How and where can you safely store your Nano holdings? Read on to find out.
Formerly known as RaiBlocks, Nano (XRB) is a popular cryptocurrency that aims to offer fast, fee-free transactions on a network that’s extremely scalable. After experiencing rapid price growth in late 2017 and early 2018, Nano found itself on the radar of many crypto traders.
However, before you buy any XRB, it’s essential to find a wallet where you can safely store your coins. At the time of writing (5 March 2018), the team behind Nano offered an online wallet, a desktop wallet and beta versions of mobile wallets and a new desktop wallet. Let’s take a closer look at the features offered by those wallets to help you choose the best one for your needs.
Compare Nano wallets
Features to look for in a Nano wallet
When searching for a wallet to store Nano or any other cryptocurrency, make sure you keep an eye out for the following features:
- User-friendly interface. If you’re new to cryptocurrency, working out how to send, receive and store your coins can be confusing. By choosing a wallet that’s easy to use and understand, you should be able to minimise this uncertainty and reduce the risk of making any mistakes.
- Private key control. Your private keys are essential for accessing your crypto coins, so look for a wallet that allows you to retain control of your private keys and doesn’t require you to store them on any third-party servers.
- High level of security. Security is paramount for any wallet, especially if you’re storing a large amount of crypto. Consider the security features a wallet offers, such as advanced encryption and two-factor authentication, before deciding whether it’s right for you.
- XRB support. Before sending XRB to any wallet, double-check to make sure the wallet actually supports XRB.
- Backup and recovery. Backing up your wallet is a crucial safeguard against unexpected disasters, so check to see whether any wallet you’re considering has an easy-to-use backup facility. Make sure you also know what’s involved in the recovery process if something ever goes wrong.
- Ongoing development. Is the wallet backed by a strong development team that is always working to make improvements, such as upgrading security tech or adding new features to the user interface?
- Customer support. If you ever have a problem with your wallet or a particular transaction, being able to quickly and easily access customer support provides much-needed peace of mind.
- Easy and convenient storage, allows you to control your private keys, simple to set up and use
- Security risks associated with online wallets
NanoWallet.io is a light web wallet for storing XRB. Formerly known as RaiWallet (Nano used to be known as RaiBlocks), this wallet provides a fast and convenient way for you to store and manage your Nano.
The setup process for the wallet is quick and straightforward, while sending and receiving payments is also easy thanks to the intuitive interface. An open-source wallet, NanoWallet also allows you to retain control of your private keys for extra security, with wallets encrypted before being sent to the server.
However, it’s always important to be aware that web wallets come with a higher level of risk than some other options.
Nano Mobile Wallet
- Convenient access, iOS and Android access
- Still in beta stage at time of writing
If you want to manage your XRB on the go, Nano offers apps for Android and iOS users. However, these apps were still in the beta-testing stage at the time of writing (March 2018), so keep your eye out for news of an official release.
Early reviews have indicated that the Nano mobile wallet is simple to set up and use, and you can sign up for the iOS Wallet Beta and Android Wallet Beta on the Nano website.
Nano Classic Wallet
- Access on multiple devices, ease of use
- New wallet still in beta-testing stage at time of writing
If you prefer to manage your crypto funds from your computer, Nano also offers its desktop wallet, Classic Wallet. Available for download for Windows, Mac and Linux operating systems, this wallet allows you to retain control of your private keys. It’s easy to set up and use, and sending and receiving payments is similarly simple.
However, at the time of writing (March 2018), Nano is also working on a new desktop wallet which, like the mobile apps, is in the beta stage. You can sign up for the Nano Desktop Wallet Beta on the same page as the download link above to see what this new wallet has to offer.
Storing XRB in an exchange wallet
Once you’ve bought XRB on an exchange, you may decide that you want to keep those coins in your exchange wallet. This is a quick and easy option, which is particularly convenient if you want to use your XRB to place a trade.
However, there are some key security risks associated with storing crypto on an exchange. Not only are your private keys usually controlled by the exchange rather than by you, meaning you don’t have full control over your assets, but exchanges are a popular target for hackers.
To ensure the safety of your funds, the best option is to move them into a private, secure wallet.
Tips for securely storing your XRB
If you want to ensure the security of your XRB or any other crypto coins or tokens, remember the following useful tips:
- Back it up. While the chances of it happening may seem rare, there are several unexpected mishaps that could result in you losing access to your wallet. With this in mind, make sure you back up your wallet regularly so you’ll be able to recover your funds.
- Use all available security features. Take every step possible to secure your funds. For example, make use of two-factor authentication, secure PINs, multisig functionality or any other features offered by your chosen wallet.
- Create a strong password. It’s quite easy to lapse into laziness when setting up passwords and simply use the same set of characters you use for all your other accounts. But when you’re setting up a crypto wallet, make sure to put some time into creating a strong password that features a variety of characters.
- Update your software. Make sure your antivirus software and malware protection is always up to date as any security vulnerabilities could open you up to the risk of hacking.
- Consider cold storage. The safest way to store cryptocurrency is offline in a so-called cold wallet. If you’re looking to store a large balance of coins or tokens, going offline can offer much greater peace of mind. At the time of writing (March 2018), support for XRB on Ledger hardware wallets was reportedly a work in progress.