XMR, otherwise known as Monero is a crypto coin that runs on a privacy-enhanced blockchain. It is designed to make many wallets and transactions conducted confidential while also allowing for fast and private trades between any two parties with an XMR wallet.
It does this mostly (being private) by using compatible blockchain technology with an open-source code and a community-driven development.
It is a decentralized system that makes use of cryptography, most especially the CryptoNote protocol to ensure all activity conducted remains opaque and untraceable, private, and as well unlinkable.
With this, though, it has over time steadily become one of the very popular players you can find in the cryptocurrency market.
However, there are storage facilities you can conveniently store your assets without anyone having access to them. These digital wallets can easily help in storing, converting, and managing your Monero coins.
Also, not only can digital wallets be indispensable in the safekeeping of your assets, but also supported hardware wallets.
Quickly, we will bring to you a list of these wallets you can always make use of in storing your digital assets. Ensure you read on to discover some of the best XMR wallets you can use for your trading activity.
Best XMR Wallet
Bitcoin, Ethereum, and the likes are designed to work on a protocol that will always shield a user’s identity making use of name addresses that are generated randomly by combinations of numbers and alphabets.
Nevertheless, this limits the privacy they are bound to offer as it readily opens them to be accessible by the public.
However, conducting transactions through Monero keeps you private and removes that awareness transactions do create ensuring the security of your assets. Besides, this is an upper edge XMR has over most cryptocurrencies making it a much safer decentralized network to deal with.
Also is the issue of tracing addresses due to what they have been used to conduct in the past few years. XMR however has a non-traceable history where users can carry out transactions in a much safer environment and prevent users from having their units blacklisted or refused.
Still, let’s dive into the six best XMR wallets you can make use of for the storage of your assets.
- Guarda
Guarda, being a multiplatform crypto digital wallet is a wallet available for mobile, web, desktop, and chrome extensions.
The wallet is very well compatible with the majority of coins listed on many crypto markets and seems to be very exceptional in the dispatch of its functions to the users it serves.
It has a beginner-friendly interface with open-source software which very much comes in much different performance.
It very much also supports forty-eight crypto coins with Monero among most of its listed cryptocurrencies. This allows users to be able to trade without going through the hassle of selecting markets to trade on.
A unique feature about Guarda is its ability to not store private personal information as regards users of the platforms on its network but there on the platform thereby making the user the sole owner responsible for the management of his/her cryptocurrency transactions and details.
This does give users control over their digital assets since it’s a non-custodial wallet on a decentralized network.
What we like:
- Multiple platform support
- Modifiable fee
- Excellent customer service
What we don’t like:
- Prone to attack
- Ledger Nano S
Ledger Nano S is a hardware wallet that makes use of a cold storage system to ensure that assets stored in it are efficiently preserved and protected from other personnel or intruders.
The Ledger Nano S is pretty much similar in design and shape to a USB device and can be easily connected to any system with a USB port.
Ledger over the years has become a well-known cryptocurrency wallet due to the astounding features it brings to the market all in all totaling its competitors to rise as the most efficient of hardware wallets.
Your Monero(XMR) can be stored effectively using a cold wallet i.e offline on the Ledger Nano S. It very much supports the storage of this cryptocurrency ensuring your assets are not liable to cyber attack.
The Ledger Nano S is powered by an OS designed by the Ledger Foundation, BOLLOS, and also has an OLED screen built-in on the device that allows for account balance viewing and transaction details.
This hardware wallet has a PIN, a 2-way factor authentication that ultimately protects your assets since all this needs the owner’s presence before access can be gained.
So if you keep Monero as a coin, or you trade them in large quantities, then the Ledger Nano S is a great wallet to invest in.
What we like:
- Compatible with multiple coins
- Built-in OLED screen for tracking of transaction details
- Help protect private keys
- Restore and backup feature
- Best storage device since it’s a cold wallet
What we don’t like:
- Pretty expensive
- Binance
Binance is well known in the crypto space as one of the heavily built applications which offer updates on coin prices, gives you an avenue to trade certain commodities, and a peer-to-peer trading option all on the application. Monero is no different.
Binance as a platform is a great storage wallet for XMR while also offering a wide range of tools for trading online.
It is a platform that offered the opportunity of trading mode than hundred and fifty cryptocurrencies and also an API to help you integrate your existing apps into newer versions.
Binance is however a great digital wallet where you can not only buy but also trade and sell crypto coins effectively.
What we like:
- Offers basic and advanced exchange interfaces to trade
- Compatible with the majority of cryptocurrencies very much available for trading
- Excellent customer service
- Peer-to-peer trading option
- Added layer of security and KYC
What we don’t like:
- Not too friendly to novice crypto enthusiasts
- No withdrawals or fiat deposits
- MyMonero wallet
For XMR, MyMonero is one popular open-source digital cryptocurrency wallet you can use to store your XMR coin.
MyMonero wallet offers a user-friendly interface and do allow you to send, store, buy and receive XMR without you running a full node. This however makes it a lot more accessible to users.
