Elite Wallet Crypto: Is It Any Good and How Secure Is It

Published: December 12, 2023 | Last Updated: November 11, 2023

Markos Koemtzopoulos

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

For this review, I downloaded and tested the Elite crypto wallet app on my Android One Plus phone. I will share with you what I think of the user experience and features and tell you the pros and cons of using it. 

elite wallet crypto

Overall rating 2.75/5

Elite is a user-friendly wallet that makes storing your digital assets easy and offers enhanced privacy protection by using proxies to hide your IP address.  Its drawbacks are that it does not offer a very wide selection of cryptos to store, it has no fiat onramps or offramps, nor hardware support and it does not allow you to integrate with Web 3. Elite emerged as a transparent and privacy-preserving solution for Monero enthusiasts but I am finding it hard to understand why I would use Elite instead of other open-source proven wallets such as Monerujo, Feather, MyMonero, Cake Wallet, and Monero GUI Wallet that have stood the test of time.

Bottom line: very good for privacy but not good for day-to-day wallet use. 

This review is part of my series on the best Monero wallets.

Pros

  • Preserves your privacy
  • Only you have access to your keys
  • You can store XMR, BTC, LTC, XHV and WOW
  • You can swap cryptocurrencies within the wallet
  • Has backup options in case you lose your keys
  • Anyone can check its open-source code

Cons

  • Not compatible with hardware wallets
  • No Web 3 integrations so you can’t participate in DeFi with this wallet
  • Has a limited number of coins
  • You can’t buy crypto with a debit/credit card directly from within the app like you can with other wallets

Background

Elite Wallet is an open-source wallet that was launched in early 2023. Built for privacy-conscious users the wallet is a fork of Cake Wallet. What makes Elite Wallet unique is that it uses proxies to hide your IP address. In terms of the UX the app is pretty similar to Cake Wallet i.e. it is simple and easy to use. 

Features

  • Available on Android and iOS mobile phones. Desktop app coming soon.
  • Open source
  • Multi-coin support via multiple wallets 
  • Built-in exchange
  • Option to connect via proxy
  • Tor enabled
  • Customizable fees
  • Privacy-focused without backdoors
  • Multi-language: English, Chinese, German, Portuguese, Spanish, Italian, Dutch, Japanese, Russian French, Hindi, Korean, dutch, polish, Portuguese, Russian, Ukrainian, Croatian, Italian, Thai, Arabic, Turkish, Burmese, Bulgarian, Czech, Urdu, Indonesian, Yoruba, Hausa (Nigeria)
  • Address book

Pros

1. Connects to remote node

Most wallets use a remote node because downloading a full node takes up a lot of disk space. However, what distinguishes Elite from other wallets is that it connects to trusted community nodes to sync with the blockchain. Advanced users can customize which nodes they want to connect to.

2. Security

Elite encrypts your private keys directly on your device. This means you don’t need to worry about your data being stored with a central server where there is the risk of unauthorized access.

But where Elite stands out compared to other wallets is that it uses proxies to hide your IP address. 

3. Supports multiple coins

Elite currently offers support for 

  • Monero (XMR)
  • Bitcoin (BTC) via Electrum which is an open-source wallet for Bitcoin
  • Litecoin (LTC) via Electrum
  • Haven (XHV)
  • Wownero (WOW)

4. Monero subaddresses

If you set up a Monero wallet then you can make use of subaddresses. This means that when others want to send your XMR you can share a subaddress with them. Each of these is connected to your main address but this way you don’t have to share your main address with senders. 

5. Built-in exchange

Elite partners with Majestic Bank and Xchange.me for you to trade one crypto for another. You can convert to multiple currencies but this requires that you have an address for them. For example, say you have 1,000 dollars worth of bitcoin that you want to convert to USDT. Elite Wallet does not support USDT which means you need to have an address for USDT with another exchange or wallet. 

The exchanges that Elite uses do not require you to KYC

6. Back up options

Option to create a backup password. You can use this to import backup files in case you lose your seed phrase. 

