Monero is a blockchain based decentralized cryptography that uses cryptography to secure the Monero coins from any third-party interference or malware infiltration. Monero is untraceable and all your transactions are secured privately and none can be traced to the original buyer or seller. Monero is fungible and users have full control of their transactions or funds. As such there is no size limit to the amount of transaction and this might often lead to fraudulent activities. There is also a security issue as no transaction can be linked to any address as it is completely untraceable. XMR is the cryptocurrency of the Monero platform. There are a handful of wallets that support the XMR coins of Monero, so users should wisely choose their wallet.
Features of a good Monero Wallet
- First and foremost your wallet should support Monero coins.
- The user interface should be simple for users to use and should have all the essential features.
- Privacy feature of the wallet so that user’s identity is safe and secure.
- Security features of the wallet should be up-to-date with the latest available in the market. Also look for the backup feature so that you can recover your wallet if lost.
- Good customer support.
- The wallet should be backed by an expert development team so that there is always scope for future enhancement of the wallet.
- Look for latest customer reviews of the wallet.
Let us now look into some of the best Monero wallets of 2019
Best Monero Wallets
Ledger Nano S
Ledger Nano S is a hardware wallet that is like an USB device that can be connected into an USB port of any device. It supports multiple currencies like Monero, Stellar, Ripple, Ethereum, Bitcoin, Litecoin, Ethereum Classic and many more. Its security features include a two-factor authentication process, a PIN code, and a recovery seed accessibility. It has an OLED screen with double tap manual buttons with which you can check your transaction details anytime. All your private keys are protected by a secure chip. The Ledger Live App helps you to check your fund balance and transaction details. It has built-in secure chip which will protect your device, much better than an anti-tampering sticker. This Hardware wallet is powered by BOLLOS , an operating system developed by the Ledger Foundation.
Monero GUI Wallet
The GUI wallet is the official desktop wallet of Monero and it supports multiple operating systems including Windows, Linux and MAC. It is a full node wallet, however the downloading and syncing of the wallet takes a little time. Its simple interface is often found to be best of amateur users. It is available in the ubuntu version and one of the best versions of ubuntu itself. However, it takes up hardware space and eats up the processing power as well.
Monero Paper Wallet
The Monero Paper wallet has two sets or QR codes and private keys. One QR code contains the public address and the other the private keys. If stored in proper secure way, paper wallet can be one of the best secured wallets by far.
MyMonero is one of the best online wallets for XMR coins so far. The interface is quite easy to use and it is fast and convenient as well. Managed by Ricardo, a member of the Monero Team, MyMonero is one of the safest web wallets. However, you are often exposed to security issues while downloading the app. So, MyMonero should more likely be used for transactions of smaller amounts. MyMonero wallet is created by a 13-word long private key which should be kept securely.
Monerujo is a light-weight open source wallet where all your private keys are stored in the wallet. The user interface is very simple to use. Monerujo supports multiple wallets. Users have to go through a QR code scanning process as well for sending and receiving funds.
Guarda is a lightweight wallet and is available both for mobile and web browsers. It supports multiple currencies like Ethereum, Bitcoin Cash, ZCash, Stellar Lumens and many more. The wallet has a simple interface and is quite easy to use. All the client information is stored in the device’s secure memory and is erased once the user logs out of the wallet. Transfer and exchange of funds is very easy in Guarda and does not involve the complex verification process or KYC requirements.