NEAR

Getting Started With the NEAR Wallet

November 11, 2021 — NEAR Team

The NEAR Wallet is a non-custodial, web-based wallet for the NEAR blockchain. 

To get started, go to https://wallet.near.org and click “Create Account”.

Creating an Account

First, choose your account name. Each account created in the NEAR Wallet is appended by .near, which is part of the account name. For example, choosing satoshi will create the satoshi.near account name.

Select your wallet address

Choosing the Recovery Method

Next, you will choose your account recovery method. The NEAR Wallet is entirely non-custodial, which means account access is your responsibility. We currently offer four methods of account access. After creating your account, you can choose to enable multiple methods.

Select the Recovery Method

Ledger Hardware Wallet

If you have a Ledger Nano S or X, we highly recommend using it! This ensures your private keys never leave your Ledger, which provides the highest level of security when using the NEAR Wallet.

Ledger Wallet Account Recovery

Recovery (Seed) Phrase

Write down a twelve seed word recovery phrase. If you do not have a Ledger, this is the next best option.

Important: The seed phrase is only as secure as your storage of it! If you want to retain access to your account, you MUST write down your seed words in order, and store them securely. If you lose your seed words, you lose your account forever. 

Seed Passphrase recovery method

Email

This is the least secure option. We only recommend this option for smaller amounts, as the security depends on your email provider.

We will send you a one-time email with a verification code and recovery link. We do not store this information, and thus you MUST keep this message safe in order to recover your account.

Important: We send this message only once, so make sure to have a copy of the recovery link in a safe place. If you delete the recovery email or you lose access to the email account, you will not be able to recover your wallet

Funding Your Account

Next, you need to fund your account with NEAR.

To do anything with the NEAR Wallet, you will need at least 0.1 NEAR. There are several ways to obtain NEAR, including from popular exchanges like Binance and Huobi.

NEAR Wallet provides a simplified account creation process for users who provide a valid email address for the first time. In this case, you can directly top up your wallet using the account name without the temporary address passage below.

Select the verification method

If you don’t want to disclose your email address, or create a secondary account, transfer NEAR (minimum 0.1 NEAR) to the 64 character account ID (your temporary ID), then return to this page.

Temporary funding address

Until the funds are received, you will see “Awaiting deposit” in the account status.

Once the funds are ready, click the button “Claim my Account”, and your account is ready to use! You will be redirected to your “Wallet” page and can view your accounts details.

Account is funded and ready to be used

Managing Your Account

On the “Account” page, you will see a breakdown of your account balance, available recovery options (not including your seed phrase from the first step), and the option to add a Ledger hardware device or setup Two Factor Authentication.

Account settings page

Two Factor Authentication

If you do not have a Ledger, we highly recommend enabling Two Factor Authentication.

Two Factor Authentication in the NEAR Wallet deploys a multi-signature contract to your account, and requires all transactions to be confirmed by a second device.

We currently offer Email or SMS-based Two Factor Authentication.

Note: If you setup Ledger, you will not see the 2FA screen. We will eventually offer support for Ledger to be used as one of the authentication methods, but that is currently not possible in the Wallet.

Important: This feature requires additional tokens in your available balance to pay for the storage fees.

Set up your second-factor authentication

Staking

One of the best ways to put your NEAR tokens to use is to stake them! Staking helps secure the NEAR network, and will generate returns on your NEAR tokens. Based on the current total stake, you could earn rewards of 5% per year or more on your NEAR tokens. If the total stake increases, this rate will go down, and if it decreases, it will go up.

To stake your NEAR tokens, click on “Staking” in the navigation bar.

Staking your NEAR tokens

In the NEAR wallet, you can choose to stake your tokens with a validator. These validators run the infrastructure that powers the NEAR network, and will do the work on your behalf to generate returns on your NEAR. For this work, most will charge a fee, which is only charged on your rewards (not your total stake).

Click “Select Validator”, then choose one from the list (or search for one if you have one in mind). A complete list with further details of each validator can be found on the official NEAR Explorer at https://explorer.near.org/nodes/validators or using community-run tools like https://near-staking.com.

Select the NEAR Staking Pool

Once you’ve identified a validator you want to stake with, click “Stake” next to their name, then enter the amount of NEAR to stake.

After staking, you will be returned to the dashboard. Here, you can view a summary of your staking positions, unclaimed rewards, and any tokens that are in the unstaking process or ready to withdraw. Scroll down to see a list of all validators you are actively staking with, and how much NEAR is staked with them.

Unstaking

To unstake, select the validator from “Current Validators” you would like to unstake from. This will take you to the validator summary page. Click “Unstake” to initiate the unstaking process. Unstaking takes 48-72 hours (4 full epochs), and your tokens will still be unavailable during this time (they will show as “Pending Release”).

The staking dashboard

Once 4 epochs have completed, you will see them in “Ready to Withdraw” on the dashboard. Select the validator’s name again, and click the “Withdraw” button to withdraw your tokens from the validator’s account to your own account.

Next Steps

Congratulations, you’ve setup a NEAR account, funded it, and successfully staked your NEAR! We will release more tutorials as we add additional functionality to the Wallet.

If you have any questions or feedback, please reach out to us on Discord, Telegram, or Twitter.

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