How to Setup NEM Nano Wallet Running on Windows PC

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How to Setup NEM Nano Wallet

This post is about how to setup NEM Nano Wallet on Windows PC, same instructions can be used on Mac OS and Linux. Year 2017 was blockbuster for many cryptocoins and NEM was one of the top performing crypto. NEM (XEM) posted a staggering 28000% returns in 2017 (source). NEM has rebuilt itself in the ranking of the most capitalized digital currencies, surpassing the Litecoin.

NEM, a cryptocurrency with the symbol XEM and born in 2015. For the record, it should be noted that NEM is the name of the ecosystem, while XEM is the name of the token. NEM brings “proof-of-importance” (POI) functionality, multi-stream account, encrypted messaging and much more. NEM has recently lost the sixth place for global capitalization to cryptocurrency TRON.

NEM is very common in Japan (second after Bitcoin), and its blockchain is currently also being tested by private companies and financial institutions. This means that in the not-so-distant future, XEM can be the next big thing in crypto market in 2018. Let’s see how to setup nem nano wallet.

How to Setup NEM Nano Wallet on Windows PC

Step One : First of all we need to download and install official wallet on your computer to safely store your NEM coins. We recommend using official NEM Nano wallet from the NEM website. This wallet is available for Windows, Mac and Linux. You can download here.

Once the file has downloaded first unzip it, find NanoWalet.exe and double click this file to run the wallet.

Step Two : Once the wallet is running, press ‘Sign up’ in the top right corner and Press ‘Simple wallet‘.

Simple wallets contains a primary private key that is generated randomly.

Step Three : Read the warning. Understand the warning, then press ‘Ready‘. Make sure the ‘Mainnet‘ network is selected then press ‘Next‘.

Step Four : You will be asked to name your wallet. Use something simple such as ‘coinqa

Press ‘Next‘.

Step Five : Enter a secure password (that you won’t forget easily!). It’s a good practice to write down your password on paper and store it in safe place.

Note: If you lose this password you may lose access to your coins. Private key wallets use ONLY a password to encrypt the imported private key. Therefore it’s crucial to select a SAFE password.

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Step Six : You’ll now be asked to create a private key to your wallet, click ‘Start‘. Move your mouse around the screen until the progress bar reaches 100%. Once that’s done, click ‘Next‘. Read the standard warning and click ‘Understood‘.

Step Seven : Press ‘download wallet’. Save the file to your desktop. You can also back it up in external hard drive or USB stick. This file can be used to restore your wallet if your computer is lost/stolen/fails.

 

Once you’ve saved it, press ‘I have my wallet file‘.

Step Eight : Press ‘show private key‘. This private key, which looks like a string of numbers and letters, can open your wallet from any computer.

Even if you have a wallet file it is mandatory to backup your account’s private key, click on button below to reveal it:

Each wallet has a primary private key (yours is shown above) that is used to create deterministic secondary accounts (BIP32). This feature requires to use the same password or it will generate different secondary accounts for the same primary private key. When backing up your data don’t forget to take note of your password.

Once you’ve done so, press ‘I have my private key and password‘. Read the warnings then press ‘I agree‘.

Step Nine : You will now be at a log in screen. In the Select wallet drop down box, select Mainnet > the name of your wallet. Enter your password. Press ‘sign in‘.

Step 10 : You’ll land directly to the dashboard of your wallet. Click ‘Account‘ on top right corner. You will see your wallet address, which looks like a string of numbers and letters. For details check the image below.

You can press the clipboard icon beside your wallet address to copy it into your computer memory.

Note : If you don’t have any NEM coin, follow our other guide to buy NEM with PayPal, Credit Card or Debit Card.

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