🔥 Monero wallets in comparison: our experiences in 2021!
Monero is a unique cryptocurrency with an emphasis on privacy and anonymity. These properties mean that XMR has its own blockchain and is not compatible with typical crypto wallets.
For this reason, it can often be difficult to find a compatible crypto wallet to store your Monero Coins. The standard wallets that you love and that you use for the popular digital assets are useless in relation to Monero, so you will have to look elsewhere to store your anonymous funds.
Well, look no further. Here are six of the best crypto wallets for your Monero (XMR) coins.
1. Monero GUI wallet
The Monero GUI Wallet, simply named Monero GUI Wallet, is the first choice for most Monero users, and for one simple reason: It was developed by the same open source community that is behind the coin itself.
Following the tradition of the official wallets, it is only intended for the desktop (although there are also clients for Linux distributions and Macintosh), so you can get along well with any type of PC.
It is also a full node wallet, meaning the application works with a direct connection to the Monero blockchain. This makes the Monero GUI a particularly secure and trustworthy wallet, as no servers are involved in the middle.
Here are some more positive traits:
- Fast transactions: Since the Monero GUI is a complete node wallet, transactions carried out on it are transmitted directly to the Monero blockchain. This makes transaction processing and updating faster than a light wallet, which has to go through a server to enable the same.
- Secure blockchain connection: Being a full node wallet also brings some benefits to the security of your coins, as your transactions are not transmitted through an insecure server. Through the direct connection to the blockchain, the Monero GUI ensures that your coins are only processed using thoroughly tested protocols.
- Monero mining: Usually, mining the cryptocurrency requires setting up the appropriate mining software on your PC. However, since the Monero GUI is already fully integrated into the Monero blockchain, mining activities can be carried out from the application itself, without the need for complicated software.
- Sign files and messages: Another standard function of a blockchain, the Monero GUI, allows you to securely sign your messages and files with your private key. This can then be checked on the recipient's end to ensure that the recipient received the original, tamper-proof files. A handy feature for communicating sensitive financial information in a foolproof way.
Even if the Monero GUI is all well and good, there are times when a full node wallet can place too high demands on the hardware resources. In these cases a light wallet is useful. These types of wallets have no direct connection to the blockchain, which makes them less resource-intensive. When it comes to Monero light wallets, there are only a few who can compete with MyMonero for the top spot.
The reason for this is that MyMonero is a very fast, efficient application that doesn't skimp on security or features while optimizing the Monero experience. Transactions on MyMonero are processed through its own server, with your own device only having the task of running an easy-to-use interface.
- Quick and easy start process: The initial setup process in MyMonero is a breeze. With no blockchain to download, you don't have to wait hours (or even days) while gigabytes of data sync; a new wallet can be created almost instantly.
- Mobile support: What use is a light wallet that cannot be mobile? MyMonero is well supported on iOS along with major desktop operating systems such as Windows, Macintosh, and Linux. An Android version is still in the works, but meanwhile the mature and fully functional web wallet is also available for use on any platform.
- Fast and efficient: Transactions on MyMonero are lightning fast, and the app doesn't end up draining your device's battery life by running complex processes on it. The data consumption is significantly lower, as the app only communicates information for your transaction and not for the entire blockchain, as is the case in a full node wallet.
- Importing Monero from Paper Wallets: Many of us still have our first crypto coins hidden somewhere in a paper wallet. Even if we want to import these accounts and their associated transaction history into a more usable hot wallet, the functionality is simply not there in most applications. Fortunately, MyMonero offers a service to import your old transactions into the application. This feature only costs a small developer fee and a few simple steps (which we documented in our guide) to restore your old account information to a MyMonero account.
Finding a good wallet for Android can be tricky at the best of times. Can you find a good Monero wallet on Android? Let's just say you struggle with this.
Monerujo is a rare quality product available on the Google Play Store that has every imaginable feature to perform XMR on your Android phone.
- Flexible restore size for faster syncing: If you've ever tried to restore an older account with a new wallet, have our condolences. The synchronization process can take anywhere from a dozen hours to a couple of days as the application has to search the blockchain for records of previous transactions or funds held by the account. Monerujo allows you to set a recovery start date, which can dramatically reduce recovery time by eliminating the time wasted looking for old transactions. This makes Monerujo a particularly good wallet for migrating your old desktop accounts.
- Manage multiple wallets at the same time: A major reason for using Monero is the privacy features that the blockchain offers. To go a step further, power users like to use multiple wallets for different types of payments and transactions by dividing their funds into different layers. But this growing network of accounts and the transactions required to move coins between them can quickly become overwhelming. Monerujo has an easy-to-use interface that allows you to manage multiple wallets at the same time, making transfers between them a breeze.
- Pay BTC addresses: We've all heard that crypto is fast becoming mainstream. More and more companies are now accepting cryptocurrencies as valid means of payment, which significantly increases the usefulness of your digital assets. Unfortunately, most of these companies only accept Bitcoin, the most popular cryptocurrency. Hence, unless you are using Monerujo, it can be difficult for a Monero user to take advantage of this growing trend. Monerujo offers you the option of sending coins to BTC addresses, which are automatically converted into Bitcoin without any further work on your part.
- Ledger Nano S integration: Everyone knows that a hardware wallet is the safest way to store your coin. The problem, however, is that you lose the convenience of sending transactions quickly and other useful features that a hot wallet offers. But Monerujo offers a ready-made solution. The app has been integrated into the popular Ledger Nano S, which means that you can continue to use your Monerujo wallet for transactions while your money remains safe in your ledger.
