Top 8 Best Monero Wallets of 2024 [Hot + Cold]

Cryptocurrencies have come a long way since the introduction of Bitcoin in 2009. With the rise of decentralized and privacy-focused coins, Monero (XMR) has quickly established itself as one of the most popular and widely used cryptocurrencies.

If you’re looking to join the world of Monero and want to find the best wallet to suit your needs, you’ve come to the right place. I have tested 14 of the most popular XMR wallets to find out which offers the best privacy, security, and cryptocurrency support. Based on this ranking criteria, I narrowed down the results to this list of eight Monero wallets. 

Get your coins ready because you’re about to learn everything you need to know about where to store Monero in 2024. 

What is Monero?

Many individuals opt for cryptocurrency due to its simplicity and decentralization but also for its emphasis on privacy. Monero (XMR) is the king of privacy in the crypto world. It utilizes advanced cryptography to hide transaction details and wallet balances from the public view, ensuring the anonymity of its users.

While Bitcoin and Ethereum users can technically set up Monero wallets without revealing personal information, there is always a risk that their identity could be linked to their wallets, making their transaction history vulnerable to public scrutiny. For individuals who prioritize privacy and seek to protect their digital identity, Monero is the ideal solution. 

What is a Monero Wallet?

Cryptocurrency wallets are digital tools that enable users to interact with a secure blockchain — specifically the Monero blockchain — in the case of Monero wallets. These wallets perform the basic function of facilitating the sending and receiving of cryptocurrency between different wallets across the blockchain.

Many cryptocurrency wallets provide multi-blockchain support, allowing users to hold and exchange multiple cryptocurrencies. Some also offer convenient options for purchasing cryptocurrency directly with fiat currency.

It’s important to note that there are three types of cryptocurrency wallets: hot, cold, and custodial. Let’s discuss the difference between them.

1. Hot wallets are directly connected to the internet via a web, mobile, or desktop application. They allow the wallet owner to exercise complete control over their crypto. However, these are the least secure option, as they can be easily hacked because private keys are available online 24/7, meaning hackers can trace and access private keys more easily, leading to stolen funds.
2. Cold wallets, also known as cold storage, are digital wallets that are not connected to the internet, meaning they can be stored on a hardware device or a piece of paper. Hardware wallets are considered more secure than hot wallets because the private keys are stored in an isolated environment. Paper wallets can also be used to receive and store crypto but must be converted to a hot wallet to send crypto. The downside is that they can be expensive, typically costing between $59 to $189. 
3. Custodial wallets offer an exchange or platform that holds onto the user's crypto, meaning the user has a claim to the funds but no control over the private keys. This type of wallet is typically user-friendly and offers added security, including KYC verification. If users forget their login information, they can contact the exchange to regain access to their funds, making it the safest option.

How to Find the Best Monero Wallet? [Ranking Criteria]

Due to the multi-blockchain support options available, there are hundreds of possible wallets to choose from — however, not all are created equally. Therefore, the most important features to consider when looking for the best Monero wallet include:

• Privacy: It’s imperative to use a Monero wallet that protects user identity. Using a wallet that connects to the blockchain through an “open remote node,” means your identity may be exposed — we want to avoid these wallets at all costs. Monero recommends setting up personal nodes to enhance privacy and decentralization, but this isn’t always possible, especially for those lacking technical expertise. 
• Security: The best XMR wallets offer effective security features to keep your crypto assets secure from theft, such as two-factor authentication, adjustable transaction fees, and responsive customer support. 
• Cryptocurrency Support: Certain wallets offer the ability to use or swap multiple cryptocurrencies and fiat-to-crypto purchasing options, eliminating the need for an exchange account. 

Other features to look out for include savings accounts, advanced trading tools, lending and borrowing tools, and DeFi yield-generating options — but these vary, depending on the individual user's needs, and are nice to have but are not mandatory. With all of these features in consideration, I was able to streamline my testing process to determine the best XMR wallets available in the market today. 

Short on time? Check out this comparison table for a quick look at the best Monero wallets of 2024. 

