NEO is the 20th cryptocurrency by market capitalization and a popular investment choice for many crypto users. It has been in the market long enough to carve out its own niche in the smart contract platform market.
For anyone who is thinking of investing in NEO, one of the first things you might ask yourself is how to store your funds safely. Admittedly, there are numerous wallet solutions. But not each one is appropriate.
They offer varying levels of convenience, features, security and many other aspects that could impact your trading experience. In this guide, we will help you choose the best NEO wallet to suit your personal needs and preferences. Let’s get started.
What is a NEO Wallet?
NEO is both the name of a blockchain platform and a cryptocurrency. It was initially known as Antshares after its launch by developers Da Hongfei and Erik Zhang in 2014. But in 2017 it rebranded to NEO.
Everyone who owns NEO uses a digital NEO wallet to keep track of it. Cryptocurrency wallets can be used to:
- Send Cryptocurrencies
- Receive Cryptocurrencies
- Trade Cryptocurrencies
- Spend Cryptocurrencies
- Withdraw Cryptocurrencies
Each NEO and cryptocurrency uses blockchain technology to complete transactions. However, crypto wallets cannot:
- Send NEO to any non-NEO crypto address
- Share user information with 3rd parties (not recommended)
- Withdraw or access bank funds (only Bitcoin ATM)
Just like Ethereum, the platform is designed to run smart contracts, which are known as NeoContracts within its ecosystem. Unlike Ethereum though, it makes use of popular programming languages like C++, Python and Javascript.
The platform supports asset digitization, decentralized commerce and identification. Its overall objective is to create a foundational framework over which developers can build decentralized applications by executing their own smart contracts.
Another differentiating feature is the use of a consensus algorithm known as Delegated Byzantine Fault Tolerance (dBFT). This algorithm consumes less electrical energy and reduces the chances of a chain split.
If you are interested in making an investment in NEO, you need to buy NEO coin and store it appropriately. There are numerous NEO wallets in the market that offer storage and transactional facilities for NEO holders. Which one should you choose? Read on to find out.
Best NEO Wallet Providers
Binance is one of the most popular cryptocurrency exchange platform, which started out in China but later relocated to Malta, the Blockchain Island. It is still relatively new in the market as it only launched in 2017.
But in its short-lived existence, it has garnered a positive reputation thanks to its outgoing CEO, Changpeng Zhao, ICO listings and low trading fees among other merits. It has both basic and advanced trading features, but neither is ideal for complete beginners.
To get started with Binance and open your own Binance NEO wallet, follow these steps:
Step 1 – Create Your Binance Account.
Go to Binance.com and register an account by submitting your email address and creating a new password for your account.
Check your email and click on the link in the mail from Binance.
This will take you to your new Binance account. Submit information about yourself so as to unlock the full functionality of the site.
Note: You can’t buy NEO with fiat money (like USD) on Binance.
Step 2 – Go to “Funds” > “Balances”
This page lists all of the wallets in your account, starting with the ones that have coins.
Anytime you buy coins on the exchange, they will reflect in one of these wallets.
To send funds to your NEO wallet address, click “Deposit” so as to view the wallet address. From here on you can start trading and transacting in NEO.
Coinbase has been around much longer than Binance. It was launched in 2012 and in 2013, was ranked as the highest funded BTC startup as well as the largest crypto exchange globally.
Though this is no longer the case, it is still one of the most popular exchange platforms, with a presence in over 32 countries. Unlike Binance, Coinbase lets you buy NEO using fiat money, via bank transfer or credit card.
Here is how to open a NEO wallet on Coinbase:
Step 1: Create Your Coinbase Account.
Go to Coinbase.com and create an individual account.
Enter your full name and email address and then set a new password for your account.
Coinbase will send you a link; check your email and click on the link to access your account.
Step 2: Find Your NEO Wallet.
To see your NEO wallet, click “wallets” and this will also allow you to view your wallet address.
