10 Best NEO Wallets to Store NEO

What is Neo (NEO)?

Founded in 2014 as the first Chinese blockchain company to open source to the public, NEO is now ranked 33rd according to CoinMarketCap. NEO is a large-scale blockchain project, which was conceived as a “smart economy” with the ability to digitally identify and automate business processes. 

The idea behind NEO is a completely new look at the economy, combining traditional mechanisms with the digital economy into the so-called smart economy. NEO has managed to implement blockchain-based smart asset management in a secure, efficient, and legally clean manner.

Against the background of other cryptocurrencies, NEO distinguishes two major peculiar properties: Smart-economy project and its tokens.

Smart Economy by NEO

NEO’s goal is to combine digital identity, digital assets and smart contracts, that is, to organize the transfer of assets between different economic agents with minimal costs. At the same time, the system is open to everyone and does not require participants to trust the central authority, and its rules and organization are transparent and fair for everyone.

The system is capable of handling millions of transactions per day and is forcing banks and other organizations to reconsider their business models.

NEO Tokens

The NEO platform uses two different tokens: NEO and NeoGas (GAS). The NEO network charges GAS as a blockchain fee (like the Ethereum network). GAS finances blockchain operations – changing the status of assets and registering smart contracts – which creates economic incentives for network participants. At first glance, the system is confusing, but in practice, what is happening is beneficial to all project participants.

NEO is constantly evolving. One of the most recent breakthroughs was the transition to the new blockchain version N3, which was released in March this year. So, holders of NEO and GAS tokens will need to transfer them from Neo Legacy to N3 in order to experience all the benefits of the new update.

What is NEO Wallet?

NEO wallet is a storage that will allow you not only to store the cryptocurrency of the same name, but also to send, buy and exchange it. Due to its popularity, there are many wallets that are compatible with this cryptocurrency. However, there are also several official NEO coin wallets: 

Neo-GUI – a full-node application compatible with Windows 10 and macOS systems; NEO-CLI – a command-line client;

NeoLine – Chrome Plugin-Wallet. 

A NEO wallet should be secure enough so that you don’t have to worry about your assets. 

It has two security keys: public and private. Based on the name of the first one, you can guess that it can and should be communicated to other people who want to send you coins to your account. It represents the public address of the wallet. The closed one opposite must be kept secret. It is the access code for your account, which means that the one who knows it owns the wallet and its contents.

One of the advantages of NEO holders is passive earnings in the form of GAS tokens. In addition, the reward can be increased for active participation in the network, such as, for example, voting.

Why do People Invest in NEO?

When creators and developers have faith in their product, that confidence is passed on to users and investors. Take, for example, the recent release of the new version of NEO 3.0, which has a number of significant improvements over its predecessor. These include powerful features, a highly modular yet simplified architecture, and an improved governance and economics model. Not many other cryptocurrency projects can boast of such an organized and systematic contribution to the development of the ecosystem as NEO does. 

As for the value of one NEO coin, it is $ 32.48, and the market cap is $ 2,287,513,928 (at the time of writing, according to the CoinMarketCap). The highest cost of NEO in the last 3 months reached $ 140.37, and the lowest $ 30.53. Apparently, the cost will increase, so now is a good time to buy NEO. Of course, predictions about the value of NEO are completely different.

According to Wallet Investor’s long-term forecast, the NEO rate could reach $ 103.70 within 5 years.

According to Crypto Ground’s long-term prediction, NEO could rise to $ 195,352 within 5 years.

There are, of course, absolutely fantastic predictions in which the cost of NEO either drops to $ 9 or soars to almost $ 800. So you shouldn’t rely completely on almost unsupported forecasts. Anyway, analyzing the ongoing development of this project and the price behavior, we can conclude that the NEO is worth the investment.

Be that as it may, the development of events speaks of the reliability and prospects of NEO, which means it’s time to find a suitable wallet for your investment.

Types of Neon (NEO) wallets

In order to choose a wallet that would meet the goals and expectations, it is necessary to understand what types of wallets can be found in the pockets of the holders of the NEO cryptocurrency.

All wallets are divided into different categories according to certain characteristics or features. 

For example, there are cold and hot wallets. Cold wallets are blacklisted by all hackers because they are not connected to the network, which means they cannot be hacked. Unless they can break into the house of a cold wallet owner and steal it using the “good” old method. Though in this case it will no longer be a cyber attack, but a real burglary! On the contrary, hot wallets, like hot pancakes, are very attractive to online scammers. Since they are either connected to the network, or are part of it. 

