Simple Guide to the Best Nxt Wallets in 2024
Many people show interest toward Nxt and they seek for a way in. To start your crypto journey, you will need a wallet to maintain and organize your digital funds. The choice regarding Nxt is not that complicated because the service providers are just a few. Despite that, they have different functionalities and additional tools to assist you to control your assets well. I can help you coordinate your moves and determinate your needs, which will be a great assistance to you in the process of finding the perfect wallet for you.
01.The Best NXT Wallets
As you can see on the table below, there are several representatives only but if you pay attention to the details you will see that they cover every type and need that a user may face. You can choose between mobile, web or desktop clients, hence you need to consider how much you intend to invest and how frequently you will use the wallet. This is related to your security because the mobile wallet is quite useful and easily accessible for daily use but the constant exposure to online threats is not the best fit for large amounts of digital assets. Web wallets are the same because they are an online platform and your password could be hacked through it. If you want to play it safe, I recommend placing your trust and money in a desktop wallet. That’s because with it you can keep a good and secure environment for your cryptocurrencies. Just dedicate a specific computer for that purpose and don’t use it to browse online or downloads torrents etc. Another friendly advice of mine will be to think over in how many currencies you are planning to invest because the official NXT coin wallets support only NXT and if you send something different to that address, it will be irreversibly lost. I will leave you now to explore the list of the best Nxt wallets and right after I will help you learn more about their features and functions.
| Type | Name | Compatibility | Supported Coins | Pros & Cons | Get Wallet |
|---|---|---|---|---|---|
| Desktop Wallets | Full NXT Client Review |
NXT only |
Official Nxt Wallet You Need to Download the Whole Blockchain |
Download | |
| Mobile Wallets | Full NXT Freewallet Review |
NXT only |
Hierarchical Deterministic Available Only for Android |
Download | |
| Full CoinPayments Review |
60 Coins ERC20 Tokens |
Two-Factor Authentication Not Hierarchical Deterministic |
Download | ||
| Web Wallets | Full CoinSpot Review |
30 Coins 20 Tokens |
Multi-Coin No Control Over Private Keys |
Visit Website | |
| Full Multiwallet by Freewallet Review |
22 Coins 3 Tokens |
Built-In Exchange Not Open Source |
Visit Website |
02. Common Features of Nxt Wallets
There are some common features typical for the majority of the Nxt wallets that we will review and they all concern the privacy factor and the security level, which are the main subjects of the next section of this article.
Security and Privacy
Those most commonly met are the HD (hierarchical deterministic) and the multi-signature functionalities, both properly explained underneath. Apart from those you can find another useful feature like the Two-Factor Authentication (2FA) available only with CoinPayment wallet but with amazing impact over the level of security of your account. The core purpose of 2FA is to send second verification code consisted of 6-12 digits required to log into your account, but that code is sent to your phone. Each time you log in, you need to for fill your password and the code sent to your mobile device.
Hierarchical Deterministic (HD)
Widely implemented from many wallets, that functionality offers a password/access recovery phrase called “seed”.
Multisignature
It reflects as a shared responsibility for a wallet’s funds. Each time transaction is performed, confirmation from more than one participant is needed to perform it.
Secure Nxt Wallets to Consider
Wallets for Nxt Staking
Since Nxt is using Proof of Stake you can download the official Nxt client and start staking your coins. Unfortunately, there is no block reward dedicated to stakers but you will earn dividends from each transaction processed in the form of transaction fees.
Transaction Fee Management
Usually, the transaction fees are fixed to 1 NXT for a standard transaction with the possibility of higher fees in case of higher values or more complicated assets transfers.
03.FAQ
-
It is impossible to reset your passphrase?
Nobody on the network can reset or recover your passphrase, that’s because the blockchain is absolutely decentralized and there is no authority with higher jurisdiction and access to such information. The only person who can control or maintain your passphrases and funds is you.
-
How to download a copy of the blockchain?
You don’t need to do it manually. After you install it, the wallet`s client automatically seeks for remote peers to download the blockchain. As process its absolutely safe because your node re-validates all transactions while downloading.
04.About Nxt
In its nature, Nxt is an open source network initiated in 2013 by anonymous BCNext developer. The fundraising started on 28th of September and ended on November 18th, 2013. The project successfully accumulated $17 000 for less than 1 month and attracted many users to its bitcointalk.org forum discussion. The main goal of the project is to build a flexible financial service with internally built applications. The consensus mechanism used is Proof-Of-Stake which should remind you that mining is not available. The total number of coins comes to one billion and unlike Bitcoin, the money supply is a static one.
In the next following years, Nxt released several significant features with serious impact over its performance and functionality. Farma Webmedia started their idea on NXT Asset exchange on 9th of November 2015. Not long after in July 2016 the Smart Transaction templates were released too, their main purpose was to serve businesses build and construct their blockchain solutions. The complex nature of Nxt allows external services to be formed over the blockchain. Thanks to the decentralized peer-to-peer exchange of crypto assets you can build trading bridges between the virtual crypto world and the physical world. That’s because Nxt allows you to use different colors in order to designate the different type of assets like stocks, commodities or physical properties. The project is still online, still well backed up by a proper development team, so the expectations are constantly growing altogether with the users demands so we can only wait to see what comes next.