Guarda is the Swiss Army Knife from Monero Wallets and is the option to go to when you are tired of juggling between multiple uses for all of your crypto. Guarda is a multi-cryptocurrency wallet and supports many coins on different types of blockchains (or even completely different frames, as in the case of IOTA).
The user interface and security features are what you'd expect from a top-level wallet application, with no rough edges or protruding bugs.
Plus, you can exchange your tokens from within the app itself, without the annoying paperwork or KYC that the crypto exchange normally insists on. Yes, you read that right. A multi-currency crypto wallet that enables instant and hassle-free exchange of coins. This is Guarda for you.
- Truly universal: There are many wallets on the market today that claim to be a "universal" wallet, but few can actually justify this claim. Most applications can only support coins from the two main blockchains Bitcoin and Ethereum. At most, they could be extended to the sea of ERC-20 coins and Bitcoin forks such as Bitcoin Cash or Bitcoin Gold. But Guarda stands out from the crowd and supports almost the full range of cryptocurrencies, even those belonging to radically different blockchains like Monero or IOTA, while also supporting all the features you need.
- Available on all platforms: Gone are the days when you could only get the best wallets on Windows or iOS. Guarda supports all major desktop and mobile platforms, be it Linux, Macintosh or the Android operating system. And what's even better, it also has a fully functional web wallet that has all of the bells and whistles you'll find on the native clients without having to compromise on the security of your coins.
- Integrated crypto purchases: To fund most wallets, you have to go through a crypto exchange like Coinbase or Binance. This can be a time consuming process. To reduce the hassle and risk of losing your investment with numerous transfers and to make things a lot easier, you can easily buy cryptocurrencies with your credit card with the Guarda app.
- Effortless exchange of coins: How many times have you thought that there are no easy ways to trade your tokens when you see one of your high risk assets getting deep into the red? Well the answer is finally here.
5. Ledger nano s
The announcement of Monero's support for Ledger Nano S was received with cheers by the crypto community. The reason for this is simple: hot wallets are all well and good, but nothing beats a hardware wallet for long-term storage of a considerable amount of coins.
No matter how secure an application-based wallet is, at the end of the day it's a piece of software that you can break into and hack into. A hardware wallet, on the other hand, is a self-contained system that is physically sealed, is not connected to the Internet most of the time and cannot be easily manipulated.
Now that you are convinced of the benefits of storing your Monero assets in a ledger, let's get into the process of actually doing it.
How do I set up the Ledger Nano S for Monero?
The first step is to buy the hardware wallet. The instructions that come with the device itself should guide you through the initialization. After you've set a PIN and downloaded your recovery kit, we're actually ready to go.
Now there are many ways to connect your ledger to the internet and get to the Monero application. But the easiest (at least in our opinion) is to use the Chrome app. Get them here.
Then connect your Ledger Nano S to your computer using the supplied USB cable. Entering the PIN loads a screen showing you the many different Ledger applications that you can install. Scroll down until you see the Monero application and click the green arrow next to it to download it.
The Monero app needs the Monero CLI package to work on the official Monero website under Downloads can download. Extract the downloaded file to an empty folder and open a command window after navigating into the folder.
Yes, the Commands window could be intimidating. Don't panic though, we'll tell you the exact commands to type (or even copy / paste if you're not sure you can get it right).
First, enter this in the command field.
. \ monero-wallet-cli.exe -generate-from-device YOUR_WALLET_NAME_HIER -subaddress-lookahead 3: 200
YOUR_WALLET_NAME_HERE is a proxy for whatever you want to give your wallet a new name.
Next, the program asks you to create a password for your wallet and to confirm it. With this you can actually log into the wallet. Before you can use your brand new ledger, the wallet needs to be synchronized with the Monero blockchain. And this is where the tricky part begins.
There are two ways to do this: Either you can download the blockchain locally, which means you have to wait days for the gigabytes of data to download (yes, you read that right). Or you can cancel the whole process and rely on the network to get the job done. The disadvantage of this option is the lower level of security; since all synchronization is done over the network, it is possible for a hacker to log your IP address and compromise your transactions.
So what should you do?
Considering that the main reason for storing your XMR on the ledger is for top-notch security, most people choose to download the entire Monero blockchain. To begin this tedious procedure, start a new command window and run the following command:
. \ monerod.exe -db-sync-mode safe
This ensures a corruption-free, foolproof synchronization of the Monero blockchain. While there are other, faster ways of doing this, they are all somewhat unsafe or, in certain cases, prone to error. While this path is the slowest, it is the tried and tested method of syncing with the Monero blockchain. So sit back and wait a few days and sooner or later the Monero demon should be up and running.
That's it You can now store XMR in your ledger like any other cryptocurrency.
6. Monero paper wallet
So you got yourself some XMR. Enough to doubt your trustworthy mobile apps, but not enough to justify investing in that glorified USB stick they call a hardware wallet. As you can see, the answer is simple.
Set up a paper wallet.
Many of you will wonder, how can you entrust your precious coins to a piece of paper?
But if you take a step back and think for a moment, it is actually one of the best ways to store crypto. In contrast to digital methods, a "piece of paper" cannot be hacked, logged or accessed remotely. It turns out that restricting physical access is a lot easier than making your computing devices impregnable.
The way it works is as follows: you write your mnemonic sentence of 25 words on a piece of paper and then hide it from prying eyes. While you can do it with any type of paper, there are a few settings that can be used to increase security.
This paper storage option is designed to fold and hide its contents, which can then be secured with tamper-proof holographic stickers for maximum security. The red lines show the way to fold the paper correctly.
The truth is that there is no ultimate or best XMR wallet. The best option is the one that is right for you and only you can make that decision. However, we at Bitcoin-News.one hope that this shortlist of the best Monero wallets on the market has been useful in helping you make the right choice for you.