You might think: “So what’s there to think about!? I should take a cold one!” However, it’s not that simple. Using the network provides a number of opportunities that cold wallets do not have. Thus, both have advantages and disadvantages. Therefore, the choice depends on what is more important to you and how you are going to use the coin storage. If you intend to store large quantities of NEO coins, safety comes first.

Mobile NEO Wallet: pros and cons

If you plan to frequently access your wallet for various transactions with NEO, you will most likely want to have a mobile wallet. It is user-friendly, easy to install on a smartphone and always at hand. However, what is too simple and mobile is usually less secure.

Desktop NEO Wallet: pros and cons

Desktop wallets are installed on a computer or laptop. They are more functional mobile ones. The security of such wallets depends entirely on how secure the device is. Therefore, it is very important to have the best software to protect your computer from malware.

Online or Web NEO Wallet: pros and cons

NEO online wallets are similar to storing bank card data on an Internet resource. You just need to create your wallet using certain websites. 

Hardware NEO Wallet: pros and cons

Hardware wallets are considered the most secure. They often look like a USB flash drive or a miniature hard disk. If this type of wallet is connected to a device that, in turn, is not connected to the network, it is cold and therefore secure. 

Paper NEO Wallet: pros and cons

It is also as secure as a hardware one, but it is a bit less convenient and functional. To get it, you need to print off the private and public keys on the piece of paper, using a special website.

What to Look for in a Neon Wallet?

You should be very careful when choosing a wallet, since you are going to entrust your expensive coins to it. Among the abundance of diverse wallets, you can get confused, and sometimes get screwed by entrusting your digital assets to an unreliable storage location. Therefore, it is recommended to create a checklist with the necessary factors that you should pay attention to when considering a particular wallet. Yes, the wallet competition is going to be tough, but in the end you will get exactly what you need.

NEO compatibility. There are many wallets, and even more cryptocurrencies. Therefore, it is very important to check the updated data regarding which cryptocurrencies are supported by the wallet that you like.

Security. There are several features that can help keep your coins safe. Among them are two-factor authentication, PIN codes, identity verification, encryptions, and so on. The more layers of protection your wallet has, the better your sleep will be.

Ease of use. The topic of cryptocurrencies itself is quite complex, so a wallet should make it easier to manage your digital assets. Pay attention to the user interface. It should be as clear as possible. Sometimes a complex wallet packed with various features does not mean that it’s good.

Key management. It is very important to make sure that you will be the owner of the security keys and that they will not be passed on to a third party. You will not give out the keys to your apartment or car, right ?! The same applies to the NEO wallet keys, which provide access to the account, and also confirm that you are the owner of the cryptocurrency. 

Advancement. NEO is a project that is constantly evolving. Accordingly, the wallet should have an active development team who will update and add new useful functions in accordance with new technologies and trends.

Good reputation. Genuine user reviews are the best advertisement. From them you can learn about the disadvantages and advantages of wallets. Therefore, always try to read them. But beware of the paid ones, as they are of little use.

Customer support. The world of cryptocurrencies is unpredictable, so find out who and how you can turn for help in case of unforeseen difficulties with the management of NEO. Good customer service always responds quickly to customer inquiries.

Hot NEO Wallets: Pros and Cons

As we mentioned earlier, wallets are divided into two large groups: hot and cold. Hot ones are those that are somehow connected to the network. It is an online wallet, mobile wallet and desktop wallet. Among other things, NEO hardware wallets can also be hot if they are connected to a device that has Internet access. 

Since the Internet is full of cyber threats, these types of wallets are inferior to cold wallets in terms of security. However, they also have a number of advantages. They are easy to use, feature rich and free.

Cryptocurrency traders who have their finger on the pulse, waiting for the opportunity to benefit from fluctuations in the exchange rate, for obvious reasons, prefer hot wallets.

Also, if you are not planning to invest in a large number of NEO coins, there is no point in spending money on cold hardware wallets. In any case, the developers are constantly working to improve hot wallets, so that they become more reliable and convenient.

Cold NEO Wallets: Pros and Cons

Cold wallets are wallets that are not connected to the network. They are safe and reliable, so they can be trusted with a large amount of NEO. These are physical devices that you connect to a computer, for example, to transfer coins from or to an exchange, and then disconnect it. There is interaction with the network, but it is very short-lived. In addition, these wallets have heavy-duty protection. This type of wallet also includes paper wallets.

