Ever since early blockchains like Bitcoin and Ethereum started showing their limitations (no support for smart contracts in the former, low transaction speeds, and low scalability for both of them), developers have designed new blockchains designed to improve and expand on the existing technology, making this an exciting time in the blockchain world. One of these newer generation blockchains is NEM. If you’ve heard of this project (it’s been getting a fair amount of attention recently) and want to find out how to buy NEM, read on for a complete step-by-step guide.
Where to Buy NEM (XEM) – Top 5 Exchanges
Cryptocurrencies are bought, sold, and traded on crypto exchanges. But there are hundreds of exchanges running. Some are large, some are much smaller. Some are secure with solid reputations, and others are on the shady side. Some list only a few tokens, while others trade thousands of them. And if we talk about tokens, there are hundreds of thousands of cryptocurrencies. The possibilities are nearly endless, so we really need to find out where to go before we can even get started on learning how to buy NEM.
To figure out where to go, first, we head on to www.coinmarketcap.com and type “NEM,” or its ticker symbol “XEM” in the search box at the top right. Click on the appropriate search result.
This is Coinmarketcap’s landing page for the NEM token. It shows you the current price if the price has been going up or down lately, a price chart, and other interesting information. This is all good background information but what we want to know now is where to get some NEM. Click on the “Market” button.
The Market page will show you a list of XEM trading pairs, sorted from highest to lowest trading volume. Each entry also tells you which exchange handles each. Surely you’ll notice some exchanges appearing more than once on the list. This just means that those exchanges offer more than one trading pair with, in this case, NEM. Binance, for instance, has the Nº2 and Nº3 trading pairs. Let's check out the top five exchanges:
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So Upbit has the number one trading pair by volume among all exchanges. But that pair is for Korean Won. So unless you happen to live in South Korea or somehow have an account in Won, you won’t be using that exchange. And there are very few trading pairs with fiat currencies, so chances are you'll need to use crypto tokens you already own. Next on the list is Binance, the world’s biggest crypto exchange. We can choose to buy our NEM on Binance with USDT, the highest-volume trading pair on that particular exchange and number 2 globally.
Now that we know where it’s time to move on to how to buy NEM.
Step-by-Step Guide on How to Buy NEM
Like we mentioned above, we’ll use the XEM/USDT trading pair on Binance as an example. Let’s say you want to buy 100 USDT worth of NEM.
Step 1: Create an Account on Binance
Feel free to skip right to step 2 if you already have a Binance account. If not, read on.
Point your browser to Binance's homepage at www.binance.com and click on the yellow “Register” button near the top right.
Binance offers two ways for you to create your account: email or mobile. Email is the more traditional method, and the mobile method is still limited to a few countries, so let’s use email. Type in your e-mail address, a secure password (“password” is definitely a no-go), and then click on “Create account” and follow all the steps until your account is active and verified. Please take this moment to set up Two-factor authentication (2FA). You should always go for every security method you can implement.
Step 2: Deposit Your Funds
Your Binance account is all ready, but it’s still empty, and we have to fund it. In this case, we need to get some USDT in there. For that, you will transfer USDT tokens from your personal wallet (where you should be storing them) to your Binance USDT wallet.
After logging into your Binance account, click on the “Wallet” button on the top ribbon and then select “Fiat and Spot” from the drop-down menu.
This is the main page for your spot wallets. The big deal here is how much all the tokens in your Binance account are worth. In other words, your general balance on Binance. Since we’re going to fund your account, click on the “Deposit” button along the top.
Since we’re depositing USDT in this guide, click on the “Crypto” tab.
This page has a drop-down menu where you select the cryptocurrency you want to deposit. Click on it and select USDT. Your USDT wallet address will appear on the right side, just under a QR code. You can copy your wallet address to the clipboard or scan the QR. Either method works just as well.
Now open your personal wallet and transfer your USDT to the address you just got above. In a few minutes, after all the network confirmations have been completed, your USDT will be in Binance, ready for you to buy your XEM.
Step 3: Buying NEM
At this point, we are yet to buy anything. We've just managed to transfer funds between two of your accounts. Kind of like moving money between accounts you have at two different banks. But the time for purchasing is finally here. It’s time to buy your NEM. All purchases happen on the exchange’s marketplace, so that’s where you need to go. Click on “Markets” in the top ribbon.
This part gets a little tricky. Binance offers you tabs for exploring BNB, BTC, ALTS, and Fiat markets. You might think that USDT would be under ALTS markets, but since it's a dollar-pegged stablecoin, it's actually under “Fiat markets.” So click on that tab and then type “XEM” in the search box on the right. You'll see the XEM/USDT pair. Go ahead and click on it since we want to buy 100 USDT worth of XEM.
This is the market page for the XEM/USDT trading pair. Don’t let the ton of numbers all over the top part of the page scare you. This information is for more in-depth analysis and advanced trading. You won’t need any of this for a simple purchase. What you really need is at the bottom, so scroll down.
The right-hand column of buttons is for selling any NEM you own for USDT, which is the opposite of what we want to do now. We’ll focus our attention on the left-hand column. In the “Total” box, type in how much USDT you want to spend. In this example, 100 USDT. After typing “100” in the “Total” box, we can see here that we'll get 184.09 XEM tokens. After everything is filled in, click on the green “Buy XEM” button to complete the process. In a few minutes, your NEM tokens will be in your Binance wallet.
You've just bought about 184 NEM tokens. You can see the process isn’t nearly as difficult or labor-intensive as some would have you believe.
Best Wallets to Hold XEM
The XEM you just bought is still in your exchange wallet. That’s fine for quick day-to-day trading. But if you’re an investor and/or planning to hold NEM for the long-term, you should transfer them to a personal wallet as soon as possible.
Here are some of the best XEM wallets:
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Hardware wallets definitely offer the highest level of security and are the best choice for heavy investors and/or long-term holders. But if you’re just starting out or are interested in using your crypto tokens as actual currency software, wallets are secure enough and a lot more convenient. The NEM Mobile Wallet stands out among the software wallets for its easy installation and setup with a clean, easy-to-understand UI.
More Information About NEM [FAQs]
What is NEM?
NEM (“New Economic Movement”) is a smart-contract-capable blockchain launched in 2015. It was built to be an improvement on the Ethereum blockchain, both for users and developers. However, despite having a solid technical background, advertising has been less than ideal, and the project hasn’t been nearly as successful as it might have been. XEM is the NEM blockchain’s native cryptocurrency.
Is NEM a Good Investment?
One XEM toke is worth about 0.55 USD at the moment of writing, having suffered a 73% drop in price from its all-time high on January 3d, 2018. But prices have been steadily climbing during the first couple of months of 2021. The thing is that there are a lot of “better Ethereum” projects out there, and it's still a bit early to tell which will be more successful, and that is a fundamental aspect of a cryptocurrency's value. Experts have divided opinions. Some believe NEM can still be a good investment at this moment, while others are predicting NEM will crash in 2021.
NEM's future is far from certain. It does bring some improvements compared to the aging Ethereum but is facing serious competition from other smart-contract-capable blockchains and even from Ethereum itself as they are transitioning to Ethereum 2.0. NEM still has the potential to become a great investment, but it's high-risk because the whole thing could well come crashing down. But if you're interested in investing in this project, now you know how to buy NEM. What do you think? Do you believe NEM can still make room for itself among the new-gen blockchains? Are you planning on investing in NEM? Let us know in the comments.