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Monero is a decentralized cryptocurrency, which pays a lot of attention to user’s privacy and security. The XMR coin was released more than five years ago. The cryptocurrency has undergone many changes and survived many ups and downs. Now Monero is on the 11th place by market capitalization among all cryptocurrencies. In the course of its history, the XMR coin price rose from a couple of bucks to several hundred dollars.
The current Monero price is about $77. Judging by the coin price history, this is the average value for a Monero coin. Since the total supply of the cryptocurrency reached the amount of more than 17 million XMR, the Monero community size is quite impressive. The XMR coin is appreciated among the crypto association due to the Monero developer’s commitment to the main pillars of decentralization: safety, privacy, and anonymity.
These 17 million XMR coins must be stored in some crypto wallets. If you already have Monero cryptocurrency or are you thinking about buying or mining some, you should be wondering about their storage. The Changelly Team has prepared for you the Top 7 Best Wallets for Monero. You can find a wallet that suits you the best, whether it is a mobile version or wallet for cold storage. Let’s take a closer look!
Before choosing the Monero wallet that will suit you the best, you should consider some points that are extremely important to take into account:
- Security. It’s generally recognized that hardware (or cold) wallets are the most secure to store large amounts of cryptocurrency.
- Ease of use. You need to evaluate your capabilities and choose a wallet that you can definitely control. Our list will offer wallets for beginners as well as advanced users.
- Community opinion. The Monero Community approves all of the following wallets. The source codes of wallets are in the public domain (open source), which means that there will be no third-party changes on the developers part.
- Cost. Cryptocurrencies, as well as their storage, by their nature, should be publicly available. There are paid wallets in our top, but the choice is only yours.
Monero GUI Wallet
Of course, first, we need to talk about the official Monero wallet. Monero GUI Wallet is an official and open source desktop client available for MacOS, Windows, and Linux.
The wallet is not easy-to-use. We recommend this wallet for advanced users. This is a full-node wallet which requires to download and synchronize the full Monero blockchain. By the way, the blockchain weighs about 70 GB. The GUI wallet supports mining, but it will take a big part in processing power.
The password protects your Monero GUI Wallet. Moreover, you should create a 25-words seed phrase to make your storage more secure.
Ledger Nano S
Ledger Nano S Wallet is an offline device, on which you can store you multi assets including Monero (XMR) coin. This type of storage is compatible both with desktop and Android phone (for iOS you can use the Ledger Nano X version). Ledger Nano S is available for Windows, Linux, and MacOS.
This USB-like device keeps all private keys and works on Blockchain Open Ledger Operating System. It includes PIN-code, 2-Factor-Authentication, and recovery seed. Let’s explain the last one. You set the seed phrase during the wallet setup. You can recover your wallet in case of theft, damage, etc.
Ledger Nano S also has an OLED screen. You can interact with the wallet on the device by pushing the buttons on the side of the screen.
We want to pay your attention to the fact that hardware wallet is an extremely secure way to store your assets. You need to pay for device almost 85$ (or 75€). However, your money will completely pay off.
MyMonero is a desktop, web, and mobile wallet. This wallet is one of the easiest ways to store your XMR assets. The source code of the wallet is opened and approved by Monero community. The server does not keep your private key, and it stored only on your device. You can download the MyMonero wallet for MacOS, Linux, Windows, iOS, or use a web wallet. Developers promise to launch the Android version soon.
MyMonero wallet is user-friendly. You can use the Drag & Drop feature to drag your QR code to the app in order to fill the gap of transaction address automatically. One more convenience is the possibility to save the address after your transaction is completed.
You do not need to wait until your wallet synchronizes with the Monero blockchain because the key is sent to the wallet server. There is a kind of disadvantage. Since Monero cryptocurrency uses a stealth address, anyone with your private address can see the transactions you have received (btw, no other data).
Now, let’s talk about mobile wallets.
Cake is an easy to use iOS wallet with the built-in cryptocurrency exchange. The wallet is open source and audited by the Monero community. The wallet keeps your private key only on your device so you do not need to worry that anybody can watch your transactions. The key advantage of the Cake wallet is an exchange within it. You can trade Bitcoin, Litecoin, Ethereum, and Dash cryptocurrencies.
Monerujo is an open-source Monero wallet for Android devices. The wallet has a user-friendly interface. It is a safe place for your assets.
The wallet includes a built-in QR code scanner. It means that you do not need to type a long address into the gap but only upload a QR code image. You can use a remote node to synchronize with the Monero blockchain or just create your own node. This advantage makes the app very lightweight.
The one more nice feature is a payment BTC address. There is no need to use XMR to BTC exchange because you can transact your XMR assets straightforward to BTC address.
Edge is cryptocurrency multi-wallet, which supports Monero, Bitcoin, Ethereum, Bitcoin Cash, and all the ERC-20 standard coins. The wallet is available both for iOS and Android and recommended for beginners.
The privacy features of the Edge wallet are 2-Factor-Authentication and a unique code that will be sent to your device every time you log into the app.
You can buy and sell cryptocurrency within the wallet with a 1% fee charged.
Finally, don’t forget that you can use a good old paper wallet for your XMR coins storage. You can use the Monero address generator to create two QR codes and two private keys, and make up your 25-words seed phrase. Voila! Keep your notes in a safe place, and your assets will be out of harm’s way.
Disclaimer: We have chosen the most reliable and popular wallets for storing Monero cryptocurrency. However, this does not mean that there are no other ways. We ask you to approach the choice of a wallet with a high degree of responsibility. The Changelly team is not responsible for your choice, we only offer storage solutions, and we hope that your coins will be safe and sound.