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Monero is steadily becoming one of the most popular cryptocurrencies on the current crypto market. More and more people are turning their sights towards this particular coin, be it due to its privacy features, investing purposes, or else. With this increased public interest, however, it’s crucial to find a reliable Monero wallet, too.

Taking a single look at user reviews online, you’d be able to find multiple different contenders for the spot of the best Monero wallet. We’ll take a look at the top-rated picks right here, on this list.

Note that we’ll be discussing both online Monero wallets, and also those that are based offline (cold storage devices). Our list today will look a little something like this:

How to Find the Best Monero Wallet for Yourself?

Before we jump into the actual list of the best Monero wallets on the market, we need to discuss a couple of important things. At the top of these things stands the question of why people want to invest in Monero, in the first place!

Well, the first major reason is just that - investment purposes. Many people purchase Monero and then search for the best Monero wallet simply in order to store these coins safely, and then sell them at a later date, with the intent of making a profit.

While the cryptocurrency market is a truly volatile place, recent history has shown that the current cryptocurrency prices don’t really reflect the reality - this technology is becoming increasingly more valued, thus boosting the price of most major crypto coins, too. Monero is no exception.

That being the case, another huge reason why people might be looking for the best wallet for Monero is privacy - Monero is often considered to be the most secure cryptocurrency on the market.

Monero wallet: a Monero coin on a laptop.

The above is thanks to the technology behind XMR. Each transaction is hidden from the public via ring signatures - these signatures make Monero transactions untraceable. In other words, there is no way that the sender and receiver are going to be linked with one another - you can be sure that your payments are going to be completely anonymous.

So, as you can probably imagine, Monero has quite a few features that make the coin and the technology behind it rather appealing to a wide range of people. That being said, though… How do you go about picking the best Monero wallet for yourself?

Two Types of Wallet - The Pros and the Cons

If you were to research the best Monero wallets, you’d quickly learn that there are two big types of them available for you to utilize - hot and cold ones.

Naturally, each of these have their own pros and cons - both of these types will be seen featured on this list, too! That said, though, as you can probably imagine, they are still going to be quite different from one another, and will thus suit different types of people.

Let’s take a closer look at both hot and cold wallets, and check to see what you can expect from each of them.

Hot Wallets (Software, Desktop, Mobile App, etc.)

Hot wallets are those that are constantly connected to the internet. These wallets include software and online ones, mobile apps, and so on.

Now, the main benefit of hot Monero wallets is that they are very accessible. What this means is that you can transfer your XMR coins very quickly, without having to go through some difficult setup processes.

Monero wallet: Binance.

As you can imagine, this is especially important for those people who are looking to trade Monero. An online Monero wallet will allow you to react to the market changes super-quick - you’ll be able to purchase and sell XMR instantly, and transfer your newly-acquired coins straight into your wallet.

Having said that, though, as you’ll soon see from the list of the best Monero wallets, some hot storage services are actually integrated straight into specific crypto exchanges. This does, naturally, have some benefits and drawbacks, but many people actually prefer to keep their coins on exchanges. More on this later.

Cold Wallets (Hardware Devices, Paper Wallets, etc.)

As opposed to hot Monero wallets, cold ones are those that are disconnected from the internet - these can include hardware devices and even paper wallets.

Now, admittedly, cold wallets are usually seen as “the way to go”. If you want top-tier security, then there are no better options than cold storage devices.

With a Monero offline wallet, you won’t need to worry about hackers or scammers reaching your funds without you noticing. Quite honestly, it’s impossible - since your device is never connected to the internet (except maybe for the times that you send and receive XMR coins), malicious third parties won’t really have the opportunity to reach your coins!

Now, I know what you’re thinking - where’s the catch?!

Well, honestly, there is no catch. However, there are a couple of things worth considering when deciding on whether or not you should purchase a cold Monero wallet.

Monero wallet: the Ledger Nano X.

For starters, cold wallets are usually used for long-term storage. It can be a slight hassle having to sell or trade your coins - you’d have to transfer them from the wallet onto an exchange, and then perform your transactions. It takes time, and in an industry as volatile as crypto, each minute counts!

The only other “drawback” related to Monero offline wallets is that the hardware devices do cost some money. However, if you want the best security in the game, you can be sure that there is no better option around!

