Monero is a curious cryptocurrency with an emphasis on privacy and anonymity. These features mean that XMR has its very own blockchain and is not compatible with your typical crypto wallet.
Due to this, it can often be difficult to find a compatible crypto wallet for storing your Monero tokens. The storage solutions you love and use for the more mainstream digital assets are useless when it comes to Monero, so you have to look elsewhere to store your anonymous funds.
Well, look no further. Here are some of the best crypto wallets for your Monero (XMR) tokens.
Monero GUI Wallet
What Is Monero GUI Wallet?
The unimaginatively named Monero GUI Wallet is the first choice for most users of Monero, and for a simple reason: It has been developed by the same open source community that is behind the privacy coin itself.
Following the tradition of official wallets, it is desktop only (though clients are available for Linux distros and Macintosh as well), so you are good with any kind of PC.
Moreover, it is a full node wallet, meaning the application functions with a direct connection to the Monero Blockchain. This makes Monero GUI a particularly secure and trustworthy wallet because no servers are involved in the middle.
Here are some other positive features:
- Fast Transactions: Since Monero GUI is a full node wallet, transactions carried out on it are communicated directly to the Monero Blockchain. This makes transaction processing and updating faster than on a light wallet, which must go through a server to make the same thing possible.
- Secure Blockchain Connection: Being a full node wallet also comes with some perks for the security of your funds, as your transactions are not transmitted through an insecure server. By directly connecting to the Blockchain, Monero GUI ensures that your funds are handled only through thoroughly tested protocols.
- Monero Mining: Usually, dabbling in mining cryptocurrency involves setting up the appropriate mining software on your PC. But as the Monero GUI is already a full-fledged node of the Monero blockchain, mining operations can be carried out from the application itself without needing any complicated software.
- Sign Files and Messages: Another standard feature of a blockchain, Monero GUI lets you securely sign your messages and files with your private key. This can then be verified on the receiver’s end to ensure that they have got the original, tamper-proof files. A handy feature for communicating sensitive financial information in a foolproof manner.
To know everything there is to know about the king of Monero wallets, see our detailed XMR GUI guide.
While Monero GUI is all well and good, there are times when a full node wallet can be too demanding on hardware resources. That is when a light wallet comes in handy. These types of wallets do not maintain a direct connection with the blockchain, which makes them less resource intensive.
When it comes to Monero light wallets, there are few that can beat MyMonero to the top spot.
This is because MyMonero is a very fast, efficient application that does not skimp on security or features while streamlining the Monero experience. Transactions on MyMonero are handled through its own servers, with your own device only tasked with running an easy to use interface.
- Quick and Easy Startup Process: The initial setup process in MyMonero is a breeze. As there is no Blockchain to download, there is no need to wait hours (or even days) while gigabytes of data is synced; a new wallet can be created almost instantaneously.
- Mobile Support: What good is a Light Wallet that cannot go mobile? MyMonero is well supported on iOS along with major desktop operating systems like 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 and every platform.
- Fast and Efficient: Transactions on MyMonero are lightning fast, and the app doesn’t end up draining the battery life of your device by running complex processes on it. The data consumption is significantly lower, as the app only communicates information for your transaction alone and not for the whole blockchain as happens in a full node wallet.
- Import Paper Wallet Transactions: Many of us still have our first crypto hoard stashed in a paper wallet somewhere. While we may wish to import those accounts and the accompanying transaction history to a more usable hot wallet, the functionality is often simply not there in most applications. MyMonero, fortunately, offers a service to import your old transactions into the application. The function only costs a nominal developer fee and some simple steps (which we have documented in our guide) to restore your old account details to a MyMonero account.
The advantages of MyMonero’s streamlined system are numerous. A complete breakdown & review of MyMonero can be found here.
What Is Monerujo?
Finding a good wallet on Android can be difficult at the best of times. Finding a good Monero wallet on Android? Let’s just say you are up against it.
Monerujo is a rare quality product available on the Google Play Store, which offers every conceivable function for transacting XMR on your Android mobile.
