Best Monero Wallets In Canada

Cryptocurrency trading has become popular among investors in recent years but not everyone is happy with the amount of personal and financial information that’s often required to enter the crypto market. If that sounds like you, Monero (XMR) offers a way to make quick, safe and anonymous transactions, with an emphasis on privacy. 

However, if you’d like to trade XMR (or you already own some), it’s a good idea to store it in a secure digital wallet. Read this to discover the best Monero wallets in Canada.

What Is A Monero Wallet? 

A Monero wallet is a private, untraceable app or hardware device you can sync with your computer or mobile device and use to securely hold XMR (and other compatible coins). Although you can buy XMR on various crypto platforms, you’ll want one of these wallets to better manage your Monero coins and transactions, such as payments and transfers.

Best Monero Wallets 

Despite the popularity of Monero, not many digital wallets support it, at least compared to more traditional crypto coins like Bitcoin (BTC) and Ethereum (ETH). Don’t worry, you can still find several XRM-compatible wallets in Canada, including but not limited to:

Monero GUI Wallet

The Monero GUI Wallet is a desktop-friendly wallet that was developed specifically for Monero. It allows users to access their XRM holdings on multiple systems, like Linux, Windows and Mac. Since the GUI is a full-node wallet, downloading and syncing can take time and it can take quite a bit of hard drive space, so a decent computer may be necessary. 

Features Of The Monero GUI Wallet

• Simple & Advanced Modes – The GUI has features for new and seasoned XRM investors. This way, you can have partial or full control over your wallet and node. 
• Blockchain Pruning – Lacking disk space? Pruning lets you download and sync a third of the blockchain, leaving you with two-thirds of storage and a full transaction history.  
• Compatible With Hardware Wallets – The Monero GUI works with Trezor and Ledger hardware wallets (portable devices for accessing your crypto assets).

Price: The Monero GUI wallet is completely free (for simple and advanced modes).   

Exodus Wallet

If you want a desktop wallet that offers full control over your Monero assets, Exodus allows you to store dozens of tokens and coins due to its compatibility with a popular crypto exchange called ShapeShift. It features an intuitive, user-friendly platform and has everything a new or veteran crypto investor needs to manage their portfolio.

Features Of The Exodus Wallet

• Mobile Wallet – Exodus has a mobile app that you can get from Google Play or the App Store and sync with your desktop wallet using a 12-word backup phrase.
• Trezor Wallet – You can manage your Exodus using a Trezor One or Model T hardware wallet, which gives your XMR extra security with no sign-up required.
• Crypto Apps – You can also use Exodus to discover new crypto apps and manage over 100 cryptocurrencies with real-time charts and earn crypto rewards on your passive income holdings.

Price: Exodus is free to download but it does charge transaction fees when a payment is processed. Fees are paid toward each blockchain network and aren’t held by Exodus. Exodus mainly makes money by taking a percentage of spreads on any major asset exchanges.    

MyMonero

The MyMonero wallet offers a simple and efficient way to store XRM. It’s available for Windows or GitHub (version 1.2.7.) and has no blockchain node. So, instead of having to spend time syncing the blockchain, MyMonero does all the work. Plus, you can get your full transfer history directly on any device, using only your seed words (or recovery phrase).

Features Of The MyMonero Wallet 

• Less Storage, Battery and Bandwidth Usage – MyMonero takes up minimal disk space, making it great for mobile devices like iPhones or Apple Watches.
• Smart Contact Storage – This wallet also comes with a virtual rolodex that lets you store your payment ID codes, as well as private and OpenAlias addresses. 
• Enterprise Solutions – MyMonero isn’t just for individual XRM traders. Companies can integrate with this highly-scalable, non-custodial light wallet too.

Price: Like some of the other Monero wallets, MyMonero is free. However, there is risk involved, since MyMonero is a web wallet it can be hard to deliver codes to your browser securely. So, if you plan on storing large amounts of XRM for a long time, a cold wallet may be safer.                 

Ledger Nano S

The Nano S is a portable hardware wallet that you can buy directly from the Ledger website. This basic version from the Nano lineup gives you the ability to access your crypto assets using a digitally enhanced USB key, which can be synced with a 64-bit desktop computer (Windows 8.1+, MacOS 10.14+, Linux) or Android 7+ smartphone. 

Features Of The Ledger Nano S 

• Crypto Purchases – Once it’s synced with your Ledger app, you can use your Nano S to safely buy and store over 1,000 cryptocurrencies, including Monero.  
• Ledger Live – Along with your Nano S, you get Ledger Live, which lets you grow your portfolio and exchange 5,000+ crypto coins and non-fungible tokens (NFTs). 
• Reliability – Ledger is one of the most popular crypto platforms in North America, which means they’re able to provide top-notch privacy and security. 

Price: The Nano S is Ledger’s cheapest hardware wallet, retailing for $89 CAD.            

Guarda Wallet

Launched in 2017 by GUARDACO LDA, the Guarda Wallet is another highly regarded multi-asset crypto wallet that permits users to buy, trade and earn digital currencies, like Monero. This desktop, mobile or online wallet supports 400,000+ tokens, as well as 50+ blockchains. Plus, it’s non-custodial, so you’ll have total control over your private keys. 

