Keep your Monero Safe and Secret
Monero is a cryptocurrency system making use of cryptography to make sure that every transaction is untraceable. Originally named Bitmonero, this cryptocurrency is a fork of the Bytecoin blockchain created in 2014.
The best quality of Monero is the amount of control it gives you over your holdings and transactions. Being fungible, it has no pre-established size limit like Bitcoin. This means that large blocks from malicious miners will never clog the system.
Monero maintains privacy through stealth addresses, ring signatures, I2P routing, and ringCT. You can control your data much easier this way.
Let’s examine some of the factors you should consider when choosing, which one is best?
- Private Keys: Are your keys stored locally on your device, or are they only accessible by the wallet provider?
- Cost: What kind of fees are charged to conduct transactions? Are the costs equivalent to blockchain fees carried by other cryptocurrencies?
- Security: Does that wallet have any security safeguards? Does it prevent fraud through the use of features like two-factor authentication?
- Compatibility: What devices is this wallet available on? Can be it be used with iOS and Android?
- Convenience: Is it easy to use? Is it simple to send and receive to engage the transaction process?
The Best Monero Wallets Available - Best Wallets Worldwide
Ledger Nano S
One of the most popular and versatile wallets available is the Ledger Nano S wallet. You can plug it into any device with a USB port and use it to store a wide range of currencies including Bitcoin, Litecoin, Stellar, Ripple, Ethereum, Ethereum Classic, and several other altcoins.
This wallet specializes in security, which makes one of the top choices for Monero. Not only does it use a PIN code, but it also uses 2-factor authentication and a recovery seed.
It has a built-in OLED screen, where you can check the transaction details with a double tap button. Rather than actually storing your currency, the Nano S tracks your XMR holdings on the blockchain.
With a built-in OLED screen, you can check transaction details before confirming payment. The Nano S doesn't store your currency, but it does save your keys and tracks your holdings on the blockchain.
How to use the Ledger Nano S
When you first install the wallet on your device, you'll be required to set a PIN. From that point on, every time you want to access your wallet, you'll need to connect the hardware wallet to your device.
If you make an error when entering your PIN, you’ll have to wait until the time-lock feature resets. Every time you enter the PIN incorrectly after that, the time-lock doubles in wait time.
That's why it's doubtful that if someone steals your hardware wallet, they'll be able to access your funds. As a safety feature, the backup passphrase you use when setting up the wallet can be used to move your digital assets to another wallet remotely.
With top-notch security features, the Ledger Nano S supports more than 700 currencies, including the vast majority of the major coins and ERC-20 tokens. For a full list of supported coins, click here.
The only drawbacks of using a Ledger Nano S to store your Monero is the price of the hardware wallet. If you only have a small amount of cryptocurrencies, the purchase might not be worth the investment at this time.
Monero GUI
As the official desktop client, the Monero GUI Wallet is available for Mac, Linux, and Windows. While the downloading and syncing might take some time with this full node wallet, it’s one of the best available on Windows. It is also available with an Ubuntu version if you’re one of the people that use that platform.
The wallet interface is simple enough for inexperienced traders to make use of without much difficulty.
MyMonero Wallet
One of the best online wallets available, MyMonero is convenient and easy to use. A core member of the Monero Core Team, Riccardo Spagni, manages the platform to provide secure hosted Monero accounts.
The wallet is relatively hassle-free, with an intuitive interface. You need to know how to create a Monero wallet, but that isn't too difficult. To keep your account secure, you use a 13-word private key that you are urged to save on paper in a safe place.
If you prioritize simplicity and convenience, the MyMonero wallet is worth your investigation. MyMonero is accessible through web browsers such as Google Chrome or Firefox. After setting up your wallet, your private keys will be shown on the screen for you to write down. Just so you know, if you lose your keys, the MyMonero team will have no way to access your assets and compensate you.
Apart from the standard mining fee you're charged when sending digital funds, there are no extra fees when using the MyMonero wallet. And, keeping in line with the security features of the Monero blockchain, you are not required to provide personal details when using the service.
The only cryptocurrency the MyMonero wallet supports is XMR. If you need a wallet that supports other kinds of coins, you’re going to have to look elsewhere.
While MyMonero provides a straightforward and convenient way of using XMR, there are still risks when using an online wallet that isn't as dangerous as other options.
