methods, namely Gmail login, local device, and account password.
Easy setup process: You download the wallet from the Binance Chain homepage. You simply need to select the browser for installing the extension. After that, you can create a brand new wallet via Gmail or use the seed phrase of your existing one.
Wallet Type:
Hot
Available Platforms:
iOS, Web, Android
Supported coins:
65
KuCoin
Pros
Cons
Anonymous transactions
Low trading volume
High-end security
Large number of supported coins
Key statistics:
Quick transfer: This is the best Monero wallet for quick transfer of assets. Day traders take part in time-sensitive activities, and for them, this exchange wallet is perfect.
2FA and KYC: With 2FA support, the wallet makes sure other people can’t access your funds. KYC requirements add yet another layer of security. You can also lock transactions under a fixed password.
Low withdrawal fees: This platform offers one of the lowest withdrawal fees. It is great for traders who wish to withdraw crypto coins like Ethereum.
Wallet Type:
Hot
Available Platforms:
iOS, Desktop, Android
Supported coins:
600+
Exodus
Pros
Cons
Users can retain private keys
2-factor authentication not available
Crypto-to-crypto exchange within the app
Multi-sig address not supported
Intuitive user interface
Key statistics:
Live charts & portfolio: On Exodus, you can get a clear overview of the assets in your portfolio. You can see how each asset is performing and can use live charts to make better decisions.
Hardware security: This Monero coin wallet is compatible with the Trezor hardware wallet. So you can keep your assets secure offline.
Sync with the desktop app: You can quickly exchange coins by syncing with the desktop app. It also lets you monitor market movements while on the move.
Wallet Type:
Hot & Cold
Available Platforms:
Desktop, Mobile, Hardware
Supported coins:
160+
Bittrex
Pros
Cons
Swift withdrawal speed
Invasive verification process
High limits
Large collection of coins
Key statistics:
Advanced security: Your funds are secure on this platform, thanks to the cold storage facilities. Bittrex also provides insurance and address whitelisting.
Large collection of supported coins: There are more than 130 crypto coins you can store in this wallet. As such, you can choose to invest in less popular tokens.
Cardano staking: By holding Cardano tokens, you can stake them on the exchange to earn lucrative rewards and enhance your holdings.
Wallet Type:
Hot & Cold
Available Platforms:
Mobile
Supported coins:
360+
Ledger
Pros
Cons
Large number of supported coins
No customer support
Advanced security
Compact device
Key statistics:
Anti-hacking: No hacker can reach this device since it is 100% offline. Even if they managed to get hold of the device, they would need to enter the PIN.
Ledger Manager: By downloading and installing the Ledger Manager app on your computer, you can easily send and receive coins.
Frequent updates: To keep the device updated, Ledger frequently updates its firmware.
Phone support: Using an OTG cable, you can connect to the wallet using your mobile phone. This lets you add accounts and trade crypto.
Wallet Type:
Cold
Available Platforms:
ColdMobile, Desktop
Supported coins:
100+
Trezor
Pros
Cons
Tor routing for increased anonymity
No mobile app
Extremely portable
More than 1800 supported coins
Key statistics:
Transparent security: You can use public and private keys only after PIN authentication. The wallet supports BIP39 passphrases, and they are never stored in the device.
Reliable backup: The recovery seed protects you against destruction, loss, and theft of the device. You can easily get your wallet back using the recovery seed.
Convenient interface: This Monero hardware wallet has a desktop app where you can compare rates, purchase, exchange, and spend coins in a secure environment powered by Invity.
Wallet Type:
Cold
Available Platforms:
Desktop
Supported coins:
1800+
Atomic Wallet
Pros
Cons
Easy to navigate interface
No hardware wallet integration
Staking high APR
No verification or KYC for basic features
Key statistics
Anonymity: This is a decentralized wallet that gives you full control over your private keys. You can access the basic features without creating an account. As such, no one can block your funds.
