Best Monero Wallet 2021: The ultimate comparison
10 Stars
This is partly because Bitcoin is by far the leading digital currency. The token appeared as early as 2009 and is thus significantly "older" than new currencies such as TRX, which appeared in 2017. Bitcoin, like most online currencies, is based on a decentralised booking system.
But so-called altcoins like Monero are also rising in Bitcoin's shadow to become stable digital currencies with high market capitalisation and are becoming increasingly popular, both as an investment in value and as a speculative object or means of payment.
The advantages are obvious, XMR can be accessed from different points on earth, anytime
A common, constantly expandable blockchain serves as the central data record and underlies all cryptocurrencies.
The best Monero wallets - our recommendations in brief:
Name | Wallet type | Available cryptocurrencies | advantages | user friendliness | Available on: |
|---|---|---|---|---|---|
mobile | 120+ cryptocurrencies | Direct connection to eToro | very easy | iOS & Android | |
MyMonero | Software / Mobile | Monero | especially for Monero | light | iOS & Android, Windows, Max, Linux |
hardware | Over 100 | High security | very easy | iOS, Android, Windows, Mac, Linux | |
Monerujo | App | Monero | especially for Monero | very easy | Android only |
hardware | Monero + over 100 more | High security | light | Windows, Mac, iOS, Android, Linux |
Monero : The coin
Monero Blockchain Security
Here, parts of the private and the public key are combined and stored on the blockchain. It is not possible for outsiders to distinguish which parts originate from the private user.
The storage is done in groups, and thus the individual transaction is anonymously stored in a group. In addition, the RingCT function can be used to conceal the exact amount of a monetary transaction.
This makes it impossible for outsiders to trace larger monetary transactions. This also applies to frequent transactions, which can appear suspicious by their very nature.
So anyone who places a particularly high value on privacy should take a closer look at Monero. The security level is, at least in theory, above Bitcoin or other popular cryptocurrencies.
The big Monero wallet comparison 2021
1: The XMR eToro Wallet
Among all Monero Wallet providers, eToro stands out as our test winner. The step to downloading the Monero Wallet (also for iOS) is very simple: You can simply download the eToro Wallet from the App Store. Then there are a few stages, the first of which includes the following: You get an invitation to send and receive tokens, an overview of crypto trades and the provider's security services.
But everything in order. First of all, an eToro account is required to use the company's crypto wallet. Then, however, you can trade with various devices - and very practically - also via smartphone. Another feature of the digital wallet is that you can deposit in different currencies: In addition to euros, this is possible with US and Canadian dollars, British pounds, Japanese yen and Australian dollars. The two main functions of the wallet for Monero are simple and practical to use: Sending and receiving crypto tokens and supervising your own crypto trades on the platform.
Pros
Cons
2: Ledger Nano S
For a long time, the Ledger Nano S Monero Wallet was considered one of the best hardcore wallets on the market. Many different cryptocurrencies, from Bitcoin and Monero to Ether, can be stored here offline and the use is very simple. The only thing that put me off was the considerable price - you have to pay around €79 if you want to treat yourself to the Ledger Monero Wallet. In addition, you have to reckon with increased waiting times, as the wallet is still very popular. Recently, security flaws have also come to light, which make the offer seem somewhat dubious.
Pros
Cons
3: MyMonero
MyMonero is a software that is available for all common PC operating systems. It is also available for iOS. There is no Android app yet, but this is currently under development. Alternatively, you can use the browser on an Android phone. The wallet was developed by a member of the Monero team and offers the possibility to manage digital money safely and easily.
The software is clearly designed and can be learned quickly even by beginners. After the download, you get a 13-digit code, which you need from then on to register. You should keep this code in a safe place. Compared to other providers such as eToro, MyMonero does not offer the possibility to trade and manage many different tokens.
Pros
Cons
4: Monero GUI Wallet
Monero GUI Wallet is the official software of Monero, available for Mac, Windows and Linux. The wallet is based on the full node principle. This means that the complete blockchain of Monero is downloaded, stored and continuously updated. This makes the set-up process in particular significantly longer than with other providers. Furthermore, approx. 52 GB of storage is required. Memory is very cheap today. However, entry-level Macbooks or even cheaper Windows PCs may offer too little memory for this. The advantage is that as soon as the entire blockchain is on the computer, transaction times are reduced. In addition, less information needs to be exchanged with external servers when money enters and leaves the system. This makes it more difficult for potential hackers.
