Monero is a special type of cryptocurrency, employing cryptography to provide users with valuable peace of mind that their transactions will always be untraceable. It was launched in 2012 as a fork of the Bytecoin blockchain, and was originally titled ‘Bitmonero’, though the name soon changed to the shortened version. The Monero network has been upgraded to support deeper decentralization, with the CryptoNight algorithm being replaced by RandomX. This is a new Proof of Work (PoW) algorithm increasing Monero’s appeal.
One of the best aspects of Monero is its fungibility, giving users total control over their transactions. It has no pre-set size limit, as opposed to Bitcoin, which has a risk of uncouth miners using massive blocks to disrupt the system. A particular highlight of Monero is the unlikability of its transactions, which may be why it’s ranked as one of the leading cryptocurrencies based on market capitalization. You can use an XMR wallet for storing your funds, but you have to consider a number of key factors before you can choose the right one for you. In this guide, we’ll explore the most popular and efficient Monero wallets on the market.
The Best Monero Wallets of 2020
Here are 2020’s top wallets for Monero users:
- Ledger Nano S
- Exodus Wallet
- Edge Wallet
- Guarda Wallet
- Monero Paper Wallet
- Monero GUI Wallet
Ledger Nano S
Ledger Nano S is considered a highly-versatile Monero hardware wallet for XMR users, which is why it’s one of the most popular. It essentially works as a USB drive ready to be inserted into any suitable device.
It actually supports an extensive roster of cryptocurrencies, including Monero, Ethereum, Litecoin, Bitcoin, Stellar, and many others. One of its highlights is the high security, primarily the two-factor authentication.
But the Ledger Nano S also includes a PIN code for resilient security, as well as recovery seed accessibility.
Ledger Nano S includes an inbuilt OLED screen. This allows you to check transaction details via a simple double-tap button. As opposed to storing your cryptocurrency, the Ledger Nano S is designed to track your holdings on the Monero blockchain.
Exodus Wallet is a hot software wallet designed for multiple currencies. It features a built-in cryptocurrency exchange and a portfolio tracker, and it supports well over 100 cryptocurrencies.
Exodus Wallet is available in a number of operating systems, such as Linux, Windows, and Mac. Due to the Trezor hardware wallet integration, any user can leverage the Exodus interface to manage any funds stored on a hardware wallet.
MyMonero is one of the biggest Monero online wallets available for Monero users, as it’s streamlined and incredibly convenient. MyMonero is managed by a Monero Core Team stalwart, known as Riccardo Spagni, which means it delivers hosted Monero accounts which are highly secure.
MyMonero is also designed to be a user-friendly wallet for Monero users, incorporating an intuitive interface that requires you to understand how to set up a Monero wallet. It requires you to sign in with a private login key consisting of thirteen words, which you obviously need to store in a safe location to maximize your security.
This XMR wallet has been on the market for a long time, which makes it one of the oldest Monero online wallet options. It’s amassed more than two and a half million users, and is a Hierarchical Deterministic wallet, providing native support for more than 125 blockchains and 1770 tokens.
Coinomi is built to adhere to the highest standards of privacy and security, supporting multi-seed setups. Every seed phrase can utilize distinctive encryption settings, based on the individual use case. Coinomi gathers no user data, and IP addresses are always obscured to deliver complete privacy.
This was one of the initial cryptocurrency wallets giving users native SegWit for Bitcoin and more than a dozen other blockchains. Users are free to swap between native SegWit, legacy address formats, or compatibility at the touch of a button.
Coinomi’s users can take advantage of total control of their fees and UXTOs. The user interface has been recognized as one of the most intuitive, ideal for all users, from newcomers to more seasoned pros. It’s translated in more than 25 languages, with 175 representations, too.
Edge Wallet is regarded as a prestigious multi-currency wallet accessible to newcomers, making it easy for first-timers to get started. You can purchase multiple cryptocurrencies and either store or trade them within one app. Users are given complete control over their private keys, too.
Edge Wallet is designed with a tight focus on effective security and user privacy. As a result, it utilizes state-of-the-art technology which gives users secure access via just a touch ID or PIN.
Guarda Wallet is a custody-free wallet designed for use with more than 45 blockchains and plenty of tokens. You can use it in various forms, including Chrome Extension, Android, iOS, web, and desktop.
Guarda Wallet supports Bitcoin, Ethereum, Bitcoin, Zcash, Monero, and more. Its extended functionality enables inbuilt exchanges, selling cryptocurrencies for fiat money, purchases, and Ledger haware wallet operation. Guarda Wallet users can try numerous features, including delegation, staking, and others specific to currencies.
As Guarda Wallet doesn’t store users’ personal data, it’s a secure option. They’re non-custodial, and backups are encrypted and kept on user devices. Guarda Wallet is one of the top cryptocurrency wallets available, specifically for its security, feature support, and versatility.
Monero Paper Wallet
Monero Paper Wallet features two QR codes. It also has a pair of keys.
One of these QR codes assists users in creating public wallet addresses for Monero, while the other carries the private key.
A paper wallet is one of the most secure types, with no risk of being hacked or falling prey to other common cybersecurity breaches.
Monero GUI Wallet
Monero GUI Wallet is the official Monero desktop wallet. It’s available for Linux, Mac, Windows, and numerous alternative operating systems. As Monero GUI Wallet is a full node wallet, downloading and syncing can take a while.
Monero GUI Wallet is simple for everyone to use, no matter how little experience you have: the user-friendly interface makes sending and receiving Monero easy.