So, then - with all of that being said, you should now have a pretty good idea of what to expect when it comes to the best Monero wallets on the market! Without further ado, let’s get straight to the list, and check out the top options available.

1. Ledger Nano X - The Best Monero Wallet on the Market

Ranks #1 out of 7 Crypto Exchanges

The Ledger Nano X is often considered to be the best Monero wallet on the market. There’s an entire plethora of reasons why that’s the case, too.

For starters, the Ledger Nano X is a state-of-the-art device. It’s one of the most modern cryptocurrency wallets on the entire market - it features a sturdy design, is durable, has a pretty big screen and two-button functionality, and is well-made, overall.

When it comes to Monero, Ledger utilizes something that is known as the Monero GUI - the Monero Graphical User Interface. What this means is that the coin in question is supported by the Ledger Nano X device, but when it comes to the actual visual representation of your balance and transactions (sending, receiving XMR, etc.), you will have to rely on the GUI.

This is actually rather similar as with some other cryptocurrencies, too - a good example would be MIOTA, or even ADA (Cardano). Both of these coins are supported by Ledger, but both of them also have their own, specific wallets that have to be connected to your Ledger device.

As far as the best Monero wallet is concerned, though, you can be sure that you’ll receive all of the top-tier security features of the Ledger Nano X wallet. All that you’ll need to do is install the Monero app (blockchain) onto your Ledger Nano X device, and configure the Monero GUI - once that’s done, you’ll be able to send, receive, and stake XMR coins, all from the comfort of your wallet!

That’s all fine and dandy, but… What makes Ledger stand out of the crowd, security-wise?

Well, the Nano X model is the latest-and-greatest that Ledger has to offer to its customers. The device is equipped with all of the most advanced security features that a hardware wallet can possess!

The Ledger Nano X will cost you $119, and the shipping is completely free. While it is, admittedly, one of the more expensive hardware crypto wallets on the market, being the industry leader, you can be sure that it’s definitely one of the best Monero offline wallets out there!

A word of caution, though - make sure that you only purchase your Ledger device from the company’s official website. Third-party resellers might try to sell you a faulty device, and might perform a recovery on your funds later on. Not something that you’d want happening!

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2. Trezor Model T - A Leader in Hardware Wallet Security

Ranks #2 out of 7 Crypto Exchanges

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Trezor is one of the two big cryptocurrency wallet providers on the market (with the other one being Ledger). The Trezor Model T is the company’s latest product - and it’s a rightful contender to be one of the best Monero wallets on the market!

The Trezor Model T exceeds in the security department. It’s an extremely secure wallet that can act as a U2F hardware token!

As one of the leading crypto hardware wallets, you can expect that Trezor will keep your private keys completely safe and sound. The keys are going to be stored on the individual wallet that you own, and kept there in an isolated fashion - no third party is going to have access to your Monero funds!

In regards to Monero, Trezor operates in a very similar fashion as does its main competitor - Ledger. Namely, you will be able to store your coins on the device, but will have to use the Monero GUI in order to check your funds, and make transactions.

Now, it’s worth mentioning that the main criticism that’s often aimed towards Trezor is the fact that the wallet is very expensive. The Model T will cost you around $170 - that’s actually significantly more expensive than the Ledger Nano X, Model T’s main competitor!

Is the product worth the price tag? Well, it depends. There is no denying the fact that Trezor is one of the industry leaders, and offers one of the best Monero wallets on the entire market. If security is what you’re looking for, then Trezor is surely a decent pick - it’s a cold storage device, after all!

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3. Ledger Nano S - A Compromise Between Security and Price

Ranks #3 out of 7 Crypto Exchanges

Ledger is a name that you’re bound to see mentioned a couple of times on this list of the best Monero wallets. That’s because, unlike its competitor Trezor, Ledger actually offers two different hardware wallets for you to keep your XMR coins in, with the S model being the older and more-affordable option.

The Ledger Nano S functions in the same manner as its more improved version - the Nano X. What I mean by that is that you’re going to have to install the Monero application on the device, and also utilize the services of the XMR GUI.

So… If both devices function the same, what’s the actual difference between them?

Well, for starters, the S features a bit more of a humble design. The wallet is smaller than its advanced version, and thus, won’t be as noticeable. This is going to be appreciated by those who want to remain discreet whilst using the wallet in, say, public places.