The 9 Best Monero Wallets of 2024

1. Ledger Nano X [Best Monero Wallet for Beginners]

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Type of Wallet: Cold Wallet (Hardware)
Number of Currencies: 5,500 (including Bitcoin, Ethereum, and XRP)
Supported Platforms: Android, iOS, MacOS, and Windows (not compatible with Chromebooks)
Price: Check Price

The Ledger Nano X is a versatile Bluetooth-enabled hardware wallet that's perfect for storing Monero and other cryptocurrencies. It has high-security and user-friendly features, making it an excellent choice for new and experienced crypto users. Some key features of the Ledger Nano X include:

• Security: The Ledger Nano X uses state-of-the-art encryption to protect your private keys, including passwords, offline confirmations of transactions, and a secure chip. 
• Storage: Contains the most capacity out of all the Ledger Cold Wallets, with 1TB of storage and the capability to download over 100 apps. 
• Beginner Friendly: The Ledger Nano X is perfect for beginners due to its quick setup and robust functionality, including its connection to DeFi apps and NFTs. 

Pros:

• Support for minting and trading NFTs and trading crypto for fiat.
• Provides offline confirmations of sent transactions.
• Includes Bluetooth connectivity and 1TB of storage. 

Cons: 

• On the expensive side (yet still offers good value, in my opinion).

Follow these steps to get started with the Ledger Nano X:

1. Connect the device to your computer and download the Ledger Live app. 
2. Create a new wallet in the app by following the on-screen instructions — create a password and store your recovery phrase somewhere safe.
3. Open the app to access the buy/sell, swap, manage, send, and receive tabs. Use the Accounts tab to “Add Crypto Accounts.” To add a Monero account, open Manager, locate the Monero app and install it.

2. Ledger Nano S Plus [Best Budget Friendly Wallet]

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Type of Wallet: Cold Wallet (Hardware)
Number of Currencies: 5,500 (including Bitcoin, Ethereum, and XRP)
Supported Platforms: Android, Linux, macOS, and Windows
Price: Check Price

The Ledger Nano S Plus is a budget-friendly cold wallet solution that securely holds, buys, and trades cryptocurrencies and NFTs. It’s the upgraded version of the Ledger Nano S, which Ledger no longer supports. Here are some key features:

• Upgraded Functionality: The Nano S Plus is the successor to the Nano S and contains extra features, including connectivity to DeFi and NFTs. 
• Affordability: It’s significantly more affordable than the Nano X while offering many of the same features and functions. 
• Compact Design: The Nano S Plus is tiny, weighing just over 20 grams. 

Pros:

• Support for minting and trading NFTs minting and trading, crypto lending, and trading with fiat currencies. 
• Uses two-factor authentication, making it safer than hot wallets. 
• Comes with a 24-word recovery phrase to restore the device if damaged or lost. 
• One of the most affordable cold wallets for Monero. 

Cons: 

• Not Bluetooth compatible — can only be connected via USB. 

To get started with the Ledger Nano S Plus, follow these steps:

1. Connect the device to your computer via USB and download the Ledger Live app. 
2. Create a new wallet in the app by following the on-screen instructions. Create a PIN and store your passphrase somewhere safe.
3. To access the Dashboard, press both buttons together. You can access the buy/sell, swap, manage, send, and receive tabs. Use the Accounts tab to “Add Crypto Accounts.” To add a Monero account, open Manager, locate the Monero app and install it.

3. Trezor Model T [Best Wallet for Advanced Crypto Users]

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Type of Wallet: Cold Wallet (Hardware)
Number of Currencies: 1000+
Supported Platforms: Windows, Linux, and MacOS
Price: Check Price

The Trezor Model T is a close competitor to the Ledger Nano X. It is a popular hardware wallet for storing Monero due to its high-security features for storing cryptocurrency. Here are some key features:

• Interface: The Trezor Suite has one of the most user-friendly interfaces available for Monero wallets. It’s designed for every level of user, especially beginners. 
• Design: The Trezor Model T is one of the only cold wallets with a color touchscreen. Overall, the design is very sleek and feels expensive (maybe because it is). 
• Security: Trezor has four different security measures to protect crypto assets, including firmware verification, passphrase recovery, PIN-only authentication, and protected key operations, ensuring a fully secure Trezor wallet.

