How to choose the best Monero Wallet
The cryptocurrency Monero uses cryptography to guarantee that all transactions you make are completely untraceable. It was created in April 2014 and there are plans to upgrade the network to provide further levels of decentralization. This means that you have complete control over your transactions. Monero does have multiple keys and you need to make sure that you find the right crypto wallet to keep them safe.
Crypto Wallets in a Nutshell
When you start investing in cryptocurrencies like Monero, you need a way to store, access and transfer your funds. These possibilities are provided with a crypto wallet. With a crypto wallet, you can store a key. This is a long-form code that will allow you to access your crypto. Be aware that if the key doesn’t match the public key, then you won’t be able to gain access. You may also be provided a seed, a short-form code used for recovering a lost key.
It’s important that both of these codes remain private and secure. If anyone accesses these, that person could almost immediately unlock your crypto account.
What Different Types of Monero Wallet Are Available?
There is a range of different wallets available, including paper, web applications, mobile applications, and desktop platforms. You can also use a hardware wallet. A hardware wallet provides the securest solution because it’s not connected online at all. In contrast, a web platform will be online and provide lower levels of security but easier ways to transfer and exchange, particularly between different currencies. Both web applications and mobile apps are wallets stored on different devices. They can be used as a secure option that provides a high level of flexibility. For instance, it makes it easy to withdraw and transfer funds on the go. There’s also the paper wallet option. Here, you get your wallet printed with the code on it. Cryptocurrency codes often come with QR codes to provide easy access while maintaining a high level of security.
Points to Consider
There are a few different points to consider when you start the process of selecting your Monero wallet. For instance, you can think about the fees that you will need to pay on transactions. All wallets charge transaction fees but some are cheaper than others. Fees tend to increase when there is a high level of activity. With most wallets, you can also gain control over the amount you want to pay for faster transactions.
You also need to think about whether you want to use open or closed software. Open source software is accessible to anyone. This means that, with tech knowledge, you will be able to check and potentially change the code. It means that it can be more secure against hacks as well. In contrast, closed software remains inaccessible and usually requires third-party support.
You’ll also need to think about the experience that you want while using your wallet. You need to consider whether you want faster, more convenient option for transfers, such as hot wallets or the highest level of security, such as cold wallets or paper wallets. Perhaps you are just starting out and need something that doesn’t require you to know or understand any of the technical background info. These are all possibilities and there are some very simple, user-friendly interfaces available.
Best Web Wallet
You have many different web wallet options, you could consider MyMonero wallet or XMRwallet. You can also choose from multi-currency wallets such as Guarda or Coinomi. They are quite simple to use for sending, receiving or storing Monero coins. These wallets are positively reviewed by user community due to the seamless capabilities and rapid processes.
Best Hardware Wallet
Ledger Nano S and Ledger Nano X are providing support for Monero wallet. Bear in mind that Nano X model is also compatible through Bluetooth and some have complained that it does not provide smooth experience and it also could be a security risk.
Best iOS Wallet
You might be looking for a wallet for your iOS device. If that’s the case, then we suggest the Cake Wallet. This is generally considered to be one of the most secure options for these devices. It also allows you to transfer your Monero into different currencies and gives you complete control over your private keys. As such, you can guarantee it’s going to be safer than either a desktop or web wallet. That’s due to the fact that iOS restricts root-level access. The code is also kept secure on another level because it is open source. It is regularly audited by members of the community.
There is a Monero paper wallet available for you to consider as well. The benefit of the paper wallet is that you don’t need to worry about it getting hacked or stolen—unless, of course, the paper itself is taken from you. For this reason, paper wallets will often be stored in a safety deposit box or a private safe in the home. It’s also important that the paper wallet does not get damaged. With the Monero paper wallet, you are provided with two QR codes as well as two keys, One QR code is used for a public address while the other provides the private key you need.
We hope this article helps you find the right Monero wallet that meets your needs. With so many options available, there’s a lot to consider, but we would recommend you consider a wallet from an official Monero site. You just need to make sure that you’re thinking about how you will be using your cryptocurrency. For instance, if you’re planning on storing it in the long term, then a paper wallet might be the ideal choice. If, however, you want to trade constantly, a web application could be the best route.