Admittedly, the Ledger Nano S will support fewer altcoins than the Nano X. This is a notable aspect for those who are looking for the best Monero wallet, but are also planning to keep and trade more coins.

As mentioned above, though, you can expect the Ledger Nano S to be much more affordable than the more-advanced version of the wallet. Namely, if you choose this particular wallet as your option for the best Monero offline wallet, it will cost you around $59, plus shipping.

Now, as always, I do have to mention - please make sure to only purchase the Ledger Nano S from the company’s official website! Best practices command that hardware crypto wallets should never be bought from a third party - take note!

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4. Binance - A Way to Trade Monero Instantly

Ranks #4 out of 7 Crypto Exchanges

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Now, I know what you’re thinking - Binance? Really? It’s an exchange, not a wallet!

Well, you aren’t wrong - however, there’s more to this exchange than meets the eye.

At the beginning of this list of the best Monero wallets, we’ve discussed two types of possible wallets - hot and cold ones. Exchanges that allow you to keep your crypto assets on them after you’re done trading do fall into the former category.

Obviously, keeping your XMR coins on an exchange may not be a safer alternative to storing them in a high-end, reliable hardware wallet. However, as you’ve probably figured out by now, this still has its own pros and benefits.

Let’s discuss the Binance-specific ones, shall we?

Binance is known in the crypto trading world for offering its users some of the most varied trading pairs out there. What this means is that you’ll be able to trade some rather niche coins on the platform - XMR is no different.

While Monero has, admittedly, been climbing its way into the top coin spots on the market, it’s still generally difficult to find a way to acquire some XMR in a speedy and simple manner. This is due to the anonymity factor of the cryptocurrency.

Well, Binance solves this issue!

Actual storage-wise, you can expect some high levels of security on Binance’s side of things. The exchange platform is as safe as they come, and is trusted by countless numbers of users all around the world.

If you’re interested in using Binance as your main method of storing XMR, then you can check out the platform here.

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5. Kraken - Cold Storage, 2FA

Ranks #5 out of 7 Crypto Exchanges

Kraken is, primarily, a cryptocurrency trading platform. However, the exchange can act as a Monero wallet, too!

If you choose Kraken as your main method of storing XMR, two aspects are likely going to pop up above all else - cold storage, and two-factor authentication.

Cold storage refers to the fact that Kraken holds the vast majority of its users’ funds in, wellCold storage devices! This is actually great news!

Frankly, what this means is that if you decide to keep your XMR coins on Kraken, and deem it to be the best online Monero wallet for your own wants and needs, the majority (if not all) of your coins will be kept in hardware devices. These devices are usually a bit different from your standard, user-oriented cold wallets - imagine them as vaults, rather than individual wallets.

No matter how you look at it, though, it’s still awesome that Kraken employs a crypto storage technique like that. It allows you - the user - to remain assured that your funds are safe with the platform. No hacker will be able to reach them, since the vast majority of your Monero coins will be located offline!

Two-factor authentication - 2FA - is the other thing.

While 2FA has recently become standard practice with most of the high-tier exchanges, that still doesn’t take away from the fact that it’s a very effective tool of keeping your crypto assets - in this case, Monero - safe. With 2FA, you receive that extra layer of security - it dissuades most malicious third parties, and helps you remain sure that your XMR coins are safe and sound.

If you’re interested in utilizing Kraken’s Monero wallet services, do check out the exchange platform here!

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6. KuCoin - Great for Quick Trading Needs

Ranks #6 out of 7 Crypto Exchanges

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KuCoin is, admittedly, one of the less-known options for hodlers to store their Monero coins in. However, the primarily-exchange platform offers a very specific type of XMR wallet - that which is designed for people who participate in day trading activities, and may need to access and transfer their funds super-quick.

Now, it’s worth mentioning that this isn’t exactly intentional on KuCoin’s side of things. However, while looking for the best Monero wallet, you might find out that KuCoin appears to keep most of its users cryptos on hot wallets.

This does directly oppose the industry’s best practices. However, it still offers a rather decent option as far as quick Monero trading is concerned.

It’s worth noting, however, that KuCoin does have 2FA support, and also some extensive KYC requirements

2FA adds that extra layer of assurance that no third parties are going to have access to your Monero funds. The KYC requirement only furthers this!

On top of all of that, KuCoin also has a feature that allows you to lock trades under a set password. For anyone who’s looking to trade XMR coins, this is some great news!