Pros:

• A host of security features, including identity management, hands-on verification password management, and backup functionality. 
• The color touchscreen makes it look and feel superior to other hardware wallets. 
• Support for trading with fiat currencies. 

Cons: 

• One of the most expensive hardware wallets for Monero. 
• No Bluetooth connectivity. 

Here's a quick overview of how to install, set up, and use the Trezor Model T:

1. Connect the device to your computer via USB, go to trezor.io/start on your device, choose “Trezor Model T,” to install the Trezor bridge. 
2. Create a new wallet in the app by following the on-screen instructions. Create a backup of your device, set a personal PIN, and store your 12 recovery seed words in a secure location.
3. Open the app to “Access Your Trading Options.” To buy or receive, select “Monero” on the left-hand side and enter your wallet address. To send or exchange, view the Transactions tab and select your option. 

4. XMRWallet [Best Browser-Based Wallet]

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Type of Wallet: Software Wallet
Number of Currencies: Monero (XMR)
Supported Platforms: Browser
Price: Free

XMRWallet allows you to send and receive XMR in your browser. It's available worldwide. Plus, this Monero wallet doesn't require a download and doesn't have any signup fee. (Note that you can choose to donate if you appreciate the work.

Another reason this ranks highly among Monero wallets? This one came out in 2014 and still gets updated. When we evaluated XMRWallet, we appreciated the open-source structure and the support for 10 languages.

We also love that it's free. While this isn't a hardware wallet, and you can't use it for fiat conversions, XMRWallet delivers strong value because of its widespread availability and the fact that it doesn't require an app of its own. We broke down the pros and cons below.

Pros:

• Completely free to use.
• Open-source wallet.
• No logs, no registration; completely anonymous.
• The dashboard supports 10 languages.
• It makes your transactions confidential and untraceable.
• It provides a simple, easy, and fast way to send and receive XMR.
• You can access the dashboard from any device via an internet browser.
• There is no need to download any mobile app or program.

Cons: 

• Only supports Monero (XMR).
• Does not support converting to fiat.

Here's a quick overview of how to install, set up, and use XMRWallet:

Want to make your own XMRWallet for free? Sign up at XMRWallet.com. Just remember to save your seed. Because all the magic happens in your browser, your seed never gets sent or stored. You'll have to keep that for your own records (and to access your wallet).

5. Monerujo Wallet [Best Free Android Wallet]

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Type of Wallet: Hot Wallet
Number of Currencies: Monero, BTC, LETC, DASH, and Doge
Supported Platforms: Android
Price: Free

Monerujo is a simple yet versatile Android-based Monero wallet that allows you to send crypto via a QR code. Here are some key features:

• Mobile Accessibility: Monerujo allows you to access your Monero on the go from your Android smartphone.
• User-Friendly: Monerujo has a simple and intuitive interface, making it easy to access your cryptocurrencies and exchange between different coins. 
• Privacy: Monerujo allows you to control your private keys, ensuring that your Monero remains under your control at all times. Files are also encrypted with CrAZyPASS for added security. 

Pros:

• Free to use mobile wallet for Monero that’s perfect for beginners. 
• Supports more crypto for buying and selling. 
• Easy to restore existing wallets through the app. 

Cons: 

• Does not support trading with fiat currencies.

Here's a quick overview of how to install, set up, and use Monerujo:

1. Download and install the Monerujo app via the Google Play Store.
2. Follow the on-screen instructions to set up your Monerujo wallet or restore an existing wallet. Store your mnemonic seed phrase in a safe place. For an extra layer of security, I highly recommend setting up a fingerprint login.
3. From the Dashboard, tap “Give to send Monero.” To receive it, share your public address with the sender. 

