While currencies like BTC, ETH have already gained quite a following in the market, there is another new currency called Monero that seems to be gaining a lot of traction the past year or so.
As a result of this, many investors are looking for wallets that are designed particularly to preserve and protect Monero’s because storing one’s crypto on an exchange can be potentially disastrous. However, when picking out a wallet, users have to be absolutely sure about the service, and should do intense market research otherwise the results could be a potentially disastrous.
What Is Monero Wallet?
Monero Wallet is a “cryptocurrency holder” that claims to be “secure, private, and untraceable”. It acts as a private bank, and allows us to store our funds in a completely new way. While all this may sound extremely appealing, the fact of the matter is, Wallet Monero seems to be a bit dodgy.
What Should I Be Vary of?
There are many classic telltale signs that one should look out for before investing in such a product. For starters, the website on a single glance may appear to be legit due to its presentation, but when we look at the finer details on the site we can clearly see that Monero Wallet has not been endorsed by the Monero Community in any official capacity.
Other aspects to consider include:
(i) Poor Market Reputation:
A quick search regarding “official monero wallets” quickly reveals to us that there is no mention of Wallet Monero on any official crypto forum. This basically means that this service has not been validated and thus can potentially be a scam or fraud.
(ii) Inadequate Service Description Provided:
On the website the creator has just talked about the potential of Monero, rather than illustrating the features of Wallet Monero that make it extremely exciting and secure. There is no discussion regarding the protocols and algorithms that are used by this wallet to help preserve our cryptocurrencies.
(iii) Bad Review:
All across the internet many people have already come forth and said that this service is not to be trusted. Users should do a quick search and see the number of negative reviews that clearly state that this wallet is a ripoff.
(iv) No Details of Company Members:
One thing that that a lot of crypto services are doing these days is providing potential customers with a list of employees and their linkedin credentials. However, upon serious investigation we could not find any of the people who are behind Wallet Monero. Infact, there has been no mention of a single individual linked to this project throughout the website.
What Alternative Options do I Have?
With all of the data that has just been presented, it becomes quite easy to see that this service is bordering on being a scam. However, for users looking to find a reputable product that can store their currency, there are wallets like MyMonero, Ledger and TREZOR which we can be used. These services follow strict security protocols to ensure that our digital assets are safely stored.
Other Important Aspects to Consider
(i) Same scam has been done before:
Wallet Monero seems to be using similar practices to those of other scams that have happened in the recent past. According to the official website, it is claimed that the wallet allows us to “convert other cryptocurrencies to and from Monero and store them online”. This exact same scheme has been employed by other individuals who soon went offline and walked away with all of the deposited currency. Wallet-Monero’s layout and advertised features are very similar to those of the other site going by almost the same name.
(ii) Background Information:
When looking at the legal side of things, the Monero Wallet website claims that all rights have been reserved by Monero. This is a big warning sign, as Monero has clearly said that it has no affiliations with this company whatsoever.
Another detail on the web page that seems to be off is the customer support centre which claims to provide 24/7 assistance. However when contacted, we were informed that the opening hours of the helpline were from Monday to Saturday between 9 AM and 7 PM. This was not only odd, but quite suspicious to say the least.
Monero Wallet Review Summary
Since the boom of the crypto market, interest in digital currencies has skyrocketed, and as a result of this many scams have popped up recently. From our side, Monero Wallet seems to be a scam and should be avoided at all costs. Even the domain name for the page was reserved just a week back, indicating that this platform might be a quick runaway fraud.