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Monero Wallet Choosing Guide

Monero Wallet Choosing Guide

Monero is one of the world’s leading privacy coins. With governments cracking down on cryptocurrency each year, privacy coins are becoming much more important for those looking to keep their identity and money a secret. Where your store XMR, Monero’s native currency matters as well. So let’s take a look at some of the best Monero wallets out there so you can make a good decision. But first, some key talking points. 

Key talking points:

  • Learn what an XMR wallet is and how they work
  • Understand the main features of an XMR wallet
  • Learn about XMR wallet security
  • Compare different types of XMR wallets
  • Discover what XMR wallets are best for you

What is a Monero wallet?

A Monero wallet is a secure crypto wallet that enables users to communicate with the Monero blockchain to make anonymous transactions. Some of the most popular Monero wallets are open source, community-developed, and free. They are good for both advanced and beginner users but lack some more opportunistic features like other Monero wallets. 

How does a Monero wallet work?

Despite Monero’s unique privacy qualities, the wallets work pretty much the same as any other crypto wallet. Users have private keys that give them full ownership over their XMR -- unless they are using a third-party wallet. Third-party wallets offer security and extra features to help people use XMR more creatively than simply HOLDing it. We will recommend some to you down below. 

Main features you need in a Monero Wallet

When researching your Monero wallet, make sure it comes with the following features:

  • Security and privacy
  • Low or custom XMR transaction fees
  • Two-factor authentication (2FA)
  • Fiat onramps and offramps
  • Low minimum deposit amount
  • The ability to lock and unlock withdrawals at will
  • Complete crypto exchange capabilities
  • Customer support
  • Multi-chain support
  • Multisig
  • Bonus features like savings accounts, trading tools, and loans. 

Do I need a Monero Wallet to Buy or Trade XMR?

The short answer here is “yes.” If you buy XMR on a crypto exchange, then that exchange will have a built-in XMR wallet for you to hold XMR until you decide to trade it or withdraw it. Even if you manage to buy XMR with cash from your friend, you still need a wallet to store Monero.

Are all XMR wallets secure?

Unfortunately not. Some wallets are built by criminals. These wallets have backdoors for hackers to easily steal your private keys and take off with your money. Other wallets are just built by bad developers who leave vulnerabilities in the wallet unbeknownst to them. Then, you have perfectly well-made wallets that just happen to lack high-quality security features like 2FA, security audits, etc. That being said, there are plenty of secure XMR wallets out there so don’t be afraid. Some wallets even come with insurance to protect your funds in the event of a bad event (e.g. like YouHodler wallets for example).

Are all XMR Wallets Free? How Much Does It Cost to Use a Monero  Wallet?

Any good Monero wallet should be free. If someone is trying to sell you a Monero wallet, be careful. All the best wallets out there are 100% free. It doesn’t cost anything to use a Monero wallet aside from the blockchain fees associated with every transaction. Some wallets choose to cover those fees for you while others let you choose the fee (higher fees result in faster transaction time).

How to deposit and withdraw from Monero Wallet

The crypto industry has come a long way over the years. Nowadays, Monero wallet apps are so user-friendly, anyone can figure it out. To deposit or withdraw Monero using your wallet, just open up your app and find Monero in the wallet section. You should then see buttons to deposit or withdraw Monero. Simply choose an option and follow the instructions. If you want to deposit, a deposit address will be provided. Just copy and paste that address so the person sending your Monero can do so. If you are withdrawing XMR, then you need to copy and paste the address from the wallet on the receiving end of the transaction so you can send the Monero there. 

Types and differences of Monero wallets - How to choose the right one for you?

Monero wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore. 

Desktop XMR wallet

As its name suggests, a desktop XMR wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration. 

Mobile XMR wallet

More or less, a mobile XMR wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile XMR wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are XMR wallets for all types of operating systems like Android or iOS. 

Web XMR wallet

Web XMR wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets. 

The Best Monero Wallets

There are countless articles out there dissecting different crypto wallets, trying to decide what is the “best Monero wallet.” To be honest, there is no “best XMR wallet” for us as a collective whole. However, there is a Monero wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best Monero wallet? Well, that’s for you to decide. 

Best Monero Wallet for Beginners

When asking what the best Monero wallet for beginners is, it’s important to first dissect what a beginner demands from a Monero wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into. 

Best Monero Wallet For Advanced Monero Users & Investors

Advanced Monero users and investors also appreciate clean simple interfaces on their Monero wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need. 

Best Monero Wallet  for Mobile Users

Data suggests there will be over 18 billion mobile devices in use around the world by the year 2025. Suffice to say, we live in a mobile world and that’s only going to increase. Hence, mobile Monero wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors. For people ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Monero wallets match this quality but YouHodler tries its best to. 

Best Monero Hardware Wallet

As mentioned earlier, it’s a smart idea to buy a Monero hardware wallet to use in cooperation with your mobile or web wallets. Monero hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning. 

Best Monero Wallet for software storage

Once again, this comes down to the idea of “not your keys, not your crypto.” The best Monero wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds. 

Best Monero Wallet For Security

The best Monero wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fireblocks for insurance and secure crypto transaction management solutions.

Best Monero Wallet for Android Users

While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular Monero wallets can be found on both Android and iOS operating systems. 

Click here to download YouHodler for Android. 

Best Monero Wallet for iOS Users

We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our Monero wallet functionalities for your iPhone. 

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