What is Monero?
Monero is a blockchain system well known for its security and transparency. Since 2014, when it forked out from Bytecoin, XMR coin has been a sound investment option. It is of no surprise that many people are getting into it. Obviously, it leads to the question of what is the best Monero (XMR) wallet out there. We hope that this article will help you make your decision with the hands-on examples and technical information!
Ledger Nano S, the best Monero hard wallet
Starting with the big guns and the best Monero hardware wallet, Ledger Nano S. Hardware wallet is a special kind of device (similar to a USB-thumb drive) that keeps your private keys out of the Internet. The only way to validate a transaction is to use the hardware wallet (by plugging it to the computer) so your funds are protected not only by the algorithm but also with the state-of-the-art secure chip that Ledger uses. This EAL5+ technology is also used for banking and ID-cards. The only downside is that you have to pay for the device itself but it is a fair price for your own peace.
To check out the options go to the Ledger Nano S web page.
GUI wallet, the best Monero Ubuntu Wallet
GUI stands for Graphical User Interface. GUI wallet is the one that you have a graphical interface on as opposed to the wallet running from the console. You may download a corresponding version of a wallet from the official repository. There are options for most of the operating system so you will be able to run a Monero wallet on Windows, Mac OS or Ubuntu. There is a big tutorial on installing your wallet on Monero’s website (https://www.monero.how/tutorial-how-to-use-the-monero-gui-wallet) and it’s the easiest thing. After the installation, all you have to do to create a Monero wallet is to enter your private key! Now you have your Monero address and are ready to manage the funds. Monero wallet will run as a daemon, i.e. as a program that runs on the background.
Guarda, the best Monero Windows Wallet
Guarda Wallet is an option for you if you prefer a multi-platform wallet. You may choose between Desktop, Web and mobile wallets for Monero. XMR wallets often provide only one platform which is not terrible but definitely not perfect either. Guarda is a lightweight multi-currency wallet with a built-in exchange for a quick start and smooth work. Unlike many other wallets, it doesn’t store any kind of customer’s information, transaction information or private keys. All of that is stored securely on the device and gets deleted as soon as a customer logs out.
For more features check out Guarda’s website.
MyMonero, the best Monero Web Wallet
MyMonero is a long-awaited web wallet for storing your XMR coins. It was released in 2014 and at that time was the first Monero single-currency web wallet. It’s still the best Monero web wallet if you prefer simplicity to the convenience and not interested in any other currencies. MyMonero was rated safe by the community and remains one of the more used Monero wallets. It does not have any fees for storing the XMR coins however there are fees to pay if you are willing to make a transaction to another Monero address. If you are not looking for the bells and whistles in your wallet, we think MyMonero is a great choice.
You may start here.
Monerujo, the Best Monero Android Wallet
Monerujo is the best Android Monero wallet, as per the community’s voting. It’s open-source which is great if you like Monero’s open-source policy and uses the Hierarchical Deterministic system to create addresses. It means that a customer does not need to generate private and public keys on their own and back up each time a new pair of addresses are configured. A customer has only one seed and may generate an unlimited number of Monero addresses. On top of this nice feature, Monerujo has instant Monero (XMR) to Bitcoin (BTC) exchange.
To investigate the wallet in more detail visit its website.
Moneroaddress, the Best Monero Paper Wallet
A paper wallet is basically a pair of private and public keys that are generated online but stored printed out on a piece of paper, hence the name. They are an alternative to hardware wallets if you are not interested in buying a special device to safe-keep the keys. In our opinion, Moneroaddress is the best Monero offline wallet. It’s quick to start and easy to maintain. Don’t forget to be careful with your paper wallet though as the risk of losing the private keys is always there.
Best Monero Multisig Wallet
The multisignature feature is a crucial safety feature if a customer wants several people to be able to manage the funds or if a customer wants to strengthen the security of the wallet. To put it simply, it allows conducting a transaction with more than one private key. There are different options, like a shared wallet (for example, when there are two holders of private keys and only one signature is necessary), a consensus account (when all the private keys holders must agree on a transaction) or a secure account (when a single holder has more than one private key and must use a certain number of them to sign a transaction). As it is a newer feature, the best and most secure implementation is delivered on Monero console wallet. On setting up the multisig feature in your wallet you may consult the official tutorial.
Freewallet, the best Monero iOS Wallet
There are not many wallets on iOS that can guarantee you good support with Monero but Freewallet is definitely one of them. It is a cold-storage wallet with three-layer security access to the app: 2FA, pin-code and fingerprint verification. It is an extremely user-friendly app that allows sending transactions from Monero address to any other altcoin address using the built-in instant exchange. You may connect your Freewallet to Google+, Facebook or an email for an extra easy log-in. Some extra features include multisig and a spending limit per day or week.
For more check out Freewallet’s description here.