Monero (XMR) is a privacy-focused cryptocurrency designed to offer fast, secure and anonymous transactions. If you already own Monero or you’re looking to buy and hold this digital currency, you’ll need to find a secure wallet where you can safely store your XMR.
There are only a limited number of wallets available for Monero, so let’s take a closer look at three of the best and find out how you can choose an ideal wallet for your needs.
Learn more Where to buy Monero (XMR)
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What to look for in a Monero (XMR) wallet
- XMR support. There are only a handful of wallets available that support Monero, so before sending funds to a wallet, make sure that it’s actually set up to hold XMR.
- User-friendly interface. Understanding how to use a wallet is critically important if you want to safely store your coins. With this in mind, look for a wallet that is simple to use and provides all the features you need.
- Privacy. Privacy is an important issue for many XMR users. If this is important to you, check to see what protections and features a wallet has to allow you to maintain your anonymity.
- Security. How secure will your XMR be against hacking and theft? Do you retain control of your private keys or does a third party manage them? What level of encryption is used to protect your private data? How easy is it to back up and recover your wallet?
- Customer support. For added peace of mind, find out how you can access support from the wallet provider if you experience any problems.
- Ongoing development. Is the wallet you’re thinking of using an old project that’s been forgotten about or is it backed by a development team that’s continually working to upgrade and improve it?
- Good reviews. Finally, check out user reviews from other XMR holders who have stored funds in the wallet. This will give you a better idea of how secure the wallet is, how strong its support team is and how easy it is to use on a day-to-day basis.
Find out more about what to look for when choosing a cryptocurrency wallet.
Monero GUI Wallet (desktop wallet)
- Specifically designed for Monero, works on multiple operating systems
- Takes space and processing power, intimidating for beginners
The first wallet worth considering is Monero’s official desktop client. It’s available for download to Windows, Mac, Linux and a range of other operating systems and is designed to allow users to easily interact with their XMR holdings.
As a full-node wallet, the downloading and syncing process for the GUI wallet does take a while. It also uses up hard drive space and processing power, so it may not be the right option for all.
Once syncing is complete, the wallet is relatively easy to use for anyone with a little bit of crypto experience.
It’s simple to send, receive and manage your funds, providing fast and easy access. However, if you’re a crypto newcomer, you may find this option a little complicated and may want to look into one of the other wallets available.
MyMonero (web wallet)
- Easy and convenient to use, fast access to your XMR
- Security concerns associated with web wallets
MyMonero is a popular online wallet for anyone looking for a more simple and convenient way to store XMR. Managed by Riccardo “fluffypony” Spagni, a member of the Monero Core Team, MyMonero provides secure, hosted Monero accounts.
It’s a hassle-free and easy option for anyone who doesn’t want to run a full node, and its web-based interface is intuitive and entirely straightforward. Creating an account takes seconds and requires you to take note of your 13-word private log-in key, which you need to keep in a safe place as it’s never stored on the MyMonero.com server.
While this is a fast and user-friendly option, the main downside with web wallets is that you’re exposed to security risks. When you create a wallet, you’re presented with the following warning: “…it is extremely difficult for MyMonero to securely deliver its code to your browser. This means that there is considerable risk in using MyMonero for large amounts!”
The warning goes on to recommend that if you’re looking to store your XMR for the long term, you should consider a cold wallet.
Storing Monero in an exchange wallet
Once you’ve purchased Monero, you may be tempted to store your XMR in a wallet based on a cryptocurrency exchange. This is a quick and convenient solution if you’re planning on placing a trade soon, but it’s generally not recommended for long-term storage.
With exchange wallets, your private keys are owned by the exchange and not controlled by you, which means you don’t have full control over your funds. There’s also the fact that exchanges are popular targets for hackers, so any security breaches could be disastrous if you’ve got a large balance stored on an exchange.
As a result, the safest option is to move your XMR into a secure, private wallet.
See which exchanges you can use to buy and store Monero (XMR).
Monerujo (mobile wallet)
- Convenient access, manages multiple wallets, fast payments
For the convenience of managing your XMR on the go, the Monerujo mobile app is well worth a look. This Android app is a light wallet that uses remote nodes to synchronise to the Monero blockchain. It’s an open-source wallet and all of your private data is stored on your device.
The app’s user interface is well presented and easy to get used to. Some of the key features of Monerujo include the ability to manage multiple wallets as well as QR scanning functionality for sending and receiving XMR payments. You can also use the XMR.to service to pay any BTC address from Monerujo.
The downside? There’s no app for iOS, so iPhone users won’t find any love here.
Tips for securely storing your Monero
Want to know how to safely store XMR or any other cryptocurrency? Keep the following tips in mind:
- Do your research. Before choosing any wallet, make sure you thoroughly investigate what it has to offer. Is it offered by a reputable provider and backed by a strong development team? What security features does it offer? Has it ever been hacked? Do other users provide positive or negative reviews of their own experiences with the wallet?
- Consider offline storage. Storing your crypto private keys offline is widely considered to offer the best security. However, at the time of writing (7 March 2018), a dedicated Monero hardware wallet is a work in progress. Ledger is also working on integrating Monero into its Nano S and Blue hardware wallets. For the time being, those wanting a cold storage solution for XMR will need to consider a paper wallet generator such as the one found on the MoneroAddress website.
- Update your protection. Before installing or accessing any wallet, make sure the antivirus and anti-malware software on your device is up to date. Also, remember to update your protection regularly to provide extra security for your funds.
- Set strong passwords. When creating a password for your wallet, don’t simply use the lazy, easy-to-remember password you always use for any online account. Instead, put in the time to create a strong, random password that’s virtually impossible to crack.
- Look after your private keys. Remember that your private keys are crucial – without them you can’t access your crypto funds. With this in mind, make sure to safely store your private keys and never share them with anyone else.
Check out our comprehensive guide to choosing a crypto wallet.
At the time of writing, the author holds IOTA and XLM.