Best NEM Wallets: Top 6 Safest Places to store your XEM
NEM (XEM) is a unique project and was built from scratch to become one of the fastest and most scalable blockchains available.
It was created to be highly customizable as well, and it allows developers to create a wide range of decentralized applications. Because of this, interest in the XEM native coin has been increasing steadily and so has its broader adoption.
Of course, if you happen to be one of those holders, you will be looking for a safe XEM storage option.
In this post I will give you the list of 7 of the top NEM wallets. I will also give you some top tips in order to safely store your XEM.
Top 7 NEM Wallets
For a non-ERC20 token, there are actually quite a few wallets that supports NEM. This is because the project has been around for quite some time and as such, there are a number of wallet providers who have built integrations.
There are a few key criteria that I used here to select the best wallet. These include aspects such as security, usability and developer / community support.
Trezor (Hardware Wallet)
Trezor is one of the leading crypto hardware wallets, and it keeps your XEM coins secure by storing them in an offline, or cold storage, solution. Like any good wallet, the Trezor creates a seed phrase when first used that allows you to recover any funds stored on the wallet if it is lost, stolen or broken.
The Trezor has multiple layers of defense to keep all your coins safe and secure. The first is the need to input a nine-digit PIN just to access the wallet. It also requires both digital and physical input for every transaction, with the small OLED screen and two physical buttons used together to confirm transactions.
Trezor Model T and Trezor Model One
This means a digital attacker without physical access to the Trezor is unable to steal your coins. Finally, the Trezor uses a limited USB connection that protects the wallet even if it is connected to a virus infected computer.
The Trezor is also very useful if you hold coins besides NEM because it supports over 1,000 different coins, tokens, and digital assets. The Trezor costs €69 and is one of the most successful hardware wallets after the Ledger Nano.
NEM Nano (Desktop Wallet)
The NEM Nano wallet is the supported desktop wallet with versions available for Windows, Linux, and Mac. It is a litewallet that allows for easy storage and management of XEM coins. It also features solid security and the ability to send messages and mosaics to any NEM address or namespace.
The wallet was created as a simple to use NEM interface suitable even for beginning users. Private keys remain on your own computer, keeping control of your XEM in your hands. The wallet also supports multi-signature and multi-user accounts, making it a good choice for team use.
Nem Nano Wallet User Interface. Image via Medium
The Trezor also has support for the NEM Nano wallet. In addition to storing XEM in this wallet, it can also be used for NEM harvesting.
Finally, something else that I was quite impressed by was that it is one of the few native wallets that has instant exchange support. In this case, the NEM Nano uses the Changelly API to make instant transactions right to your NEM address.
This means that you can use Changelly to quickly and easily convert other cryptocurrencies like Bitcoin and Ethereum into XEM which will be sent directly to your NEM address. You can even use the Changelly fiat gateway and buy the XEM with your USD, EUR or GBP.
NEM Foundation App (Mobile Wallet)
This is the official NEM mobile app, and it is available for both Android and iOS operating systems. It is easy to install and configure and gives users the ability to easily store, send and receive XEM on their smartphones. It also enables the easy import and export of existing NEM wallet accounts.
The wallet is multi-signature and allows for the management of multiple accounts. Private keys are stored locally for security, and all keys and other data is encrypted. The NEM Foundation App is an easy to use interface that allows users to transact with XEM quickly and with great ease.
Screenshots of the NEM Foundation Mobile App
The ratings distributions for the app appears to be quite skew. There are a many people who either rated it as a 5 or as a 1 in both stores. Many of the concerns seem to be related to issues with individual wallets. However, there were some who complained about the app crashing last year. These appear to have been addressed recently.
What is encouraging though is that the developers are responsive to these users. They answer their questions and address their concerns. This shows that the NEM team is open to constructive criticism.
Exodus Wallet (Desktop Wallet)
The Exodus wallet is one of the most well known third party multicurrency crypto wallets currently on the market. They have also recently released an integration for NEM.
Exodus gives users full control of their keys on their devices. This can be considered much safer than using custodial wallet solutions like cryptocurrency exchanges etc. There is also no account setup or verification required which means that your data is never at risk.
One of the main selling points of the Exodus wallet is its ease of use. It has one of the most intuitive user interfaces and allows for quick and easy coin management. You also have 24/7 customer support which is great if you need fast support or need more detailed questions answered.
Exodus Desktop Wallet with NEM Support
Exodus also has a Shapeshift integration. This means that you can easily switch your XEM for another coin right there in the wallet. There is no need to send your coins to a large custodial exchange and buy your desired coin. Lower fees and a safer transaction.
