3 Best Monero Wallet to Store Monero Securely

So you are finding out some best Monero wallet to keep your Monero safe then you are in the right place in this post I am listing some of the best Monero wallet available in the market.

You are reading this that means you have invested some money in monero that a good decision but if you haven’t invested then you should think about investing in it.

So you are thinking why I am saying that the answer to your question is in the chart below.

best monero wallet

source: Coinmarketcap.com

See the growth of monero from past years.  The prices are just going up. I already mentioned in my earlier post that for the growth of any cryptocurrency technology behind the currency matters a lot.

As their website describes “secure, private, untraceable currency”, and yes it is. This technology behind monero is the major reason for the growth of the monero.

Read: Things to be considered before investing in new cryptocurrency to avoid scam

But in this post I am not talking about the growth of monero, here I am listing some of the best Monero wallets to keep your coin safe.

 

So without further ado lets directly jump on the topic.

Monero is one of the most popular currency in the market but the strange fact is that hardware wallet like TREZOR and Ledger doesn’t support monero. So we have very limited option to keep coin safe.

There is two type of wallet we have to store any cryptocurrency i.e hot wallet (online wallet, desktop wallet software wallet, etc) and cold wallet (offline wallet like hardware wallet, paper wallet,etc.).

The cold wallet is the safest ways to store coin but the most reliable option for cold wallet i.e hardware wallet are not supported by Monero. So we have to relay on a hot wallet.

But if you planning to store Monero for long period of time then you can consider the option of the paper wallet which is as safe as hardware wallet.

 

There are  three option available that you can go with

1.Online wallet

2. Desktop wallet

3.Paper Wallet.

 

1. Online wallet

This is the easiest and convenient way to store Monero but I recommend you store a small amount of coin in the online wallet. Online wallets are not 100% secured as there are always risks of hackers and losing your coin.

best-monero-wallet

source: Mymonero.com

Mymonero is the only web-based client that you can consider. But if you are keeping monero for a long time don’t use online wallet for that you have to consider other options which I had mentioned below.

 

To create your online wallet just head over the Mymonero.

Then click on create account

Write down the private key and keep it safe if you ever lose this key you will lose your access to your coins and there is no way to regain the access to your wallet

Then just paste the private key in the box and click on log in and you are ready to go.

 

2. Desktop Wallet

Desktop wallets are pretty much secured than online but not fully secured. Getmonero is the only trusted and official software available to store coins.

 

3.Paper wallet

This is the most secure way to store your coins. But they are a little bit messy to use. Also, you ever missed placed the private key which you can use to get into the wallet there is no way to get coins back.

best-monero-wallet

Source: Moneroaddress.org

To create paper wallet head over to moneroaddress.org and click on generate address then you can get three types of address which I am listing below

a. Public Address

The public address is an address which you can use to receive monero.

It looks like

“46Cm92PHVe2ALUZ1P1naF5j7ywXJfFGkVY1CxP43o

EB3SZTGNv5TTWbir58xsdcGJ53zG5vr2fxZGBC3JqK34RMYMYni6U4″

b. Private Key

Spend Key and view key both are the access key to your wallet. With this key, you can log in to your wallet.

They look something like this

Spend Key 248efd0402749fa550beb779cf0077a47cd667ffa756b702ab7625360c525309

View key edb4b97248f03ca616dac7edc0a7764ffdcf0668fcd382d33842da9b0f16f602

 

c. Mnemonic seed (Recovery Key)

If in case you had forgotten or missed place your private which you have not to then this key can save your monero. From Mnemonic seed, you can recover your private key. So keep it in a safe place. Mnemonic seed look like

utility nudged olive slid silk inwardly soprano daytime piloted guide zodiac paradise hyper boxes border pencil twang unfit twofold lectures quick apology eccentric evicted unfit

Frequently asked question

 

Why is monero not supported by hardware Wallet?

I don’t have any specific answer to this question but I think Monero is based on Cryptonight algorithm and that might be the reason for not support hardware wallet. But I hope hardware wallet will support monero soon.

What was the safest way to store Monero?

If you are planning to hold it for a long period of time then definitely consider paper wallet. As it was the most secured way to store your coins securely. But if you transaction on regular basis then paper wallet is not for you. because using paper is some kind of a headache.

Is there any android or IOS wallet for storing Monero?

Yes, there is but they are not trustable as I had read lots of negative reviews about them. So don’t put your coins in android or ios wallet wait until some trustable source will make it.

How can I spend Monero from the paper wallet?

That is pretty simple just go to mymonero.org and then click on log in.

Then put your private key and click to login.

Did You have any question in mind, then feel free to ask in the comment section.

You may also like:

Best Monero Mining hardware CPU and GPU (Comparison)

Best Bitcoin wallets – 5 Ways to Store Bitcoin More Securely

How to build an Ethereum mining Rig – Beginners Guide

If you like this post do share

 

 

I am Jitendra Dhage founder of innovativetricks.com. I am a mechanical engineer by education but my interest in technology brings me in the field of cryptocurrencies. I started this blog to share my knowledge and experience about cryptocurrency.

Add a Comment

Your email address will not be published. Required fields are marked *