Monero is currently one of the few cryptocurrencies that offers unparalleled privacy and that’s a major reason why it boasts a market cap of $5 billion.
Even though Monero is considered to be one of the major cryptocurrencies in the market, it’s quite unfortunate that major exchanges like Coinbase and hardware wallets like Ledger nano S, still do not support Monero. As an investor, that’s just a bonus as it will continue to rise in valuation as soon as it gains support from them.
But before we discuss which is the best way to store your Monero tokens…let’s answer something more pressing…
Why do you really need a Monero wallet?
Here’s the thing. You can store Monero on the same exchange that you used to buy it. However, the thing with cryptocurrencies is that you don’t really own them unless you hold the private keys to the wallet where the tokens are stored.
Which means, that if for some reason the exchange decides to shut down or block your account or gets hacked (which has happened more than it should), you stand to lose all your tokens and put yourself at risk.
Moreover, when you don’t have your tokens on a wallet for which you have a private key, in case of a hard fork, you do not get the new tokens from the split. In case of NEO (which works on the proof-of-stake system), your NEO will not generate any GAS tokens unless you have them on a private wallet.
The only way to truly own your tokens is to have them on a wallet for which you hold the private keys and that’s why, today we’ll be discussing the best wallets to store your Monero tokens.
Best Wallets for Monero
Downloadable Desktop/MAC Wallet
Visit GetMonero.com to download.
I personally store all my tokens on the GUI wallet for Mac which has been developed by the core Monero team. It’s quite a heavy file for a wallet, however, for me, it is one of the best ways to store your tokens.
MyMonero Web Wallet
Easy to Acces from anywhere and any computer, MyMonero is your second best option for storing your Monero. The sign-up process is literally, the click of a button, after which you’ll be given a list of words that’ll be your private key to login into your Monero web wallet.
Cold Storage Wallet for Monero
Cold storage wallets are basically paper wallets where your tokens are stored completely offline. Unlike, hot wallets which are online, you’ll have to enter your seed key at the GetMonero wallet to bring your tokens back to a hot wallet.
You can create your own cold wallet at MoneroAddress.org.
Here’s what a Monero cold storage wallet looks like:
Hardware Wallets for Monero
As per Monero’s official website, the community has just funded a dedicated Hardware wallet for Monero. Moreover, mainstream hardware wallets like Ledger Nano S are working on adding Monero support soon.
While there are only a limited number of options when it comes to being able to privately store your Monero tokens, as long as they come from official sources, they’re as secure as it can get. If you’re holding a lot of tokens and you’re paranoid about hacking attempts, Cold storage is the safest option.