How to Buy NEM [XEM]

NEM, represented on the cryptocurrency markets by the ticker symbol of “XEM”, is a cryptocurrency and blockchain framework aiming to serve as a global infrastructure for a new ‘digital economy’ of blockchain network participants. NEM is actually an acronym for ‘New Economy Movement’, which serves as the cryptocurrencies’ main purpose; to enable a faster, easier, and more efficient economy.

NEM is its own respective blockchain, just like Bitcoin. A blockchain is similar to a sequence of information that cannot be edited or changed because if it is, all of the previous information changes along with it (So everyone would know the edited information is fake), however, don’t spend too much time dwelling on this, as blockchain infrastructure knowledge is not required to extract NEM’s efficiency. In fact, buying NEM and using it requires little to no blockchain knowledge at all.

NEM is also very similar to Bitcoin in that it was not forked off of any previous cryptocurrency or blockchain. Many cryptocurrencies that you hear about today are ‘forked’ from a previous software; there’s nothing wrong with this, it just means that it utilizes a previous software as its main development basis (This sounds complex – all you need to take away from this portion is that NEM was coded from absolute scratch, and most major cryptocurrencies other than Bitcoin are not). NEM is one of the few top 100 market capped cryptocurrencies with a uniquely coded blockchain.

Whenever you buy and send NEM to another person, it is broadcast to a global blockchain. While in a traditional banking setting, users rely on central intermediaries like the bank or a financial processor, NEM transactions do not rely on any central intermediary. All transactions are vetted and processed by participants in the NEM network (Otherwise referred to as ‘nodes’). This enables NEM to be sent, received, and confirmed in a matter of just minutes (Sometimes even seconds) to anyone in the world.

(Step by Step) How to buy NEM on eToro?

eToro is a regulated, overseen and licensed exchange that offers a variety of different products, including cryptocurrency purchases, CFD trading, equities and indices purchases, and much more. The exchange is registered and regulated with the FCA and the CySEC (Cyprus Securities and Exchange Commission) which enables a high-level of security and safety for your funds. While eToro is an excellent option for prospective traders looking to dabble in cryptocurrencies as well as potentially trade CFDs, NEM is currently not supported on the exchange.

The possibility for an NEM listing is definitely possible. Since the start of 2019, eToro has been actively pursuing the listing of new cryptocurrencies they feel can garner large volume. Tron was most recently added, and NEM is definitely a prospective option for their listing. Keep in mind though, at the moment eToro doesn’t offer NEM trading, so be wary of any scams associated with that.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

Buying NEM through Binance is arguably the best current option as far as exchanges and brokerages go. The Malta-based exchange audits and verifies listings prior to addition to their markets. Additionally, Binance has maintained one of the most transparent environments when it comes to crypto-exclusive exchanges. The team has also been the subject of various hacks and attacks which they have countered and protected against. Since then, they’ve emerged as one of the most reputable and secure exchanges, as when placed under the same circumstances, other exchanges have lost millions in users funds.

Buying NEM on Binance can be done fairly quickly; to start, make sure you have a valid funding method or pre-purchased Bitcoin, a working and accessible email, and a reliable internet connection.

Register

The first step for buying NEM on Binance is to register an account. For this, all you’ll need is a valid email, a secure password (Keep this in a safe place and don’t share it with anyone). Head to Binance’s homepage, and on the top-right section of the page, you’ll see on the navigation bar the “Log In/Register” button. Click on this and press ‘Register’. You’ll be given the following screen:

Enter in a valid email address that you have access to, and provide a password. Click ‘Register’, complete, the captcha, and you’ll be sent a verification email. Head to your email and click the link that the Binance team has sent you. This will verify your account and you’ll then be able to use all of the functionalities on the platform.

Secure Your Account

The next step after you’ve set up your account and verified your email address is to add an additional level of security. This is not explicitly required for your account, however, we highly recommend it, as not having it can be catastrophic in the event of either identity theft or exchange hack. Keep in mind, that Binance is an exchange for your funds, so in a way you can think of it enacting as a platform for you to be your own bank. You want to ensure that this bank is as secure as possible and that in the event of a hack that your level of safety is as high as possible.

Google Authenticator is a third party application that Binance encourages for your additional layer of security; in order to add this layer, go to the app store of your phone (It’s supported on both iPhone and Android) and search for “Authenticator”. It’ll be a symbol of a vault-shaped in the form of a “G”. Download it, and set it up; once set up, on the app click on the “+” sign in the top right corner. It will ask you to scan a propsective QR code. Leave this open on your phone and login to Binance.

Now, while on Binance, head to the “Account” page. On this page, you should see the option for ‘Security/Settings’. Click on this and click ‘Enable Google Authentication’. The following screens will appear that will ask you to scan the QR code:

Now, on the Authenticator app, use the camera that opens up after we press the “+” sign as done before, and scan the QR code that is shown on your Binance account (The above image QR code will be different from your uniquely generated QR code). Press continue, write your backup keys down in a safe spot, and then you’ll have successfully enabled 2FA on your account.