- Flexible Restore Size for Faster Syncing: If you have ever tried restoring an older account on any new wallet, you have our sympathies. The syncing process can take anything from a dozen hours to a couple of days, as the application needs to search through the blockchain for records of any past transactions or funds owned by the account. Monerujo lets you specify a start date to restore from, which can dramatically cut down on the restore time by not wasting time on looking through ancient transactions. This makes Monerujo a particularly good wallet for migrating your old desktop accounts too.
- Manage Multiple Wallets Simultaneously: A key reason people use Monero is for the privacy features offered by its blockchain. To take this a step further, power users like to use multiple wallets for different kinds of payments and transactions, separating their funds into different layers. But this growing web of accounts and the transactions needed to move funds between them can quickly become unmanageable. Monerujo sports an easy to use interface for keeping track of multiple wallets at once, making fund transfers between them a breeze.
- Pay BTC Addresses: We have all heard of how crypto is quickly growing mainstream. An increasing number of businesses are now accepting cryptocurrency as a valid form of payment, greatly increasing the use-case of your digital assets. Unfortunately, most of these places accept Bitcoin, the most well-known crypto. As such, it can be difficult for a Monero user to take advantage of this growing trend unless you are using Monerujo. Monerujo gives you the ability to send funds 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 most secure method for storing your crypto. However, the problem is that you lose the convenience of sending transactions quickly and other useful features offered by a hot wallet. But Monerujo comes with a ready solution. The app has been integrated with the popular Ledger Nano S, which means that you can continue to use your Monerujo wallet for transactions while your funds stay safe on your Ledger.
Check out our dedicated Monerujo review for more details and our walkthrough on how to create a Ledger based wallet on Monerujo.
Guarda is the Swiss army knife of Monero Wallets and is the option you go to when you are tired of juggling between multiple applications for all your crypto. Guarda is a multi-cryptocurrency wallet and supports many coins on different kinds of blockchain (or even different frameworks entirely, as in the case of IOTA).
The interface and security features are what you expect any top tier wallet application, with no rough edges or outstanding bugs.
It also lets you exchange your tokens from the app itself, without any of the tedious paperwork or KYC which crypto exchanges usually insist upon.
Yes, you read that right. A multi-currency crypto wallet that allows instantaneous and hassle-free token swaps. That’s Guarda for you.
- Truly Universal: There are many wallets in the market these days claiming to be a ‘universal’ wallet, but few can actually justify the claim. Most applications can only support coins of the couple of main blockchains, Bitcoin and Ethereum. At most, they might expand to include the sea of ERC-20 Tokens and Bitcoin forks like Bitcoin Cash or Bitcoin Gold. But Guarda stands apart from the crowd and supports almost the entire spectrum of cryptocurrencies, even those belonging to radically different blockchains like Monero or IOTA, whilst supporting all the features you need too.
- Available on all Platforms: Gone are the days when you could only get the best wallets on Windows or iOS. Guarda supports every major desktop and mobile platform, be it Linux, Macintosh or the Android operating system. Even better, it has a fully functional web wallet as well, offering all the bells and whistles found on the native clients, without compromising on the security of your funds.
- Integrated Crypto Purchases: To fund most wallets, you need to make a detour to a crypto exchange like Coinbase or Binance. This can be a time-consuming process. To reduce the hassle and risks of losing your funds in numerous transfers, and to make things a whole lot easier, the Guarda app simply lets you purchase cryptocurrencies using your credit card.
- Hassle Free Token Exchanges: How many times have you thought about the lack of easy options to trade your tokens, when you see one of your more riskier holdings go deep into the red? Well, an answer is finally here. Guarda gives you the option to convert your tokens from one crypto to another, and all this without forcing you to wait around for ages to clear KYC procedures.
Not convinced yet? Our Guarda review tells you everything you need to know.
Ledger Nano S
The announcement of Monero support on Ledger Nano S was met with cheers from the crypto community. The reason is simple; hot wallets are well and good, but for long term storage of a significant amount of tokens, nothing beats a hardware wallet.
