Where to Store Monero XMR
in Monero (XMR)
100% of all transactions on Monero are private. Nobody can see anyone else’s wallet balance or track someone else’s transactions. That is if you are using a non-custodial wallet. If you have your Monero on an online exchange, your activity is visible to the exchange since they are technically the holders of your XMR and owners of the wallet.
In the following article, we’ll show you where to store Monero by going over several different wallets you can use to safely store Monero and ensure maximum privacy.
The Official Monero Wallet
Although it is not the most user-friendly option, the Monero GUI wallet is the official wallet of the Monero project and is supported by a large community of developers.
Monero GUI wallet
For anyone unfamiliar with programming abbreviations, GUI stands for Graphical User Interface. The Monero GUI wallet was created by volunteers and continues to be maintained by a volunteer community. Some developers volunteer their time, while others are funded by community donations.
The GUI wallet has a bit of a rocky past, as it’s been known to be buggy and not always work correctly.
The GUI wallet allows users to download a full copy of the blockchain (also referred to as running a full node). Downloading a full copy of the chain has a couple of advantages, but trust is the main one.
When you download the blockchain, you can directly interface with the network; you don’t have to connect through a third party. Of course, the downside to this is that downloading the blockchain can take days.
By running a full node, you help to decentralize Monero. The more copies of the Monero blockchain are stored around the world, the more secure the network.
At first glance, the wallet has everything you need to send and receive transactions, but advanced users can dig deeper into the settings to tweak the wallet as needed.
You can even mine Monero right from the wallet. However, this is generally not recommended as it can burn out your laptop and the profits are slim (most Monero-ites claim you’ll never make enough mining to buy a new laptop before you blow up your old one).
A full guide to using the GUI wallet is available here.
Is Monero GUI wallet safe?
Generally, the GUI wallet is safe; however, anyone who uses the wallet must update it as soon as a new version is released.
The GUI wallet has a history of bugs. These bugs are often quickly fixed thanks to a talented developer community, but that does mean that users who don’t update may be vulnerable.
Monero Ledger Wallet
The Ledger wallet is a hardware wallet that is designed for maximum security. The Monero GUI wallet is the best way to interface with the Ledger hardware wallet. Monero users can store their XMR on either the Nano S or Nano X.
Monero Trezor Wallet
Like the Ledger, the Trezor can integrate directly with the Monero GUI wallet and offers best-in-class security.
A full guide to storing Monero on a Trezor hardware wallet is available here.
Exodus Monero Wallet (Most User-friendly)
Exodus is an application platform with a Monero wallet on Windows, Mac, Linux, Android, and Apple iOS.
What makes the Exodus Monero wallet popular is its intuitive interface, ease of use and set up, and built-in swap feature. You can also sync the desktop and mobile apps with one another to access your Monero wallet on multiple devices.
Exodus does not require downloading the entire blockchain. Setting up a Monero wallet with Exodus only takes a few seconds.
Watch the following video to learn more about Monero in Exodus.
Monero CLI wallet
CLI stands for command line, so the Monero CLI wallet is just a text box; there is no graphical user interface. Users can type commands into the wallet, which then executes them.
This wallet is not recommended for 99% of users. For the average Monero user, it offers no real benefits, and there is no reason to download the CLI wallet versus the GUI wallet.
Monero paper wallet
Monero has an excellent paper wallet generator that can even be used offline. The wallet generator creates a wallet address as well as a seed phrase. Each time you refresh the browser, a new wallet is generated.
Remember to write down the seed phrase on a piece of paper and store it somewhere only you have access to. Do not store it digitally. If a hacker were to gain access to your files, he might find the seed phrase and take all of your XMR.
MyMonero, a popular web-based Monero wallet, has recently released a whole new set of products. That includes a desktop wallet for Windows, Mac, and Linux, as well as a mobile app for iOS. An Android app is in the works and should be released soon.
Unlike the GUI wallet, MyMonero runs on an external node, so users don’t need to download a full copy of the blockchain.
How to Buy Monero
If you don’t have any Monero yet, or you’d like to get some more, there are a couple of ways to do so. First, we’ll explain how to buy Monero XMR with fiat, and then the best way to buy XMR with crypto without needing to create an account or submit any identifying information.
Buying Monero with fiat
Buying Monero with crypto
If you already have some cryptocurrency and you’d like to buy Monero, the fastest way to get XMR is to exchange it with the Exodus wallet. Here’s how.
- Download and install the Exodus wallet
- Select the cryptocurrency that you want to buy Monero with. In this example, we’ll use Ethereum
- Open the Ethereum wallet and click on receive. The wallet will display an address that you should send your Ethereum to
4. After the Ethereum arrives in your wallet, click on the two arrows just to the right of the “Receive” button
5. Fill out all of the details on the exchange page, indicating how much Monero you want to buy
6. Once all of the details are correct, you can click on “Exchange.” The Monero XMR will show up in your wallet shortly!
The Monero Use Case
Monero provides a way to transact without everyone seeing what you’re buying. People make fully legal purchases all the time that they don’t want anyone else to know about.
Credit and debit cards, Paypal, and other financial applications are increasingly being surveilled and offer little privacy protection. Monero fixes that. Monero is truly digital cash. Paper money is the ultimate form of private money and the goal of the Monero project is to bring that anonymity to the blockchain.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.