Monero wallet. Which one to choose in 2024

What is Monero?

Monero (XMR) is an open source cryptocurrency with a Protocol that implements several methods of anonymizing transactions at once: stealth addresses, ring confidential transactions. Everything is arranged so that the amount and addresses of the sender and recipient are known only to the participants of transactions and those who will be given a special access key.

The name of the monero cryptocurrency is taken from the Esperanto language, in which “Monero” means a coin or currency. Its first release occurred on April 18, 2014. Unlike bitcoin, the total issue of Monero is not limited: after the initial release of 18.4 million Monero, subsequent mining will bring 0.6 new Monero for each two-minute block.

Currently, Monero is ranked 13th by market capitalization worldwide. The starting price of the XMR coin was about $2. It soared to several hundred dollars. To date, the value of the monero coin is about $90. If you track the chart of currency price changes, the indicator is now slightly above average.

The Monero team introduced a new algorithmic innovation called Triptych in early September. The development promises even greater data protection by obfuscating information.

This is one of the most promising cryptocurrencies. And if you want to work in the XMR blockchain ecosystem, you need to create a Monero wallet.

Read more: How to earn Monero (XMR) in 2020

How to store Monero coins

At the moment, the volume of existing XMR coins has reached 17 million. And, of course, they must be stored in secure crypto-wallets. If you are already the owner of the Monero cryptocurrency or are considering buying some volume, you should first think about storage.

There are a huge number of wallet options on the market for different devices and operating systems. You can focus on usability. However, first of all, when choosing where to store the Monero currency (XMR), you should consider several very important factors: security, ease of use, developer approval, and affordability. We will try to help you navigate the market and choose the best monero wallet available.

Top 7 Monero wallets in 2020

We have analyzed and selected the 7 most optimal wallets for storing Monero cryptocurrency.

Ledger Nano S

Many users recognize that Ledger Nano S is the leader among all Monero wallets. Cryptocurrency owners note that this is one of the most convenient and secure options. What a wallet looks like: it is a small USB device that you can take with you everywhere and connect to any device. The wallet is similar in shape to a regular flash drive. In addition to ease of use, this wallet is also chosen because of the huge range of supported cryptocurrencies and altcoins. 

Read more: Promising cryptocurrencies to buy in 2020-2021

Ledger Nano S is an excellent choice for beginners and professionals in all criteria. Therefore, we gave it the first place in the list of The best monero wallets.

Device cost: $85

Supported currencies: 1100 + (the list is constantly growing)

Storage method: cold storage

Fee: Monero platform fees only

Exodus Wallet

The main word here is security. With Exodus, control over your private keys is done through the initial words that It shows you during setup. But the developers went even further. Exodus wallet also supports hardware wallets such as Trezor to make your funds even more secure. Platforms on which this wallet is available: Mac, Linux, and Windows. You can also use mobile apps for iOS and Android.

Exodus is really versatile. It is suitable for those who are just starting their way in the world of cryptocurrencies and want to store coins in a safe place. But for experienced investors with large amounts in cryptocurrencies, it will also be an excellent option. This is one of the simplest and most intuitive wallets for users. Exodus has a built-in cryptocurrency exchange.

Сost: free

Supported currencies: 100 + (the list is constantly growing)

Storage method: hot storage

Fee: 2%-5% in exchange fees

Guarda Wallet 

Perhaps the most important thing when working with an e-wallet is security. Based on the words of developers and user reviews, we can say with confidence: the Guarda service is trustworthy.

• The service contains private keys on the user’s device on all platforms.
• The lock is triggered if the activity is not active for some time. To log in, you just need to enter your password, and then you can continue working.
• There is not a single bad review regarding the security of the service.

This wallet is implemented not only on different operating systems. You can also find an extension for Chrome that allows you to use it in absolutely any of the possible ways. The wallet was registered in Estonia in 2017. During its existence, the development team has significantly improved technologies, including security.

Guarda has absolutely no access to any user data. That is, even if hackers break into the system, they will not get any access to customers’ personal information. Everything is hosted exclusively on their device.

Registration is instant: it can be handled by any user who has no previous experience in this field. Enter your password, create a backup and then you can enjoy using your new e-wallet.

Сost: free

Supported currencies: 42 + 

Fee: 3.5% fee to Simplex (Guarda’s payment processor)

Cake Wallet

This is a mobile wallet that was originally created for IOS devices, but due to high demand and user requests, it was later adapted for devices with the Android operating system.

The wallet was created with closed source code. But after criticism from the community, the developers went ahead and made the code open. The team constantly responds to comments from the community, which has earned the trust of users.

One of the main features is the ability to send coins with instant exchange for other currencies. You just need to select a Deposit coin and scan the QR code of the transaction. The wallet will immediately display the exchange rate and the final exchange amount.

Сost: free

Supported currencies: 14 

Storage method: hot storage

Fee: depending on the transaction.

Coinomi

George Kimionis created and presented this wallet on the market back in 2014. Initially, the developers of the crypto wallet wanted to create a simple but secure application that would allow storing cryptocurrency. Today, the wallet contains more than 500 digital assets.

Coinomi is famous for the fact that no hacker has yet been able to crack the wallet. Because of this, the storage trust index is extremely high.

Сost: free

Supported currencies: 125 +

Storage method: hot storage

Fee: dynamic fees.

MyMonero Wallet

The main reason why this wallet is always on the list of recommendations is the fact that it was created by a member of the Monero currency development team.

This is an online monero wallet. You can only use it in the browser. Simple, fast, and convenient. It is available both as an iOS app and as a desktop app. If your monero transactions are small and you value convenience more than security, MyMonero Wallet is at your service.

But the level of information protection in the system is quite high. Even if for some reason you did not log out of your personal account, you should not worry, because after a certain, fairly short time, during which absolutely no actions will be performed on the site, the system will automatically close the session. For a new login, you will need to log in again using your key.

Read more: How to exchange Monero in 2020 via Godex.io

Сost: free

Supported currencies: XMR

Storage method: hot storage

Fee: hidden 

Monero GUI Wallet

This is an official wallet. However, we do not recommend installing and using it for novice users. This is a rather difficult option to use.

Downloading and installing this wallet is a very time-consuming process. This can take up to several hours. In addition, it is not easy to understand how it functions and what you need to do to start using it. You can’t say that it is easy to use or has an intuitive interface. Monero GUI Wallet is more suitable for advanced users than for those who are starting to use wallets for the first time.

Сost: free

Supported currencies: XMR

Storage method: hot storage

Fee: regular

Where can you buy Monero?

You can purchase or exchange XMR on the platform Godex.io. We offer you more than 200 cryptocurrencies and one of the highest exchange rates on the market.

You don’t have to worry about the security of your funds. The reliability of the service is provided by the most modern security protocols and physical protection of servers.

Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.