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Ways to invest in NEM
The first thing you need to do is to sign up with a cryptocurrency broker or an exchange. Those platforms let you buy and sell coins directly and there are different pros and cons to each approach.
You can trade NEM quickly in search of a quick profit, store your coins in a wallet to keep them safe for the long term, or use a variety of more traditional financial instruments to invest. The links below direct you to more information about all the different ways of investing in NEM.
What is NEM?
NEM is a system for connecting blockchains together so they can exchange assets and data between them. It’s native cryptocurrency is the XEM coin, which is used to pay for transactions on the system or can be bought and traded like any other digital asset.
Take our lesson on blockchain technology to get to grips with what the blockchain is, how it works, and why it has value. Otherwise, keep reading to learn more about NEM.
How to invest in NEM
There are now lots of different ways to invest in cryptocurrency. We think it’s important to know more about each one before you get started with NEM, so you can make the best decision about when and how to invest. Below is a summary of the options, and you can follow the links to learn more about each one.
- Brokers. Cryptocurrency brokers are often the easiest and most direct way to start NEM investing. They work just the same as a stock broker, and you can buy or sell a coin instantly at a specified price. Just be aware that you sometimes have to pay a commission on each trade, and not all coins are available to get with a broker just yet. You might have to wait for smaller coins like NEM to be added to the platforms.
- Exchanges. Exchanges work like a marketplace where you get coins from other traders. They are a little more advanced than brokers, but many of them offer beginner-friendly ‘lite’ versions to help you get started and offer a much wider range of coins. One of the biggest differences is that while brokers let you use fiat currency (GBP, USD), on an exchange you might have to start with another cryptocurrency, like Bitcoin, first and swap that for NEM.
- Crypto ETFs. There are an increasing number of exchange-traded funds that track the price of different cryptocurrencies. ETFs are easy to use as they trade just like regular stocks and require very little management. They tend to only be available for the most popular coins, but check regularly to see whether there’s one that tracks the NEM price.
- Trusts and funds. Investment trusts and mutual funds are managed portfolios that pool together money from many different investors. The fund manager takes this money and chooses which assets to own. Many funds now include cryptocurrency in their portfolio and they publish the assets they hold, so you can look around to find one that owns NEM.
- Debit cards. Crypto debit cards are increasingly popular as a method for spending the coins that you own. Many of them work just like a regular card and can be used for online payments with any merchant that accepts cryptocurrency. Look around for an account that lets you spend NEM if you want to use your coins to fund your day-to-day purchases.
- Mobile apps. There are mobile apps that let you buy, spend, and manage your coins from anywhere. For example, virtually all of the top brokers have their own app that you can use to make trades on the go.
- Wallets. A crypto wallet is the best and most secure place to store your coins. Wallets come in many different forms, from mobile ones you can use on your phone to heavy-duty offline wallets for maximum security. If you plan on holding NEM for a while, it’s a good idea to get a wallet.