The 6 Best Monero Wallets to Store Your XMR Safely

Monero (XMR) is very concerned with the user’s privacy and security. As a result, Monero has gained popularity among cryptocurrency users in recent years and is now one of the largest cryptocurrencies in today’s market. You can store Monero using hardware and software wallets. These digital wallets help you easily keep, convert and manage your Monero (XMR) coins. This article will cover everything you need to know about the best Monero wallets on the market today.

• Also learn about: How to buy Monero (XMR)

What is Monero?

Monero is a digital cryptocurrency system that uses cryptography to keep your transactions private and untraceable. Created in 2012, Monero is based on Bytecoin—which initially was named Bitmonero. 

Looking for the best Monero wallet, Monero is different from other cryptocurrencies. It offers true anonymity and privacy to users, so its popularity has grown so much over the last few years. Monero was also the first blockchain to adopt Bulletproofs, a new protocol that makes its transactions significantly more private than other cryptocurrencies. 

Types of Monero Wallets

There are different types of XMR wallets available today, and each of these works differently when it comes to functionality and security. 

There are two types of Monero wallets:

• Cold Storage Wallet: This type of wallet doesn’t need an internet connection to work correctly and is also known as a hardware wallet. It is an external device that you can transfer your XMR into, similar to a USB drive.

• Hot Wallet: This is also known as a software wallet. This is the kind of wallet that allows you to store your Monero coins online in an exchange or any other website where they have been integrated with this digital currency as a payment option.

There are tons of Monero wallets in the market, and it can be hard to choose the best Monero wallet for your cryptocurrency storage needs. Below is a list of some of the best options to store your XMR, featuring some of the most popular exchanges and hardware wallets.

There are two forms of Monero wallets: hardware (like a gadget) and software wallets. The hardware wallets store XMR offline, and they are safe. Check out our full review of the . On the other hand, software wallets are abstract wallets that can be desktop applications or mobile apps. Though software wallets can be attractive due to their ease of use, hardware wallets are safer, due to having your cryptocurrency stored outside of an exchange. Accessing the wallets requires security measures like case-sensitive recovery phases. 

Features of the Best Monero Wallets

When looking for the best Monero wallet, make sure you look for the following features: 

• Simple User Interface: A Monero wallet should be user-friendly and easy to navigate and understand. Simplicity is necessary as a complex wallet might be challenging to understand, especially for newbies, resulting in casualties like loss of funds through mistaken transfers.
• Private Key Control: If the wallet allows you to control your private key, consider it. If not, that is, left in possession of a third party, then you should not. The party with your private key will control your Monero.
• Development: Your XMR is more secure if you choose constantly updated wallets. Such wallets are more functional and provide increased security.
• Support: Besides development, you should also find out what support the team gives whenever there is a malfunction or breach.
• Security: Security is arguably the most crucial factor to keep in mind when assessing the best Monero wallets. It would also be good to watch out for extra security measures, such as 2 – factor authentication, when choosing your wallet.

The 6 Best Monero Wallets

1. Coinbase

Coinbase is a secure cryptocurrency exchange that can be used to buy, sell, transfer and store Monero. Coinbase offers one of the biggest trading platforms for cryptocurrencies. It supports more than 100 countries and securely allows users to store their Monero in offline storage. Best for newbies who have little to no experience in the cryptocurrency market. It is one of the best Monero wallets. 

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Pros and Cons   

Pros: Coinbase allows users to buy, sell, and track multiple digital currencies from their single interface. Though broadly adopted, it is not available worldwide and operates on higher fees. Furthermore, you may store your funds in a vault for security purposes.

Cons: It does not support various altcoins coins. 

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2. Binance

For crypto traders who want to store multiple digital currencies and access other features in their wallets, Binance offers a cryptocurrency exchange and wallet.

Binance is one of the best Monero wallets available. It allows users to create a Monero wallet and trade more than 150 other cryptocurrencies, but it also offers an API that lets you integrate your existing trading application.

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Pros and Cons

Binance supports many coins and provides a range of tools for online trading, such as OriginTrail and Kryll, with relatively low trading fees.

A notable disadvantage is that the platform is not easy to navigate for inexperienced crypto enthusiasts.

This crypto wallet offers basic and advanced interfaces for trading.

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3. Kraken

Kraken is one of the best Monero wallets, offering financial stability and security by maintaining total reserves and meeting the highest legal compliance standards. It allows you to transact digital assets with a single click. It is best for new investors.

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Pros and Cons

Like Coinbase, this best Monero wallet also offers several tools for online trading and accepts Fiat currencies.       

However, their customer service is not very reliable, but they might be able to provide the best of all features. They operate on high instant buy fees. 

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4. Trezor 

If you have been looking for a digital security solution that transcends cryptos, Trezor is excellent.

Trezor is that hardware Monero wallet that helps you safely store your Monero coins. You can plug it into a smartphone device or a computer system and generates a random PIN to keep for its security.

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Pros and Cons

When looking for offline storage with top-notch security, Trezor could be what you have been really looking for. Trezor accepts more than 1700 coins, and they are way effortless to navigate. 

Meanwhile, they have a rather heavy design. A crypto newbie could find this tedious and too bulky. Sadly, they also operate on high instant buy fees.       

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5. Ledger

The Ledger is a cryptocurrency hardware wallet that works with various coins. It is arguably one of the best Monero wallets, with a PIN for payment confirmation and an LED display for payment validation. 

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Pros and Cons 

Ledger has gained massive interest from the public from its pros. It has an easy setup, though it is not open-source hardware, and navigating the system might be tedious due to the design.

Memory can be an issue if you wish to set up multiple cryptocurrencies. 

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6. Monero GUI Wallet 

Monero GUI Wallet is a free, open-source, secure desktop client that supports XMR wallets. The software has a native user interface and user experience (UI/UX) suitable for crypto novices. It is arguably the best Monero wallet if you don’t need to store other cryptos. 

Pros and Cons 

The official Monero wallet is relatively safe for the coins and transactions are very quick, and users have 100% control over their private keys.

There are not many regulations in place compared to others. Here, Monero is the only cryptocurrency supported.

It is, however, imperative to know that it takes a long time to set up a full node wallet on the platform.

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Frequently Asked Questions