Send the Neo coins you buy to this exchange wallet as they await transfer to a new long-term storage wallet.
Exodus is a software wallet for your desktop. It is compatible with the major PC operating systems and recently had an iOS version launched for Apple device users.
It has been around longer than Binance as it was established in 2016 by JP Richardson and Daniel Castagnoli.
As a multi-currency hot wallet, it supports over 100 digital assets and is easily accessible for transactions. In addition to the wallet, Exodus’ software consists of a built-in crypto exchange platform and a portfolio tracker.
If you would like to open a wallet on Exodus and start using NEO, here’s how:
To download and set up this wallet, follow these steps:
Step 1: Download Exodus.
Download the wallet at Exodus.io (Exodus is desktop only). Install it following the prompts it provides on your screen.
Step 2: Open Your Exodus NEO Wallet.
Once you open your Exodus wallet, you will see the over 100 cryptocurrencies that the wallet can hold. To view your NEO wallet, click “Wallet” on the left side.
That will show you your wallet address and other details such as account balance.
Infinito claims to be the first universal wallet, and true to this, it supports a wider range of crypto tokens than most others. Apart from the major coins, it also supports all ERC20, ERC223 and NEP-5 (NEO) tokens. And the list keeps growing every day.
The wallet is a product of Infinity Blockchain Labs, registered in the Isle of Man, UK. There are more than 70 team members working on it at present.
Besides offering a wide variety of coins, Infinito also supports touch ID, a convenient security feature that makes it unique. It also has contact management features that let users store frequently used contacts.
To open your own Infinito wallet and store or transact in NEO, here is what you need to do:
Step 1: Download Infinito Wallet
Go to the official site, infinitowallet.io and download the wallet app for your Android or iOS device.
Once the download completes, follow the prompts to install and open the wallet.
Step 2: Go to the NEO Wallet already within Infinito
When you open Infinito wallet, your NEO wallet will already be active within it so you can start transacting right away.
Best NEO Wallets in Your Country
UK residents have a bevy of options when it comes to cryptocurrency wallets, but our top recommendation is Coinbase.
As mentioned at the onset, its main differentiating features include the fact that it has been around longer than most and that it is regulated.
Currently, it offers a wide range of trading options for all manner of users, new and experienced.
For residents of Canada and the US, Coinbase is available after a long period of waiting. It is currently regulated in this region as well under FinCEN.
Apart from allowing users to store, send and receive cryptocurrencies, it also offers exchange and trading services.
For instance, it is currently the most popular social trading platform globally. It also offers novel trading systems such as copy trading, which lets newbies copy the trades of more experienced traders, giving both groups an opportunity to earn from the activity.
Coinbase has made a name globally and maintained a reputable name throughout its years of existence.
In Australia, most crypto traders use Binance as their wallet service provider. While this is a solid choice, it is not the safest.
Binance is an exchange wallet and is thus always online. This means that it is more vulnerable to hacking than offline storage options. It is therefore appropriate for short-term storage when trading cryptocurrencies.
Coinbase is also available to users in Australia, operating under the regulatory oversight of ASIC. Being a mobile software wallet, it is a better option for storage than an exchange wallet.
Differences Between Exchange, Hardware and Software Crypto Wallets
As you may have noticed, there are a number of different types of wallets, each one suited to different forms of use and storage options. Let us go through these different types to help you get the hang of it and make a safe choice for storing your NEO coins:
Exchange Wallets
Neo exhange wallets are cryptocurrency storage facilities accessible on crypto exchange platforms. They are meant for short-term storage, when one is trading or after the purchase of digital coins.
However, since they are hot wallets, always online, they are not safe for long-term storage. Always move your NEO from exchange wallets when not using them.
Here are our favorite NEO exchange wallets:
- Binance Wallet
- Coinbase Wallet
Hardware Wallets
Neo hardware wallets have made a name as the safest long-term storage options for cryptocurrencies. They resemble flash disk drives and store your private keys offline.
