Best Monero Storage Options
3 min read

Storing Monero (XMR): Looking at Options for Long-Term Hodlers

By Editorial Team

Privacy coins, especially Monero (XMR), have been going on a tear in 2017. Maybe you’ve picked some moneros up for yourself to go along for the ride.

If so, you’ve surely already noticed how there aren’t exactly a ton of options available for storing your XMR. It’s something that’s being worked on, but it’s a current reality nonetheless.

We’re here to give you the quick lowdown, then: what are the options you do have as a Monero hodler?

Let’s get to it.

Remember, exchanges aren’t for holding

In trading into Monero, you’ve probably got some laying around on your exchange of choice. Nice, but don’t get comfortable.

As the cryptocurrency ecosystem is still relatively premature, crypto exchanges are vulnerable to a variety of known and unknown, as-yet undiscovered “zero day” attack vectors. That means your XMR is in danger, at least in principle, as long as its in a wallet that you don’t control the private keys for.

So keeping some Monero on an exchange temporarily is fine. But don’t let “temporarily” become “indefinitely.”

Cold storage is your best bet

In general, cryptocurrency hardware wallets are the best, most secure long-term storage solution for everyday hodlers.

And the two most popular “cold storage” wallets on the market are the Ledger Nano S and the TREZOR One.

Now, the Ledger Nano S doesn’t currently support XMR, but the Ledger team is working on implementing such compatibility. The GitHub repository for the effort is clean and far along.

Monero

Ledger is working on XMR support – Image via GitHub

That compatibility should be live within the next few weeks, hopefully at least. The minds behind TREZOR haven’t released Monero compatibility themselves yet, though they’ve expressed interest in doing so.

Also of note is that the Monero community itself is working on the “Sekura,” a hardware wallet specifically designed for holding XMR.

Monero web wallet

Right now, your best bet for a XMR web wallet is MyMonero.com.

Billed as the “simplest way to use Monero,” the web wallet is probably the easiest and quickest way for users to take control of their favorite privacy coin holdings.

Mobile wallets

Both Android and Monerujo have mobile wallets that users can download today.

Cooler yet, the iOS developers are working on a Monero wallet for Apple users as we speak.

However, stay away from the “Freewallet” Monero mobile app like the plague. It’s been confirmed as a scam within the community, so consider yourself warned.

Lastly, desktop wallets

And, unsurprisingly, you can also have your pick of desktop wallets if you’d prefer one for your XMR investments. The usual suspects have their own official project wallets, like:

  • Linux
  • Windows
  • Mac

These are reputable wallet clients, so you need not have any concerns in using them.

More needs to be done

While the available wallets are sufficient, other crypto projects like Bitcoin and Ethereum have a much wider range of options when it comes to long-term storage.

For Monero to keep striving toward success and adoption, it too will need to have more wallet options developed for it. Choice is king.

Editors at large. Posting the latest news, reviews and analysis to hit the blockchain.
View all posts by Editorial Team -> Best Crypto Deals ->

Latest Posts

Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 18, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
Raydium Review: Solana’s DeFi Liquidity Mammoth

Raydium Review: Solana’s DeFi Liquidity Mammoth

June 11, 2022 17 min read
crypto com
Crypto.com Exchange Review 2022: A World-Class Crypto Exchange
crypto com

Crypto.com Exchange Review 2022: A World-Class Crypto Exchange

June 10, 2022 30 min read
OKX invests in WAX
OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX
OKX invests in WAX

OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX

June 3, 2022 2 min read
Binance partners with the weekend
Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour
Binance partners with the weekend

Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour

June 3, 2022 2 min read

Related Posts

OKX invests in WAX
OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX
OKX invests in WAX

OKX Blockdream Ventures Invests Millions in GameFi and NFT Development on WAX

June 3, 2022 2 min read
21Shares Releases Sixth State of Crypto Report
21Shares Releases Sixth State of Crypto Report: Summary
21Shares Releases Sixth State of Crypto Report

21Shares Releases Sixth State of Crypto Report: Summary

June 2, 2022 3 min read
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand
Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

June 2, 2022 2 min read
Regulators are “Not Allowing” Banks to Engage with Crypto
Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto
Regulators are “Not Allowing” Banks to Engage with Crypto

Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto

June 1, 2022 2 min read
US Conference of Mayors Introduces Blockchain Resolution
US Conference of Mayors Introduces Blockchain Resolution
US Conference of Mayors Introduces Blockchain Resolution

US Conference of Mayors Introduces Blockchain Resolution

June 1, 2022 2 min read
Tron Passes AVAX and SOL in TVL, Claiming 3rd Spot After 40Increase
Tron Passes AVAX and SOL in TVL, Claiming 3rd Spot After 40% Increase
Tron Passes AVAX and SOL in TVL, Claiming 3rd Spot After 40Increase

Tron Passes AVAX and SOL in TVL, Claiming 3rd Spot After 40% Increase

May 31, 2022 3 min read
All Eyes on Bitcoin as $60 Billion Flows into Crypto in 24 Hours
All Eyes on Bitcoin as $60 Billion Flows into Crypto in 24 Hours
All Eyes on Bitcoin as $60 Billion Flows into Crypto in 24 Hours

All Eyes on Bitcoin as $60 Billion Flows into Crypto in 24 Hours

May 31, 2022 2 min read