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How to buy NEM coin online
This beginner’s guide covers everything you need to know about NEM. Learn about why you might want to put your money into its cryptocurrency and how you can expect its value to change in the future. Then follow our step-by-step guide to buying your first coin.
Compare where to buy NEM, and open an account
You can get cryptocurrency quickly and easily by signing up to an online broker. The platforms below are ideal for beginners and you can start your crypto journey immediately by clicking the links in the table. Alternatively, keep reading to learn more about NEM.
How to buy NEM online – a step-by-step guide
Step 1. Find an exchange
The best place to buy NEM is on a cryptocurrency exchange. An exchange is like a marketplace where buyers and sellers can set their price and the platform matches them together to make a trade. Two of the best exchanges that offer NEM are:
- Binance: Binance is a great option for beginners because it’s the largest and most popular exchange in the world. You can find almost every coin and the most ways to pay, and use a ‘lite’ app to start with its most basic features. Sign up for Binance >
- KuCoin: Another great beginner-friendly exchange, KuCoin offers a range of basic trading features to help you get started. With a large number of smaller coins available, KuCoin has everything you need to buy and sell crypto. Join KuCoin today >
Step 2. Sign up and fund your account
Before you can start investing in crypto on an exchange, you need to set up an account. Most platforms require some personal details and a verification check before approving an account, so you will have to provide a form of photo ID along with your contact information.
Once the account has been approved, which should only take a few minutes, you can transfer money into it straight from your bank or via a card payment. Some platforms charge for deposits, although the amount varies between them; sometimes it’s completely free and other times it might be between 1-5% of your deposit.
Step 3. Purchase
To purchase a coin, you need to search for it on your chosen exchange platform. Each coin has its own unique ticker symbol that you can put into the search bar. In this case, NEM’s cryptocurrency uses the ticker XEM.
The results will display a list of pairs, such as XEM/BTC, which shows you the price of 1 XEM coin in Bitcoin. Choose the one that matches up with how you want to pay for it, decide how much money you want to spend, and execute the trade. Then navigate to the wallet section of your account to find your new coins.
Step 4. (Optional) Get a suitable wallet
Leaving your coins on an exchange is a perfectly acceptable strategy for most people. However, there are times when you might be looking for more security, and a dedicated cryptocurrency wallet is the place to find that. Wallets are totally separate from an exchange and act like banking apps where you can store your coins behind a password.
You can easily transfer money between an exchange and a wallet by using the latter’s unique ‘address’. Wallets come in different forms; some are online only, others are mobile apps, and some are physical devices. Each type has its own pros and cons, but here are two of the top options available today.
- BitBox: BitBox is a hardware wallet that comes in the form of a micro USB device. This keeps your coins protected from malicious online activity, and you can manage them through an app on your phone. Join BitBox today >
- KeepKey: KeepKey is another hardware wallet, this time one that you manage through a web browser like Google Chrome. Its unique feature is the ability to exchange cryptocurrency directly from the wallet itself. Get KeepKey now >
How to trade NEM – a step-by-step guide
Step 1. Find a broker
Trading cryptocurrency is the practice of buying and selling it often throughout the day in order to take advantage of small changes in price. For this, you want to find a broker that specialises in this form of trading, and specifically one that charges a low fee on every transaction.
In NEM’s case, it’s a relatively small cryptocurrency and so isn’t available through one of those brokers just yet. You can either choose to trade anyway with different cryptocurrencies, or stick to using an exchange to buy and sell it for now. If you take the trading broker route, then eToro and Plus500 are excellent places for a beginner to start.
Step 2. Create an account and deposit money
To use a broker, you have to create an account and transfer some money into it. Signing up is easy and should only take a few minutes, and there are usually lots of different payment methods available. The exact options depend on the platform, but you can expect to be able to pay with a bank transfer, credit/debit card, and with things like PayPal and Apple Pay.
Step 3. Learn how to perform technical analysis
Technical analysis is the foundation upon which traders build a profitable strategy. It involves studying previous price changes in order to identify trends in how a coin’s value fluctuates, and then using that information to predict future moves.
