Current situation with Monero wallets:
- Ledger wallets support Monero via a XMR app that you can install through Ledger live.
- MyMonero wallet is still the top choice for desktop XMR wallets. MyMonero now has an Android app too.
- Cakewallet is the top choice for software wallets on macbooks and iPhones, but it has an Android app too now.
- Out of the popular multicoin wallets, Exodus wallet now supports Monero.
I’ve put the frequently search questions regarding XMR storage to the bottom. The most important thing to note though: If you find a new wallet for XMR that has features you want to try out, please first verify that it is legitimate.
Seeing if a XMR wallet is fraudulent or legitimate is really easy thanks to Monero’s community on Reddit.
Monero has an active and well moderated community on Reddit, so all you need to do is to go to r/Monero and search the subreddit for the name of your wallet.
How to validate that your XMR wallet choice is legit
Step 1 - Open r/Monero
r/Monero is the official subreddit of XMR currency. The top moderator, Fluffypony, is the creator of the cryptocurrency. Sethforprivacy (last in the mod list) is a well known engineer and privacy expert.
Step 2 - Locate the search bar in the top of the page and type in the name of the XMR wallet you want to check.
Step 3 - Press enter to search the subreddit.
I went with Freewallet.
The latest results are showing that Freewallet is not trusted by the community, and that Binance exchange is proposed to be added into the same category.
If you were planning to buy XMR, consider doing so on some other exchange than Binance.
Monero Wallets: Recommended setup
The recommended setup with mobile Monero wallets is the same as with any crypto or with NFTs:
- Use a Monero smartphone or software wallet to carry small amount of XMR
- Use a Monero cold storage solution to store the bigger part of the stash
- ( recommended ~ Ledger wallet )
MyMonero wallet is here the most trusted desktop and smartphone XMR wallet because it was developed by the creator of the currency. MyMonero is now available as a smartphone Monero wallet app and a desktop wallet for Mac, Windows and Linux.
Fluffypony (the creator of the Monero currency) said long ago there were plans for official Android and iOS apps done as user-friendly apps that will connect to a remote node, so that you would not have to set up your own full nodes and sync them.
That is now finally possible and it opened up avenues for other legitimate wallet integration like Ledger or Exodus.
The same story happened with Trezor and Ledger integration There have been years of plans and announcements about hardware wallets intergations of Monero, but the problem was the Monero blockchain needed a special integration, which was expensive, and on top of that kept evolving. The hardware wallet app would have been obsolete very soon.
Eventually, we got Ledger supporting Monero.
Frequently searched questions
Is Freewallet a good XMR wallet?
No. Once again, avoid Freewallet, the app holds users’ private keys and there have been multiple scam accusations.
Is MyMonero legitimate?
Mymonero.com is legitimate and maintained by the XMR core team. No other TLD alternatives of MyMonero are legitimate other than mymonero dot com.
Is there an Electrum wallet for Monero?
Electrum, the famous Bitcoin light wallet, does not support Monero.
A prehistoric version of Monero used to be similar to Bitcoin enough to be stored in a Bitcoin wallet, but those days are long gone.
Do you need to run Monero Full Node to store Monero?
No, not any longer.
Of course if you want to, you can run a Monero full node. In terms of security, running own Monero node is the best option. The official XMR node client is available from getmonero.com.
Monero is one of the altcoins that cannot be called shitcoin:
- private and untraceable
- trustless setup
- developers are not just in for the quick buck
But for the longest time, if you wanted to LTH Monero, the only hassle-free way was the dodgy setup of money on the exchange.
Since the Bitfinex hack in August 2016 and many other hacks since, people keep casually guessing which crypto platform will get attacked next.
Fortunately, the situation has changed lately and it’s getting easier to get user-friendly Monero wallets.
Still, it is best to always check the opinions on your wallet and exchange of choice by searching the XMR community on Reddit: Monero is an untraceable currency and as such, it will be always a green pasture for all sorts of cybercrime.