The biggest disadvantage is that the software is currently only available for the desktop. Overall, however, Monero GUI is a good alternative to other wallets when it comes specifically to Monero.
5: Monerujo
Monerujo is a software wallet that is only available for Android. If and when a version for iOS devices will be released is currently not foreseeable.
The download is free of charge. The wallet is open source, so every user has the opportunity to view the code and see for themselves how secure it is.
Monero addresses can be inserted quickly and easily via QR code scanner. If you don't use any other currencies, it may well be worth taking a closer look at this app.
6: Guarda
Monero Wallet Guarda is a wallet that offers many different currencies. The software is available as a mobile solution (iOS and Android) as well as a web version.
Besides Monero, it also offers the possibility to manage Bitcoins, Bitcoin Cash, Ethereum and many other popular currencies. Unlike many other wallets, the app does not secure personal data.
The Private KEY is kept within a device's security storage and automatically deletes when you log out.
Registering for the eToro Monero Wallet
Registration
In fact, registration is very simple. Those who already have a Facebook or Google account have a particular advantage. Otherwise, you can simply register with your name and initial information. A status display indicates how far one has already progressed for the complete registration.
Completion of data and verification
Once the registration is complete, you can download the eToro Wallet app from the Google Playstore or the Apple App Store. There you first enter the login data you have previously specified, such as user name and password, and then log in to your account. This step should also be quick and easy.
Download der eToro XMR Wallet App
Once the registration is complete, you can download the eToro Wallet app from the Google Playstore or the Apple App Store. There you first enter the login data you have previously specified, such as user name and password, and then log in to your account. This step should also be quick and easy.
Using the eToro Wallet for Monero
As soon as the verification process is complete, you can immediately see the available crypto funds and can also view your own crypto trades. The user-friendliness of the eToro app is particularly important and it is therefore recommended especially for beginners.
What is an Monero Wallet?
Just as with Bitcoin or other tokens, you also need a wallet for Monero.
You can think of this as a normal wallet. Money is physically stored in it and taken out when it is bought and given to the seller. However, the money cannot be protected by a code.
Digital wallets can be protected against attacks from the outside by different methods - and that is a good thing, because there are always news about large amounts of stolen cryptocurrencies.
Unlike better-known currencies such as Bitcoin or TRX, there are far fewer options for choosing a suitable wallet for Monero.
However, one should not forget that Monero has advantages over the above-mentioned currencies in terms of security and the user therefore accepts this disadvantage.
What are the different types of Monero Wallet?
Monero Wallet GUI - The Best Monero Software Wallet
Software wallet solutions are very popular because they can be installed on different devices, allowing customers to decide whether they want to use a mobile version on the go or have the wallet on a PC at home.
Alternatives to desktop wallets are hardware wallets or paper wallets. These are described in more detail in the next point and the one after that. However, software wallets have the disadvantage that they are generally susceptible to viruses and Trojans. So it certainly makes sense to use a PC that is connected to the normal internet as little as possible.
In practice, this is less likely, as hardly anyone buys a computer specifically for this reason. The same problem arises with smartphones. This makes good virus protection and the prompt installation of the latest security updates all the more important.
If a mobile phone no longer receives these, as is the case with older Samsung devices, for example, it is advisable to get a new device. When buying a new device, choose a manufacturer that distributes updates continuously for several years.
The best Monerso Desktop Wallet
Only related to the desktop, MyMonero (see place 3 of the best list) is the best desktop wallet for Monero. Besides Windows and Mac OS, the software is also available for Linux.
Since it was developed by a member of the Monero team, it is especially tailored to this token. Overview and management are two of the special advantages of this application, which is therefore also suitable for beginners.
However, if the user wants to trade with multiple currencies or just back them up, it may be advisable to look at eToro. It does not (yet) support Monero, but is probably the best solution for many of the best-known tokens such as Bitcoin or TRX.
