Monero has solidified its place in the cryptocurrency industry due its top of the line privacy features. In contrast to other cryptocurrencies like Bitcoin, Monero’s blockchain protocol gives users the ability to send, receive and store their holdings in a truly anonymous manner. However, with so many Monero wallets now available across multiple device types, choosing the best Monero wallet is more difficult than ever. That’s where we come in!
In our Best Monero Wallets guide, we are going to discuss three of the very best Monero wallets. Our list will include wallets compatible with mobile and desktop devices, as well as one online option. We will list the most important advantages and disadvantages of each wallet, which will subsequently allow you to choose one that best meets your individual needs.
Let’s briefly look at some of the most important factors that you should think about when choosing a Monero wallet:
- Security: What security safeguards does the wallet offer? Are there any notable features like two-factor authentication?
- Private Keys: Does the wallet provider have access to your private keys, or are they stored locally on your device?
- Cost: Are there any costs to use the wallet, other than the standard blockchain fee charged to transact?
- User-friendliness: Is the wallet suitable for those with little experience of Monero, or is prior-knowledge needed?
- Supported coins: Does the wallet only store Monero, or are other coins supported too? If so, which ones?
- Device compatibility: What specific device types is the wallet available on? For example, is the mobile wallet available on both Android and iPhone devices?
- Convenience to transact: Is it easy to send and receive Monero from within the wallet? Is the transactional process suitable for beginners?
So now that you know the kind of things you need to look out for when reviewing Monero wallets, in the first part of our guide we are going to discuss Edge!
Edge Wallet – Best Monero Wallet for Mobile
If you are looking for the best Monero wallet for on-the-go transactions, then we believe that Edge is well worth considering. Launched in February 2018, Edge allows users to send, receive and store multiple cryptocurrencies. This includes Monero, Bitcoin, Ethereum and Bitcoin Cash, as well as all ERC-20 tokens.
Edge is available to download free of charge and is compatible with both Android and iPhone devices. Unfortunately, Windows phones are not supported.
One of Edge’s greatest strengths is its clean and intuitive user interface. Edge makes it easy to send and receive funds or check your wallet balance, even for beginners.
In terms of security, Edge offers a range of safeguards that will ensure your funds are protected. Firstly, through the use of two-factor authentication (2FA), you will be required to enter a unique code that is sent to your phone every time you want to log in. Moreover, not only are your private keys stored locally on your device, but the Edge team has no access to your password either.
One of Edge’s unique features is that it is possible to buy and sell a range of cryptocurrencies from within the Edge wallet. Partnering with Kraken-owned Glidera, Edge charges a 1% transaction fee for using this service.
If you are unsure whether Edge is suitable for your needs, it might be a good idea to check out some of the alternative mobile wallets we have listed below.
- Monerujo: An open-source wallet built specifically for sending, receiving and storing Monero. Only available on Android devices.
So now that we’ve presented the best Monero wallets for mobile usage, in the next part of our guide we are going look at what’s available for your desktop device!
Guarda – Best Monero Wallet for Desktop
Our pick for the best Monero wallet for desktop is the Guarda wallet. You might be wondering why we are not recommending the official Monero GUI wallet for desktop. The reason for this is that the wallet can be quite intimidating for beginners. Moreover, due to the necessity to synchronize the wallet with the Monero blockchain, it requires a significant amount of storage space and processing power. As a result, we believe that Guarda is a better desktop wallet for most users.
First and foremost, the Guarda wallet is available to download for free across Windows, Mac and Linux devices. Moreover, there is no requirement to supply any personal information during the installation process.
As a multi-currency wallet, Guarda supports a range of other cryptocurrencies, including but not limited to Bitcoin, Ethereum, Litecoin, ZCash, Ripple and Dogecoin, as well as all ERC-20 tokens. Check out the full list of supported coins here.
When it comes to security practices, Guarda does not store your private keys on their own servers. While this means you have full control over your funds, it also means you will not be able to request assistance from Guarda if you lose your password. That being said, you will be provided with a backup passphrase when you install the wallet, so make sure you keep it somewhere safe! Unfortunately, 2FA or multi-signature access is not offered.
There are some additional features built within the Guarda wallet that we also really like. This includes an integrated exchange platform, which allows you to trade cryptocurrencies from within the wallet. Moreover, Guarda also provides a fiat currency gateway that allows you to purchase cryptocurrencies! In collaboration with Coinify, the platform even accepts Visa or MasterCard payments.
Finally, Guarda is also available as a web wallet, allowing you to easily synchronize the two device types together.
If you are unsure as to whether or not Guarda is right for you, we have listed an alternative Monero wallet for desktop usage below.
- Monero GUI Wallet: The official Monero desktop client. Excellent security, but requires users to synchronize the entire blockchain. Potentially unsuitable for beginners.
Now that we’ve covered the best Monero wallets for both mobile and desktop devices, we are now going to discuss our recommendation for storing coins in a hardware wallet.
Ledger Nano S – Best Hardware Monero Wallet
When it comes to security, there is nothing on the market that can compete with the Ledger Nano S. The wallet comes in the form of a hardware device, which means your Monero coins are stored in offline cold storage.
When you first install the wallet, you will be required to set a PIN number. From then onwards, every time you want to access the wallet, you will need to physically enter the PIN on to the hardware device. If you make a mistake, you will have to wait until the in-built time-lock feature resets to zero. On each subsequent incorrect combination, the time-lock feature doubles in time.
As a result, in the unlikely event that somebody steals the hardware device from you, they will not be able to access your funds. Moreover, as the Ledger Nano S provides you with a backup passphrase when you first set it up, you would be able to remotely transfer your Monero to another wallet.
On top of offering excellent security features, the Ledger Nano S is a multi-currency wallet that supports more than 700 different cryptocurrencies. This includes the vast majority of major coins such as Bitcoin, Ethereum, Ripple and Bitcoin Cash, as well as a good range of ERC-20 tokens. Check out the full list of supported coins here.
In terms of drawbacks to using the Ledger Nano S to store your Monero, the wallet will set you back in the region of $100. Obviously if you only have a very small amount of Monero, then it probably isn’t worth buying it. However, if you are holding large quantities, then it is well worth the investment.
If you are unsure on the Ledger Nano S, we have listed an alternative Monero hardware wallet below for your consideration:
- Trezor: A multi-currency hardware wallet that is also retailing for around $100. Excellent security features and reasonably straightforward to use. Just make sure to buy the Model T version, as the Model One does not support XMR.
MyMonero – Best Online Monero Wallet
If you place convenience and simplicity at the very top of your list, then we would suggest taking a look at what MyMonero can offer. Created by a member of the Monero Core team, MyMonero allows you to access your wallet through a standard web browser such as Google Chrome or Firefox. When you first set it up, you will be presented with you private keys on screen. Although this in itself is a slight concern, the keys are encrypted and the MyMonero team has no way to access them.
There are no fees associated with using MyMonero, other than the standard mining fee you are charged when you send funds. Moreover, in-line with the anonymous features of the Monero blockchain, there is no requirement to supply any personal information when creating a wallet.
As the name suggests, the only cryptocurrency that MyMonero supports is XMR, so if you are looking for a multi-currency wallet that will allow you to store a range of different coins, you might need to look elsewhere.
MyMonero provides a convenient and straightforward way to store and transact with XMR. That being said, due to the inherent security risks of online wallets, we recommend you store the bulk of your XMR in a more secure wallet option.
As an alternative to MyMonero, take a look at the below.
- Cryptonator: An online wallet with a built-in exchange, supporting 17 cryptocurrencies, including Monero.
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