Efficient support: The support team is ready 24/7 to offer prompt assistance. You can get in touch with them via live chat and email.
Fiat currency support: This is one of the few places where you can purchase crypto tokens using fiat currency bank cards.
Wallet Type:
Software
Available Platforms:
Desktop, Android, iOS
Supported coins:
60+
PrimeXBT
Pros
Cons
Manual execution of transactions
Few supported coins
Multi-signature address for added security
Majority of assets kept in offline storage
Key statistics:
Secure transfers: All fund transfers from cold storage to hot wallets are handled manually. Additionally, multiple employees need to perform coordinated actions for them to be authorized.
Multi-signature: Thanks to this feature, there is no single point of failure. It protects you against attacks and loss of facility or key.
2-factor authentication: Before you can log in, change your password, or place a withdrawal, you must enter a passcode received through the 2FA mobile app. Since it uses a TOTP solution, a Google Authenticator app is required.
Wallet Type:
Hot & cold
Available Platforms:
Desktop, Android, iOS
Supported coins:
7
Cex.io
Pros
Cons
Licensed and regulated company
Complex features
Opportunity to earn crypto
Easy withdrawal of coins
Key statistics:
Favorable exchange rates: Cex.io is connected to the top liquidity providers. This allows the platform to offer the best terms and conditions to the customers.
Portfolio tracking: This Monero wallet lets you track your funds. It gives you an accurate overview of your investment performance.
Multiple payment modes: This platform supports various popular payment modes like SKRILL, SEPA, SWIFT, wire transfers, and credit/debit cards.
Custody of funds: The wallet maintains the custody of the users’ funds, including digital and fiat funds, via different processes and systems.
Wallet Type:
Hot & cold
Available Platforms:
Desktop, Android, iOS
Supported coins:
40+
Guarda
Pros
Cons
No storage of private keys
High exchange rates
In-built exchange
Credit card purchases accepted
Key statistics:
Low starting balance: For buying crypto, you can start with as little as $50.
Staking: There are multiple trending assets available for staking. The maximum annual yield is around 40%.
Reliable backup: Each time a user creates or imports a wallet, they need to save the backup file. In case there is inactivity for a certain time period, the device automatically logs you out of the account.
Token generator: Thanks to this feature, you can generate ERC-20 tokens from scratch. You can do it for an ICO or for other reasons.
Wallet Type:
Hot
Available Platforms:
Desktop, Android, iOS, Web
Supported coins:
50+
Monerujo
Pros
Cons
High secure and transparent
Unregulated wallet
Accessible on mobile platforms
Doesn’t store any private information
Key statistics:
Multiple wallets: After you buy Monero, you can easily move back and forth between multiple wallets on Monerujo. You can create a new one using just a few taps.
QR code scanner: You don’t need to type in the addresses manually. Simply scan the QR code and you are good to go.
Open-source software: To ensure security, anyone can check the code of Monerujo. This sets it apart from proprietary software programs.
Wallet Type:
Hot
Available Platforms:
Android
Supported coins:
XMR
MyMonero
Pros
Cons
Zero processing delay
Multi-signature not supported
In-built rolodex for IDs and addresses
App data saved locally under strong encryption
Key statistics:
Encrypted private keys: No third party is involved when it comes to storing your private keys. You can access your funds whenever you wish.
Light node: MyMonero functions as a light node, so there is no need to download the entire blockchain.
Low transaction fees: For initiating transfers, you need to pay a fee of 0.002 XMRs per KB, which is quite cheap.
Wallet Type:
Hot
Available Platforms:
Desktop, Mobile, Web
Supported coins:
XMR
Best Monero wallets: pros and cons
Pros
Cons
Advanced security features
Vulnerable to attacks
Responsive UI
Quick transfers
Final thoughts
It is easy to decide where to buy Monero, but choosing a wallet is a completely different prospect. All the services mentioned above are trusted by crypto traders worldwide. However, you need to study the features carefully and decide for yourself which among them would best suit your requirements.