The only drawback is the cost, but it is not worth saving on security. If you want to trade and buy NEO, so to speak, be on the crest of the wave, this type of wallet is unlikely to suit you.

Top 10 Best NEO Wallets

Favorites of 2021, which users have entrusted their NEOs:

1. Ledger Nano X
2. Ledger Nano S
3. Binance
4. Cex.IO
5. Ansy Neo Paper Wallet
6. Neon Wallet
7. Neo Tracker
8. Neo Wallet
9. Neo CLI
10.  Atomic Wallet

• Ledger Nano X

Thanks to innovative solutions, the latest version of the hardware wallet has already found many fans. Along with strong security features, which include a PIN code, two-factor authentication and a backup function, the wallet has a large screen, and Bluetooth, which will allow you to manage your crypto on the go. It supports more than 1500 cryptocurrencies and is compatible both with computers (macOS 10.10+, Windows 8+, Linux) and smartphones (iOS 9+ or Android 7+). Its price is around $119.

• Ledger Nano S

Although this model is older than the Nano X, it is worth considering for digital asset storage. Its security is at the same highest level, and thanks to its tiny size and shape, which resembles a USB flash drive, it is easy to carry around. In addition, its cost is half that of the Nano X.

• Binance

If you are not new to the world of cryptocurrencies, you have probably heard of this legendary exchange platform. It provides an exchange-based NEO Wallet. By creating a profile here, the user will be able to exchange supported cryptocurrency coins and buy coins for fiat money. Since it is a hot wallet, it is very convenient, especially for traders, but not as secure as cold wallets. Nevertheless, Binance’s reputation as a reliable and decent exchange can serve as a guarantee for the safety of your assets.

• Cex.IO

Being mainly a crypto trading platform, like Binance, Cex.IO also offers a place to store coins. Thanks to the application, which is compatible with all Android and iOS devices, the platform is easy to use for instant transactions. This option is also suitable for active traders.

• Ansy Neo Paper Wallet

One of the safest ways to store Neo coins is with a paper wallet, which is then stored in a safe place. Ansy is one such minimalist paper wallet which is a piece of paper with the user’s encrypted private key and public key printed on it. All you need to create it is to visit the site, press the GENERATE button to automatically create the repository and print the wallet following the instructions. Ansy is just a key generator. The service does not provide an interface for managing assets.

• Neon Wallet

It is a desktop wallet developed by the City of Zion team and is one of the best NEO wallets for Mac. The application is easy to install. In terms of security, the fact that the Ledger Nano S uses the Neon Wallet means that it is quite safe and reliable. The great thing is an automatic GAS crediting when adding NEO coins.

• Neo Tracker

This is another great and easy-to-use web wallet that gives users the ability to manage their private keys by keeping no personal information or wallet data stored on network sources. This, of course, adds to the reliability and security of this storage. It is compatible with both browsers Chrome and Edge, allowing them to keep all of the user’s secure information for transactions. Please note that it is only compatible with NEO Coins and GAS Tokens. If you want to use other cryptocurrencies, use a universal wallet, for example, storage on the Binance crypto exchange.

• Neo Wallet

Neo wallet is another lightweight API-based wallet, developed by the NEO community. So, they made sure that it was as safe as possible. Thanks for its intuitive interface, it will work for both beginners and experienced users.

• Neo CLI

It’s a desktop NEO wallet, created by NEO developers, who made sure that it was both functional and safe. The wallet has bypassed the macOS system, but it is compatible with Windows and Linux. It has a certain specificity in that it is controlled by command line prompts. It means that it is more suitable for experienced users, who are familiar with command language. Among the shortcomings: You will need time to synchronize, and installing the application will require a lot of hard disk space

• Atomic Wallet

This mobile and desktop wallet is a complete software platform for storing cryptocurrency with built-in exchanges such as ShapeShift and Changelly exchanges that allow you to trade and exchange your cryptocurrency directly from your wallet. The wallet supports over 300 different cryptocurrencies and is very simple and beginner-friendly.

Conclusion

NEO is a fairly promising cryptocurrency that is very attractive to investors. If you decide to purchase these coins, you should choose a reliable NEO wallet. The recommended option is Ledger hardware storage. It will provide the maximum protection of your existing coins from fraudsters if you follow basic security rules. Various online wallets can be used to store small amounts and for trading.

Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.