Deposit Funds

After you’ve created an account, and hopefully enabled a second layer of authentication, the next step for purchasing NEM is to fund your account. There are two ways to do this: Either deposit pre-purchased Bitcoin or Ethereum to your Binance account, or buy Bitcoin with a debit card or Ethereum with a credit card on Binance and then exchange it for NEM. The end goal in both methods is the same; you want to fund your Binance account with either Bitcoin or Ethereum which are both paired currencies to NEM that we’ll use to exchange for NEM.

Assuming you don’t have Bitcoin or Ethereum yet, you’ll need to purchase it on Binance using a credit card. To do this, you’ll need to login to your Binance account and on the top-right where it used to say ‘Log In/Register’, will be a new set of Tabs; hover over the ‘Funds’ tab as is circled in red below.

From the drop-down menu click on the ‘Buy with Credit Card’ option. A new page will then emerge, and this is where you’ll enter in your credit card information (Always check the URL and that there is a secure ‘Lock’ icon, as this validates you’re not on any other phishing or scam site). From the drop-down menu of assets to purchase select either ‘BTC’ or ‘ETH’ as these are the two assets that are available to be used to purchase NEM. Enter in the number of funds you want to spend worth of NEM (We recommend about $250, however, you can enter in your own respective amount.

Binance additionally has an official support page and intuitive tutorial for buying cryptocurrencies using a credit card which can be found here.

Adversely, if you already have pre-purchased Bitcoin or Etheruem (Or any Binance-listed cryptocurrency for that matter) you can exchange it for NEM. Namely, whichever cryptocurrency you deposit, you want to exchange it for Bitcoin or Ethereum (As these are the primary base currencies that are paired for purchasing NEM). To deposit a particular type of cryptocurrency navigate to the same tab as instructed before, the ‘Funds’ option and from the drop-down select ‘Deposit’. It will then ask you which cryptocurrency you want to deposit, and a unique wallet address will be generated. Send the cryptocurrency you’ve purchased from any other provider to this newly generated address.

Note: (You CANNOT send one type of cryptocurrency to a different cryptocurrencies’ address. For example, if you tell Binance you’re depositing Bitcoin, you can ONLY send Bitcoin to this address, if you send Ethereum, it will be lost forever and you can’t get it back).

Once the funds have been sent and are processed as well as confirmed, you should see that your account balance is now reflective of however much you deposited.  Next, the final step is to use the exchange to finally buy NEM.

Purchase/Place An Order for NEM

The final step here is to place a buy order for NEM on the Binance markets, which will in turn yield us NEM. Start off by navigating to the homepage of Binance. Then, navigate to the top-left of the page and you should see the tab “Exchange”, hover over this and select the “Basic” option (Clicking the ‘Advanced’ option will grant you access to more in-depth charting and analysis tools, but for simply purchasing NEM, we don’t need this). Once here, you’ll see on the right-hand side the magnifying glass where you can input text. Above this, click the “BTC” tab (or “ETH” if you deposited Ethereum). Then, in the text field, type in NEM’s ticker symbol which is “XEM”.

Doing this will look like this:

Click on this, and to your left the chart that’s representative of NEM’s price movement will now appear in the form of a visual. Underneath this visual, you should see two tabs, ‘Buy XEM’ and ‘Sell XEM’ . Underneath the ‘Buy XEM’ input, you’ll see the ‘Limit’ and ‘Market’ options; click on ‘Market’ (This market type will just execute at the next best possible price, and is arguably simpler than a market order).

Then, utilize Binance’s percentage converter (Which converts your balance in cryptocurrency to how much of the intended asset you can purchase) to indicate how much of your deposit you’d like to purchase worth of NEM. Additionally, you can simply do the conversions yourself, however, for beginners the percentage tool is very convenient.

As is shown in the image above, all you’ll need to do is specify how much worth of NEM you want to purchase and then press the ‘Buy XEM’ button. Upon execution, you’ll have then successfully purchased NEM on Binance and can withdraw it, send it to someone else, use it for development, or simply holding it for long-term growth.

Coinbase is a San Francisco cryptocurrency exchange that emerged to the mainstream for cryptocurrency purchases because of its high emphasis on regulatory abidance within the United States, something a plethora of other exchanges have avoided. Unfortunately at the moment Coinbase does not list NEM [XEM] as a valid asset for trading. Coinbase has taken a large initiative in adding and listing new assets to their exchange, so an NEM listing is definitely possible.

It’s important to keep an eye out for official Coinbase listings, as many times there will be schemes or scams that claim they are ‘Official team members’ of Coinbase, and that if you give them your funds they can work out a ‘special price’ or something similar; these are traditionally always fake and should be avoided.