Best Monero Wallets – Safely Store Your Monero
Monero is one of the top 10 cryptocurrencies according to Coinmarketcap, which has a primary focus on privacy, scalability, and decentralization. It uses the blockchain technology to record transactions, specifically following the “CryptoNote” protocol which hides the details of the sender and the receiver.
Once Monero is purchased, it must be stored in a wallet. Basically, there are two types of wallets:
- A Hot wallet: These are the wallets that are always connected to the internet. Usually, the funds that are instantly needed for trading and withdrawals are stored in hot wallets; for example, exchanges store some of the users’ funds in hot wallets to let them withdraw when they need but most of the funds are stored securely in multiple cold wallets. The minimum amount of cryptocurrency should be stored in a hot wallet as it is vulnerable to cyber threats.
- A Cold wallet: These wallets are not connected to the internet. They are the most secure wallets as only you have full access to your funds.
Just like other cryptocurrencies, Monero is also intangible, and you will need a wallet to store and use Monero.
Which are the Best Wallets to Store Monero?
In this article, we are going to elaborate on the best wallets to store Monero with a step by step analysis of the pros and cons of each wallet to help you choose the best one for your requirements.
|Name of Wallet||Pros||Cons|
|Monero GUI wallet||
|Taushnet USB cold wallet||
Hot Wallets for Monero
1. MyMonero: MyMonero is a web-based Monero wallet. This is by far the simplest way to store Monero. It is very easy to create a new account and does not require any email ID for creating the wallet. The wallet is created, and the private keys are stored on their servers.
To gain access to your funds, you will need to enter an auto-generated private access key generated by the website. You can view your private keys on the website. There are no reports of security breaches so far. However, there have been incidents of phishing attacks. https://mymonero.com/
2. Monerujo Android wallet: Monerujo is the only android wallet that is accepted by the entire Monero community. The design of the app is very professional and it offers a wide range of features under the hood. The private keys of your wallet are stored locally on your device. The app connects to remote nodes to synchronize with the blockchain thereby, saving the memory of your device.
The app also has a QR scanner built in; this is very helpful as it eliminates the need to enter the large recipient address manually. The app also lets you send funds to a Bitcoin address as well, converting Monero to Bitcoin in order to do this. The source code of the app is open source. This lets anyone examine the code, report any bugs in the code and also suggest future improvements to the developer team.
There are no reported security issues with this wallet as of yet. As an extra security feature, Monerujo has also disabled screen mirroring feature to avoid loss of user funds in case the device is compromised. Since android based devices are most common, this will benefit all android users to access their funds. https://monerujo.io/
3. CakeWallet: This is another mobile wallet available for the IOS devices. The app is very user-friendly, and the code is open source for everyone to view and report any bugs and improvements. You have access to the funds on the go, and the private keys are not stored within your device. A 25 phrase key can be used to restore the wallet in case your device is reset.
The app has a QR code scanner which makes it easy to scan others addresses to send funds. Additionally, the app also has a built-in exchange which lets you exchange Monero with other major cryptocurrencies like Bitcoin, Ethereum, etc. It also lets you set the transaction fee which is another useful feature not available on many wallets. Therefore, CakeWallet makes it very easy to access your funds across IOS devices on the go. CakeWallet iOS App
4.The full-node Monero GUI wallet: This is by far the most trusted digital Monero wallet. It is available for download on their official website and supports Windows, Linux and Mac platforms. This wallet requires you to run a full-node on your local system which means that you will need to download the whole Monero blockchain in order to start using the wallet.
Alternately, you can choose to connect to a remote node to bypass downloading the whole blockchain. The GUI wallet also lets you use your devices computational power for mining purposes. Your seed and private keys are stored privately on your system and this lets you have control over the funds you own. https://getmonero.org/downloads/
Cold Wallets for Monero
1. Taushet USB Monero Cold Wallet Generator: As the name suggests, this is a Monero wallet generator tool. It is a bootable USB image that contains the tools that can be used to generate cold wallet accounts and uses the MD5 hash to verify the authenticity. The disk image contains a Linux OS which the user will have to boot into and then run the wallet generator HTML file to generate wallet seed and keys.
You can then save the seed, key, and address on a USB drive which then becomes your digital vault. You can also write down the seed on a paper and use it as a physical vault. Since the whole generation process occurs in the absence of an active internet connection, only you will know your wallet seed, ensuring complete security.
2. Paper wallets (MoneroAddress.org): Paper wallets are your wallet’s seed, private key, and address on a sheet of paper. With the help of MoneroAddress.org, you can create your own paper wallet. The calculations made to generate the seed and private key occur locally on your browser and hence, it doesn’t require any internet connection once the web page is loaded in your browser.
Paper wallets are considered to be very secure as only you know the private keys. However, paper wallets are susceptible to wear and tear. Hence, it is recommended to laminate them and store them in a safe place.
3.Hardware wallets: Hardware wallets are by far, the safest way to store any cryptocurrency. However, given the complex code base of Monero, there is currently no hardware wallet support.
Due to the increase in the interest of people for Monero, both Ledger Nano and Trezor developer teams are working hard to make it available on their platforms. It is predicted that it won’t be long before Monero gets hardware wallet support.
Wallets to avoid
Monero wallet by FreeWallet: This is a wallet available for download for both Android and IOS. The FreeWallet app requires your email ID to create your wallet. This eliminates the whole idea of privacy which is what Monero is based upon.
There have been countless reports of the funds not appearing and even stolen funds on this wallet. You don’t even have access to your private keys on this app. The whole Monero community has flagged this wallet so it is better to stay away from it.
You can also use an Exchange wallet to store Monero. But remember that, although Exchanges store most coins in a cold wallet, they can still get hacked and you may lose your coins.
Even though Monero is one of the top cryptocurrencies, it still has a long way to go in terms of wallet support. When it comes to the crypto space, you are your own bank and it is your duty to store your funds carefully. That being said, web wallets are the most vulnerable to attacks. Paper wallets are safe but can be misplaced, stolen or damaged. For now, the desktop wallet is the most secure wallet but once the hardware wallets are released, it would definitely be the safest place to store Monero.