How & where to buy Numeraire (NMR) online
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This beginner’s guide explains how Numeraire works and what to look out for before you invest. Use this page to see the pros and cons of the platform and learn why you might want its native cryptocurrency.
What are the best exchanges to buy NMR on?Copy link to section
If you just want to get your hands on Numeraire now, use one of the brokers below. Our team of experts have gone through the best crypto trading platforms to help you pick the right one. If you’re not ready to invest yet, keep reading to learn more.
How to buy NMR online – a step-by-step guideCopy link to section
Step 1. Find an exchangeCopy link to section
A cryptocurrency exchange is the best place to find Numeraire. There are all sorts of exchanges out there offering different features, but for Numeraire specifically the biggest ones are the best place to go. Generally, that’s because smaller or newer coins take a while to be listed on every exchange. Two of the best options to look at first are:
- Binance: With Binance you can trade more than 100 cryptocurrencies. Binance has more trading volume than any other exchange and so is a great place for most crypto trading. Sign up for Binance >
- Bittrex: Bittrex is a beginner friendly exchange with an intuitive interface. It offers almost all the most popular cryptocurrencies and a variety of trading options. Join Bittrex now >
Step 2. Sign up and fund your accountCopy link to section
Before you can start picking up coins on an exchange, you have to set up an account. Signing up is easy, usually it asks you for a phone number and email address along with a copy of your photo ID.
Most top exchanges accept fiat currency (like GBP or USD), so you can fund your account that way. Others only let you fund it with cryptocurrency, in which case the best thing to do is buy Bitcoin and use that to fund your account.
Step 3. Buy NumeraireCopy link to section
Like with funding, you might find you can only buy Numeraire with Bitcoin at the moment. To do this, look for the right stock ticker – NMR – and then find the NMR/BTC pairing to execute the trade
Step 4. (Optional) Get a suitable walletCopy link to section
Now that you have your coins, you need to decide where to store them. You can use your exchange account for this, most of the top ones are secure enough that you don’t need to worry. To make sure you keep control of your coins and keep them safe, though, think about getting a wallet.
Crypto wallets hold your coins with a unique private key that only you know. Here are a couple of the leading wallet providers:
- Freewallet: Freewallet is an online wallet that can be accessed through an app on your phone. It can hold over 100 different cryptos and comes with an in-built exchange. Sign up with Freewallet >
- CoolWallet: Another online wallet, you can access the CoolWallet app using bluetooth and it’s become a leading competitor to more established wallet providers. Get CoolWallet now >
How to trade Numeraire – a step-by-step guideCopy link to section
Step 1. Find a brokerCopy link to section
To trade cryptocurrency you want a broker with low fees that lets you open and close positions quickly. When you trade you’re trying to take advantage of swings in price so you don’t want to be paying high fees that might eat away the difference.
Step 2. Deposit moneyCopy link to section
Brokers generally only accept deposits in fiat currency. Many also charge deposit and withdrawal fees, so be aware of those before you start.
Step 3. Decide how you’d like to tradeCopy link to section
The most popular way of trading cryptocurrency is using CFDs. CFDs are contracts for difference, and a way of speculating on the price of a coin without owning the coin itself. While CFDs are very popular in crypto, most brokers offer them as a way of trading other assets like stocks and commodities as well.
Step 4. Start tradingCopy link to section
Before you start trading for real, see if your broker offers a demo account. Most of them do, and they can be an excellent way of practicing on the real market without risking your own money.
When you do start trading, you have two options: to go long (buy) or go short (sell). If you’re feeling positive about Numeraire’s prospects, you should buy it and take a long position. If the opposite is true, you can try ‘shorting’ it.
Experienced traders can use leverage to make bigger trades. We don’t recommend this strategy for beginners, but brokers will allow you to make trades where you only put up a small portion of the overall amount as a deposit. While this can lead to big wins, always remember you are liable for the entire amount of the trade, so losses can get big quickly as well.
Still undecided?Copy link to section
If you aren’t sure about Numeraire yet, don’t worry. Here is a summary of the pros and cons of the platform, followed by some more questions to help you come to a decision.
ProsCopy link to section
- A way of earning extra money if you have the ability to model market performance
- Can use NMR to get access to encrypted stock market data
- Limited supply can help the coin maintain its value
Below are three questions to think about that can help you choose whether to invest in Numeraire.
1. Is it a good time to buy Numeraire?Copy link to section
If you want to access its stock market data or build your own prediction model. While if you’re interested in it as a long term investment, sooner might be better, as it’s built on the idea of constantly improving its investment strategy.
Short term traders should be less worried about that. If you’re looking to make quick trades to try to make a profit, wait until you think the current Numeraire price offers an opportunity and start trading. Whatever your time frame, our market analysis can help you make the right decision:
2. What problem does Numeraire solve, and what are the coin’s investment prospects?Copy link to section
Numeraire solves the problem of a financial market that’s always competing with each other. By offering open source data and rewarding the best performing prediction models, Numerai is a collaborative hedge fund where good results are good news for everyone.
As an investment prospect, it depends on the continued success of its business model which has outperformed the stock market so far. Numerai is a unique method of investing and its coin benefits from scarcity: there was no initial coin offering, rather a small, fixed number of coins were handed out to the community.
This scarcity could benefit it in the long run if more people want to get involved and get their hands on NMR coins to contribute. As always, you should do your research before making any investment, and you can find the latest news right here:
Best decentralized finance (DeFi) tokens any investor should get
3. Do you want to hold Numeraire for the long term?Copy link to section
Numeraire could be a good long term hold if you think it’s only going to improve its investment model. If your horizons are more short term, brush up on your trading skills before you get started. Here are a couple of final things to think about, depending on your individual goals.
Considerations for a long term investment strategy
If you expect Numeraire to grow in value over time, you should find an exchange to get some coins. If your horizons are especially long term or you want to keep the coins secure, think about getting a wallet to store them.
Considerations for a short term trading strategy
Short term traders should be most focused on choosing a broker with the lowest fees. Read up on how to understand charts and analysis to help you predict price moves and try to time the market.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >