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Monero GUI Wallet Review 2020: Fees, Pros, Cons and Features

The Monero GUI wallet refers to the official wallet developed and maintained by the team behind the Monero blockchain.
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Author: Nica San Juan
Last Updated: 09 July 2020
We don't think that Monero GUI is the best wallet. There are better ones out there and you'll find out about them in this review.

Monero GUI wallet is a feature-packed storage option for your XMR coins. As a product of the team behind the Monero blockchain, it offers an impressive level of reliability.

However, there are concerns you should be aware of before starting to use this wallet. In our Monero GUI wallet review, we’ve taken a look under the hood to understand its features better and at the end of it found out that it is not the safest crypto wallet for you. Thus, we would not recommend it.

To know why it’s not safe and how you’ll be able to get a safer crypto wallet, read on.

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    Top-rated crypto platform for 2020

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    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    Is the Monero GUI Wallet Recommended?

    ❌ Monero GUI is a great wallet with a good design and lots of handy features. But we would not recommend it as the best wallet out there. One aspect that is notably lacking is regulatory compliance. The wallet is not regulated and as such, not the safest choice for your crypto needs.

    Security is one of the most important factors when looking for a crypto wallet, and regulated wallets like the eToro wallet have the required measures in place to secure user funds. eToro is regulated by multiple entities in the different regions where it operates and is thus a safer choice.

    If you still have doubts as to what the best service for storing your cryptos is, you can compare the best Bitcoin wallets here.

    What is Monero GUI Wallet?

    Now to the big question, what is Monero GUI wallet? The Monero GUI wallet refers to the ‘official’ wallet developed and maintained by the team behind Monero blockchain. It thus offers an incredibly smooth user experience given the fact that it takes into consideration the design of the XMR blockchain.

    As a full node wallet, it runs the entire Monero blockchain. Though this means that initial setup takes long, it speeds up transaction times in the long run. At the same time, it means that there is no need for external servers to route user data in efforts to secure it against malware and hackers.

    Monero GUI wallet compatibility

    Monero GUI wallet is a desktop wallet, compatible with:

    • Windows
    • Linux
    • Mac OS

    What wallet type is Monero GUI?

    • Software
    • Desktop wallet
    • Open source
    • Full node client

    What cryptocurrencies does the Monero GUI wallet support?

    • Monero (XMR)

    What fees does Monero GUI wallet have?

    There are no Monero GUI wallet fees for setting up or accessing services. But users pay regular

    How to open your Monero GUI Wallet account

    Let us now get into how to open Monero GUI wallet:

    Step 1: Go to the official Monero site and download the wallet app that corresponds to your operating system

    Step 2: Run the software you have downloaded and when you get the “Welcome to Monero” window, select “Create a new wallet”

    Step 3: On the screen that appears, give your wallet a name.

    Any name will do. Next, copy your 25-word mnemonic seed which represents your private key Monero GUI wallet. Store it safely.

    Step 4: Create your password and confirm it

    Step 5: You will now be taken to your wallet.

    But before you start transacting, you need to start your daemon. Starting the daemon will sync your wallet to the Monero network

    That’s how to open a wallet on Monero GUI! Your wallet is now ready to use.

    How do I add cryptocurrencies to Monero GUI Wallet?

    Let’s now figure out how to add currency to Monero GUI wallet:

    Step 1: Open your wallet and click “Receive” on the left side panel to view your wallet address

    Step 2: Copy the address and paste it on an exchange or another wallet to send XMR to your wallet

    How to send payments on Monero GUI wallet?

    Now that we have added funds to the wallet, let’s learn how to send payment on Monero GUI wallet:

    Step 1: Open the wallet and click “Send” on the left side panel

    Step 2: Enter the amount you want to send, choose transaction priority and select privacy level, both of which will determine network fee

    Step 3: Enter the recipient’s address, optional payment ID and transaction description for record purposes, and then click “Send.”

    How do I receive payments on Monero GUI wallet?

    Here is how to receive payments on Monero GUI:

    Step 1: Click “Receive” to view your Monero GUI wallet address and then share it with your counterparty

    Step 2: If you wish to get the QR code, click “Advanced Options.”

    If you operate a storefront, you might want to click on “Tracking” so as to watch for that specific payment rather than wait for network confirmations.

    How safe is Monero GUI Wallet?

    Related image

    Let us now discuss Monero GUI safety features and find out if it is a secure option for your XMR coins:

    Full Node Client

    As mentioned before, Monero GUI is a full node wallet in that it downloads and syncs with the full Monero blockchain. As such, transactions on the wallet do not require routing through a server to protect user funds. Though running the full node will take up between 60 and 80 GB of hard disk space, it offers more security than the option of a light node.

    Open Source Code

    The code for this wallet is open source, meaning that any user can go through it and make suggestions for improvement. Such transparency offers a measure of security because it becomes easier to identify bugs in the system and sound alarm. Furthermore, the fact that any user can audit the code is proof that the team has nothing to hide.