7. Open source

Being Completely open-source means that anyone can check the source code for weaknesses. Elite emphasizes that its code does not contain any hidden API keys.

Cons

1. Not compatible with hardware wallets

If you plan on holding a large amount of crypto then it is safer to use a hardware wallet such as a Ledger Nano S, Trezor Model T, or Coolwallet Pro. To use any of these you do need a hot wallet to get set up but unfortunately, Elite wallet is not compatible. This means you will have to use another wallet in addition to Elite to manage your crypto on hardware devices.

2. No web3 integrations

While Elite Wallet is a feature-rich app it lacks certain things that will take it to the next level. For example, there is no gallery to store your NFT assets, and no Web 3 browser to participate in DeFi. 

3. Limited number of coins

While it’s great that the coin supports a few extra coins apart from XMR most wallet users want a larger range of coins and tokens to choose from.

4. No fiat onramps/offramps

If you want to buy crypto with fiat you first need to do this on an exchange and then send it to your wallet. On other wallers such as Exodus, Edge, and Mymonero users can transfer fiat money such as dollars, euros, and pesos in their bank accounts to purchase crypto directly via the wallet interface. 

Fees

Elite does not charge you for sending, storing, or receiving crypto.

The only cost you need to consider is the transaction fee that you pay to the respective blockchain that is used to reward miners who verify the transaction.

Elite may charge a small service fee if you use the built-in exchange plus you need to account for any fees paid to the third parties the wallet integrates with. 

How to use

1. Download the mobile wallet to your phone and accept the terms and conditions

2. Choose your level of anonymity. You can change your settings under privacy settings later.

  • Standard anonymity: no proxy server is used
  • Advanced anonymity will hide your IP using a proxy server
  • Elite anonymity uses a custom proxy server

3. Click on Create New Wallet

create new wallet elite

4. Set up a PIN. Later under settings, you can set up fingerprint ID authentication 

5. Select the currency you wish to set up a wallet for and click next

choose currency elite wallet setup

6. Choose the language for your seed phrase and name your wallet

set wallet name

7. In the next screen Elite explains that you need to store your seed phrase safely. Make sure you do not store it online. Screenshots, emails, messages, and the like are not at all safe. The safest option to prevent you from getting hacked is to write it down on a piece of paper. 

8. You can now save or copy your seed. this does not make sense to me as I said the safest way to store your seed is to not have it online. For an additional layer of security order a stonebook that doesn’t spoil if it gets wet.

seed phrase example

Click on next in the top right

9. Your wallet is now set up. 

10. To receive crypto click on receive. The long string of characters is your public address. You can share this with the sender or you can screenshot the QR code and send them that. 

how to receive crypto on elite wallet

Resources

Customer support

  • Telegram @elite_wallet
  • Twitter: @elitewallet
  • email: info@elitewallet.sc

Disclaimer: Please note that I am not a financial advisor so please make sure to do your research when choosing which wallet to go for. 

Alternatives to Elite Wallet

Multi-crypto wallets

Monero only wallets

Hardware wallets

Up next

20 Best Monero Wallets to Store Your XMR on (2024)

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For this in-depth review, I downloaded and tested all of the Monero wallets I am about to present to you. I have ranked these wallets based on my rating methodology and what I consider to be most useful to you, the user, and not based my ranking on any affiliate commissions I may receive. Read more.

Should You Have Multiple Wallets: Yes and Here Is Why

should you have multiple wallets

Are you wondering whether you should use multiple crypto wallets or one wallet to rule them all? Using many wallets means you need to manage multiple seed phrases and makes it hard to keep track of your total portfolio. Using a single wallet exposes you to more risk. What if you get hacked or lose your seed phrase? What if you lose your device if you use a hardware wallet? Is there even a single wallet that can accommodate everything you want to do with your crypto assets?  Having used more than 17 different wallets, I guarantee you that you will end up using many wallets yourself as you become better acquainted with the world of crypto. Read more.

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

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