Home Crypto Education Cryptocurrencies NEM Nano Wallet Review: Security, Fees, Features, Pros, And Cons

NEM Nano Wallet Review: Security, Fees, Features, Pros, And Cons

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NEM Nano Wallet desktop client

NEM Wallet is a desktop client and the official desktop wallet app for the NEM network. This makes it the home for the NEM network’s native cryptocurrency – XEM token – and all other cryptos built using the NEM technology. It is a light version of the NEM wallet and specially designed for the network and XEM token users who do not wish to store and run the full node blockchain on their computer.

On their website, NEM desktop client is described as a “cross-platform lite wallet” that you can use to ‘manage your assets and interact with the NEM NIS1 network.’ It was created in 2014, has over the years, been subjected to several community-led upgrades, aimed at making it the most intuitive and highly secure desktop wallet. This includes delegating its maintenance and future developments to an independent team of blockchain experts, elected by the NEM community.

In this review, we want to determine the effectiveness and safety of this desktop wallet. We will detail its key security features, ease of use, and customer support.

Key features:

Integrated exchange: While NEM Network doesn’t have a proprietary exchange, its desktop client integrates a third party exchange – Changelly. This allows you to purchase XEM Tokens using either fiat or other cryptocurrencies.

Compatible with multiple OS: NEM Nano is a highly versatile desktop wallet that is compatible with virtually all the most popular operating systems. These include Linux, macOS, and Windows.

Multi-account support: There is no limit to the number of user accounts or wallets that you can open when using the NEM desktop client. Similarly, there is no limit to the number of XEM Tokens you can host on the NEM Wallet.

Synchronization with NEM mobile wallet: If you are looking for portability and faster transactions, easily synchronize the NEM Nano wallet with the NEM mobile wallet. This ensures that your transactions on the desktop wallet reflect on the mobile app in real-time. It also means that accounts and wallets created on the mobile wallet can be seamlessly exported to the desktop wallet and vice versa.

Integrates NEM harvesting: The NEM Network uses proof of work consensus for validating transactions. Instead of the traditional staking and mining reward schemes adopted by most blockchain networks, NEM embraces Harvesting. The desktop client integrates the harvesting feature, but you need to first commit 10,000 XEM Tokens to qualify as a validator and start earning transaction fees.

Integrates with hardware wallets: In addition to integrating the NEM mobile wallet, the desktop client also integrates with such hardware wallets as TREZOR.

Security and privacy features:

Password and recovery seed: When installing and activating the NEM Nano wallet, you will first be asked to set a password. You will also be provided with a 12-24 word recovery phrase that you can use to reset the wallet password and recover lost private keys.

Highly transparent: The NEM desktop wallet is also built on an open-sourced technology. It is also managed and developed by an independent team of blockchain experts elected by the NEM Network community members. And these features are a guarantee of the wallet’s commitment to transparency.

Hierarchically deterministic: Every time you initiate a new transaction, the NEM Desktop wallet will auto-generate a new wallet address. The new address is used in place of your real public address, making it harder for crypto trackers to monitor your transactions online.

Wallet backup: The NEM Nano wallet makes it possible to back up your private keys offline in another hardware wallet or USB drive. The wallet will even remind you to create a decrypted offline backup for your keys every time you create a new user account.

Military-grade encryption: NEM Nano wallet minimizes the amount of personally identifiable information it collects. Additionally, all the wallet data, including your private keys and passwords, are highly encrypted.

Non-custodial: The desktop wallet is also non-custodial and stores your private keys on your computer, not on the company servers. You, therefore, have absolute control over your wallet.

How to set up and activate the NEM Nano wallet

Step 1: Open the official NEM Network website and download the Nano Wallet that is compatible with your computers operating system.

Step 2: Install and launch the wallet. It will give you the choice of creating a ‘Private Key Wallet’ or a ‘Simple wallet,’ choose Simple Wallet.

Step 3: Create a unique username and password for the crypto wallet.

Step 4: Generate the primary private key by clicking ‘Start’ on the next window and moving.

Step 5: Download the wallet decrypted backup for your wallet or copy the raw wallet data and store it in a clean drive office.

Step 6: Back up your private key by printing it or copying the raw file and store in a secure environment offline.

Step 7: You will now be redirected to the signup page to log in and access your active wallet.

How to add/receive coins to NEM Nano wallet

Step 1: Start by logging into your NEM Nano wallet and take note of your public wallet address on the user dashboard.

Step 2: Click on the ‘Services’ tab, and under ‘Exchange services,’ select ‘Buy XEM on Changelly.’

Step 3: Alternatively, first buy BUT on Fiat-to-crypto exchange and then exchange these Bitcoins for XEM tokens on an exchange that lists the NEM token – like Bittrex.

Step 4: On either exchange, click on send and enter your public address to send the purchased XEM tokens to your wallet.

How to send crypto from NEM Nano wallet

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

Step 2: On the pop-up window, enter the recipient’s wallet address as well as the amount of XEM Tokens you wish to transfer.

Step 3: Enter a message you would like to send (optional) and set the transaction price.

Step 4: Confirm the correctness of these details and hit send.

NEM Nano wallet ease of use

NEM Nano wallet’s onboarding process, though lengthy, is quite straightforward. It also has a highly intuitive interface that makes it beginner-friendly. The processes of sending and receiving XEM tokens to the wallet are also seamless, while the integration of the third party exchange eases the currency conversion process.

NEM Nano wallet supported currencies

NEM Nano is NEM network-specific and will only support the blockchain’s native token – XEM – or other cryptocurrencies built using the NEX technology.

NEM Nano wallet cost and fees

Downloading and installing the NEM Nano desktop client is free. You also won’t be charged for creating user accounts and private addresses or storing your private keys on the desktop wallet. You will only be charged a small transaction fee every time you wish to send XEM tokens to another wallet or exchange.

 This fee is nevertheless highly dynamic and gives you the freedom to set the maximum charge you are willing to pay for a transaction. Typically, a higher fee translates to faster transaction processing.

NEM Nano wallet Customer support

NEM Nano wallet has a readily available and highly responsive customer support team. You can contact them via the live chat feature on the NEM website by raising a support ticket on the website’s ‘Contact Us’ page or by messaging them on their official social media pages.

What are the pros and cons of using NEM Nano wallet

Pros:

  • The wallet user interface is highly intuitive and beginner-friendly
  • There is no limit to the number of user accounts you can create on the wallet or the number of XEM tokens you can store in here.
  • The wallet reminds you to create a backup for your wallet and private keys every time you create a new user account.
  • NEM Nano wallet is highly transparent as it is not only built on an open-sourced technology but has also embraced community-led maintenance
  • You can also synchronize it with the NEM mobile wallet.

Cons:

  • One may consider the wallet’s set-up process to be too complicated.
  • NEM Nano is still a hot wallet and exposed to hacking risks and malicious computer viruses

Verdict: Is the NEM Nano wallet safe?

Well, the NEM Nano wallet has put in place numerous security and anonymity measures meant to guarantee the security of your private keys. For starters, it has open-sourced the wallet’s technology and made it possible to back up both the wallet and the private keys.

Moreover, the wallet is hierarchically deterministic, and all data stored therein is highly encrypted. However, we must observe that while these measures have been effective in guarding against hacks and breaches since the wallet was launched, the Nano wallet is still susceptible to the inherent challenges affecting online wallets.

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