Best desktop client wallets

NEO GUI is the Neo blockchain’s official desktop client and was developed by the Neo network developers. It is a full-stack client, implying that you will need to download the Neo blockchain into your computer. It works by synchronizing the desktop client functions with those of the Neo MainNet in real-time. Unlike desktop apps and light node desktop clients connected to the blockchain node via remote nodes, NEO GUI connects to the Neo network’s graphical user interface directly.

On their GitHub download page, Neo GUI is said to support all the Neo network’s basic functions that include providing professional interaction between wallet and blockchain and maintaining high security for the wallet. But are these claims true? Is the wallet as intuitive and secure as advertised? We answer these questions and tell you everything else you need to know about the Neo GUI wallet in this review:

We start by looking at the basic features:

Neo GUI key features

Full-stack node: NEO GUI is a full-stack desktop wallet that requires you to download the Neo blockchain into your computer.

Synchronize with Neo blockchain: One of the critical factors that distinguish Neo GUI from other GUI desktop wallets is its synchronization with the Neo Network. While most other wallets use remote nodes to connect to the Neo blockchain, NEO GUI directly links to the NEO Mainnet’s user interface. It synchronizes with the network to ensure that transactions initiated on the wallet are recorded on the Neo blockchain in real-time.

OS-compatible: NEO GUI desktop client is also pretty versatile and compatible with Windows and macOS operating systems.

NEO GUI Security features

Password encryption: During the NEO GUI installation process and when creating the user account, you will be asked to secure the wallet by creating a password. Note that this not only serves as protection for the desktop wallet but also acts as an encryption tool.

Open source: Neo GUI wallet is built on an open-sourced blockchain technology and is open to scrutiny and critique by the crypto community. Therefore, anyone can access the Neo GUI source code from either the wallet’s official website or their GitHub page to view and audit its effectiveness and commitment to security.

Community-led development: NEO GUI is a community-led crypto project with no central governing body. Instead, updates and upgrades to the wallet emanate from the Neon Blockchain community’s suggestions and are led by blockchain technology experts elected by the community.

Anonymous trading: NEO GUI is committed to promoting user anonymity. To this end, the wallet allows for anonymous use of the platform since it doesn’t ask for your personal information when creating a user account, and neither will the blockchain collect and store information that is personally identifiable to you.

Non-custodial: Though the NEO GUI wallet can synchronize with the NEO MainNet and technically offloads most of its critical services to the Neo blockchain, it doesn’t store private keys on your behalf. Rather, it encrypts them and saves them on your computer.

Offline backup: Like most other full-stack desktop wallets, NEO GUI doesn’t provide you with a recovery seed. It nonetheless provides you with two ways of backing up your data and private keys. For starters, you can download the decrypted version of the synchronized blockchain and save it offline or simply copy your wallet credentials on a piece of paper and save them offline.

How to set and activate the NEO GUI wallet

Step 1: Start by downloading the desktop client to your computer. You can download the updated version of this client from the NEO.org website or their GitHub page.

Step 2: The wallet is downloaded as a zip version. Once complete, unzip this file, and start installing it.

Step 3: The wallet will display the user dashboard once complete. Proceed to create a new wallet by clicking on the “wallet” tab and selecting “New wallet address.”

Step 4: The wallet will now require you to choose the database or folder in which you would like to save the file

Step 5: You also need to create a user name and a unique password.

Step 6: Your NEO GUI wallet is now active and ready for use

How to add/receive crypto into your NEO GUI wallet

Step 1: Log in to your NEO-GUI wallet and access the user dashboard

Step 2: Your public wallet address is visible here. Copy it and send it to the party, sending you Neo coins

Step 3: Wait for your coins to reflect in your wallet.

How to send crypto from your NEO GUI wallet

Step 1: Login into your NEO GUI wallet and access the user dashboard

Step 2: Click on the “Transfer” tab, and the drop-down menu, select the “Transfer” option.

Step 3: If you do not have any saved addresses, click on the “+” button to add a recipient

Step 4: On the pop-up window, enter the recipient’s wallet address on the “Pay To” section and the number of coins you wish to send on the “Amount” section

Step 5: Confirm that these details are accurate and hit “OK.”

NEO GUI wallet ease of use

The processes of installing the NEO GUI wallet and creating a user account are quite straightforward. Its user dashboard is also easily navigable and quite beginner-friendly. Nevertheless, we must mention that synchronizing the desktop wallet with the Neo Network takes time and can be overwhelming for a novice crypto trader/investor. Plus, the wallet is only available in English and Chinese languages.

NEO GUI wallet supported currencies

NEO GUI wallet is Neo-Specific and will only support the blockchain’s native token or any other cryptocurrency built on the Neo Network.

Currently, the wallet only supports NEO coins, Gas, the NEP-5, and NEP-6 tokens.

NEO GUI wallet cost and fees

NEO GUI wallet is free to install and doesn’t charge you for storing private keys. However, you will be charged a network fee every time you send Neo coins from your wallet. The fee is highly variable and depends largely on the type and the amount of coin/token you wish to process.

What are the pros and cons of using the NEO GUI wallet:

Pros:

The wallet has transparent based on the fact that it is not only community-led but also open-sourced
It has an easily navigable and beginner-friendly user-interface
The desktop client can be considered safer than most other desktop wallet apps and web browsers.
NEO GUI makes it possible for you to backup your coins offline

Cons:

The desktop client is only available to Windows and macOS operating system users.
The wallet requires significant storage space and also eats into your computer’s memory.
Unlike in the case of wallet apps where processing speed is dependent on the speed of the servers, NEO GUI transaction confirmation speeds depend on your computer’s processing power.

Comparing NEO GUI wallet with other Neo blockchain wallets

NEO GUI wallet vs. Neon desktop wallet

NEO GUI and the Neon wallet are similar because they are both Neo-specific and are also desktop crypto vaults. They are both non-custodial and have put in place similar security features. However, while NEO GUI is a full-stack desktop client, Neon is a light node desktop wallet. Further, while NEO GUI links to the Neo network’s user interface directly, Neon uses remote nodes to access Neo blockchain servers.

Verdict: Is NEO GUI wallet safe?

Well, we recognize that the full stack desktop client has put in place several highly effective security measures aimed at guaranteeing the safety and anonymity of your private keys. These include allowing for the creation of offline backups, allowing anonymous transactions, storing private keys in the wallet owner’s computer, and securing and encrypting the wallet with a password. These, plus the wallet’s commitment to transparency, are all commendable. However, we must mention that it ignores critical security protocols like two-factor authorization to safeguard your wallet against remote hacks.

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.