Best Monero Wallet Guide for Newbies

If you’re interested in Monero or cryptocurrencies, you’ll want the best Monero wallet. Chances are, you’re a newbie or new to cryptocurrency and digital money. Monero is one of the only cryptocurrencies that is highly popular, private, secure, and untraceable is called Monero (XMR). The price of Monero is constantly rising lately and a number of savvy people are searching for the best method of safely keeping their XMR in secure storage. If you want to purchase Monero, red our previous guide here. We’ve reviewed the cryptocurrency extensively, and outlined the primary privacy advantages the coin has over others in the space.

Monero is a cryptocurrency with support for anonymous transactions and privacy.
Monero is a cryptocurrency with support for anonymous transactions and privacy.

Monero Wallets are still in Development

So, why would that be a problem? Well, because this popular cryptocurrency isn’t supported by either one of the dominant hardware wallet companies, namely TREZOR and Ledger. And, why is that? Well, let’s start with Ledger. They say that Monero, even though it isn’t supported in their current devices, is actually somewhere in its future plans. As far as TREZOR goes, Monero might be supported by their Version 2 which is coming soon.

So, you’re probably asking why the Monero wallet options are still so limited? Nobody seems to know why, since Monero is the tenth largest coin currently by market cap in addition to being one of the most popular on the market. And, although the major hardware wallets are expected to start supporting Monero fairly soon plus the fact that more iOS and Android wallets will also support Monero in the near future based on its overwhelming popularity; Monero, much like some other coins that are privacy-focused, like Zcash, is just not supported at this time by any of them. So, if you one of the many savvy people who has invested in Monero, what should you do for a wallet?

MyMonero Monero Wallet is Here!

Now, there is a truly innovative web wallet for your Monero. It’s called MyMonero and is owned and operated by one of the leading developers of Monero, namely Ricardo Spagni. Currently, it is the only Monero web wallet available anywhere. Basically, it works just like any other account. You create it and then you can access your Monero funds online. Please note that MyMonero can’t access your funds but will encrypt your keys and store your data on the MyMonero servers. And, Monero Desktop Wallet is available for downloading from the Monero website.

Is MyMonero Trustworthy?

Here's how you send XMR with MyMonero.
Here’s how you send XMR with MyMonero. But is it trustworthy?

Trusting MyMonero is really quite easy since it is actually operated by the developer of Monero and that means that you don’t have to worry about any possibility of losing your money. All you have to do is take all of the necessary precautions while also not storing massive amounts of money in your wallet. It is, however, not to be compared to an exchange wallet.

MyMonero really does make sense when it comes to convenience. All you need to do is start by generating a unique password for ensuring that nobody else can breach your online wallet. To date, MyMonero has never been hacked and part of the reason for this is because users are taking the necessary security precautions like using unique passwords. Safe and secure are the two best words to describe MyMonero.

However, security risks such as DNS interceptions are possible at the domain level. For example, MyEtherWallet had DNS spoofing attacks done to it. As a result, people should be cautious when using online web wallets as they are always vulnerable to domain hijacking. Users should always check the SSL certificate information is valid. While these attacks are rare, it only takes one to cause massive losses in value. For users who want to keep more money than pocket change online, it might be best to check out the options below: cold wallets and desktop wallets.

Other Monero Wallets Available

Although MyMonero is considered to be the best Monero wallet, there are a number of other wallets for Monero that are under development and expected to be released soon. In the meantime, in addition to MyMonero, here are a couple of existing solutions to check out. It’s important to remember to always ensure that, no matter what wallet you choose, it has been properly set up. Here are the other choices:

  1. Monero Cold Wallet
Cold Monero Wallets are popular with long-term investors.
Cold Monero Wallets are popular with long-term investors.

This is an effective solution when it comes to security, especially since Monero’s value skyrocketed recently. To be sure, security should be your top priority going forward with your cryptocurrencies. Cold storage is a fairly reliable method for keeping your money safe and for dealing with a variety of cryptocurrencies. Take the Taushet Monero Cold Wallet Generator (USB) for example. All you need is just ten minutes for setting up your Monero’s cold storage. Individuals who are involved heavily in Monero are known for taking their wallet security quite seriously. Perhaps this is why there are so few Monero wallets in production today. And, frankly, everybody should follow these individuals in keeping their security at such a high level.

  1. Standard Monero GUI and Desktop Wallet
Desktop Monero Wallet Preview
Desktop Monero Wallet Preview

You can install this Monero wallet on any operating system, including Mac, Linux, and Windows. It’s a fairly reliable wallet that does the job well. But, remember that back-ups are key when using this type of wallet for your Monero. Be sure to back up the wallet.keys file especially, using multiple backup methods for avoiding any potential loss of your funds should your computer end up experiencing any major security issue. Users should also memorize the passphrase or write it down so that the wallet file can be unlocked without any trouble.