Each trader uses a different set of indicators and patterns to make their moves. You should learn about things like candlesticks and breakout patterns to start with, but as you gain more experience you will gradually develop your own strategy.
Step 4. Decide whether to go long or short
The information you glean from your analysis then influences whether you should buy or sell a coin at a given time. When the research suggests the price is about to increase, you should take a long (buy) position, while if the opposite is true you should go short (sell).
Step 5. Make the trade
The final step is to go ahead and trade. Search for the coin you want to speculate on using its ticker symbol (remember, the NEM coin is known as XEM), decide whether to buy or sell, and enter the amount you want to spend. Once the trade is processed it will show up in the ‘open positions’ part of your account.
Should I invest in NEM?
NEM might appeal to anyone who wants to invest in new technology. Its name stands for ‘New Economy Movement’, which gives an indication as to its utopian goals. In theory, it allows for the completely private exchanging of assets online, which could be files, contracts that represent a specific, real-world asset, or just money itself.
The platform also works in a different way to the leading cryptocurrencies, like Bitcoin and Ethereum. It offers an opportunity for people who hold a lot of XEM coins – more than 10,000 – to earn extra money and vote on how it works in future.
However, for regular users who might not own that many coins, there aren’t a huge amount of ways you can put XEM to good use. It’s possible to create your own digital assets if you have the expertise, but for most people the decision about whether to invest should be dictated by how you think the platform might develop in the future.
You should always take some time before you decide to put money into a cryptocurrency. To help you reach a conclusion about NEM, here are the most important pros and cons of the platform.
- You can use the NEM coin to create your own assets and sell them online
- If you own a large amount of XEM, you can earn extra interest on your holdings
- NEM is one of the most established blockchain platforms, having been created in 2014
Finally, here are three more questions to help you decide when to invest in NEM.
1. Is now a good time to buy NEM?
You should consider the state of the overall cryptocurrency market before you dive in. Smaller, lesser-known coins like this tend to act in concert with other altcoins, so prices often rise and fall together. You should look for a time when the market is stable, or prices are gently rising, before you invest.
The advice for those with a more short term focus is a bit different. In that case, your decision should be based almost entirely on the result of your research into NEM’s price. The signals you glean from that then influence when you buy and sell. If you want some extra advice, then use our analysts’ work below to help.
NEM (XEM) price explodes 50% to hit highest levels since June 2018
NEM (XEM) price prediction for November
2. What problem does NEM solve, and what are its investment prospects?
The NEM platform lets anyone create a digital token that can be stored and traded online. It’s possible to turn anything into a token and track its ownership on this platform, and its cryptocurrency, XEM, plays a vital role as the means of transferring value between people.
In terms of its prospects, NEM isn’t the only platform that works like this. It’s not too dissimilar to a major player like Ethereum, and many other blockchain platforms have been designed to solve specific issues that NEM also hopes to address, such as supply chain management (VeChain).
What works in its favour is the length of time it’s been around; NEM is a well-established platform already. That’s good news for its future development, but the fact there is now a lot of competition for attention means it’s difficult to predict how it might perform going forward. Use the latest news links below to follow any changes that might affect your investment.
Should you buy New Economy Movement (XEM) now?
Sir Kenny Dalglish teams up with NEM to venture into the NFT space
What is Manchester City up to in the NFT space lately?
3. Do you want to hold NEM for the long term?
That depends on what sort of investor you are. Sometimes that can be the right approach, if you expect the price to keep rising over time. At other times, it’s best to trade it quickly to benefit from small changes in price. Here are some final considerations for each strategy.
Considerations for a long term investment strategy
The first thing to do is to find an exchange to get your coins. Then you can hold onto them in your exchange account, or move them to a dedicated cryptocurrency wallet for extra security.
Considerations for a short term trading strategy
The most important part of a trading strategy is timing your trades right. Learn how to perform technical analysis and then choose a broker that charges low trading fees to get the coins.
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