    Hierarchical Deterministic Algorithm

    Monero GUI wallet uses the HD algorithm to create a new address for every transaction. Consequently, it is difficult for anyone to trace transactions to or from your wallet and compromise your financial security. Coupled with the fact that Monero is a privacy-centric coin, this feature enhances user safety.

    From the above Monero GUI wallet safety features, it emerges that the team behind the project has put some effort into securing user funds. But we cannot say the wallet is absolutely secure as it is not regulated.

    As highlighted in our eToro review it’s one of few regulated crypto wallets, operating under various authorities in multiple jurisdictions.

    They thus have to comply with the stringent regulatory requirements which seek to protect consumers above all. By virtue of this, eToro is one of the most secure wallets.

    Monero GUI Wallet Pros and Cons

    Let us now go through Monero GUI pros and cons

    Pros:

    • Official Monero wallet, therefore relatively secure
    • Fast transaction times
    • Users have complete control of private key Monero GUI wallet

    Cons:

    • Full node wallet takes long to set up
    • Not available on mobile
    • Not regulated
    • Only supports Monero
    • Not the easiest wallet to use

    Monero GUI Wallet vs. other wallets – how does it compare?

    eToro Commits To Better Future Growth with Delta AcquisitionMonero GUI wallet vs. eToro

    • Coins Supported

    As the name suggests, Monero GUI only supports Monero coins, whereas eToro supports the five most popular and commonly traded cryptocurrencies available. If you only intend to store Monero, perhaps Monero GUI may be a good option, but keep in mind that eToro is generally a better platform than Monero GUI.

    • User Friendliness

    Another difference between Monero GUI and eToro is that the second one has made some clear efforts to make the interface as user friendly as possible. It is very intuitive to use for both experienced traders and for beginners. The Monero GUI interface is not as simple to use.

    Monero GUI wallet vs. Ethereum Mist

    • Security

    Both of these wallets run full node clients and are thus considerably secure. They do not make use of external servers to access the blockchain and are therefore not so easy to compromise. But they are both unregulated and thus not completely safe.

    • Versatility

    Ethereum Mist is considerably more versatile than Monero GUI as it is integrated with ShapeShift for crypto conversions. Additionally, its users can buy Ether using Bitcoin or fiat money.

    Monero GUI wallet vs. WageCan

    • Convenience

    WageCan is one of the most convenient wallets as its users get access to MasterCard debit cards. They can make payments with ease at any outlet that accepts MasterCard payments, making it easier to spend their cryptocurrencies. Additionally, they can make withdrawals in local currency at more than 30 million ATMs globally! In contrast, Monero GUI is limited to use on a PC, which makes it hard to access your wallet on the go.

    • Ease of Use

    WageCan is one of the simplest crypto wallets to set up and use. It does not require any downloads or any sign up procedure. Users simply need to enter their email address and password to create a Bitcoin account. But the process is a bit lengthier for Monero GUI and using it is not exactly intuitive.

    Conclusion

    After a thorough analysis of the above wallets, it is clear that eToro is one of the best wallet choices. It is much more versatile than the others, with more user options and a wider range of cryptocurrencies. Additionally, it is the only regulated wallet here and thus, the safest.

    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    FAQs

    Where can I download Monero GUI Wallet?

    You can download Monero GUI wallet from the official Monero site.

    My Monero GUI wallet froze; what should I do?

    Consider deleting the app from your PC and downloading it afresh. You will require your 25-word mnemonic phrase to restore it so ensure you have it before initiating the process.

    How do I reset my Monero GUI password?

    At the moment, you cannot change the password. You could instead create a new wallet by restoring it using the mnemonic seed and setting a new password.

    How long do Monero transactions take?

    Monero transactions require 10 confirmations before they reflect in your Monero GUI wallet and that takes approximately 20 minutes according to the developer team’s tests.

    What is the Monero daemon?

    Daemon is the technical term for a program running in the background. The Monero daemon syncs your wallet with the Monero network, sending transactions and scanning for new ones.

    What is the payment ID on Monero GUI wallet?

    Payments made on Monero are usually private. This means that when you send someone XMR coins from your wallet, they may not know the source. Creating a payment ID and then sharing it with your recipient will let them know where the funds have originated.

    Do I need to change Transaction Priority and Privacy Level before sending funds?

    Not necessarily. Monero has what it refers to as adaptive block size mechanism which allows the network to adapt its capacity to match transaction volume. For this reason, you rarely need to increase transaction priority as the default should be adequate.

    What is a View-Only Monero GUI wallet?

    It refers to a wallet which allows others besides the wallet owner to view transactions but not spend funds on it. Some situations in which that could come in handy are monitoring a child’s spending habits and auditing businesses.

    Remember, all trading carries risk. Past performance is no guarantee of future results.
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    Janica Sherine is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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