Since its release, Monero fast becomes a well-known privacy-centric digital currency. With an emphasis on privacy, it’s understandable why and how Monero has garnered so much favour. Keeping within their strengths, Monero has allowed a few third-party developers to create crypto wallets that share their importance on privacy. Check out the list we have put together below. This will help you as you look for the right Monero wallet.
What is a Monero Wallet?
Monero is easily the most privacy-focused cryptocurrency out there. Just like every other cryptocurrency, it’s essential to have a way of storing keys and addresses as a means to use your own Monero/XMR. Unlike Bitcoin and ETH, XMR works in a much more private way, so creating software that can handle such a token is slightly more complex.
While many centralized and decentralized exchanges hold XMR and allow users to purchase it… Using these exchanges breaks the entire idea of using XMR in the first place. They hold the keys and your funds and often require the user to reveal their identity. With XMR, you’d ideally be able to do anything without anyone knowing what’s happening. Whether you’re on Darknet Markets or buying a Tesla online… your transactions should be hidden.
So you’d need a “Wallet” a digital piggy bank from which you can send, receive, and hold your Monero cryptocurrency. They allow you to do basic transactions while keeping your transaction history private and allow the user to hold on to tokens at all stages.
This is how it works; when you make an XMR transaction, Monero will form rings out of random user keys. If the transaction is intercepted in any way, the person observing will find it almost impossible to see the original sender’s key. Using Monero wallets is one of the first steps to ensuring your OPSEC is in check.
Best Features to Look for in a Monero Wallet
There are several great Monero Wallets on the market these days. But only some Monero wallets will have the same features. As we go through the Monero Wallets in the list below, remember that these are the features we are looking for:
- Privacy based
- Robust privacy features (key encryption, hiding transaction history, two-factor authentication)
- Capable of integrating with hardware wallets like Ledger and Trezor
- Monero Mining Capability
- Non-custodial
- Support multiple currencies
- An easy-to-use interface
Top 5 Monero Wallets
Now that we know what we want in the top five crypto wallets, the list looks at several prominent wallets. Before entering the list, note that these wallets must be ordered from one to five. They are listed as the best wallets we have come across. Here we go:
Feather Wallet
Feather Wallet is another XMR wallet that focuses on privacy and security. With a secure and user-friendly interface and a GUI desktop app that’s supported on Windows, Mac, and Linux, this is a great wallet for anyone trading in XMR. It is free to download and open source ensuring its integrity.
Users have access to download the XMR token without having to download the entire blockchain. The use of subaddresses and the ability to generate new addresses adds that extra layer of privacy and security.
| Pros | Cons |
|---|---|
| Secure and user-friendly GUI wallet for Monero (XMR). | Have no hardware wallet support. |
| Free and open-source, accessible to anyone. | The exchange feature may have bugs. |
| Real-time transaction tracking for peace of mind. | Subaddress system limited to Monero. |
| View-only mode for long-term storage without risk. | Relatively new wallet with a less established reputation. |
| Modeled after stable and user-friendly Electrum. | Relies on community support for technical issues. |
| Subaddress system enhances privacy for Monero transactions. | |
| Fast access to XMR without downloading the whole blockchain. |
If you’re looking for the best privacy coin alongside the best Privacy wallet. Feather wallet is by far the most utilized by darknet user and has a history filled with strength and security as a priority. This is the best overall XMR wallet, even better than the Monero teams own wallet.
XMRWallet
As you can see in the name, XMR Wallet is designed to specifically cater to Monero. XMR Wallet allows you to do all the basics. You can send, receive and hold your XMR in the account. Additionally, you are also able to create your wallets and sub-wallets through XMR Wallet.
Sub-wallets can categorize your funds within different wallets while managing them all under one account. Integrated with the Tor browser, your transactions and online activity are secure. To add convenience, you can also add frequently used addresses for recurring transactions. XNR Wallet is supported on both iOS and Android phones for easy use.
| Pros | Cons |
|---|---|
| Strong Privacy Features | Made for Monero only |
| Secure Local Storage | |
| Easy-to-use interface | |
| Mobile friendly |
The XMR Wallet is perfect for anyone looking for a secure, privacy-based wallet to keep and manage their Monero. It is mobile-friendly and optimized for Monero. However, if you are looking for something broader, consider another option.