Features Of The Guarda Wallet

• Staking – This wallet lets you stake a variety of crypto assets to earn passive income, with an annual yield that ranges from 1% to 40% or more in some cases.
• Referral Program – You can also earn a percentage (starting at 0.5%) of your friends’ exchanges in GRD tokens by successfully referring them to Guarda.
• Great Security & Customer Service – While Guarda is a relatively new software company, their wallets and customer support have very good ratings from users.

Price: The Guarda Wallet is a free download but involves a 5.5% crypto purchase fee, along with certain transactional fees, which you can customize to suit your portfolio.                 

Edge Wallet

The Edge Wallet is currently available in 249 countries and supports 10 languages and over 130 crypto assets. Unlike some of the other big-name crypto wallets you can download or buy in Canada, the Edge has a zero-knowledge security system that doesn’t require any personal information, so your privacy will be respected at all times.  

Features Of The Edge Wallet

Despite its simple user interface, the Edge Wallet comes with lots of features, including:

• Client Side Encryption – Data is fully encrypted on your device before it goes to Edge’s servers, so your wallet is 100% safe from malware and server-side hacks.
• Automated Backups – Edge also backs up your data once it’s encrypted. Only you will be able to access the wallet if you report your device as lost or stolen.
• Multiple Uses – The Edge is a beautifully designed multi-purpose wallet that lets you manage different types of crypto and react quickly to changes in the market.

Price: It’s free to receive money using your Edge account but you’ll have to pay variable “mining” or “network” fees when you send tokens to other investors. All profits go to the network miners who secure and process your transaction, rather than Edge itself.

Find out if you should buy crypto ETFs or crypto directly.

Monerujo

Monerujo is another mobile light wallet that gives XMR traders convenient access to their XMR on the go. This Android app (not available on iOS) uses remote nodes to synchronize the Monero blockchain and features a built-in QR scanner, which allows you to send crypto payments without having to type in Monero addresses manually. 

Features Of The Monerujo Wallet

• Multiple Wallets Supported – The Monerujo app lets you move easily between several digital wallets, all of which will be encrypted with CrAzYpass technology.
• Pay BTC Addresses – Using the ShiftSide.ai service, Monerujo also allows you to pay any Bitcoin address by pasting it in the send field or scanning a QR code. 
• Open Source – Monerujo is an open-source wallet, meaning you can view your code to confirm its safety. 

Price: Monerujo can be downloaded for free on Google Play, GitHub and F-Droid.     

Coinomi 

The Coinomi Wallet is another crypto storage tool with a built-in exchange and a simple, user-friendly interface. That said, it’s one of the most diverse wallets on this list because it can easily support a range of assets across 125 blockchains, as well as 185 fiat currency representations, in 25 languages and more than 1,700 coins/tokens.   

Features Of The Coinomi Wallet 

• Proven Track Record – Coinomi was created by a team of blockchain experts in 2014, which also makes its wallet one of the oldest and most secure on our list. 
• Live Customer Service – If you need help or you have questions about your wallet, Coinomi provides great customer support 24/7 all year long.
• Enhanced Privacy – As a Coinomi Wallet user, you won’t have to deal with identity linking, transaction tracking or KYC bureaucracy to access your funds.

Price: Similar to the Edge Wallet, the Coinomi Wallet is free to download but can lead to various fees for certain transactions, like mining, networking and withdrawals. Luckily, it also allows you to set your own customizable fees for all supported coins and tokens.

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Features To Consider In A Monero (XMR) Wallet

Before storing your Monero coins in a wallet, ensure it is the right wallet for you. Here are some major elements to look for in a Monero Wallet:

• Monero (XRM) Compatibility – Remember, there aren’t many digital wallets that support Monero (for now), so make sure your wallet is compatible before you buy or download.
• Privacy and Security – If you’re an XMR user, chances are that privacy is important to you. As such, your wallet should have features that totally protect your anonymity too. You should also pick a wallet that’s secure against theft and hacking. Data encryption, backups and self-controlled private keys are all very important.
• User-friendly Interface – Depending on your experience as a crypto investor, it may be easier to manage your XMR if your wallet is simple and efficient to use.

Check out the best wallets for Cardano.

How to Store Your Monero Safely

There are several things you can do to ensure the security of your Monero:

• Choose An Offline Storage – To further protect your XMR against hacking and theft, find a way to store it offline, perhaps on an external hard drive. 
• Create Strong Passwords – Never use a password that someone other than yourself can guess (no family members’ names, birthdays, home streets, etc.). 
• Upgrade Your Security – Always upgrade the security, malware and antivirus software on your wallet, mobile device and/or computer whenever possible.   
• Do Your Due Diligence – Don’t pick the first wallet you find on Google. Be certain your wallet is fully secure, supports XMR, is well rated and has all the right features.   
• Protect Your Private Keys – Don’t share your private keys either. In fact, a good wallet shouldn’t allow anyone to access your crypto without your private keys.

Looking For A Wallet That Supports Monero?     

While there’s only a small selection of XMR-compatible wallets available at the moment, most of them have decent ratings and security features that will adequately protect your Monero assets. However, it’s always smart to do research and get financial advice before you download or buy a Monero Wallet in Canada.