Pros and Cons of NOW Wallet: What You Need to Know to Get Started in 2024-2025

In this guide, we’ll take a close look at what makes NOW Wallet such a standout option as well as possible drawbacks. We’ll also cover what you need to know to get started with NOW Wallet in 2024-2025. Let’s get right into it.

Pros and Cons of NOW Wallet

NOW Wallet is a non-custodial crypto wallet. It has been around since 2021 and is an offering of the team behind ChangeNOW, an instant crypto exchange service. The wallet is handy and combines cross-platform access with select, advanced functionalities, as well as an intuitive interface. This makes it an especially great fit for both crypto professionals and amateur users. Here’s a more comprehensive breakdown of NOW Wallet’s extensive offerings and their benefits.

1. Non-Custodial Access

One central NOW Wallet feature is that it is non-custodial. This is to say: a user’s private keys remain in their hands, allowing for greater financial autonomy and security. No external actors – not even the wallet provider – have access to the funds.

As such, NOW Wallet’s approach to asset management shields against the risk of centralized failures. These are more common with custodial wallets. Also, in being non-custodial, NOW Wallet doesn’t collect users’ private data and aligns itself with one of core principles of the crypto space, which is privacy.

2. Security Features

Security is a non-negotiable aspect of any crypto wallet. Fortunately, NOW Wallet delivers on that end. The ChangeNOW team outfitted the wallet with certain key security features. 

First is the standard mnemonic phrase encryption. Users are provided with a 12 or 24-word mnemonic recovery phrase. Which will come in handy when users lose access to their wallet and need to recover it.

Most importantly, NOW Wallet features a three-layer encryption process to safeguard sensitive data like private keys. This is in addition to biometric authentication. NOW Wallet users can pair the traditional pin-based access with fingerprint or facial scans for extra protection.

Additionally, NOW Wallet includes one interesting and unique security feature. This function allows users to adjust visibility and access. They can opt to display certain currencies on their main screen and leave out others. Users can also hide wallets with zero balances or those flagged as scams. This also allows for a well-organized and easy-to-navigate interface.

3. Extensive Blockchain and Currency Support

NOW Wallet is interoperable with over 50 blockchain networks. The list covers popular names such as Bitcoin (BTC), Ethereum (ETH), TRON, and Binance Smart Chain,  as well as other less-known networks. 

Additionally, the wallet supports more than 1500 digital assets. It is also compatible with non-fungible tokens (NFTs) on Ethereum and Solana. NFT enthusiasts can use NOW Wallet to store, view, and manage their collections.

Moreover, users with existing crypto portfolios can also import them from popular apps like Trust and Exodus  with 12 or 24-word mnemonic phrases, making the management of investments super easy. 

4. DeFi Integration

NOW Wallet’s functionality also extends to DeFi users. One can easily link the wallet to decentralized apps and services. This is possible thanks to solutions such as WalletConnect and TRONConnect. 

Likewise, the wallet includes features to facilitate POS crypto payments. In collaboration with NOWPayments, NOW Wallet allows businesses or individuals to process crypto in exchange for goods and services. 

5. In-Wallet Exchange, Fiat-to-Crypto Conversion, and Staking

NOW Wallet incorporates features from ChangeNOW, so has in-built exchange options and fiat-to-crypto onramp. Users can swiftly conduct crypto-to-crypto transactions starting at just $2, including cross-chain swaps, which enable direct exchanges between different blockchain networks. NOW Wallet also allows for purchasing digital assets with over 60 fiat currencies using Visa/Mastercard, bank transfers, and Apple/Google Pay.

Furthermore, users can directly stake cryptocurrencies such as ChangeNOW’s native NOW token, alongside ATOM, TRX, SOL, BNB, XTZ, and ADA. This way, the wallet eliminates third-party involvement in the staking process. Hence, one can earn their rewards and still retain control over their assets.  

6. Cross-Platform Compatibility

NOW Wallet is available across a glut of operating systems: from Android, iOS, and Windows, to MacOS and Linux users. Microsoft Store and Google Play both host the wallet app for Windows and Android users. HarmonyOS users can also download the NOW Wallet from the Huawei App Gallery.

Apple enthusiasts have dedicated apps with iOS, Mac, and iPad compatibility. For users looking to escape the radar of popular stores, you can also choose to download the APK right from the wallet’s website. Overall, NOW Wallet’s flexibility demonstrates its interest in serving users, which ties into this next point.

7. Low-Barrier Entry and User-Friendliness

A core feature of any good wallet is ease of access.  The wallet’s design simplifies processes such as buying, selling, and storing digital assets among others. NOW Wallet features a universal QR scanner that eases transactions. It works by swiftly capturing wallet addresses or initiating WalletConnect actions. With just a scan users can send or receive funds. NOW Wallet strives to toe the line between simple and innovative. Even as it continues to roll out features, things are kept accessible so users have a hitch-free experience.

Additionally, NOW Wallet helps its users stay on top of wallet activity. This occurs through real-time push notifications to alert users of all happenings.

8. Pro Features

NOW Wallet offers advanced functionality for users who want more than the basic options. These features help to elevate the overall wallet experience. For instance, the wallet pairs cashback rewards with in-app exchanges. This incentivizes users to conduct transactions via the wallet app.

Also, NOW Wallet users have access to crypto loans via ChangeNOW Pro. They can borrow against their assets to gain additional funds. This is a great option for users who need liquidity but do not want to let go of their tokens.

Other Pro features include AML security checks, reduced fees for off-chain transactions, and own private webpages to receive crypto payments. 

Drawbacks of the NOW Wallet

Here’s a look at some possible drawbacks of the NOW Wallet:

9. Reliance on Third-Party Services

NOW Wallet’s default position is its non-custodial approach to asset holding. However, some of its features call for third-party services like WalletConnect and fiat-to-crypto gateways Simplex, Transak, and Guardarian. While wallet access remains within user control, some functionality may rely on the security of external platforms.

10. Extra Costs

NOW Wallet has many free features but that is not always the case. Some of its advanced offerings, including several Pro packages, may incur additional payments. 

Additionally, as with other crypto wallets, transaction fees can increase during times of high network activity. However, it’s important to note that NOW Wallet doesn’t impose any extra charges, and final rates vary depending on the blockchain or other relevant parties, such as payment service providers.

How To Start With NOW Wallet

1. First, install NOW Wallet via Google Play, App Store, Huawei Smart Gallery,  or Microsoft Store. You may also choose to download the APK right from the website.

2. Next, simply follow the step-by-step instructions to create and set up your new wallet. Be sure to securely record your seed phrase.

3. After setting up your wallet, select the option you’re interested in whether it’s send, receive, exchange, buy, or stake.

To Buy Cryptocurrency

1. Click the Buy tab

2. Then, select the token you’d like to purchase

3. Select a payment method

4. Enter your card details and follow the steps for completion

5. Expect your coins to arrive in your NOW Wallet shortly

Conclusion

NOW Wallet is a multi-faceted tool that can cater to a variety of needs, allowing users to efficiently complete all their processes in one place. Its user-friendly interface, array of features and multi-platform support positions it to be a staple wallet for both amateurs and experienced crypto users. All this contributes to NOW Wallet’s presentation as a well-rounded solution for hosting digital assets.