You may only need to connect them to an online device periodically to transact but they spend most of their existence offline.
To make sure you keep your NEO coins safe, always buy your hardware wallets from authorized distributors to avoid counterfeit products.
Here are some good examples of NEO hardware wallets:
- Ledger Nano S
- Trezor
- KeepKey
Software Wallets
Neo software wallets come in the form of PC or mobile device apps that you download and install on the relevant device to store NEO.
Though they do not have to be online to function, anytime your phone or PC is online, your NEO wallet is vulnerable. But they are extremely convenient for frequent transactions as you only need to launch the app to access your wallet.
If you use NEO and other cryptocurrencies for everyday transactions, it is advisable to keep small amounts in software wallets. But most of your funds should remain in cold storage for long-term security.
Here are some good examples of NEO software wallets:
Best NEO Wallet on Mobile
Best NEO Wallet Apple
For Apple device users, Infinito is a great choice of wallet. Not only does it offer support for a wide range of cryptos which you can trade against. But it also has a robust security system which includes touch ID.
It is also a convenient wallet to use as it can access contact information and save you the hassle of copying long crypto wallet addresses when transacting.
Another one of our favorites is Coinbase, which is one of the very few regulated wallets. It is thus one of the most secure. It also offers lots of trading options, making it highly versatile.
Best NEO Wallet Android
Our top NEO wallet recommendation for Android users is Jaxx wallet. It is a highly functional choice with over 80 cryptocurrency options and robust security features.
Its user interface is friendly and intuitive, offering a great user experience and making the transacting experience seamless and hassle-free. And it offers basic trading facilities to boot.
There are hundreds of NEO wallets available on mobile devices. Most of them are not worth your consideration. Here are the things to consider when choosing Apple and Android crypto applications:
Apple
- Only compatible with Apple apps
- Many crypto apps are instantly banned by Apple due to T&C violations
- Apps from anonymous publishers will not be accepted
Android
- Android is application-agnostic
- All apps appear in the Play Store, even the scams
- Android apps can mine certain cryptocurrencies
If you are just starting out in the cryptocurrency space, you might feel overwhelmed by the sheer number of crypto wallet options. But knowing what to look for in a wallet will make the last less intimidating.
For instance, frequent crypto users and traders will look for a convenient option that allows easy access to funds. But for “Hodlers” getting the ideal long-term storage solution would be a top priority.
In both cases however, you need to pick a wallet service provider with a reputable name. Conduct research on the history of any given wallet before placing your funds in storage. Platforms with a solid security background are your best bet.
Another important factor to consider is what other users have to say. Wallet services at times have hiccups, but what matters is how the team handles such situations. Read reviews on discussion forums like Reddit before settling on any wallet.
Finally, keep your password, recovery seed, PIN code and any other security feature out of harm’s way so as to protect funds at all times.
More Cryptocurrency Wallets
FAQs
What is NEO GAS?
NEO GAS, like Ethereum Gas, is a secondary token in the ecosystem. It is used as the means of payment for running a smart contract on the NEO blockchain.
Can I mine NEO on my wallet?
NEO is not a mineable cryptocurrency. Only 100 million NEO tokens will ever exist and all of them were launched at the onset.
What makes NEO different from Ethereum?
While Ethereum uses its own native programming language, Solidity, NEO uses common languages. This makes it more easily accessible to developers wishing to launch DApps on the platform.
What if my NEO wallet does not support GAS?
NEO users get GAS dividends for holding their coins for a long time. But not every wallet supports GAS. If your wallet does not, you can still get GAS dividends for holding NEO. To check your GAS balance, go to the NEO explorer and enter your wallet’s public address.
How can I send or receive GAS if my wallet does not support it?
You can always import your wallet to another wallet that supports GAS using your seed phrase.
How does NEO’s consensus algorithm differ from Proof-of-Work?
The dBFT consensus protocol is a NEO invention with 100% finality after one transaction confirmation, lower energy consumption and no possibility of a blockchain fork.