If you’d like to try KuCoin out for yourself, you can check the site out here.

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7. Bittrex - Strong Security Features, Cold Storage

Ranks #7 out of 7 Crypto Exchanges

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Bittrex is one of the older and more-reliable exchanges on the market. It’s also considered to be one of the best Monero wallets, at least as far as exchange services go.

The above is due to the security features of the exchange.

You see, Bittrex has managed to build itself a reputation of being a highly reliable and secure platform. It’s often deemed as being one of the safest platforms to trade and hold cryptos on, simply due to the fact that it has never been hacked.

Yup, that’s right - the security side of Bittrex has never been breached! This is actually a pretty big deal, granted that many of the even-more-known exchanges have had some security issues at one point in time, or another.

Bittrex also keeps up to 90% of its user funds on cold storage devices. What this means is that, if you pick Bittrex as your Monero wallet of choice, the majority of your funds are going to be stored on offline wallets.

Withdrawals on Bittrex are protected by 2FA, too. Frankly, each time you want to withdraw your XMR coins, you will be prompted to enter a PIN code from your authenticator. Now, this is fantastic - it’s a huge added layer of protection for your XMR crypto, and it surely makes Bittrex one of the best Monero wallets of its kind!

If you’d like to try Bittrex out for yourself, you can check the platform out here.

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Alternative Monero Wallet Options

So, then - those are some of the best wallets for Monero on the current market!

As you can see, there’s a pretty good mix of hardware storage devices, and also hot wallets (those that are based online, and in XMR’s case - on exchanges). Naturally, the actual best option is going to depend on a wide variety of factors, such as the amount of Monero that you want to store, whether you want to hodl or trade in an active manner, and so on.

Hardware devices and exchange-based storage aside, some crypto enthusiast reviews do mention alternative Monero wallet options, too! Some of these alternatives include, but are not limited to:

  • Exodus. Exodus is a software wallet - in other words, a hot one. Notably, it’s actually one of the more-popular hot wallets on the market! Exodus isn’t a Monero-exclusive wallet, since it allows you to store a wide selection of cryptocurrencies within itself. However, that’s actually a good thing - it means that you’ll be able to store both XMR and some other cryptos on the same wallet! This guarantees an easier time accessing your assets, and is simply more conveniant, in general.
  • MyMonero. As the name likely implies, MyMonero is a Monero wallet - as in, exclusively! The wallet was created and is managed by one of the core team members behind the Monero project, and is created in order to allow users to hold XMR coins in a safe and easy-to-manage environment. It’s often viewed as one of the best Monero wallets, and is definitely worth checking out if you’re looking for web-based Monero storage.
  • Guarda. Guarda is a general cryptocurrency wallet. What this means is that you’ll be able to store a wide variety of crypto coins and tokens on Guarda - it isn’t Monero-exclusive. However, looking through Monero holder feedback found online, it would seem that the name tends to pop up quite often - Guarda can be used both as a web-based wallet and a software one, and even allows staking to be done from within itself. An interesting option!

Admittedly, there are many, many more Monero wallets out there. The vast majority of them are, however, web- and software-based. As far as hardware XMR storage goes, the actually-viable options are discussed in the list above.

With all of these different Monero wallets, it can understandably be difficult to pick the best one for yourself. As eluded to a couple of times already, though, there are some golden rules that you can follow, and thus choose the perfect option for yourself!

LEDGER NANO X TREZOR MODEL T

Overall Score

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Wallet Type

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Best for Safely Storing, Sending, and Receiving Different Cryptocurrencies Best for Easily Control Funds, Manage Balance and Initiate Transfers

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One of the best hardware cryptocurrency wallets ever made. One of the most-secure cryptocurrency hardware wallets on the market.
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Table: The main features of the Ledger Nano X and the Trezor Model T

The very first step is simple - you have to ask yourself about your plans with XMR. It’s no use in searching for the best wallet for Monero if you’re not certain of this simple point!

Some people are only looking to make some gains, others are technology enthusiasts who might be interested in the anonymity features of the coin and the blockchain behind it. Both of these groups of people are going to have different wants and needs!

Monero wallet: Exodus.

On top of that, you should also decide whether you want to hold Monero long-term, or if you’re planning on day-trading and actively speculating. This can impact your decision on a Monero wallet significantly!

