NEM, which stands for New Economy Movement, is definitely one of the most exciting and interesting cryptocurrency projects out there. Intended to lead the way to a supposed blockchain revolution sometime shortly, NEM was created from the ground up as a unique project.
In short, NEM is a highly customizable blockchain platform built specifically for developers looking to deploy a wide range of dApps across a broad spectrum of industries. The platform is renowned for being written in Java and for its Smart Asset System, a customizable blockchain solution that makes use of various powerful API calls, broadening its potential use-cases.
Recently, the project has been getting more and more attention, and the platform’s official token, the XEM, is currently sitting comfortably in 18th place (at the time of writing) according to CoinMarketCap. Considering the broad spectrum of applications for its token, and the real-world problems the project aims to solve, there’s really no surprise that the XEM crypto is now one of the hottest assets to hold.
Of course, if you want to buy XEM, then you’ll need a secure wallet where you can store your tokens. Before we list some of the best options currently on the market, here are a few things to consider beforehand.
Things to Consider Before Choosing a NEM Wallet
First and foremost, you’ll want to make sure that the wallet you choose is compatible with NEM (and other cryptos if NEM is not going to be your only asset). Secondly, you should make sure that the wallet is compatible with all your devices and different OSes.
Security is without a doubt the most important aspect of any crypto wallet. Hence, you should make sure that your wallet has the latest security protocols. Ease of use is yet another important aspect that should definitely be at the top of your list. An easy-to-use wallet will save you time and headaches and will make everything feel a lot less overwhelming. Customer support is also something worth analyzing when choosing a wallet.
Atomic Wallet is a popular custody free wallet that supports NEM storage and transfers. Created in 2017, Atomic was developed to be a fully decentralized application, not storing any of your data, and not requiring verification for basic services.
The private keys of your wallet are encrypted on your device, with access restricted only to the owner of the wallet. Like other non-custodial wallets, Atomic generates a unique seed phrase which you will need for creating private keys.
Atomic also includes a functional instant exchange service for 300 types of cryptocurrencies. You are also able to purchase coins such as Bitcoin, Ethereum, Litecoin, XRP, Tron, DASH, and many others by attaching your Mastercard or Visa credit card.
Atomic works with Windows-64 bit, macOS, Ubuntu, Debian, Fedora, as well as Android and iOS devices.
NEM Nano Wallet
NEM Nano Wallet is one, if not the best options of NEM wallets out there. It’s easy to use, compatible with all the important platforms and OSes (Windows, macOS, and Linux), and has good security features and hardware wallet integration.
It allows you to store, manage and send XEM, as well as send mosaics and messages to any address or namespace. The wallet also allows you to create on-chain multi-signature and multi-user accounts. Needless to say, you are always in control of your private keys. Back in 2017, the team behind the wallet added Trezor integration, allowing you to securely store XEM tokens using the popular hardware wallet.
NEM Mobile Wallet
NEM Mobile Wallet is a very user-friendly wallet specifically designed for users looking to store, manage, and send XEM on the go. This modern mobile wallet is available on both iOS and Android and can be easily downloaded directly from the official stores.
Besides storing and managing XEM, the wallet also allows you to import and export NEM accounts. It also has a multi-signature functionality, and all your private keys are encrypted and stored on your mobile wallet.
Freewallet is an iOS and Android-compatible mobile wallet that offers support for a wide range of cryptocurrencies including Bitcoin, Ethereum, and NEM. One of the main advantages of this mobile wallet is the fact that it stores all your assets in offline vaults.
It also offers a very interesting backup feature which allows you to restore your wallet from a backup, or even freeze your account from any other Android or iOS device. It offers smart transactions that let you to transfer money between currencies.
Hardware wallets offer the best possible protection for your cryptos and Trezor is definitely not an exception. For around $80, you have the option of storing your XEM tokens on a secure USB stick-shaped device with a minimalist yet sleek design. Better yet, the wallet also boasts supports for over 700 other cryptocurrencies.
Guarda Wallet is a multi-cryptocurrency wallet available on a bunch of platforms- you can use the wallet on Web, Desktop (MacOS, Windows, Linux), Chrome Extension, and Mobile (IOS and Android) versions. The coins that Guarda supports include the most popular and promising ones like Bitcoin(BTC), Ethereum(ETH), TRON(TRX), Monero(XMR), Dash, Algo, and much more. You can also easily find popular DeFi tokens in the default ETH token list. Thanks to built-in services, users can exchange, buy, and work with Ledger hardware wallet. Staking, delegation, and more currency-specific features of supported blockchains are also there for Guarda users to try out. Guarda Wallet also has recently implemented support of Multisig functionality for BTC and ETH.
To conclude, if absolute security is what you’re after, and you’re willing to trade convenience for this aspect, then Trezor is the obvious best choice. However, the other wallets are way more versatile, and allow you to manage your XEM tokens a lot easier. NEM Nano Wallet is a very good solution for PC users, while NEM Mobile wallet makes a strong case for itself in terms of versatility and accessibility. As for the Freewallet, it is a legit alternative to the NEM Mobile Wallet, and definitely an option worth considering.