6. Monero GUI Wallet [Official Desktop Wallet]

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Type of Wallet: Hot Wallet
Number of Currencies: Monero
Supported Platforms: Windows, MacOS, and Linux
Price: Free

The Monero GUI wallet is the official desktop wallet for Monero. It allows you to download and run a portion of the Monero blockchain node and solo mine XMR using your CPU — which you can learn about in our beginner’s guide on how to build a mining rig. Here are some key features of the Monero GUI:

• Easily Receive Monero Payments: The Monero GUI wallet allows you to display QR codes to customers, send payments with custom messages, and generate Proof of Payments. 
• Unlimited Wallet Address: The Monero GUI wallet allows you to create an unlimited number of Monero wallet addresses to receive crypto.

Pros:

• Supports many advanced features, including mining, signing/verifying, connecting to a remote node, running a node locally, and improving the privacy of ring signatures. 
• Offers the ability to trade with fiat currencies (through third-party platforms). 
• Highly secure platform where the private keys remain on your device.

Cons: 

• Does not support any other crypto besides Monero.

Here's a quick overview of installing, setting up, and using the Monero GUI wallet:

1. Download the wallet from the “Downloads” page on getmonero.org.
2. Choose a language, select the wallet mode (advanced allows remote node connection), and choose the option to “Create a New Wallet.” You can also restore an existing wallet from here. Write down the mnemonic seed for backup purposes.
3. To send Monero, enter the recipient's address and the amount you want to send. To receive Monero, share your public address with the sender. 

7. Cake Wallet [Best Wallet for iOS]

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Type of Wallet: Hot Wallet
Number of Currencies: Monero, Bitcoin, Litecoin, and Haven
Supported Platforms: Android and iOS
Price: Free 

Cake Wallet is a mobile Monero wallet that allows you to diversify your crypto portfolio through buying, selling, and holding other cryptocurrencies. Here are some key features:

• Intuitive Design: The Cake app is easy to navigate, comes with multi-language support, and has some built-in features, making it more user-friendly than other wallets, such as having the ability to view your coins in the value of fiat. 
• Security: You are in complete control of your private keys and can set fingerprint and face ID from the settings. 
• Accessibility: You can send Monero by scanning QR codes. 

Pros:

• Includes “Cake Pay,” where you can purchase gift cards with your coins. 
• Supports multiple cryptocurrency and fiat exchanges.
• Ability to create multiple wallet accounts.

Cons: 

• Limited fiat buying methods.
• Can only swap up to a maximum of 20 BTC.

Here's a quick overview of how to install, set up, and use Cake Wallet:

1. Download and install the Cake Wallet app from the App Store (iOS) or Google Play Store (Android). Follow the on-screen instructions to set up your Cake Wallet. I recommend enabling Face ID as an extra layer of security. 
2. Create a new wallet or restore an existing one. Set a mnemonic phrase and store it somewhere safe. 
3. Visit the Dashboard to access your “Exchange and Settings” options. Select “Monero” from the list of available cryptocurrencies to create a Monero wallet. 

8. MyMonero [Best Monero-Specific Wallet]

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Type of Wallet: Hot Wallet
Number of Currencies: Monero
Supported Platforms: Windows, Linux, Mac, Android, and iOS
Price: Free 

MyMonero is an efficient online wallet specifically for Monero that can be accessed from any device with an internet connection. Here are some key features:

• Lightweight: MyMonero allows you to access your Monero without needing to sync the entire wallet (something that full node wallets require.) 
• Integration: The app can easily be integrated into an enterprise via API, enabling you to send Monero to multiple accounts at once. 
• Accessibility: You can scan QR codes to initiate payments or request Monero from others, providing you have the payment ID.

Pros:

• Supports nearly 20 fiat currencies, including USD and Euro. 
• You don’t need to download the entire blockchain to use the wallet.
• Easy for beginners.

Cons: 

• Requires a third-party app to trade other cryptos.
• No automatic wallet creation for new transactions.

Here's a quick overview to use MyMonero:

1. Download the wallet from MyMonero.com, unpack the archive, install bitmonerod.exe, and open the app.
2. Click “Create a New Wallet” from the main page. Save your passphrase and store it somewhere safe. Create a strong password and finish the setup. 
3. Visit the Exchange page to send or receive Monero. 

