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NEM, or New Economy Movement, is a customisable blockchain platform for developers looking to build and deploy apps across a wide range of industries. The XEM token is the native currency of the NEM network and as one of the world’s top 20 cryptocurrencies in terms of market capitalisation at the time of writing. It has garnered plenty of attention from cryptocurrency enthusiasts.
If you want to buy XEM, you’ll need to find a safe and secure wallet where you can store your tokens. NEM offers an official desktop wallet as well as mobile wallets for Android and iOS, so let’s take a closer look at the features they have to offer and find out how you can choose the right wallet for your needs.
If you’re searching for a wallet to store XEM or any other cryptocurrency, there are a few key features you need to look out for:
Keep reading about cryptocurrency wallets in our beginner's guide.
NEM’s NanoWallet is a desktop client that’s designed to make it as quick and easy as possible to store and manage XEM. Compatible with Windows, Mac and Linux operating systems, it allows you to send XEM, mosaics and messages to any address or namespace.
The setup process is simple and the user interface is similarly easy to wrap your head around. You don’t need to be a cryptocurrency expert to start sending or receiving funds, and Changelly instant exchange is a handy feature.
You can create on-chain multi-signature and multi-user accounts, while the NEM NanoWallet also allows you to maintain control of your private keys.
As of December 2017, the wallet also features TREZOR integration, allowing you to secure your XEM tokens using this popular hardware wallet.
In most cases, private keys for exchange wallets are owned by the exchange, not you, so you don’t have full control over your funds. There’s also the fact that exchanges are popular targets for hackers, so the security of your funds can’t be guaranteed.
With this in mind, it’s safer to move your holdings into a secure, private wallet.
If you’re looking for a more convenient way to manage your XEM, the NEM mobile wallet is available on Android and iOS devices. This free app is easy to use and allows you to send and receive funds, and generate, import and export NEM accounts.
Multi-signature functionality is included, while all private keys and other important data is encrypted and stored on your device. Transactions are completed quickly and it’s simple to navigate your way around the user interface.
However, some users have reported issues with crashing and other bugs associated with the app. For example, at the time of writing (06/03/2018), of the 404 user reviews on Google Play, 143 gave the app a 1-star rating.
Whether you’re storing XEM or any other cryptocurrency, keep the following tips in mind to increase the security of your funds:
Check out our comprehensive guide to choosing a crypto wallet
At the time of writing, the author holds IOTA and XLM.
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