Last Updated on June 27, 2022 by Shounak
In the fast-paced world of cryptocurrency, NEM is unique because it uses a Proof-of-Importance algorithm that allows users to earn rewards for participating in the network. Originally released in March 2015, it was first named “New Economy Movement” but later rebranded simply to “NEM.”
NEM’s Proof-of-Importance algorithm is one of its most unique features. Rather than rewarding users solely for their investment or for contributing computational power to the network, NEM rewards users based on their activity level.
The more active users are in the network, the more NEM tokens they earn. This incentive system encourages users to actively maintain the network, which ultimately benefits everyone who uses NEM.
Ultimately, NEM has a strong focus on security and stability. The developers have ensured that NEM is built on top of a solid foundation that can withstand attacks and unexpected events. It makes NEM one of the most secure and reliable cryptocurrencies available today.
What are the benefits of staking (Harvest) NEM?
One of the benefits of staking NEM is that you can earn a passive income. Another benefit is that you can help secure the NEM network. A third benefit is that you may receive a bonus payout if your weight in the network increases during the month.
The weight in the network calculation is simple. If your weight increases during the month, you will receive a bonus payout. A decrease in weight or no weight change means a smaller bonus or no bonus.
How do I choose NEM wallets for me?
When choosing a NEM wallet, it is important to consider the security and functionality it provides. Below are some factors to look out for a while researching the best XEM wallet.
- Look for a wallet with multiple security layers, such as 2FA or multi-signature options.
- Find a wallet with a user-friendly interface that is easy to navigate.
- Check if the wallet offers features like exchange integration or built-in ShapeShift support.
- Choose from NEM wallets that provide customer support in case of any problems or issues.
Best NEM wallets to store XEM
The NEM blockchain is secure, and almost every NEM blockchain-supported wallet is a safe place to store your XEM. We’ve made a list of the best NEM wallets in this article. Let’s see them!
Ledger Nano Wallet
A Ledger Nano S is an HD wallet and secure flash drive which allows you to store your cryptocurrency offline. It works with the blockchain to create a new address for every transaction, making it a good companion for managing accounts, creating and signing transactions, viewing balances, and checking that your contracts are properly configured.
A Ledger Nano S works with the NEM blockchain to create new addresses for each transaction. It also allows you to view balances and check that contracts are properly configured- making it a handy tool for managing accounts and transactions.
The official NEM Nano Wallet application can be used a few times yearly to reset the device, which will clear all balances from your addresses (similar to using a private key). After resetting, the wallet will grant access to new features.
Some of the features available on the NEM Nano Wallet include sending XEM and messages to other users, registering aliases, and managing multiple accounts- all at no cost!
The NEM Wallet is the official wallet of the New Economy Movement blockchain network. It is an easy-to-use, multi-wallet designed for smartphones. Users can manage, send, receive, scan and message each other using the NEM Wallet.
It is available for both Android and iOS devices. Private keys are securely encrypted and stored within the device. With its easy-to-use interface and multi-currency support, the NEM Wallet makes it simple to send XEM messages to other users.
You can also use the NFC scanning feature to quickly and easily add new addresses to your wallet.
Exodus wallet is a multi-cryptocurrency wallet that is available both for desktop and mobile devices. It is a free software wallet that supports all major cryptocurrencies and also XEM.
A user can send, receive and exchange more than 200 cryptocurrencies using this wallet. You can also use this wallet to connect with a hardware wallet. Any user can use Exodus wallet to buy cryptocurrencies using a debit/credit card, apple pay and bank transfer.
You can also stake other cryptocurrencies using it but at the moment you cannot harvest NEM on this wallet. It has a simple user interface wherein you can check the live charts and also view your crypto portfolio. They also provide 24/7 human support.
Guarda is a desktop, online and mobile wallet that supports multiple cryptocurrencies and is also non-custodial. We won’t recommend our readers to use the online wallet as they are prone to hacks. We always recommend desktop wallets and the same is for Guarda.
As Guarda support the NEM blockchain therefore any user using this wallet can send, receive, exchange and buy XEM on their platform. You can buy XEM using SEPA or through a credit card.
You can also stake other cryptocurrencies using it but at the moment you cannot harvest NEM on this wallet. It is basically a wallet for a beginner as it has a simple-to-use interface.
On our list of best NEM wallets, we have another multi-cryptocurrency wallet that is available for both desktop and mobile devices. We do not recommend our readers to use the mobile wallet as it has a lot of flaws.
The Atomic wallet does support NEM blockchain and any user who is using this wallet can send, receive, exchange and buy XEM using it. It is also a non-custodial wallet therefore the keys are stored on the device.
The Atomic wallet has a simple user interface and a sleek design but we felt it is slow whenever it is launched. We also do not recommend using the mobile wallet as it lacks certain basic requirements of a multi-cryptocurrency wallet.
The above list of best NEM wallets is a list of the most trusted and recommended wallets in the crypto sphere. We will always recommend our readers to create a backup of their wallets as every wallet listed here comes with the backup feature.
Depending on your requirement you can download or buy a wallet but we always recommend hardware wallets as they are very secure and safe. The next would be using a desktop wallet as they are not always connected to the internet.
If you prefer using a mobile wallet then use it only for transaction purposes and not for holding purposes. For long-term holding, you should always go for a hardware wallet.
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