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

Last updated: Mar 30, 2023
4 Min Read
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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.

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

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.

Editorial Team

The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency. With a passion for educating the masses on blockchain technology and a commitment to unbiased, shill-free content, we unravel the complexities of the industry through in-depth research. We aim to empower the crypto community with the knowledge needed to navigate the crypto landscape successfully and safely, equipping our community with the knowledge and understanding they need to navigate this new digital frontier. 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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