Monero (XMR) is by far the most popular privacy coin in the crypto ecosystem. It far surpasses all the other privacy-focused cryptocurrencies when it comes to market capitalization and actual usefulness, making it the go-to choice of a digital asset for people concerned with anonymity.
To make sure that XMR fully protects the privacy of your transactions, it’s essential to pick the best Monero wallet available. After all, why even invest in a privacy coin if you would risk compromising the anonymity of your funds by using an unproven XMR wallet?
On this list, you will find a ranking of the best Monero wallets. All of the XMR wallets on the list are guaranteed to be secure solutions, well respected by the privacy coin community, and recommended on the Monero website.
While all these wallets are fully compatible with XMR, they still vary when it comes to their specific features and requirements. By reading through this list, you will be able to find out which Monero wallet will be the best suited to your needs.
1. Cake Wallet – A Fully Open-Source Mobile Monero Wallet
There is no definitive data regarding which wallets are being used by Monero holders. However, if we take into consideration the number of social media followers, Cake Wallet seems to be the most popular choice of a wallet solution in the XMR community – and for a good reason.
Cake Wallet is a fully open-source mobile Monero wallet. For a long time Cake Wallet used to be available only for iOS, but in January 2020 an Android version was finally released, which caused a massive spike in popularity of the application, currently making Cake Wallet the go-to XMR wallet choice for many Monero users.
Privacy coins users are even more demanding when it comes to security than the general crypto community. It’s not surprising that Cake Wallet excels when it comes to security, never forcing the user to refrain control over private keys and seed. For the users who would like to enhance their privacy even further, Cake Wallet allows the option of choosing the remote node that the wallet connects to – including the user’s personal node.
A great advantage of Cake Wallet is the fact that it is very fast and lightweight, with a simple and clean design, making it a great choice not only for advanced users but also for newcomers who just want a straightforward, uncomplicated wallet. Cake Wallet makes storing, sending, and receiving Monero easy, while also allowing users to effortlessly exchange XMR for other popular coins such as BTC, ETH, LTC, USDT, and many others.
2. Monero GUI Wallet – Original Monero Software
Monero GUI Wallet is not just a typical wallet application used only for sending and receiving transactions. It’s the original Monero software, enabling the user to run his personal, full-fledged node of the Monero network.
Transactions on the blockchain are always sent through a node – with ordinary cryptocurrency wallets, your mobile or desktop application simply connects to someone else’s node to do that. Running your own cryptocurrency node instead of connecting to a third-party node can enhance your privacy and security even further, and using the XMR GUI Wallet enables you to do exactly that.
There is only one downside to running your own node: cryptocurrency blockchains are quite large in size and they always keep growing. The full size of the XMR blockchain is currently 63.75GB. Thanks to a technology known as “blockchain pruning”, you can run a node by downloading only one-third of data to your disk – but having to download and store even that may be problematic to some people.
If you can afford to download the Monero blockchain or a part of it and to store it on your computer, the GUI Wallet running with your own personal node would be by far one of the best Monero wallets choices when it comes to security and privacy. The wallet itself has a user-friendly interface and is easy to use, with all the features of a typical XMR wallet.
For the most experienced users, the official Monero website also provides an alternative to the GUI Wallet called the CLI Wallet. The CLI Wallet has some extra features that can enhance your privacy and security even more, such as the ability to send and receive transactions via the Tor network, which adds an additional level of anonymity. However, the CLI Wallet lacks a user-friendly interface, making the GUI Wallet a much better choice for most of the users.
3. MyMonero – One of The Best Desktop Monero Wallets
Most of the XMR wallets recommended on the official Monero website are mobile applications only available for either Android or iOS. MyMonero is one of the few available desktop Monero wallets, making it the go-to choice for people who want to use an XMR wallet on their computer but don’t like the idea of having to download the entire Monero blockchain in order to run their own node.
MyMonero is available for all the popular desktop systems – macOS, Linux, and Windows – as well as for iOS. MyMonero is also the only wallet on this list which provides a browser version accessible directly from their website, allowing people to send and receive transactions without having to download anything.
MyMonero is a fast, easy to use and secure XMR wallet. Its greatest advantage over other Monero wallets on this list is the fact that it has desktop versions available. MyMonero developers are currently working on creating an Android version as well, and when it gets released, MyMonero will become the only XMR wallet available on all platforms.
4. Monerujo – Popular Mobile Monero Wallet
Monerujo is a popular, lightweight mobile wallet, which is unfortunately only available for phones with Android. Like other Monero wallets on this list, Monerujo is a fully open-source solution that guarantees that the users are provided with a high level of security.
Monerujo used to be the go-to wallet for Android users until Cake Wallet released a version for Android. Although Cake Wallet is now more popular among XMR users, many people still prefer to use Monerujo. The main reason for choosing Monerujo is the fact that it was the first mobile Monero wallet available, making it an extremely well-tested and time-proven solution.
