Bitcoin dominates a lot of the popular conversation about cryptocurrency trading but it is far from the only option out on the market.
One of the rising stars of the crypto world is Monero. Now ranked among the top 10 cryptocurrencies worldwide, Monero is only growing in popularity due to its security and anonymity features.
Created in April 2014, Monero takes the vaunted privacy features found in most cryptocurrencies to the next level. Payments and account balances remain hidden to all but those involved which is different from any other cryptocurrency on the market.
Unlike other cryptocurrencies, Monero is also not based on Bitcoin but is, instead, based on the CryptoNight hash algorithm. Sending and receiving is fully encrypted and it is nearly impossible for anyone but the two involved to know what went down.
As you can imagine, this level of secrecy has made Monero a favorite of privacy experts – as well as thieves. A lot of the ransom paid during the Wanna Cry Ransomware Attack was done through Monero, for example.
Nonetheless the currency is a rising star and a lot of new traders are trying to get in on the action. Like many cryptocurrencies you will need to hold your Monero in a wallet. But which service offers the best option for this?
In this article, we’ll discuss the 7 Top Monero wallets currently available right now. From ease of use to convenience and security, we’ll try to give you a rundown of all the features we look for in a Monero wallet to help you make your decision.
1 Ledger Nano S ( Monero Hardware Wallet )
Probably one of the best cryptocurrency wallets out there, the Ledger Nano S is totally capable of handling your Monero holdings should you choose to use it as your service. One of the biggest advantages of Ledger Nano S is that it is both versatile and portable. You can load it up to a USB stick to enable access to your wallet from wherever you may be located. How’s that for convenience? Not only that, but also Ledger Nano S supports a ton of different cryptocurrencies and even some alt coins. Big names on offer include Stellar, Ripple, Ethereum, Bitcoin, Litecoin, and Ethereum Classic. If you’re buying Monero, however, you probably place a huge premium on security - and there Ledger Nano S has you covered. Not only does it have two-factor authentication but also a PIN-code and recovery seed accessibility. That makes it pretty airtight when it comes to keeping your funds secure. It also has an OLED screen so that you can review transaction details at the click of a button.
2 Monero GUI Wallet
This is the official wallet for Monero and works as a desktop app with a graphical user interface and the works. Syncing and downloading is a lengthy process due to the security involved but it is easily one of the most robust wallets out there for Monero. Probably the biggest advantage offered by Monero GUI Wallet is that it is easy to use for people who aren’t really familiar with cryptocurrency wallets and security. This level of access makes it the ideal candidate for the person who wants to get in on trading Monero but doesn’t want to use something complicated or perhaps buy a piece of hardware like the Ledger Nano S.
3 MyMonero ( Monero Web Wallet )
MyMonero, developed by a member of the team behind the cryptocurrency itself, is probably the easiest to use but might not offer the security and anonymity that some users desire. This is a web-based service that lets users create an account and check out their Monero holdings there through a web browser. User security is protected by a 13-word password that users will need to keep handy and secure for the long term. This is probably the biggest drawback to My Monero. Most cryptocurrency wallets like the Monero GUI and Ledger Nano S work as either local apps or are stored on devices. Since Monero’s calling card is anonymity, a website account access seems to be undermining that advantage.
4 Monerujo ( Monero Android Wallet )
This is an open-source solution where your data is stored on a local device. One of the biggest advantages of Monerujo is the ability to manage multiple wallets as well as send and receive payments in Monero. None of the other wallets on this list offer that option and Monerujo sets itself apart in this area. Not only that but the app has an easy to use interface and isn’t tough for people to understand.
5 Guarda ( Monero Multiplatform Wallet )
This is another jack-of-all-trades cryptocurrency wallet which might make it the best choice for people who are doing more than just Monero transactions. The cryptocurrencies supported include Monero in addition to Dash, Bitcoin, Bitcoin Cash, Stellar Lumens, Ethereum, Zcash, Ripple as well as some alt coins. It is not only reliable and secure but also offers a robust experience on either the iPhone or an Android-based system. Guarda does not store wallet data, private keys, or any client information - unlike other wallets. This might make Guarda the most in line with Monero’s own bend towards anonymity. Best of all? Guarda lets users transfer between holdings without any difficulty whatsoever.
6 Cake Wallet ( Monero IOS Wallet )
Cake wallet is a wallet app created exclusively for the IOS user only. It has an extremely clean and intuitive user interface which is a huge advantage as some of the other similar app have more complex interface which might be intimidating for new users. Cake wallet currently possesses a solid 4.2 out of 5 rating on app store which is a very remarkable score.Although this a Monero wallet app, it comes equipped with a built in exchange for other cyrptocurrencies such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash and Dash. The only major downside of this app is the lack of compatibility with android devices. Other than that, if you are an IOS device user and looking for a clean and intuitive way to manage your Monero, Cake wallet is a safe bet.
7 Monero Paper Wallet
Monero Paper Wallet is one of the more intense way to store your monero but it offers the most secure and anonymous option of any listed here. To make it easier to understand, paper wallet is just a means of printing a paper as your Monero Wallet to store your Monero Wallet seed. It might sound trivial but in reality there are series of security measures that need to be followed to ensure the reliability of the wallet. For instance, during the creation of the wallet, it is highly recommended to use a device which only had a clean installation of the operating device or an air-gapped computer that has never been used before. Besides, the use of printer to print the seed onto the paper wallet is also highly unadvisable as most commercial printer firmware aren’t security hardened. Due to the amount of steps required to create a highly secured and reliable paper wallet, It’s tough to recommend for new users or people who don’t really know what they’re doing. That said, it’s pretty tough to crack this wallet if not impossible. If security is your thing, Monero Paper Wallet should definitely be on your list.