Nem Nano Review: Complete Wallet Guide
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NEM is one of the top 15 altcoins investors tend to ignore despite a high growth rate. Launched in 2015, NEM has grown to the level of having a daily trading volume of $124.6 millionas at the time of writing. The official wallet to hold NEM coins is known as the NEM Nano wallet. Read below for a review of this wallet, including how to use it to secure your NEM coins.
What is NEM Nano Wallet?
The NEM wallet was first conceptualized as a decentralized peer to peer network in 2014 by Singapore-based developers. The alpha platform was launched in 2015 as:
- A place where developers can build ICO tokens.
- An architecture that enables developers to build applications.
- A wallet for holding a variety of coins.
Unlike many blockchain-based platforms, NEM is not an imitation of Bitcoin. Its developers designed it from scratch, eliminating all the flaws associated with Bitcoins. Being a blockchain, the platform acts as a public ledger for anything, including financial instruments, records of ownership, data management and application building.
The NEM developers also built a desktop wallet compatible with Windows, Mac, and Linux to hold the coins. There is also a mobile wallet available for both Android and iOS device users.
The NEM Nano wallet supports several services including:
- Sending and receiving of XEM coins.
- Sending and receiving coins built on the NEM platform.
- Allows an upgrade from the old NEM NCC wallet.
- Integrates with the Trezor hard wallet.
- Supports Changelly API for exchanging coins.
- Supports multi-user accounts.
Like the NEM platform, the wallet’s developers are based in Singapore. The developers initially launched a wallet called NCC wallet in March 2015. However, the wallet went through an upgrade and was replaced with the NEM Nano wallet. Anyone can download the wallet irrespective of which country they come from.
NEM Nano Wallet
Although NEM’s prices plunged after December 31st, 2017, they began picking up again at the beginning of March 2018. Demand for the NEM coins is increasing and so is demand for NEM wallets. Read this NEM Nano guide to learn more about the wallet.
Limitation of Storing Coins
First, it’s important to reveal that the NEM wallet isn’t the only place you can hold your coins. The popular hardware wallet, Trezor, accepts XEM coins. Trezor is a premium wallet that costs more than $100. However, Trezor also holds other coins. The NEM wallet, by contrast, only supports NEM coins and tokens built on the NEM platform.
The major limitation on this wallet comes when sending a direct message to another NEM wallet holder. It costs roughly 1 XEM coin to send 32 unencrypted characters. If you send a message with 128 characters, you will spend $1.72 as payment. Sending encrypted messages is more expensive. However, you don’t have to send a message when completing a transaction. There are also no limitations on how many XEM coins you can store in the wallet.
XEM are the obvious digital assets stored in their wallet. You can also store NEM Mosaics on the wallet. Mosaics are coins and tokens developed on the NEM platform. They are the equivalent of Ethereum tokens.
NEM Nano Wallet Fees
Generally, NEM charges a fee of 0.1% to send funds to an exchange. Most wallets charge a higher fee. When sending NEM coins from an exchange, you can expect to pay higher fees. NEM has no control over such fees. Changelly charges 0.5% in fees while Bittrex charges a standard 0.25%.
NEM Nano Wallet Verification
The NEM platform has a straightforward guide on how to acquire either the desktop or mobile version. NEM does not have strict rules about acquiring their wallet.
One incredible feature of this wallet is the Changelly API. Changelly is like an exchange that you can access without leaving the wallet. This exchange allows you to swap your XEM coins for any other cryptocurrency within 30 minutes. Their fees are just 0.5% in addition to the mining fee. Given than NEM charges an average of 0.1% miner fee, you can change your XEM coins into Ethereum or Litecoin instantly at a fee of just 0.6%.
Another special feature on the wallet is the messaging platform. We talked about it earlier. If you are a business person who pays clients using XEM coins, you can send them a short message together with the funds. My advice, however, is that you avoid the messaging service. At the cost of $1.8 for just 140 characters, you’d better message your client via a normal text.
Is NEM Nano Wallet Safe?
The NEM Nano wallet is beginner friendly, and the NEM community members on forums are quick to offer any kind of help.
The only complaints many XEM users have regards errors from an exchange not transferring XEM coins or high fees from an exchange.
NEM was developed from scratch in the Java coding language. Each of its security systems has been tested severally. Being a blockchain platform, it is difficult for hackers to violate. On the wallet, the messages are encrypted using cryptography. The wallet also has an option for a multi-signature wallet. A multi-signature wallet secures your wallet by ensuring that a transaction has to be signed by more than one person.
NEM has a customer support team that can be accessed on their telegram channel, Reddit and Bitcoin talk forums. The team can also be reached out through social networks like Twitter, Facebook, LinkedIn, and email. NEM does not have a good reputation for responding to complaints. In most cases, community members are the people who respond to complaints.
NEM was ideally designed to handle scalability. As proof, the network handles 3,000 transactions in a second. Bitcoin, by contrast, handles just 7 transactions per second. It takes an average of 60 seconds for a transaction to be handled on this platform.
How to use NEM Nano Wallet
NEM has a minimal registration process. Follow this step by step guide to using the platform:
The registration process is as simple as:
- Visit the NEM Nano wallet download page
- Open the files and choose a wallet type.
- Give the wallet a name you can always remember.
- Create a unique password.
- The wallet will download a .wlt file that contains your private key.
- Read the warning details and store your private key safely. I strongly recommend that you save the private key in a private, offline location.
- Click ‘I agree’ and sign in to your wallet.
- Buy NEM coins on an exchange and save them on your wallet.
In a Nutshell
NEM managed to build a scalable platform that would overcome some of the challenges common with Bitcoin users. It is not a revolutionary platform, but it has proven to be a better alternative for many users. Its rising coin value also makes it a great coin to buy and hold.
- Fast growing platform- NEM’s popularity and coin value has grown by more than 100% in the last 6 months. The high growth rate has increased the coin’s demand.
- Ease of use- Sending a payment on this wallet takes a minute. Everything is straightforward, and the sign in process is quick.
- NEM offers services on demand- As the platform attracts attention, trading volume for NEM will increase.
- Low transaction fee- the 0.1% transaction fee is lower than what most platforms charge.
- Secure- NEM has a secure, coded from scratch security and a multi-signature system to add better security to the wallet.
- The NEM Nano wallet app is below standard- there are lots of complaints about the mobile wallet. Most users recommend the desktop wallet.
- The messaging service is quite expensive.
- Lacks an active customer support team.
- All transactions are traceable- NEM doesn’t keep your transaction details private. They claim this feature is beneficial to business operators, but some people may find it as a deal breaker.
NEM is a great cryptocurrency for day traders and long-term coin investors. Thanks to high liquidity, the coin’s price is stable. In the last 6 months, the coin has grown by 127%, providing suitable benefits to both day traders and long-term investors.
There are benefits to owning many XEM coins, including the right to mine XEM coins. On the platform, however, the mining process is referred to as harvesting. Harvesters are chosen based on a random criterion that includes holding a high number of coins and regularly trading the cryptocurrencies. Unlike Bitcoin, miners on NEM are not rewarded with anything else except the miner’s fee. Fortunately, mining NEM is inexpensive and less energy consuming. Anyone can mine the coins on a normal computer.
The NEM wallet is the official wallet for holding NEM coins. It’s freely available online and easy to access. If you choose to install it on your personal computer, make sure you back-up the files for added security.
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