Monero GUI
Monero GUI (Graphics User Interface) is well-known as one of the best native Monero Wallets. Used to download and manage roughly a third of the entire Monero blockchain node, it is so popular.
Some great features we enjoy from Monero GUI are; that you can run on a local or remote node, keep an open address book, create multiple Monero wallets, and use QR codes to make payments more manageable.
Monero GUI also supports Monero mining, an added benefit; remember that your virus protection must be deactivated for this feature to work. Monero GUI is supported on Mac Intel, Windows 64-bit, and Linux 64.
| Pros | Cons |
|---|---|
| Multiple features: mining, verifying, signing, using remote notes | Only supports Monero |
| Uses ring signatures for optimized privacy | No builtin exchange |
| Easy to solo mine | |
| Non-custodian based creating a more secure user experience |
If you want to broaden what you can do with Monero, then Monero GUI is an excellent wallet choice. You can mine through it, hold your XMR, and do multiple transactions while ensuring your activity is safe and sound.
MyMonero
MyMonero is simple, elegant, and easy to use. Focused on providing their users with the simplest way to use a Monero wallet, MyMonero is native to the Monero blockchain. This rules out the need for its user to wait for the full node to sync with their device.
An added bonus that sets MyMonero apart from the abovementioned exchanges is that it also supports exchanging XMR for Bitcoin (BTC). MyMonero also allows you to do basic transactions like sending and receiving. Some additional features include being able to send Monero to multiple Monero addresses at once and using a QR code as a payment method to make payments more efficient. MyMonero is supported on Windows, iOS, Mac, Android, and Linux devices.
| Pros | Cons |
|---|---|
| Non-custodian based creating a more secure user experience | Doesn’t create new wallet addresses for newly received transactions |
| Easy-to-use interface | No multi-signature features |
| Supported on multiple OS | |
| Supports buying with 19 fiat currencies |
If you want a streamlined and easy-to-use Monero wallet, MyMonero would be a great choice. It has features to boost and simplify the user experience for those wanting to exchange in other currencies.
Cake Wallet
Cake Wallet is a versatile Monero wallet. It supports multiple cryptocurrencies like BTC, LTC, XHV, and others. It has a simple, easy-to-use interface making exchanges easy and fast. You can keep your private keys safe on your device because Cake Wallet is a non-custodial wallet.
While Cake Wallet is versatile in how many exchanges its capable of, it is only supported on mobile devices. Cake Wallet is supported on iOS and Android. While some might prefer to use their Monero wallet on PC, it is beneficial to use it on Mobile only. You have added security features such as fingerprint and face ID to protect your account.
You can also create multiple wallets within Cake Wallet under the same account and connect to remote or local nodes. Payments are also made easier and more efficient by the use of QR codes.
| Pros | Cons |
|---|---|
| Trade with multiple currencies | Only supported on mobile devices |
| Easy-to-use mobile app | |
| Decentralized nature provides added security |
If your looking for a Monero Wallet that allows you to explore trading in other Cryptocurrencies, is easy to use, and provides sufficient security, then Cake Wallet is a great choice. It’s suitable for beginners and advanced traders.
Frequently Asked Questions
For custodial crypto wallets third party will take and hold control over signatures and keys. A non-custodial wallet will allow the key to remain with the wallet’s owner.
As a beginner, you want a wallet that is simple, easy to use, and allows you to trade Monero easily. MyMonero is the best wallet new-to-the-system users
For tokens like XMR with an extreme privacy focus you would want the wallet you use to share the same values. A custodial wallet removes the idea of extreme privacy because your signatures and keys are held by a third party. Whereas non-custodial wallets allow you to keep your signature and keys private. Using a custodial wallet for XMR kind of defeats its purpose of being completely private.