Monerujo and Cake Wallet are very similar, however, there is one significant difference between the two. In Cake Wallet, your seed and keys are encrypted using a PIN you provide. Monerujo uses a long, strong passphrase instead of a PIN code. This makes Monerujo potentially slightly more secure, but also more tiresome for people who plan to send and receive XMR transactions on a regular basis.
It’s worth noting that Monerujo is the only mobile wallet officially recommended on the Monero website which supports Ledger Nano S and Nano X. If you’d like to have a mobile XMR wallet that can be connected to your hardware crypto wallet effortlessly, Monerujo will be a great choice.
5. Ledger Nano X – The Best Hardware Monero Wallet
For years, hardware wallets have been considered an extremely safe way to store, send, and receive cryptocurrency. When you use a hardware wallet, all transactions you make are being signed on an external device and your private keys never leave the wallet, which provides a superb level of security.
Since Monero is one of the most respected and well-known digital assets, all the popular hardware wallets provide XMR support. However, although Monero is usable with all of them, some of the models are still more accessible to XMR users than others.
Ledger Nano X is the best hardware Monero wallet on the market at the moment because it is available to be used with all the most popular software platforms: desktop, Android and iOS. Other hardware wallets only provide Monero support for desktop and Android, so for iPhone owners, Ledger Nano X is the only option.
Even for people who don’t plan to use their hardware wallet together with an iPhone, Ledger Nano X still remains an excellent choice of a hardware Monero wallet. Not only it guarantees a phenomenal level of security, but also includes extra features such as Bluetooth support, all while still being a more affordable option than the expensive Trezor Model T.
6. Edge – A Cryptocurrency Multi-Wallet
Edge is worth noting for being the only cryptocurrency multi-wallet officially recommended on the Monero website. Although most multi-wallets provide XMR support, they are not fully open source solutions, and using them can potentially compromise the privacy of sending and receiving Monero transactions.
Edge provides full support for all the privacy-enhancing features of Monero such as Ring Signatures and Stealth Addresses. The wallet itself is guaranteed to not endanger the user’s privacy by collecting personal data like phone numbers or email addresses.
Edge is one of the best Monero wallets available for cryptocurrency users who own a large number of coins and tokens. It provides an excellent level of security while allowing for multi-asset functionality, such as the ability to quickly exchange XMR for other cryptocurrencies via ShapeShift.
7. Trezor Model T – Provide an Excellent Level of Security
All hardware wallets provide an excellent level of security and Trezor Model T is no different. It is an excellent Monero wallet with superb usability enabled by a big, color touch screen similar to a screen of a smartphone – for people who value a device that is quick and easy to use, Trezor would be a better choice than Ledger.
Trezor Model T provides a native Monero support, which means that XMR is supported in the Trezor wallet application for web and Android. Trezor is also compatible with Monero GUI and CLI desktop wallets. However, there is no iOS support as well as no support for any of the software wallets on the list. Users who would want to combine their Trezor Model T with a software Monero wallet would have to use a closed-source multi-wallet solution like Mycelium, which is not recommended on the Monero website.
Another downside of Trezor Model T is that it’s one of the most expensive cryptocurrency hardware wallets. Trezor Model T purchased from the official Trezor shop costs $170 – more than a Ledger Nano X which costs $140, and much more than a Ledger Nano S available for $70.
8. Ledger Nano S, One of The Best Hardware Monero Wallets
Ledger Nano S is one of the most popular hardware cryptocurrency wallets on the market, providing an excellent level of security at an affordable cost. It’s the perfect choice for people who would like a hardware Monero wallet but find other models on this list too expensive.
Ledger Nano S can be combined with Monero GUI Wallet as well as with the Monerujo wallet for Android. However, there is still no iOS support, so iPhone users who would want to purchase a hardware Monero wallet have to choose the more expensive Ledger Nano X.
For Android users and people who don’t require a large, color screen of Trezor Model T, Ledger Nano S is a great choice of a hardware Monero wallet. It’s affordable, time-tested, and can be used together with a dedicated, open-source Android wallet Monerujo.
All of the wallets on this list are officially recommended on the Monero website, which means that they are guaranteed to provide full support for all the privacy-enhancing features of XMR. But there are still many differences between them, and different Monero wallets might work best for people with different needs. If you’re still not sure which XMR wallet will be the best for you, the following summary of the best Monero wallets available for each platform will help you out:
The Best Monero Wallet for Smartphones: Cake Wallet
Cake Wallet is the most popular Monero wallet. It’s simple, easy to use, and provides excellent privacy and functionality. Cake Wallet’s main advantage over the competition is the fact that it’s available for both Android and iOS.
The Best Monero Wallet for PC: Mymonero
MyMonero is the only wallet application on this list other than the official Monero GUI Wallet which has versions available for all the popular desktop systems. It’s a great choice for people who prefer to make cryptocurrency transactions from their computer instead of their smartphone.
The Best Hardware Monero Wallet: Ledger Nano X
All the popular hardware wallets on the market include XMR support, but at this time Ledger Nano X is the best choice for Monero owners. It’s the only hardware Monero wallet with iOS support, and it can also benefit Android users with the ability to be easily combined with the officially recommended open-source software wallet Monerujo.
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