The NEO cryptocurrency has, admittedly, gained a lot of attention in recent months. Rightfully so - it’s a unique and attention-worthy crypto project, with some very specific goals and plans to reach them. If you’re interested in investing in NEO, though, you’re going to need the best NEO wallet beforehand!
Same as many other crypto coins and tokens, NEO has a few different wallet options to pick and choose from. However, at the same time, unlike many other similar crypto projects, NEO found itself in a rather peculiar situation - you can see what I mean if you take a look at the list below.
Speaking of which, this is what the best wallets for NEO look like:
What is NEO?
Before we get into the nitty-gritty details of the best NEO wallets, there are a few things worth mentioning beforehand. One of the main of these things is a short and to-the-point definition of just what the NEO coin actually is, and why you should be interested in it, in the first place.
If you have some prior experience with cryptocurrencies, you can think of NEO as a unique twist to Ethereum’s blockchain and general purposes. The general definition of the project seems pretty straightforward at first - it’s a decentralized cryptocurrency that’s centered around smart contract creation and execution. NEO is both a community-driven, and also a developer-friendly project.
Now, what makes NEO unique, though, and why do so many people want to invest in the coin and find the best wallet for NEO, in the first place?
Well, unlike Ethereum, NEO is regulation-compliant. Every single individual who transacts with and uses NEO is granted a digital ID, and thus, the cryptocurrency becomes a regulation-friendly project.
You might say - doesn’t that directly negate the whole entire idea of decentralization? Well, no, not exactly.
You see, since NEO is regulation-compliant, this makes the cryptocurrency very attractive to businesses and some specific financial institutions. Following that, the crypto becomes more widely integrated, thus growing the overall number of smart contracts built on the blockchain in question.
Multiple people who are looking for the best NEO wallet will tell you that they strongly believe in the project, and see it as the future of decentralized finance. This brings up another point that we need to cover - the reasons why individuals might want to invest in NEO.
Why do People Invest in NEO?
As a general rule of thumb, you should know that there are two big reasons why people invest in NEO, and search for the best NEO wallets - personal financial gain, and a general belief in the project.
More than likely, you yourself fall in either of these two groups of individuals.
The first group is very self-explanatory, and does probably represent the biggest part of people who are purchasing NEO. With cryptocurrencies being a very popular tool for investments in this day and age (mostly due to how simple it is to start investing in crypto, some mainstream coverage, DeFi culture, etc.), many individuals hope to make a profit by investing in some select cryptos.
The fact that it’s the most volatile market in the world probably has something to do with it, too.
NEO is no exception here. It has all of the elements required to succeed - a strong team behind the project, a clear vision, a unique solution to smart contract creation, and even some mainstream business support. Surely, the cryptocurrency has placed itself on many people’s radars!
The second reason for why people look for the best NEO wallets and aim to invest in this crypto is a bit more niche, however, just as (if not more) valid as the first one - wanting to support the project.
A cryptocurrency is only as much as the community behind it is. If it lacks support, and people refuse to use it, the project will fail - it’s as simple as that.
There are surely many people out there that want NEO to be successful. A major part of that success is the usability aspect of the token itself! Thus, if you plan on using NEO for these purposes - welcome to the community!
Did you know?
Ever wondered which crypto wallets are the most secure for your crypto assets?
Best NEO Wallet Types
So - let’s talk wallets, shall we?
Our list of the best NEO wallets will include a few different types of wallets. It would probably be a good idea to discuss the main types that you can expect to come across, just to make sure that we’re both on the same page here.
As a general rule, there are two major types of cryptocurrency wallets on the market - hot and cold ones. There are, naturally, smaller sub-types, too, but at the end of the day, it all falls back to these two.
Hot Wallets
Hot wallets are your software, your apps, your exchange-based storage, and so on. Quite frankly, any form of application that maintains a constant connection to the internet and allows you to store your crypto coins on it can be considered to be a hot wallet.
Now, the whole entire “constant internet connection” thing is noteworthy here - it has both some distinct benefits and disadvantages.
Benefit-wise, hot wallets are exceptionally convenient. They allow you to access your funds and make transactions in a speedy and simple manner - something that’s very important to most people who are looking for the best NEO wallet.
Hot wallets are also usually completely free to use, unless you’re looking at some premium apps or downloadable software. Naturally, this is a major factor to consider - it makes this wallet type much more approachable and widely popular.
As far as disadvantages go, there’s a single major one to consider - security.
Surely, I’m not trying to say that all hot wallets aren’t safe to use - that’s not the case. However, when compared to cold wallets, hot crypto storage is nowhere near as effective, security-wise.
Something worth mentioning, though, is that hot wallets are mostly preferred by cryptocurrency traders - people who are constantly flipping their assets on the market, with the intention of making a profit while doing so. This goes back to the convenience factor.
Furthermore, a hot wallet might be amazing for an individual who’s looking for the best NEO wallet in order to hodl a small number of coins. Seeing as hardware crypto storage does come with a price tag, it does, ultimately, depend on the person’s individual wants and needs.
Cold Wallets
Cold wallets are physical crypto storage devices. For the sake of staying on topic, I’ll mention that such things as paper wallets do exist, too, but in this list of the best NEO wallets, we’ll be focusing on hardware devices.
So, a cold wallet is something that you’d plug into your computer, transfer funds to/from an exchange, and then unplug it. In other words, a cold wallet does not maintain a constant connection to the internet - the connection is very brief, and secured with a vast array of security features.
| LEDGER NANO X | LEDGER NANO S PLUS | |
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| Best for Safely Storing, Sending, and Receiving Different Cryptocurrencies | Best for Safe Coin & Token Storage | |
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| One of the best hardware cryptocurrency wallets ever made. | The new-and-improved Nano S hardware cryptocurrency wallet from Ledger. | |
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Table: The main features of the Ledger Nano X and the Nano S Plus
As you can probably guess, this simple fact alone makes cold wallets the safest option for storing cryptocurrencies - NEO included.
With no constant connection to the internet, and your private keys stored on the wallet and not on some server on the other side of the world, a malicious hacker isn’t going to be able to reach your assets. The only way that someone could ‘steal’ your NEO coins that are located on a hardware wallet is by literally stealing the wallet itself.
Granted that, in most cases, you’re not going to be carrying your cold wallet with you everywhere you go, it’s probably safe to assume that the chances of that happening are pretty slim.
What about the shortcomings of cold wallets? Well, to tell you the truth, anyone looking for the best NEO wallet will be happy to hear that there are no serious shortcomings for these types of wallets!
The only thing that’s worth considering here is that cold wallets might get a bit pricey, depending on your product of choice. However, if you value the security of your NEO coins, that shouldn’t be considered an issue, whatsoever!
With all of that said, let us move on to the list of the best NEO wallets of the year!
