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This guide is aimed at beginners

If you bought your first XEM, your next step is to send them to your account to store them. In this guide you will learn how to choose the type of your account. We differentiate between short-term and long-term storage.

Table of contents

  • 1 short-term
    • 1.1 Exchanges
    • 1.2 Mobile Wallet
  • 2 long-term
    • 2.1 Nanowallet
    • 2.1.1 Backup of Nanowallet
      • 2.1.1.1 Backup to a file
      • 2.1.1.2 Backup on paper
    • 2.2 NCC
    • 2.2.1 Backup of NCC
      • 2.2.1.1 Backup to a file
      • 2.2.1.2 Backup on paper
    • 2.3 Lightwallet
    • 2.3.1 About brainwallets
    • 2.3.2 Create a brainwallet
  • 2.4 Multi-signature Accounts

1 short-term

For days - weeks

1.1 Exchanges

There’s one thing which XEM and all other cryptocurrencies have in common: Don’t hold them on an exchange, unless you are a trader.

If you just bought your first XEM, chances are good that they are on an exchange. By leaving your XEM on an exchange you give control over your account to a third party which has to be trusted. Only leave your XEM on an exchange as long as needed!

1.2 Mobile Wallet

We recommend to treat your mobile wallet like a prepaid-card. Only store as much XEM as you’re planning to spend.

To backup the mobile wallet go to you account, choose "more", "export account" and choose "View private key". Write down the private key or take a screenshot and put it in a safe place.

It's also possible to import the private key to Nanowallet or NCC!

2 long-term

For months - years

2.1 Nanowallet

You can create a simple wallet on the mainnet using the Nanowallet. Download the Nanowallet from here. Extract the contents of the ZIP-File and double-click start.html.
Do not use Edge Browser on Windows 10, we recommend Google Chrome.

Before you install Nanowallet, make sure you are using a computer which is clean (Antivirus-/Antimalware-Scans) and always use a strong unique password (read more about it here).

By storing your XEM in Nanowallet you have advanced features such as delegated harvesting.

2.1.1 Backup of Nanowallet

Nanowallet is now running on your computer. What happens if your hard disk crashes? In this case you better have a backup ready.

We recommend to do backups to a file AND to paper!

2.1.1.1 Backup to a file

When you login for the first time, your internet browser will download a "nameofyourwallet.wlt" file. This file contains a backup of your private key.
(if you didn't store the .wlt file on wallet creation, it can be downloaded later by clicking on "Account" in the top right corner of the wallet and select "Backup Wallet")

Store your wallet file on different drives, for example usb sticks, usb hds, network storage. We recommend to encrypt the file with a tool like truecrypt before storing it on a different drive.

Remember: Without your password your wallet file is useless!

2.1.1.2 Backup on paper

When you’re logged in to your account in Nanowallet, you can show your account details. Select the account from top right corner.

Account

On the account details enter your password on the "Private key" section and press "+".

Account Private Key

When you entered the password it shows your private key.

Show Private Key

You can now either write this information on a paper or print it out. Store it in a safe place.
Reminder: With the PRIVATE key you can control the account. No password is required!

2.2 NCC

You can create an account using the Nem Community Client (NCC). Guide on how to install NCC can be found here: Windows/Mac, Linux

Before you install NCC, make sure you are using a computer which is clean (Antivirus-/Antimalware-Scans) and always use a strong unique password (read more about it here.

By storing your XEM in NCC you have advanced features such as harvesting and delegated harvesting.

2.2.1 Backup of NCC

NCC is now running on your computer. What happens if your hard disk crashes? In this case you better have a backup ready.

We recommend to do backups to a file AND to paper!

2.2.1.1 Backup to a file

You can create a backup of NCC using this guide (go to “2.4 Backup your wallet”).

Store your wallet file on different drives, for example usb sticks, usb hds, network storage. We recommend to encrypt the file with a tool like truecrypt before storing it on a different drive.

Remember: Without your password your wallet file is useless!

2.2.1.2 Backup on paper

When you’re logged in to your account in NCC, you can show your account details. Select the account from the left and open the settings.

Open Account Details

On the account details press “Show Account’s PRIVATE key”.

Account Details

Fill in your password and press “SHOW THE KEY”.

Show Private Key

Now you see your account’s address, private key and public key.

Private Key

You can now either write this information on a paper or print it out. Store it in a safe place.
Reminder: With the PRIVATE key you can control the account. No password is required!

2.3 Lightwallet

We will only focus on 1 feature of the Lightwallet, the feature to create a brainwallet. A brainwallet is an account which is created from one password and can be accessed from every Lightwallet on every computer.

Guide on how to install the Lightwallet can be found here.

2.3.1 About brainwallets

With a brainwallet you don’t need to backup files or private keys, you just have to remember the password. Because the account is created with the password, it is a must to have a strong password. Guide on how to make a strong password which can be remembered easy can be found here.

Like the name suggests, the idea is to just remember the password. If you think you can’t, we recommend to write it down in a password manager or on a piece of paper.

2.3.2 Create a brainwallet

Start the Lightwallet and choose “I want to create a brainwallet”

Lightwallet

Fill in any name (you don’t have to remember the name) and a strong password, click “Create”. Your account is created. Your browser will remember your account.

If you switch your browser or computer just repeat the steps above (although you’ve already created a brainwallet) and you regain access to your account.

2.4 Multi-signature Accounts

And finally, the more advanced and most secure way of securing your funds is multi-signature. NEM's current implementation of multisig is "M-of-N", meaning M can be any number equal to or less than N, i.e., 1-of-4, 2-of-3, 4-of-9, 11-of-12 and so on. NEM also allows "N-of-N" accounts, i.e., 1-of-1, 2-of-2, 5-of-5, 10-of-10 and so on.

NEM's multisig is supported by all NEM wallets including NCC, Android, iOS, Nano, and NEMpay. Multisig accounts are as easy to set up as a few clicks and even have push notifications sent to your mobile or desktop wallet notifying you to sign.
If you are interested in multi-signature accounts you can read more about it here.

The NEM team would like that thank Spizzerb for this tutorial.

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