The best Monero Paper Wallet
Generally, no software solution offers as much security as paper wallets, as they do not need to be connected to the public internet.
The user can simply store them at home in a safe place. For this reason, they are currently considered the most secure solution for storing cryptocurrencies.
In addition to the private key, the wallet also contains the public key. Both are needed for a transaction. In most cases, they are stored in the form of a QR code.
Various providers are available online for the initial creation of a paper wallet.
One example is GitHub, which independently creates a new Monero address. This is created locally on the computer, and no direct connection to the Monero network and the internet is necessary. This way, the keys are not even exposed to the danger of hackers. With other solutions, it therefore makes sense to interrupt the connection to the internet when creating the wallet.
Copies of paper wallets should always be stored on a USB stick and printed out. These should then be kept in a safe place.
The following tips should be taken to heart if you really want to have the highest level of security:
- It is best to create the paper wallet on your own.
- It makes sense to use a newly installed operating system and download the latest version.
- As soon as the Paper Wallet has been created for the first time by the desired website, it should be possible to complete the further steps offline. Therefore, one should interrupt the network connection for the generation of the keys.
- For a particularly high level of security, however, it also makes sense for this reason to use only a printer for the wallet that is also not connected to the internet.
- It is best to store it in waterproof plastic in a safe place or, alternatively, to have it laminated.
- The best place to keep it is in a safe, at a bank or at a notary's office.
For faster availability in different situations, the paper wallet can also be stored in several places.
The best Monero hardware wallet
The best hardware wallet for Monero is the very well-known Ledger Nano S. This supports many other currencies besides Monero, such as Bitcoin, TRX or Ripple. The setup is very simple and is done with the help of the two hardware buttons on the USB stick.
A small OLED display guides the user through the individual steps. Unfortunately, this is currently only available in English. The price is currently around €79 and is thus significantly more expensive than other providers such as eToro.
In the recent past, Ledger Nano S was found to have some security flaws. However, it is still a very good and basically secure hardware wallet that offers customers many options.
Buy Monero without a wallet
Not everyone wants to bear the responsibility for their own external crypto wallet, too often there are reports in the mainstream media of people who are actually millionaires but have misplaced or forgotten the passwords to their wallets or even disposed of the entire wallet and are now rummaging through landfills.
There is no need to have your own Monero wallet, if you feel safe storing your coins with a broker you can also do this with our test winner eToro.
Broker
Storing cryptocurrencies with a broker is a simple and straightforward method, especially for beginners in the crypto field.
Besides eToro, other crypto exchanges offer this service and have already recognised early on that the majority of people who want to trade cryptocurrencies for their value do not use external wallets.
Especially eToro puts a lot of emphasis on security and simplicity here, and the broker also offers the possibility to buy shares online.
Nevertheless, you should always keep in mind that crypto trading is still risky; although it is currently unlikely, it is still possible that Bitcoin, Ethereum, Ripple and Monero will be worthless from one day to the next and that the money invested will be lost.
Nevertheless, with Monero trading without a wallet, one escapes certain risks, especially personal risks.
Trading and storing with (licensed) brokers is one of the most user-friendly and uncomplicated methods of trading at all.
Conclusion: What is the best wallet for Monero in 2021?
Our crypto wallet recommendation
XMR Wallet FAQs
The question of anonymity is undoubtedly justified. Isn't it the great flagship of the blockchain industry not to request private data? However, the reality does not look quite so clear-cut. After all, you do have to register with some providers with real data. However, if you do this and trust our test winner, for example, you also gain security. A licence is only granted to wallet operators when legal requirements are met. Registration is part of the normal Monero wallet check of the provider.
As a rule, you should be guided directly to the download file by the respective provider. Of course, the operators also try to use the popular Google and Apple stores to distribute their applications. In the Monero Wallet test, for example, the eToro Wallet app was found on both platforms.
Most platforms are structured in such a way that users should be able to find their Monero wallet address within a few seconds. Therefore, there is no need to worry too much. A quick Google search or asking the respective support team will also help if there are any uncertainties.
In the big comparison of the best crypto wallets 2020, our test winner was convincing due to its intelligent functions. The app is free and you can now go on an XMR shopping spree without having to leave the app.
