NEM was developed in 2015 as a means to efficiently manage assets and data at a very low cost. It has now grown to be one of the best cryptocurrency projects of the last decade. NEM represents the New Money Movement and aims to build a smarter and more technologically advanced blockchain.
XEM, NEM’s official cryptocurrency, has grown significantly since its launch in 2015 and ranks in the top 100 cryptocurrencies, according to CoinMarketCap. At the moment, NEM supports just one crypto wallet, called the Nano wallet. As a result, you’d be unable to store this asset on any other crypto wallet.
If you wish to buy and store this NEM cryptocurrency, you are in the right place. Here, you will learn about what you need to purchase NEM (XEM) cryptocurrency, how to purchase it, and where to store the asset. Let’s see how you can easily go about it.
How do I buy NEM (XEM) cryptocurrency?
As I mentioned earlier, NEM uses XEM tokens for peer-to-peer transactions. This means you will be able to buy and sell XEM tokens for participating in this project. To buy the NEM cryptocurrency, follow this procedure;
Step 1: Get a Nano wallet to store the XEM tokens.
Step 2: Locate and copy your NEM address. You can do this after creating a wallet on the app.
Step 3: Find an exchange that trades XEM tokens.
Step 4: Deposit BTC or USDT to the exchange and trade it for XEM.
Step 5: When the tokens are received on the exchange, you can withdraw them to the Nano wallet address you have copied.
List of exchanges where you can trade NEM (XEM)
Even though NEM has been launched for over seven years, you might find it disappointing that you can’t trade the tokens on all cryptocurrency exchanges. You will only find NEM available for trading on specific exchanges. They include;
- ProBit Exchange
To trade NEM cryptocurrency on any of these exchanges, you must first deposit USDT or BTC and swap it for XEM tokens. Binance, for example, accepts BTC and USDT pairs for XEM exchange, while many others on the list take only BTC in exchange for XEM tokens.
Wallets to store XEM tokens
To store XEM tokens, you must download a mobile wallet that also has a Nano wallet. The reason for this is that NEM supports just one crypto wallet, which is the Nano wallet. If you try to store your XEM tokens on any other wallet apart from this, you will end up losing all your assets.
Here is a list of Nano wallets to store your NEM (XEM) tokens;
- Trust wallet
- Exodus wallet
- Trezor (hardware wallet)
- NEM Nano
- NEM Mobile Wallet
- Raccoon wallet
How to buy NEM cryptocurrency on Binance
Out of all the exchanges where you can buy NEM cryptocurrency, Binance offers the easiest and safest platform to do so. For this reason, many traders buy their NEM (XEM) on Binance, and only a few use other cryptocurrency exchanges like OKX, and Hotbit, to name a few.
To buy NEM cryptocurrency on Binance, follow the procedure below:
Step 1: Create a free account:
Before you can be able to use all exchanges, you must own a profile first – Binance is not an exception to this. To buy and sell NEM on the platform, you must create a free account either on the Binance website or the app. After creating an account, you’ll have to verify your identity to continue using the platform.
There are two options to create a free account on the Binance website or app. You can use your email address or phone number to open a profile. Remember that you might be asked to provide identification documents for security purposes.
Step 2: Choose how you want to buy the NEM (XEM) asset:
There are different options to buy cryptocurrency on the Binance exchange. However, these options vary depending on your country. To know the options available in your country, click on the “Buy Crypto” link on the top left of the Binance website navigation.
These options will include one or a combination of the following:
Using a Credit Card and Debit Card: This is usually the easiest way to buy XEM on Binance, especially if you are a newbie. Binance accepts both Visa and Mastercard.
Bank Deposit: The thing about bank deposit is that you will not find the option available in every country. As a result, your location will play a major role in getting this option. Bank deposit allows users to transfer fiat currency from their local bank accounts to Binance, which is in turn used to purchase XEM.
P2P Trading: You will find the option to buy and sell crypto assets with other users on Binance. This is also direct and instant but requires a lot of caution.
Third-Party Payment: Binance also allows users to deposit into their wallets using third parties. Refer to the ”
Step 3: Buy your XEM:
If your deposit is successful, you will be redirected to a page where you can buy and sell XEM tokens. If you do not get redirected, you can do it manually. Find your way to “Spot” on the Binance app or website, where you can exchange assets at their current market price.
During deposit, you must have selected the currency you want the funds to be in. It could be in BTC, USDT, ETH, etc. As long as XEM is concerned, I’d advise that you deposit funds in BTC or USDT. This makes it easy to trade them for your XEM assets.
On the Spot page, please search for the pair BTC/XEM. In this case, you will exchange your BTC asset for its equivalent value in XEM. Fill in the order and click the “SELL” option. By pressing “SELL,” THE BTC amount you have entered will be exchanged for its XEM equivalent.
You have 1 minute to confirm your order at the current price. After 1 minute, your order will be recalculated based on the current market price. You can click Refresh to see the new order amount.
Step 4: Store your NEM (XEM)
Once your order is completed, the XEM you have purchased will be received in your Binance Nano wallet. You can either leave the asset on Binance or move it to your personal crypto wallet.
Frequently Asked Questions
Is NEM (XEM) available on Coinbase?
Truth be told, some cryptocurrency assets are more difficult to obtain than others; NEM is a very good example of this. There are so many crypto exchanges across the world, but only a few offer trading options for NEM (XEM).
NEM is unavailable on Coinbase; therefore, you cannot buy or sell this asset on the exchange platform. If you need to make an urgent purchase of NEM, you can use any of the crypto exchanges I mentioned earlier in this article.
What assets can be used to trade NEM?
Cryptocurrency trade works by exchanging one asset with the other. To trade NEM, you have to exchange with other crypto assets. The reason for this is that you might not be able to purchase the asset directly using fiat currency. You need to purchase a crypto asset and then trade it for NEM.
At the moment, you can only use BTC and USDT to trade NEM on different exchanges. Most of these exchanges only allow users to trade with BTC, but Binance allows users to trade with both BTC and USDT.
Final Thoughts – Is NEM a good investment?
NEM is undoubtedly a good project, but is it great, especially for long-term investments? Well, NEM has a great roadmap and vision, but this isn’t enough to make a project stand the test of time. Before buying NEM, I’d advise you to thoroughly research the project.
If, after buying a crypto asset, then it fails, it is impossible to recover the money you have invested. You can only get your money back if you sell the asset at the buying price or even a higher price. You are responsible for your money, so you should keep this in mind before investing in NEM.