9. Guarda [Best Wallet for Income Opportunities]

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Type of Wallet: Hot Wallet
Number of Currencies: 400+
Supported Platforms: Android, Chrome Extension, iOS, Linux, MacOS, and Windows
Price: Free

Guarda is a lightweight multi-platform wallet for Monero that can be used for buying, exchanging, and holding. It links with Ledger and allows you to swap XMR natively. I recommend it for advanced crypto users. Here are some key features:

• Multi-Crypto Support: Guarda can be used to buy, store, and exchange 400+ cryptocurrencies (over 300 of which can be purchased with a credit card).
• Income Opportunity: You can earn up to 40% APY from staking cryptocurrencies. 
• Developer Tools: Advanced users can benefit from the built-in Payment Deeplinks, Mnemonic Converter, Extension APO, Backup Decoder, and Mnemonic Code Converter. 

Pros:

• You can get a Prepaid Visa Card by Guarda to pay with your crypto anywhere. 
• Can be accessed from both desktop and mobile devices.
• Online support and learning academy for traders and crypto users.
• Supports hundreds of cryptocurrencies, fiat currencies, and major credit cards. 

Cons: 

• The in-app purchase fees are quite high at 5.5%. 
• Does not sync with hardware wallets.

Here's a quick overview of how to use Guarda:

1. Go to the Guarda website and click the download link for your device.
2. Launch the app and click “Create New Wallet” (or import/restore an existing wallet.) Enter a password and store your passphrase somewhere safe.
3. All trade, exchange, and history functions can be found on the dashboard. Select Monero in each of these tabs to trade or monitor only Monero transactions. 

Frequently Asked Questions

1. What Are the Best XMR Wallets?

A hardware wallet is the safest choice for those who want to store XMR tokens long-term. When choosing a hardware wallet, it’s important to consider the features and price to determine which wallet best fits your needs. Therefore, you can use this guide to summarize the best Monero hardware wallets available in 2024. 

A hot wallet is a more convenient choice for those who plan to transact with XMR tokens regularly. And for those who want to both transact and hold XMR, a cold wallet (like the Ledger Nano X) may be the best solution. 

2. Is the Monero GUI Wallet safe?

The Monero GUI is the “official” wallet developed and maintained by the Monero blockchain team. While it is a well-designed wallet with many useful features, it may not be the safest option due to its lack of regulatory compliance. However, it has a lower risk of exploits compared to Electron-based wallets, and users can access the full code to check for problems. Our advice? Ensure your operating system is clean and free of malware, and consider using a separate computer for your crypto transactions to minimize risk.

3. How Can You Securely Store Your Monero?

There are multiple options to store your Monero securely. One of the safest and most convenient ways is through a wallet. However, it's always a good idea to back up your private spend keys. Some popular backup options include a paper wallet, an external hard drive, or even imprinting your seed phrase on a series of fireproof dog tags. Implementing these choices will give you peace of mind knowing that your Monero is stored safely and securely.

4. Can You Hold XMR Coins on an Exchange?

Yes. At the end of the day, Monero is a currency that can exchange goods, services, and other currencies. You can find a list of the merchants, stores, and exchanges that trade Monero for other currencies on Monero’s official merchant page. Currently, XMR coins can be exchanged through peer-to-peer exchanges, atomic swaps, centralized exchanges, and swappers.

5. Can You Keep Your Cryptocurrencies in Two or More Wallets at a Time?

Yes. You can hold multiple cryptocurrency wallets with different currencies or multiple of the same currency. Using more than one wallet for security purposes is recommended, especially for those who conduct advanced transactions or use cloud mining sites. While Monero prevents users from being able to view their transaction details or wallet balances, other cryptocurrencies do not. Additionally, wallets are accessed via a private key code that is unrecoverable if lost. Therefore, it’s a good idea to distribute your tokens into multiple wallets to ensure you do not lose access to your fortunes.