Besides, you can also create multiple wallets and still have control over your keys or create contacts to have a better payment experience.
MyMonero is compatible with Macintosh, Windows, and Linux operating systems. It is also developed to have the mobile application for IOS devices or make use of the web version.
What we like:
- Speedy transfers plus key control
- Mobile and web version
- Excellent customer support through email, help center, or live chat
- Cross-platform assistance
What we don’t like:
- Developing
- Freewallet
Freewallet is known for combining high-end security services with modern encryption measures to provide an added layer of security for its users.
This is to ensure cases of lost devices or forgotten passwords are effectively taken care of with the appropriate security measure put in place.
Freewallet also likes any other cryptocurrency wallet provides quick access to several coins users can make use of including XMR. This application is free and can be used effectively on both Android and IOS mobile devices.
What we like:
- free
- You can send Monero to nay altcoin address
- You can always fund your account with any coin, all thanks to an inbuilt cryptocurrency converter
- Free transactions
What we don’t like:
- Susceptible
- Monerujo wallet
Monerujo is mainly a Monero-intended wallet for advanced traders as it is designed with tons of features.
It is entirely open-source software and is very well compatible with account and multiple wallet creation meaning you can always create as many Monero addresses you need as you like and also import them into the application.
This regardless provides a frictionless shift between many addresses.
Also, the wallet offers. a password and fingerprint feature to attain optimum security. Nevertheless, this wallet is mainly reasonable to be used by advanced traders.
The Monerujo is a very light wallet that utilizes remote nodes to synchronize the Monero network with your wallet. The feature of you adding your own Monero node is also included in this digital wallet or even connecting to nodes already being run by the Monero community members.
However, its light nature makes it possess a low memory space making it easy to install on most m9bile devices.
The Monerujo wallet also possesses an in-built Quick Response scanner that allows you to scan QR codes in a bid to receive and only send XMR coins.
What we like:
- LIght and completely open-source
- Creating of several wallet addresses
- Open-source
- Allows usage of a specific remote node unique to every transaction
- Users control private keys
- Fingerprint and password security
What we don’t like:
- Available only in mobile version
- Edge Wallet
Known to be beginner-friendly, you can make use of the Edge wallet to simply buy, store, trade, or sell cryptocurrencies prevention the application.
In here, you have control over your seed words and to further ensure user privacy and security is well obtained, Edge has struck to secure access which only requires either of a touch ID or just a PIN.
Edge is an open-source digital wallet and easily allows you to buy and sell XMR using its fiat feature as well as swap Monero with other coins, depending on what you wish to exchange.
What we like:
- Transparency and basic privacy
- Complete control over your assets
- Compatible with multiple crypto
currency
- Available in mobile version
What we don’t like:
- Does not support fiat currency
- Not too secure
A Few Feature Common to the XMR
How does XMR work?
Monero is a public crypto coin that is decentralized, not controlled by any authority in a bid to ensure that anyone can buy, sell, mine, and use it for trading.
That is, at a normal level, XMR works just the same as Bitcoin will. A major difference that separates them is the privacy feature is not too common in Bitcoin. Other differences include;
- Dynamic scalability
XMR’s block size alters automatically due to the network load within a particular threshold. This however can help keep transaction fees to the barest minimum as activity on the network increases.
- Stealth address
Stealth addresses raw created once on the Monero system using a particular protocol that do make use of secure algorithms.
These addresses do allow you to find information about a recipient transaction, their balance, and yours as well as your history.
This technology is targeted to allow the sender to only create a one-time address unique to a particular transaction and can be used to send coins or transactions to a receiver. Also, the recipient on the other end can only provide one address that can be used for payment transactions.
Moreover, these hidden addresses when used by both the sender and receiver, they do determine where the payment was sent without creating any link to a public address.
- Spend and View Key
XMR makes use of keys like Bitcoin will. This time it is not called a private key though functions the way a private key will.
The spend key is mostly used to sign transactions or give consent to a transaction to be conducted while the view key is majorly for viewing transactions carried out and the user’s wallet balance.
- Ring signatures
Ring signature makes use of several public keys and account keys that are randomly selected from the blockchain network using the triangular distribution strategy.
In the quest of choosing a signature, the system do consider all participants as equal members of the ring. As a result of this, it is almost impossible to deduce which users were chosen to so sign a certain transaction making them untraceable.
However, note that a ring signature is a digital signature every participating member of a group can always make. A message signed in a ring signature only needs to be approved by a member randomly selected. This random approach ensures anonymity confidentiality.
Conclusion
However, do note that most of these privacy crypto coins are still developing and just evolving. All do have their benefits and drawbacks making none the perfect system to work with.
Still, you will need to make a ton of research on your own in a bid to find better answers to the proposed privacy features yourself.
Nevertheless, do know investing in cryptocurrency is a risk, and is equipped with adequate information on how-to will always put you above a novice trader.
Do you find the above-mentioned useful or do you have some other recommendations as regards the best Monero wallets?
Ensure you make use of the recommendation box to air your views.
