Home Crypto Education Cryptocurrencies NEM Mobile Wallet Review: How Safe Is This NEM Network Crypto Wallet?

NEM Mobile Wallet Review: How Safe Is This NEM Network Crypto Wallet?

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NEM Mobile wallet app

NEM Mobile wallet is the official smartphone app vault for the New Economy Movement (NEM) network.

It is the light version of NEM’s desktop client and home to NEM network’s native token – XEM. And in addition to hosting virtually all the desktop wallet features, NEM mobile wallet is more convenient, especially when you consider its portability and relatively faster transaction processing speeds.

Launched in 2014, NEM mobile wallet is specially designed to provide the most secure and highly intuitive vault for XEM and other cryptos developed on the NEM network.

In this review, we will be looking at the measures taken by its developers to ensure the wallet achieves these two functions. We also highlight such factors as ease of use, supported crypto, and pros and cons before comparing it to the NEM desktop wallet.

Key features:

Versatile: NEM mobile wallet app is available for smartphones using iOS and Android operating systems.

Synchronization with the desktop client: You can easily synchronize the NEM mobile wallet with its NEM desktop client. Synchronizing the two wallets ensures that transactions initiated on the mobile wallet reflect on the desktop client in real-time and makes it possible for you to export accounts created on the mobile app to the desktop wallet.

Multi-account support: There is no limit to the number of NEM user accounts you can create using the mobile wallet. And you can also manage them via the app or export them to the desktop client to generate blocks for XEM transactions.

Send XEM/Mosaics/Messages: The app allows you to send and receive XEMs and other NEM network-based tokens. Interestingly, you can also use the app to send Mosaics and personalized messages to other NEM wallet users.

Security and privacy features:

Password and 2FA: When installing the NEM mobile app and creating a user account, you will be required to secure the crypto wallet app with a multi-character password. You also have the option of fortifying this wallet app further by activating the two-factor authentication feature.

Hierarchically deterministic: The wallet app also guarantees the privacy of your private keys by virtue of being hierarchically deterministic. This implies that every time you initiate a transaction, the wallet auto-generates a new address. This minimizes the exposure of your real wallet address and makes it hard to track your crypto transactions.

Multi-signature: NEM Mobile wallet also supports the multi-signature functionality that allows for the creation of multi-signature contracts. It also means that the wallet is sharable.

Military-grade encryption: All the data collected and stored within the NEM mobile wallet app is highly encrypted. This includes the private keys, your data, and outgoing mosaics and messages.

Non-custodial: NEM mobile wallet app is also non-custodial and doesn’t store the private keys for your XEMs on the NEM Foundation servers. Instead, these are stored in your device, giving you absolute control over your digital assets.

External backup: In addition to exporting your accounts to the NEM desktop client, NEM mobile app also allows you to back up your private keys by exporting them to an external drive.

Community-led development: The NEM network and wallets are managed and maintained by a group of independent blockchain experts elected by the NEM community. The community’s involvement in pioneering developments and auditing the wallet’s code goes a long way in guaranteeing the transparency of the crypto wallet.

How to set up and activate the NEM Mobile wallet

Step 1: On the official NEM Network website, download the NEM mobile app that’s compatible with your phone’s operating system

Step 2: Install and launch the wallet

Step 3: Agree to the NEM wallet app warning about backing up your funds and responsibility for the funds

Step 4: Set a strong multi-character password for your NEM wallet app

Step 5: Click on ‘Add Account’ to create a user account and wallet address

Step 6: Back up the generated private key for the wallet by copying it and saving it in the phone or write it down to save it offline

Step 7: Your NEM wallet app is now active and ready to use

How to add/receive coins to NEM Mobile wallet

Step 1: Log in to your NEM mobile wallet, and on the user dashboard, click ‘Receive.’

Step 2: Copy your wallet address or its QR Code and send either to the party sending you XEM tokens

Step 3: Wait for the tokens to reflect on the crypto wallet app

How to send crypto from NEM Mobile wallet

Step 1: Log in to your NEM mobile wallet, and on the user dashboard, click ‘Send.’

Step 2: On the next window, key in the recipient’s wallet address and the amount of XEM tokens you wish to send

Step 3: Enter the message you would like to send (optional) and enter the maximum transaction fees

Step 4: Confirm the accuracy of these details and hit ‘send.’

NEM Mobile wallet ease of use

NEM mobile wallet’s onboarding process is easy and straightforward. The crypto app’s user interface is also easy to navigate and specially designed for beginner traders. The processes of sending crypto out and into the wallet are also easy and straightforward.

NEM Mobile wallet supported currencies

NEM mobile wallet is the official crypto vault for the NEM network. Therefore, it will only host the network’s native cryptocurrency – the XEM Token – or other cryptos built using the NEM network technology. It won’t support such legacy coins as Bitcoin and Ethereum. It also doesn’t have an integrated exchange where you can convert your fiat and cryptocurrencies for XEM tokens.

NEM Mobile wallet cost and fees

Downloading and installing the NEM mobile wallet app is free. You also won’t be charged for creating a user account or holding your private keys in the wallet. However, you will be charged a small transaction fee every time you send XEMs to another wallet or exchange.

The network has embraced the Reduce by fee transaction pricing model. This gives the choice of setting your desired transaction fee, where higher fees translate to faster transaction processing and vice versa.

What are the pros and cons of using NEM Mobile wallet

Pros:

  • NEM Mobile wallet is highly intuitive and beginner-friendly
  • The wallet is considerably secure and embraces such premium security and anonymity features like two-factor authentication, military-grade encryption, and HD wallets
  • The crypto wallet app simplifies the process of backing up your private keys to external drives and offline
  • The wallet has never been hacked
  • Its open-sourced nature and community-led development nature provide users with a transparency guarantee

Cons:

  • The mobile wallet will only support XEM tokens
  • The mobile wallet app is still exposed to the inherent risks associated with online crypto vaults

Comparing NEM Mobile wallet to other NEM wallets

NEM Mobile wallet vs. NEM Nano Wallet

The NEM mobile wallet and NEM desktop client (also known as Nano wallet) are the official crypto storages for the NEM network. They host an almost similar number of features and are also designed to achieve similar roles. The desktop client, however, hosts more operational and security features than its mobile counterpart. The mobile wallet app can, on the other hand, be considered more efficient and easier to use.

Verdict: Is the NEM Mobile wallet safe?

Well, the mobile crypto app has put in place several safety and anonymization measures that are aimed at keeping your cryptos safe. These include enabling two-factor authentication, open sourcing the wallet technology, bringing onboard blockchain experts for the wallet’s development and maintenance, and supporting offline backups for your private keys. And all these, plus the wallet’s highly intuitive interface, make NEM mobile one of the friendliest and most secure crypto wallet apps. This security guarantee is backed by the fact that the wallet app has never been hacked.

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