Monero stands out from the pool of cryptocurrencies quite a bit. Sure, the privacy-centred cryptosystem with the technology to make transaction untraceable is an attractive addition to the cryptocurrency market. However, if you consider buying XMR, you need to ask yourself the following question first. “How to store Monero?” – ChangeNOW wants all our users to be sure in the technology they are using when dealing with crypto, so we are constantly comparing the trusted Monero wallets in our reviews. This ChangeNOW review is meant to help you find the best wallet for Monero.
What is Monero?
Monero was created in 2012 as a fork of Bytecoin blockchain. Due to this, the first name of this project was Bitmonero. The aim of Monero developers was creating a system allowing users to have complete control over their transactions. Hence, the principles of decentralisation are taken very seriously by Monero team. The key feature of the network is using special mechanisms allowing users to hide the transactional information. Such data as the sender’s and receiver’s address and the sum transferred can all be effectively concealed from the public eye with the use of Monero’s cryptography.
A key feature of Monero is the anonymity of the cryptocurrency. It is based on the CryptoNote Protocol, which is characterized by obfuscation of transactions. Thus, it is impossible to track a financial transaction. In addition, the protocol requires a circular signature. A single transaction is signed by multiple participants in the system, and it is impossible to determine who is the real sender.
Another important option is a browser-based Monero mining. It is thanks to this that this cryptocurrency has become famous outside the crypto world. With the help of a special script, you can mine the cryptocurrency directly through the browser. And even on someone else’s computer. Attackers often infected computers with such scripts, mining Monero on hundreds, and even thousands of devices.
Monero coin is currently in the top cryptocurrencies by market cap.
Best Cryptocurrency Wallet for Monero
Ledger Nano S
Ledger is a widely known hardware wallet, popular amongst the ones valuing the ultimate security of their cryptocurrencies. The USB-looking device is storing the coins offline, so your crypto, as well as your keys, are not being exposed to the public eye. The device is considered to be one of the most secure ways to store your XMR in. Sure, Monero hardware wallet storage requires a little bit more dedication from the users – the device needs to be purchased first, but, actually, Ledger is one of the affordable models on the market.
Guarda is a company specialising on the lightweight non-custodial wallets. Besides the usual wallet focus on privacy, Guarda prides itself as a company with which the users have a truly decentralised crypto holding experience – all the private keys and the data is not stored anywhere and are known only to the clients themselves.
Monero GUI Wallet
Monero GUI is the official desktop client of Monero available for Windows, Mac, Linux and a variety of other systems. The wallet is full node and the process of downloading the software takes a while – be ready for waiting for a little bit to have the full official wallet experience. Also, GUI is available as the Monero Ubuntu wallet (possibly, the best Ubuntu client for XMR, to be precise), which is a good point for those affectionate to this platform.
MyMonero is a popular online wallet for XMR storage. The service is easy enough even for beginner users due to its intuitive interface. The main feature making this wallet attractive to the users is the handiness – creating a wallet with MyMonero is a fast and hassle-free process. When it comes to the use, all you need to worry about is keeping that private key safe.
Edge, multi-currency mobile wallet
Edge is a multi-currency wallet, formerly called Airbitz Wallet. In the app available for iOS and Android, you can store not only Monero, but also Ethereum, Bitcoin, Litecoin, DASH, EOS, Ripple, Stellar. In addition, inside the wallet, you can use ChangeNOW service and exchange one asset for another, in just a couple of seconds. The Edge wallet has the highest standards of user data protection.
It is a mobile wallet designed only for Android smartphones. Morerujo is created specifically for the storage of Monero. It features a user-friendly interface and fast operations. It has the necessary functionality, as well as open source code, so that the application will be regularly updated. The wallet has a built-in converter that allows you to find out the actual cost of XMR in fiat or other cryptocurrencies.
Exodus is a popular multi-currency desktop wallet. It offers multiple encryption options and doesn’t store private user keys. Exodus is fully compatible with the Shapeshift crypto-exchanger, so the user can easily exchange XMR for another cryptocurrency or fiat money. Exodus is a lightweight wallet, so there is no need to download the entire XMR blockchain to your computer.
So, that’s it for the best Monero wallets! Choose the most suitable one and visit the ChangeNOW exchanger to buy or sell XMR coins!