Monero is among the most respected cryptocurrencies in the market, and there is good reason to believe it is going to stay that way. It was among the first in the market after BTC. XMR is known for its safety and privacy; it is more a wallet in itself than a coin, helping you move money without leaving half as much of a trail as BTC, and taking virtually no time at all. Monero is almost an improved Bitcoin 2.0!
There have been a few enquiries about good wallets for various cryptocurrencies ever since our website’s crypto section went up. Monero in particular is tricky, since there have been so many known and alleged scams involving the coin that it becomes essential to tackle them before moving on to suggesting the best wallets for Monero. Here is a quick lowdown…
Avoid the following Monero Wallets:
We’d never have come to know about these scams ourselves had it not been for the Reddit community dedicated to Monero. So here’s a shoutout to them. There are a bunch of known scams and wallets that are dicey to risk. The complete list is available on the link provided. Here’s a list of the most popular options people avail that they should think twice about.
- Freewallet and its associated wallets, exchanges and others. This includes the popular wallet “Monero Wallet”.
In addition, avoid MinerGate, HitBTC and Changelly, all three of which are pretty popular but are accused of some pretty horrible stuff, to which there has been no convincing answer.
Now for the wallets you should give a try, arranged according to platforms they are best suited for…
Best Monero Wallets By category
1. Monero GUI: Native wallet supported by default
Monero wins by a margin when it comes to being the best cryptocurrency transaction platform. The coin comes as a result of an attempt to straighten out complex blockchain transactions and make them more secure and private, which is all a good cryptocurrency wallet needs to have. Being the official means of transaction in the coin is a major benefit the coin has. The GUI is inspired in design and easy to navigate, which adds to the charm.
2. Electrum: Best Paper Wallet
Paper wallets are the best when you want to keep your cryptocurrency in cold storage, ie store them off the grid and for long term. Electrum might be the best option for Monero since it gets you private keys, allows for recovery and super-quick to transact on. The wallet also has 2 factor authentication, and with its decentralised servers and support for hardware wallets within the purview of the service, it just might be the most versatile Monero Wallet in the market.
3. Trezor: Best Hardware Wallet
We’ve covered Trezor repeatedly in our lists of the best cryptocurrency wallets. That is because there really is no beating the Trezor. It is tiny enough to fit in your sock, connects to just about any device using a USB cable, and can store multiple coins in addition to Monero thanks to multi-coin support. Still, if you’re looking for an alternative, KeepKey is a good option to explore.
4. MyMonero: Best Web Wallet Maintained by a core Monero maintainer
My Monero is the other trustworthy web-based Monero wallet, the first one being Monero GUI itself. MyMonero looks amazing, and it works great too. The service is managed by a Monero Core Team member, Riccardo Spagni, which lends it all the more credibility and reliability when it comes to storing and trading your Monero. The service offers Monero on devices with “limited resources”, multiple platform support and device-localised cryptography to make your transactions all the more secure.
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5. Exodus: Best Desktop Wallet
Like Trezor, Exodus is a regular in our list of recommendations for the best Wallet for various cryptocurrencies. It is really simple to operate and its graphic representation of your funds stored in the wallet lets you grock the situation in a quick glance. The superior customisability and multi-platform support are also valuable features in the wallet.
There are other options as well, such as using an exchange platform alone if you’re using monero for short term, or going the traditional way and using a platform like Binance. You can experiment with your wallets. Do let us know which wallet you like best.