All of that being said, though, it’s actually pretty simple - if you plan to hold a higher number of XMR coins, and are “in it” for the long run, you should look at hardware wallets. If you’re just “testing the waters”, however, a hot wallet could be a decent alternative.

Speaking of which, when it comes to online Monero wallets, do consider the exchanges mentioned on the list above! While they aren’t exactly Monero-exclusive storage services, they can be perfect for those who are still new to the scene, and just want to “get a feel” for how things work.

Exchange-based wallets are also awesome for day traders, too. You’ll be able to perform all of your trades from within the wallet, and in a market where every minute counts, this can be a huge benefit!

Conclusions

Now, we’ve reached the end of our list of the best Monero wallets of the year - thanks for reading! Before I let you go, though, let’s quickly run down the main points that we’ve discussed in the article above.

There are generally two types of Monero wallets on the market - hardware, and software (or web-based) ones. Both of these types have their own, specific benefits and shortcomings.

Hardware wallets are, naturally, your best option - they are super-secure, and provide you with all of the essential features that you might expect from a high-tier XMR wallet. The leaders in this industry are Ledger and Trezor.

Software and web-based wallets (or, simply - hot wallets) should be considered by those who are still new to the industry, or traders who are looking to constantly sell and re-purchase their XMR coins, thus intending to make a profit.

LEDGER NANO X TREZOR MODEL T

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Table: The pricing options of the Ledger Nano X and the Trezor Model T

As far as hot wallets are concerned, you can either go with a software- or app-specific tool, or utilize the XMR storage services of an exchange of your choosing. Not all exchanges support Monero, though, so make sure to references the list above!

No matter what your goals with Monero might be, make sure to always focus on the security aspect of the matter! If your wallet isn’t secure, nothing else really matters - it can have all of the built-in staking and delegation features in the world, and support a wide selection of other cryptos, but if it lacks security, you risk losing all of your Monero coins to a potential hack attempt.

With that being said, though, I thank you for reading this list of the best Moenro wallets, and hope that it was useful to you! Make sure to check out some of the top-rated exchanges if you’d like to purchase XMR coins, and also learn about some other altcoins on the market, too. Best of luck, and until next time!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

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FAQ

What is the best Monero wallet?

The best Monero wallet for each individual person is going to depend on a few different factors. In general, though, the best options are considered to be the Ledger Nano X and the Trezor Model T - the top-2 hardware wallets that are currently dominating the industry. Other options include exchange-based wallets (such as Binance and Kraken), and software ones (i.e. Exodus), too.

Can you hold XMR coins on an exchange?

Yes, definitely! While not all cryptocurrency exchanges support Monero (XMR), the ones that do will surely allow you to hold your coins on them. Good examples include Binance and Kraken - keeping your XMR coins on these platforms will allow you to both remain sure that they're quite secure, and also trade the crypto on the go.

What types of cryptocurrency wallets are there?

In total, there are four big types of cryptocurrency wallets - online, hardware, software (app), and paper ones. Each of these types of wallets have their own features, benefits, and shortcomings, and are thus going to be suitable for different types of people, too. Security-wise, paper wallets are seen as the best alternative, while convenience-wise, software and online ones should be your go-to options.

What are “hot” and “cold” wallets?

Hot wallets are those crypto storage pieces of software that maintain a constant connection to the internet. As opposed to that, cold wallets are hardware devices that store your cryptos offline. Safety-wise, cold wallets are considered the best option - since they are always offline, you don’t need to worry about some sort of a hacker stealing all of your cryptocurrency assets.

Are hardware wallets worth investing in?

It depends, but in most cases - yes. If you’re just starting out with cryptocurrency trading and investing, a hardware wallet might be a bit of an overkill - it is generally considered that hardware wallets should be purchased once you have a significant amount of crypto, and want to keep it safe. If you’re an active trader, that can also dissuade the matter even further - trading-wise, software and online wallets are much more convenient.

Can you keep your cryptocurrencies in two or more wallets at a time?

Definitely! It’s also part of crypto storage best practices, too! Most cryptocurrency enthusiasts prefer to have a software and a hardware wallet - the former for easy access and trading, and the latter for safe storage. However, you can also utilize multiple wallets simply in order to make sure that your assets are safe and sound. This way, if one of your crypto wallets becomes compromised, you won’t lose all of your assets.