Guarda Monero Wallet
One of the more lightweight and easy to use multi-currency wallets out of this list, Guard works on mobile and with a web version. It provides support for all of the major coins and altcoins.
This wallet is compatible with both iOS and Android devices, with safe and reliable characteristics.
Guarda doesn't store any wallet data, private keys, or client information. The private key is only stored on your device in the secure memory and self-deletes when you log out of the wallet. With this wallet, you can seamlessly shift your assets from one to another, without limits or complex verification procedures.
You can download the wallet for use on Mac, Windows, or Linux devices. Even while installing the application, there is no need for you to provide any personal information.
Guarda supports a range of different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, ZCash, and Dogecoin. There is also support for all ERC-20 tokens. Here is a list of all their supported coins.
Keep in mind that because Guarda does not store any private information, you use their wallet to store your coins at your own risk. They will not be available to assist you should you forget your password.
You will still be provided with a backup list of keywords when you create the wallet, so you’ll have to be careful to store the information in a safe place. 2FA and other kinds of security features are not available with this wallet.
Other noteworthy features included with the Guarda wallet is the integrated exchange platform, allowing you to exchange coins from within the wallet without much difficulty.
The wallet also has a fiat currency gateway, allowing you to purchase. This works in collaboration with Coinfy, a platform accepting both Visa and MasterCard.
As Guard is available as a web wallet, you can easily synchronize different devices depending on which you’re using at the time.
If you're not confident whether or Guarda is the best choice for your purposes, there are some other desktop Monero wallets included in this list worthy of your consideration.
Monerujo Monero
This lightweight Android Monero wallet uses remote nodes to synchronize holdings with the blockchain. Monerujo is an open-source wallet, which keeps all of your private data secure on your device.
The app interface is easy to get used to, allowing you to manage multiple wallets, share QR codes for receiving XMR payments, and other expected features. This is probably the best wallet you can get for Android.
Paper Wallet
As you might have expected, a Monero paper wallet contains two keys, two QR codes, with one system to help provide a public address and the other, a private key.
Paper wallets are best for your purposes if security is a high priority. There are no risks of getting hacked or having your assets stolen when using one.
You can go here if you want to create an offline Monero paper wallet.
Edge Monero Wallet
If you're looking for a healthy choice for a mobile Monero wallet, many say that this is the best. Edge allows users to send, receive, and store multiple coins for doing business on the go. Edge supports Bitcoin, Etheruem, Monero, Bitcoin Cash, and ERC-20 tokens.
One of the greatest strengths of the Edge is its intuitive user interface. The design makes it very simple to send and receive funds, to check your wallet balance, even for newbies.
Edge offers safeguards to protect your funds. Not only do you have access to two-factor authentication (2FA), but your private keys are stored locally on your device. One drawback, however, is that the Edge team will have no way to help you if you mess up your security or forget your details.
Edge makes it possible to buy and sell a wide range of cryptocurrencies without having to send your money to another wallet. As Edge has partnered with Kraken-owned Glidera, it comes with a 1% transaction fee while using the service.
What is the best wallet for Monero?
It depends on which kind of device you plan to use to store the currency. If you want to use a desktop or an online wallet, My Monero might be the best for you. If you're going to use a hardware wallet, the Ledger Nano S might be the best choice. If you want to use iOS or Android, Edge wallet might be ideal.
How do I add money to my Monero wallet?
After establishing your wallet, you will get an address with which you can transfer the wallet into your possession. You can either buy the currency off of a trading platform or use a service to exchange Monero with a different coin.
What is Monero used for?
Monero was built to be resistant to application specific integrated circuit mining or (ASIC), which is commonly used to mine other cryptocurrencies.
How do I invest in Monero?
- First, you need a wallet
- Get your wallet address
- Sign up on a Trading platform like Kraken
- Deposit money and buy XMR
- Withdraw the coins into your wallet
Can you buy it with USD?
Changelly provides a way to purchase any digital currency you like with USD. While you need a credit card to do this, you can also buy Monero with Bitcoin by using a cryptocurrency trading platform like Kraken or Bittrex.
Is Monero Decentralized?
Yes, it absolutely is. It is a digital cash operated by a network of users, where transactions are confirmed through consensus, then recorded to the blockchain. No third-parties are required to transact and keep your digital assets safe.
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