5 Best Monero Wallets in 2024
News Publisher Jul 30, 2024 16:05
Read the article below to find a collection of the best wallets for securely storing your Monero holdings.
XMR Wallets: Top 5 Variants
You have decided that now is the right time to trade your Bitcoin. Your preferred acquisition is Monero, the famous privacy coin that obfuscates transaction, sender, and receiver details. It maximizes anonymity, making it popular for a wide range of transactions and among users who consider privacy a top priority.
The easy part is making the BTC/XMR swap on an anonymous exchange. Before you do that, you should find a reliable Monero wallet.
Why Do You Need a Crypto Wallet?
A crypto wallet is a necessity since it’s a place where you hold your digital assets. Apart from being in a digital form, it works the same way as a standard wallet. It’s a virtual place where you hold your crypto assets.
Digital wallets are free, and you can pick from:
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Software. These are apps for mobile or desktop devices. After installing them on the device and opening an account, you can manage owned currencies.
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Hardware. These wallets feature a physical device that reminds of a USB or hard drive. It stores your funds offline, making them more protected.
Before getting a wallet, make sure that it supports the desired currency. For example, read the XDC vs HBAR comparison and decide on a currency prior to selecting a wallet. Most crypto wallets support multiple currencies.
5 Top Wallets for XMR
Monero is all about privacy, so you expect a secure and reliable wallet to store your assets.
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Trezor
Most crypto experts would place Trezor as their #1 choice of crypto wallets, and for a good reason. The company has been in business for over a decade, and there are over two million hardware wallet users at this point. The data is anonymous and stored offline, and you are in control of your coins.
Trezor offers multiple models, with the basic hardware wallet as the most affordable choice. Trezor Safe 3 comes with additional security measures, and the T model features a touchscreen. The wallet supports XMR and 9,000+ other cryptocurrencies.
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Exodus
Exodus is a specialized Monero wallet, which means it’s tailored for XMR owners. You can install it on desktop and mobile devices in minutes. It offers integration with the Trezor hardware wallet for maximum security.
You can use a scannable QR code or a wallet address to transfer Monero coins. There’s no verification or account setup, and transaction data and private keys are for your eyes only. Exodus is easy to use, and there’s extensive documentation that explains wallet features.
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Monero GUI Wallet
Monero community is behind this open-source wallet solution for storing XMR coins. It’s free and comes with two different modes – simple and advanced. That makes XMR suitable for both beginners and experienced traders. If you don’t want the hassle, you can transfer Monero in a few steps. For advanced users, you have maximum control of your node and wallet details.
The app is compatible with Ledger and Trezor hardware wallets. You can use the Monero GUI wallet in 30 different languages. A small downside is that it could take a significant amount of your disk space, but the blockchain pruning feature helps to save it.
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Cake Wallet
Cake Wallet is a software solution that’s a piece of cake to use. You can install it for free across multiple desktop and mobile operating systems. The software is trustless, indicating that nobody will monitor or censor the transfers. Everything is non-custodial, and you maintain control over your funds.
The app is open source and constantly in development. It comes with an integrated exchange to trade crypto. Cake Wallet provides support for different accounts, sub-addresses, and wallets.
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Binance
The popular crypto exchange launched a Binance Web3 wallet to store your crypto funds easily. It’s a good choice if you are already a Binance user. The software bridges the wallet and the exchange, making it easy to transfer funds in a single click.
Binance underlines that its Web3 wallet is self-custodial, meaning that you have total asset control at all times. The high-security level is secured by MPC (multi-party computation) technology. The entire interface is user-friendly and suitable for beginners.
Time to Choose a Wallet
If you need the safest option to store Monero coins in the long run, we’d suggest a hardware wallet like Trezor. Those who only need a wallet for XMR coins could consider a specialized option like the Monero GUI wallet. If you plan on working with multiple assets, Cake Wallet or similar solutions are a good choice since they support managing and trading coins within the app.
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