The Exodus wallet has been developed by a team of very capable engineers. The project used to be completely open source and there are still many of the functional components of the project that are open source. You can view these open source sections on Exodus' public GitHub.
The Exodus wallet is available on Windows, Linux and Mac. They have also just recently released a mobile version that is available on iOS. However, there is no support for NEM as of yet...
Coinomi (Desktop and Mobile Wallet)
Coinomi was launched in 2014 as a mobile wallet and has recently released a desktop version as well. It is one of the most popular mobile cryptocurrency wallets and supports NEM and more than 1,500 other blockchain assets. Plus users can add any ERC-20 token at all. If you want a wallet that can be used to store a large cross-section of assets the Coinomi wallet is an excellent option.
When it comes to security, the Coinomi wallet stores your private keys on the device which gives you full control. There was a slight controversy earlier in the year where a Coinomi user accused them of sloppy coding. However, this could not have led to a loss of funds and the fixed the issue immediately.
Coinomi Mobile Wallet and Desktop Wallet for XEM
Something else that I really like about Coinomi is the exchange functionality. This is provided through their Shapeshift integration allowing for the easy exchange of XEM for a large variety of other cryptocurrencies right within the wallet.
Coinomi respects your privacy as well and there’s no requirement for you to provide your name, email address or any other KYC/AML information when you download the wallet. It even hides the downloading IP address, and there are no logs kept on the Coinomi servers.
The Coinomi wallet is easy to use, with an intuitive user interface and clear navigation. It is also available on multiple devices including on desktop devices through Windows and Linux. There is also a MacOS version as well as a mobile version on both iOS and Android.
NEM Community Client - NCC (Desktop Wallet)
This is the original NEM desktop wallet, which also serves as a network node. It is the best wallet for harvesting coins but is also suitable for advanced users. Beginners are advised to use the NEM Nano app that was developed as an easy to use alternative to the NCC.
The NCC is available for Windows, Linux, and Mac, and it is crucial to ensure your computer is virus free before installing the NCC client. While this could be the most secure software wallet for NEM the configuration will be too much for most beginning users. Yet the advanced features available from the NCC are very attractive to advanced NEM users.
FreeWallet (Mobile Wallet)
FreeWallet is a mobile and web wallet that has options for both a multi-currency wallet for your NEM storage or if you prefer a single currency wallet you can also opt for a XEM only wallet (Android support only). In either case, you’re getting a highly regarded wallet that’s been developed with your security in mind.
One feature of FreeWallet that some users don’t like is that the wallet actually keeps the private keys for your coins on their own servers. They do this so they can put the coins into cold storage in bank vaults. In other words, they act as a "Custodial wallet" that keeps control of your coins.
The FreeWallet is somewhat unique in that no backup phrase is generated. If you lose access to your account for some reason the only way to restore it is through the FreeWallet support team. In addition to the basic security of the wallet, you can add more security by adding a PIN or by verifying your email/phone number.
FreeWallet NEM (XEM) Wallet
Fingerprint support is also available which means that you can quickly log into your device without the password. If you are worried about illicit purchases on your account then you can set daily or weekly limits on transaction amounts for added security.
The FreeWallet also acts as an exchange for supported coins, allowing users to quickly and easily exchange between coins right within the wallet. It is also possible to purchase BTC and ETH with a credit card right within the wallet.
While some might not like that the private keys are stored with the FreeWallet company, others will appreciate the ease of use and functionality of the wallet.
There you have it, 7 of the best NEM XEM wallets that are currently on the market. Which wallet you do end up choosing will depend on your own personal preferences and skill level.
There is no doubt that the security provided by a hardware wallet like the Trezor is perhaps the safest option. The great thing is that you can also use this Trezor now with the Exodus desktop wallet which means a cleaner and more intuitive user interface.
Of course, if you are comfortable storing your keys on your desktop then you can opt for the Exodus wallet by itself. If you prefer the conveience of a mobile wallet then both the NEM foundation App as well as Coinomi's are pretty effective.
Finally, if you are interested in using all the features of the NEM platform then you can download the NEM nano desktop wallet. This is also a great way to support the NEM foundation and increase adoption for the technology.
Whichever wallet solution you do decide to use, make sure to practice wallet security 101. Don't download suspicious files, keep copies of your seed words and don't let everyone know how much XEM you are holding!
Best Places to buy XEM
Featured Image via Fotolia
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.