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Monero prioritizes user privacy; here’s a guide to the best wallets for securely storing your XMR, from beginner to advanced options.
Table of Contents
Built in 2012, Monero is a privacy focused decentralized crypto network. What sets it apart from its competitors is the fact that it goes the extra mile to ensure the anonymity of users with the help of advanced and unique privacy-strengthening methods. XMR is the token of the Monero system.
A Monero wallet stores the XMR coins securely so that its users can transact and maintain XMR safely. As is with general wallets, Monero wallets are of different varieties: Full-node wallets, lightweight wallets, mobile wallets and hardware wallets. Today we’ll explore some of the leading and most advanced of these wallets to help investors decide which the best option would be for them to store their XMR.
Our top picks
| #1 XMRWallet | #2 Binance | #3 Ledger |
| Coins supported: XMR | Coins supported: Over 500 coins | Coins supported: 5,500+ assets |
| Type of wallet: Web wallet | Type of wallet: Exchange | Type of wallet: Hardware wallet |
| Trustpilot score: 4.1 | Trustpilot score: 1.4 | Trustpilot score: 2.0 |
- XMRWallet
Topping the list of Monero wallets is the XMRWallet. Specifically designed to send and receive XMR, this superlative wallet was launched in 2014 and boasts a range of features that gives it a unique edge. For starters, it is open-source and free. This means that users won’t have to download any new software to send and receive XMR. And the fact that it is open source keeps the code open to the public.
Additionally, users will not need to give up any of their personal information to register for the wallet. On top of that, the company does not even keep a record of any of the user transactions. In the age of data theft, this particular advantage earns the XMR wallet a bucket load of points.
But the features list has only begun. XMRWallet is available globally and it even supports ten different languages, making it accessible to people all over the world. When it comes to compatibility, XMRWallet works with macOS, Windows, and Linux, making sure users can access their crypto on several different devices.
However, XMRWallet does have a few cons that knocks a few points off. For one, XMRWallet currently only supports XMR. And, it does not allow users to convert into fiat either. Another disadvantage is that even though the customer service is available 24/7, it is only available through email, which some customers might find inconvenient.
- MyMonero
MyMonero is another key player in the XMR wallet space. Founded in 2014, MyMonero is a multi-platform web wallet. It stands out with its user-friendly features and has managed to attract newbies and seasoned investors alike. Moreover, this particular wallet does not use third parties to store private keys.
The app is non-custodial, meaning you have full control of your funds. It is open source, so anyone can inspect or contribute to its code. Since 2014, MyMonero has been offering a reliable solution for Monero users. However, it does not have a multi-signature feature, which means that all the responsibility of taking care of the assets lies with the user alone. On top of these cons, there’s the added risk of security threats.
- Binance
Binance needs no introduction. Launched in 2017, Binance can function as a highly-rated Monero wallet. It is a top-of-the-list wallet that offers a wide range of services for users. It is not only ideal for managing XMR but also a superior platform for trading cryptocurrencies. Despite its CEO’s arrest and recent release, Binance has continued to maintain appeal in the crypto space, and for good reason.
Binance supports over 500 cryptocurrencies and multiple blockchains, with high-yield staking offering up to 104.62% APY. It operates in over 100 countries and provides FDIC insurance for USD deposits. The platform also offers a mobile app for both Android and iOS.
However, Binance can seem to alienate newcomers with its complex interface. Moreover, the lack of fiat deposit and withdrawal options seems to be deal breaker for a lot of users.
- Ledger
Ledger is a leader in hardware wallets. It is a cold storage wallet and supports more than 5,500 assets. It has mobile and desktop applications and its customer service is known to be highly supportive and active with email, SMS and chat options available. Ledger even has a knowledge base offered for new entrants to learn and explore the space.
If safety is top of your mind, then Ledger is the way to go. The Ledger, specially the Ledger Nano S is a secure hardware wallet that keeps everyone’s digital assets safe from online risks. They make use of two-factor authentication and even offer multi-signature security. It’s a great option for people who have a large amount of XMR and want extra protection.
- Trezor
The second hardware wallet and the last wallet on our list is Trezor. Developed in 2012, this hardware wallet is adept at keeping crypto, in this case Monero, safe and secure. It has ultra-secure offline storage for your assets, keeping them safe from online attacks. It has a dedicated app for Android users, allowing for easy management of crypto on the go.
Trezor supports over 1000 coins, which places it below Ledger in this regard. But most of these are supported natively and don’t require third-party integration. Some customers do complain about how it isn’t intuitive or user friendly but considering that its cost range is lower than that of Ledger, this can be overlooked.
What to look for when choosing a Monero wallet
- Safety: Your Monero wallet has one job — to keep your digital assets safe, so choose the Monero wallets with the best safety and security features.
- User-friendliness: One question users need to ask when opting for a wallet is, can a newbie use this easily? A simple, easy-to-use interface goes a long way when you’re trying to avoid mistakes.
- Transaction costs: Needless to say, pay attention to transaction fees: the lower the fees, the better for your pocket.
- Customer support: Does the wallet you’re going for have reliable customer support? Do they take your concerns seriously? This is especially important when you have accessibility issues.
- Device compatibility: This goes without saying but always check your wallet’s compatibility with your devices and operating systems before going all in.
- Community help: An active community is a godsend when you’re facing troubles with your wallet. Look for a strong community backing to help you for quick issue resolution.
Monero wallets for different user levels
- Beginner users: if you’re a newbie in the crypto space, the best option for you might be user-friendly wallets with simple interfaces. It would also be helpful if the wallet offered step-by-step setup guides and educational resources. You would also need wallets with 24/7 support and a strong community to guide you through the process.
- Intermediate users: If you’ve been here a while, you could go for mobile wallets with advanced features like address books, transaction history, and in-wallet transaction notes.
- Advanced users: If you’ve been here since Bitcoin was at $10, then you might want to go for hardware wallets, which give greater control, better privacy features, and higher security but require more technical knowledge.
Red flags to watch out for
- Fake or scam wallets: In today’s crypto space, there are more scams than genuine projects. Be sure to only download Monero wallets from official sources. Double-check reviews and public opinion online before making a choice. Also, make sure to avoid counterfeit apps.
- Insecure backup practices: Several low-quality apps use poor backup practices, like unencrypted seed phrases. This massively increases the risk of losing access to your Monero.
- Phishing scams: Wherever you are on the internet, there is bound to be a phishing scam. So, be extra careful of phishing attempts in the wallet space that function through fake emails or websites that mimic wallet providers. You could easily lose your funds by falling prey to these scams.
- Lack of regular updates: Wallets that don’t have regular security updates are sitting ducks. This could expose you to security vulnerabilities since they don’t have the latest privacy and security features.
Verdict and conclusion
While all the options on this list are exemplary in regard to being top notch wallets for Monero, the stand out Monero wallet is undoubtedly XMRWallet. XMRWallet is the best choice for securely storing Monero with its simple, open-source features and strong privacy protection. It’s perfect for users who want a straightforward wallet without extra complexities.
To learn more about XMRWallet, visit the official website.
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This article first appeared at crypto.news
