El Salvador President Nayib Bukele took a victory lap on Monday after the Bank of England’s British pound rapidly depreciated against the dollar. The institution has since resumed quantitative easing. Its action marks a clear pivot that many in the Bitcoin community predicted central banks would be forced into months in advance. Bukele’s Callout Bukele tagged the Bank of England with a triumphant “Told you,” over Twitter, scoring over 14,000 like and 2000 retweets from his followers. His brief comment…
Monero (XMR) is the most popular privacy-focused cryptocurrency market, offering users complete anonymity in transactions. Along with growing interest and demand for this privacy-centric coin, the number of wallets that can store XMR has also increased.
In the guide below, you will get a review of the best wallets that can help you store and manage your Monero holdings.
Ledger Nano X (Hardware Wallet)
Ledger Nano X is perhaps one of your best bets for storing your Monero is in a secure hardware wallet. The device is among the pioneering hardware wallets that offer support for XMR. It is also a multicurrency wallet with support for 1000+ digital coins.
Ledger Nano X users get to enjoy several highlights, such as an incorporated Bluetooth feature that enables them to connect to iOS or Android devices. The wallet also comes with a backup function to recover stored XMR coins if the device gets lost, damaged, or corrupted.
The main reason XMR users can find this wallet appealing is its state-of-the-art security. A user’s private keys are safely stored inside the wallet’s certified secure element (CC EAL5+) and affirmed a secure chip.
The wallet also offers an intuitive user interface with two buttons and a screen to help users manage their funds.
Since the wallet is portable and Bluetooth enabled, users can transact anywhere. They only need to connect their wallet to their smartphone via the Ledger Live Mobile app and safely transact or check fund balances on the go.
MyMonero (Desktop Wallet)
For users looking for a secure way to send XMR for every day, low-risk transactions, MyMonero wallet is the best option due to its convenient features and intuitive interface.
The wallet offers a web-based interface that allows you to use XMR without running a full Monero node. Therefore, MyMonero is a lightweight wallet where users can transact without downloading the entire blockchain Monero blockchain.
It was initially developed as a browser-based wallet but has recently developed Windows, Mac & Linux, and an iOS version. The core Monero development team maintains the open-source wallet. This feature has made it a favorite among the XMR community who can inspect its code at any time and utilize secure, hosted Monero accounts.
For the privacy-centric XMR user, the wallet offers a more than sufficient level of privacy, as it doesn’t send your private key to its servers —the key remains on your local device.
The lightweight desktop wallet also offers users several convenient features that make it very easy and fast to use.
For instance, users can drag QR codes into the app to automatically fill the transaction address field. They can also conveniently save addresses to a contact book after completing a transaction.
Cake Wallet (iOS & Android Wallet)
Cake wallet is an open-source Monero mobile wallet designed to cater to IOS users and Android users. It allows you to sync to the Monero blockchain locally to identify any transactions sent to your address.
The wallet provides full access to private keys via a unique 25-word seed. The keys never leave a user’s device, giving them full control of their funds at all times.
What makes this wallet one of the most private and secure options for XMR users is that iOS restricts root-level access, thus offering more security than most desktop apps or other Android wallets. You also get enhanced security with the Face ID recognition feature on your device.
Monero users get to enjoy useful integrations with MorphToken, Changenow, and XMR.to from their Cake Wallet. They can also safely exchange their XRM for other supported coins such as Bitcoin, Litecoin, or Dash directly from their device.
Moreover, the Monero Cake Wallet is multi-lingual and is currently present in Mandarin, Russian, Hindi, Korean, German, Japanese, Polish, and more languages.
Monerujo Wallet (Android Wallet)
Monerujo is a mobile wallet app designed for users looking for a safe and simple way to store and transmit Monero on their Android device.
It is fully open-source, allowing the Monero community to examine the code at any time. This way, community members make the wallet safer by verifying that it doesn’t contain any malicious code.
XMR holders get full control of their coins as they get a unique seed phrase while setting the wallet up for the first time. Also, they enjoy the ability to import or create multiple addresses and move XMR between several addresses in the same app.
Monerujo wallet integrates with XMR.to, enabling XMR holders to pay any Bitcoin address globally in a fully secure and anonymous way. It also supports a QR feature that eliminates the hassle of typing in long addresses while sending XMR and helps users avoid typos while copy-pasting addresses.
Another handy feature for XMR users is running their own node or using remote nodes to synchronize the wallet with the Monero blockchain. This feature makes Moneroujo small and lightweight, meaning it takes up very little space on any Android mobile device.
Monero GUI Wallet (Desktop Wallet)
This official Monero desktop client offers users a cost-effective solution for storing their XMR coins.
The Monero GUI wallet is currently available for Windows, Mac, Linux operating systems. It is a heavy wallet that runs a Monero full node, necessitating that users download the full Monero blockchain.
Once the blockchain synchronization is complete, users can set up the non-custodial desktop wallet by backing up their 25-word seed.
The wallet offers users a fast and reliable way of storing or transmitting XMR holdings. It can also integrate with the Ledger Nano X wallet, where users of the hardware device can create a new Monero wallet through the Monero GUI.
Once the Ledger wallet setup finalizes, you can then use the GUI to initiate XMR transactions and confirm your hardware device by pressing a button.
As the Monero ecosystem’s excitement continues to grow, more and more multicurrency wallet providers are working on XMR integration.
This guide can help Monero fans navigate the market and identify a top XMR wallet that suits their specific needs.
The reviewed wallets are pretty secure and privacy-centric, but they rely on prudent use to guarantee the safety and privacy of XMR transactions.