No matter how secure an application based wallet is, at the end of the day, it is a piece of software which can be broken into and hacked. A hardware wallet, in contrast, is a self-contained system, which seals itself shut physically, is not connected to the internet for the vast majority of the time and cannot be tampered with easily.
Now that you are convinced of the merits of storing your Monero investments in a Ledger, let us go about the process to actually do so.
How To Set Up the Ledger Nano S for Monero?
The first step is to get your hands on a Ledger. The instructions enclosed with the device itself should see you through the initialization. It is after you have set a PIN and copied down your recovery phrase can we actually get started.
Now, there are many ways to hook up your Ledger to the internet and get hold of its Monero application. But the easiest (in my opinion at least), is to use the chrome app. Get it here.
Then plug your Ledger Nano S into your computer using the USB cable that comes with it. Entering the PIN will load a screen showing you the numerous different Ledger apps you can install. Scroll down until you see the Monero app and click the green arrow next to it to download it.
The Monero App needs the Monero CLI package to function, which you can grab from here.
Extract the downloaded file to an empty folder, and proceed to open a command window after navigating into it.
Yes, the ‘commands’ window might seem intimidating. However, there is no need to panic, we’ll tell you the exact commands to type (or even copy-paste if you are not feeling confident in getting it right). First up, type this into the command box.
.\monero-wallet-cli.exe –generate-from-device YOUR_WALLET_NAME_HERE –subaddress-lookahead 3:200
YOUR_WALLET_NAME_HERE is a stand-in for whatever you wish to re-name your wallet.
Next, the program will prompt you to create a password for your wallet and confirm it. This enables you to actually sign into the wallet.
Before you start using your brand new Ledger, the wallet needs to sync with the Monero Blockchain. And that is where the tricky part begins.
There are two ways to go about it. Either you can download the blockchain locally, which entails days waiting for the gigabytes of data to download (yes, you read that right). Or, you can ditch the whole process and rely on a remote node to get the job done. The downside of this option is reduced security; since all the syncing happens over the network, it is possible that a hacker will log your IP address and compromise your transactions.
So what should you do?
Considering that the main reason for storing your XMR on Ledger is top-notch security, most people opt to download the entire Monero blockchain. To get started on this lengthy procedure, fire up a new Command window and execute the following command:
.\monerod.exe –db-sync-mode safe
This ensures corruption free, foolproof syncing of the Monero Blockchain. While there are other, faster ways to get this done, they are all somewhat insecure, or in certain cases error prone. This way, while the slowest, is the tried and tested method to sync to the Monero blockchain. So sit back and wait for a couple of days, and the Monero Daemon should be up and running sooner or later.
That’s it. You can now store XMR into your Ledger just like any other cryptocurrency. Enjoy your state-of-the-art cold storage!
Need a deeper walkthrough on how to set up your Ledger Nano S? We have you covered.
Monero Paper Wallet
So you got yourself some XMR. Enough to start doubting your trusty mobile apps, but not yet enough to justify investing in that glorified USB stick they are calling a hardware wallet. The answer, as you see, is simple.
Set up a paper wallet.
Many of you will be asking how can you entrust your precious funds to a piece of paper?
But once you step back and think for a moment, it is actually one of the best ways to store crypto. Unlike digital methods, a ‘piece of paper’ cannot be hacked, logged, or retrieved remotely. Restricting physical access, it turns out, is much easier than making your computing devices impregnable.
How it works is like this: You write down your 25 word mnemonic phrase on a sheet of paper and then hide it away from prying eyes. While you can do it with any kind of paper, there are a few setups that can be used for increased security.
This paper storage option has a design that allows for it to fold and hide its contents, which can then be secured with tamper proof holographic stickers for maximum safety. The red lines show the way to correctly fold the paper.
After using the stickers to seal the folds shut, the end result should look something like this.
Neat, isn’t it? Your paper cold storage solution is ready. Now just put this wallet (it actually looks like one now) into a safe or something, and your funds are safe from data theft.
The truth is that there is no ultimate or best XMR wallet. The best option is the one that’s the right choice for you and only you can make that decision. However, the TotalCrypto team hopes that this shortlist of the top Monero wallets on the market has been useful and helps you to select the right choice for you.