how to buy nem

NEM (XEM) is a multi-functional blockchain with a strong P2P security layer. In the cryptoverse, many experts consider NEM as one of the dependable pioneers. Due to the usefulness of NEM, many users have started asking questions like “how to buy NEM (XEM)” and “where to buy NEM.”

If you want to buy XEM but don’t know where to start, you’ve come to the right place. This article will cover the basic steps of buying XEM, as well as other important topics.

NEM (XEM) Buying Guide

Step 1: Find An Exchange That Supports XEM

To start buying XEM, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support XEM.

Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.

  • 500+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.075%*-0.1%*
  • Sign-up bonus: 10% reduced trading fees*
  • Available in Europe, Asia, Oceania, Africa
  • 1000+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.2%*-0.2%*
  • Sign-up bonus : Up to $500 in USDT vouchers*
  • Available in North America, South America, Europe, Asia, Oceania, Africa
  • 250+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.1%*-3%*
  • Sign-up bonus : Up to $100 in USDT vouchers*
  • Available in North America, South America, Europe, Asia, Oceania, Africa

Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification. 

You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.

Step 2: Deposit Funds to Your Exchange Account

Before buying XEM, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.

Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.

Step 3: How to Buy XEM Officially?

Learning how to buy XEM is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the XEM ticker. You can also look directly for XEM trading pairs to save time. Afterwards, just enter the amount of the XEM tokens that you want to buy.

You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.

Everything You Have to Know About NEM (XEM)

NEM is a blockchain network that offers different features like tokenization, namespace creation, and direct support for decentralized apps. It is possible to build any type of decentralized project or blockchain in the NEM platform.  

These are some of the best qualities of NEM:

  • Proof-of-importance consensus protocol
  • Java support through the NIS client
  • NEM security parameters
  • Multisig transactions within the network
  • EigenTrust reputation system
  • Node implementation

The NEM blockchain is currently being used by many companies, organizations, and project developers. As NEM evolves continuously, it will gain more traction and well-awaited use cases.

How Does XEM Work?

XEM, the utility token of NEM blockchain, can be used for token harvesting, trading, and long-term investment. To become a harvester, a user must hold at least 10,000 XEM for a long period of time. Every day, 10% of the XEM tokens held will become vested in the NEM ecosystem. Once the threshold (10k tokens) has been reached, the user can start harvesting for rewards.

What Makes NEM (XEM) Unique?

The NEM blockchain (XEM) is a dependable platform that can host different types of transactions. Whether you’re a regular user or a project builder, NEM will help you create various systems empowered by borderless functionalities.

NEM runs under the innovative Proof-of-Importance consensus mechanism. Under this protocol, users must hold at least 10,000 tokens to become part of the ecosystem. However, you can’t just buy the tokens and start participating in governance. Rather, you must hold the tokens in your wallet for a vested period of time. Every day, the NEM system considers 10% of your held tokens as ‘vested.’ Reaching 10,000 vested tokens will make you eligible for token harvesting or mining.

The primary advantage of POI is fairness – everyone has a shot to be part of real cryptocurrency governance. The whales don’t control the ecosystem, and all users are crucial to the network.

Who Are the Founders of NEM (XEM)?

The founder of NEM (XEM) is David Shaw – a well-esteemed professional and cryptocurrency expert. Shaw is supported by a dedicated team of experts and advisors, further bringing NEM to the peaks of mass adoption. Currently, the NEM Foundation is working on improving the NEM platform’s core features and services.

What Are the Use Cases of NEM (XEM)?

The NEM blockchain (XEM) has numerous use cases related to payments processing and DApp integration. Understanding NEM’s use cases will help you determine if the token is aligned with your trading preferences.

Here are the common use cases of XEM:

  • Speculative trading
  • Long-term investment
  • Transaction payments
  • Token harvesting
  • Medium of exchange
  • Blockchain creation
  • Permissionless systems
  • P2P services

Who Builds on NEM (XEM)?

The NEM blockchain (XEM) is meant for developers and regular users who are looking for an efficient and fast-growing platform. With the help of NEM’s features, everyone will gain the chance to become token-harvesters and governance participants. Simply put, NEM is a highly inclusive platform focused on fairness, efficiency, security, and stability.

Official website: https://discord.com/invite/xymcity

Note: NEM’s website is a Discord server invitation. Alternatively, you can access NEM’s forum to learn more about the blockchain.

Essential Points of the NEM (XEM) Whitepaper

The NEM Whitepaper explained the platform’s structural design. Additionally, the paper covered the technical and security aspects of the NEM blockchain.

These are the strong points of the NEM (XEM) Whitepaper:

  • POI consensus mechanism
  • NEM transaction metrics
  • NEM security capabilities
  • Time synchronization
  • Nodes and network specifics

The Best Cryptocurrency Wallet for XEM

After knowing how to buy XEM, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.

You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.

On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.

What Factors Affect My Choice of Crypto Wallet for XEM?

At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.

Check out the important factors affecting your choice of XEM wallet:

  • Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade XEM right away.
  • Not all wallets support a wide range of cryptocurrencies. The best crypto wallets will let you trade hundreds of cryptocurrencies without limitations.
  • When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
  • Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
  • Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.

Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors

Now that you already know how to buy XEM, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.

When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.

Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.

If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes. 

General Market Overview for NEM (XEM)

Do you want to learn more about NEM (XEM) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!

Additionally, here are some important topics in our blog:

  • Trading speculation about NEM (XEM)
  • The current market prices of cryptos
  • Detailed price charts with comprehensive histories
  • Whitepaper summaries of cryptos
  • Founder profiles and their related works
  • Up-to-date cryptocurrency news and developments

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