How to Buy NEM in 2020: Buy, Sell & Trade

NEM’s XEM is a peer-to-peer cryptocurrency that’s garnered some interest as of late due to a six-month upwards trend. This guide shows you how to buy XEM in 2020. 

Where to buy NEM

Read on to find out more about XEM and how it works or skip ahead to our step-by-step buyers guide if you’re up to speed and ready buy XEM. 

eToro
Key Features
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Min Deposit
$50
United States
Start Trading View key features
Key Features
Accepts customers from the USA
Offers 15 crypto coins to buy&sell including BTC, LTC, ETC, NEO and more
Trade on the world's leading social trading and investing platform
Top Coins
  • ETH
  • NEO
  • ADA
  • BTC
  • XLM
Payment Methods
Wire Transfer, Bank Transfer
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
FOREX.com
Key Features
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Min Deposit
$50
United States
Start Trading View key features
Key Features
Trade on popular Crypto markets
Go long or short on cryptos from 10p a point
A trading partner you can trust
Top Coins
Payment Methods
Debit Card, Bank Wire, ACH, Credit Card, PayPal
Founded in 1999, part of GAIN Capital Holdings. Licensed in highly regulated juristictions, FCA, IIROC, NFA, CFTC, CIMA,FSA. Payment methods ACH, debit card, bank wire transfer. $50 minimum deposit.
Forex trading involves significant risk of loss and is not suitable for all investors.
CEX.IO
Key Features
Margin Trading
Legal compliance
Cryptocurrency staking
Various Payment options
Min Deposit
$20
United States
Start Trading View key features
Key Features
Margin Trading
Legal compliance
Cryptocurrency staking
Various Payment options
Top Coins
  • BTC
  • ETH
  • USDT
  • DOGE
  • BCH
Payment Methods
Credit Card, Debit Card, Wire Transfer, Cryptocurrencies, Skrill
Cex.io offers exchange of fiat currency for Bitcoin Ethereum, Tether, and 23 other cryptocurrencies, as well as Bitcoin/Ethereum trading against the USD.
Bittrex
Key Features
One of the largest cryptocurrency exchanges
High volume across all pairs
Perfect for large and small buyers/sellers
Min Deposit
$1
United States
Start Trading View key features
Key Features
One of the largest cryptocurrency exchanges
High volume across all pairs
Perfect for large and small buyers/sellers
Top Coins
  • BTC
  • ARK
  • BNT
  • FUN
  • GNT
Payment Methods
Credit Card
Bittrex Global has one of the most secure trading platforms and digital holding infrastructures in the world where customers can access exciting new products.
Binance
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Min Deposit
$1
United States
Start Trading View key features
Key Features
Huge range of cryptocurrencies
Highly liquid
2 Factor Authentication
Top Coins
  • BTC
  • DOGE
  • TRX
  • ZRX
  • ARK
Payment Methods
Cryptocurrencies
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

What is NEM?

Launched in 2015 and built from the ground up rather than forked from another coin, NEM cryptocurrency, known as XEM, is a P2P cryptocurrency. NEM itself is a customisable blockchain platform that can be used by developers to create distributed apps (DApps). 

In the past, XEM wasn’t accepted by many traders and even today it’s not typically used like other cryptocurrencies, but that doesn’t mean it’s not worth trading. The value of XEM has increased since its inception and it has a high cap compared to a lot of other coins. 

How does NEM work?

The NEM platform features an encrypted messaging system and multisignature user accounts. The applications for the platform include enabling the easy transfer of digital assets such as cash, documents and files. One of the main USPs of NEM is that it can interface between private and public blockchains.  

The importance of NEM users is based on the number of coins they have in their wallet as well as the volume of transactions they make. 

How to buy NEM (XEM) online – step-by-step guide

Step 1. Get a suitable wallet before you buy XEM

There aren’t many wallets that support XEM at the moment, but it’s still worth checking a few out before you commit. We always recommend finding a wallet before you buy XEM. Here are a few of our favourites:

  • NEM Desktop wallet: The original is still the best in our opinion. Compatible with macOS, Windows and Linux, the only downside to the NEM proprietary wallet is that there is currently no mobile version.  
  • TREZOR Wallet: Hardware wallets such as the TREAZOR wallet offer maximum security, but at a price that may put beginners and casual traders off. 
  • Coinomi Wallet: If you want an XEM compatible wallet that will work on your phone, look no further than the Coinomi Wallet. This multi-coin wallet supports iOS, Andriod phones and there’s also a Mac/Windows/Linux desktop client. 

Step 2. Find an XEM exchange

You won’t struggle to find an XEM exchange these days – there are more than ever – so your main concern is finding the best one out there. We’ve had a look around and while we encourage you to do your own research, we’ve listed our favourite exchanges to help you buy XEM: 

  • Binance: You won’t go too far wrong heading to Binance for your cryptocurrency needs. It’s one of the most popular places to source anything from BTC to XEM, but as Binance is a crypto-to-crypto exchange, they don’t let you buy cryptocurrencies with fiat money, so make sure you have some BTC before you start. 
  • HitBTC: If you’re looking for a simple, easy to use platform then head on over to HitBTC. We’ve found this exchange to be one of the best alternatives to Binance for buying XEM. 

Step 3. Withdraw your XEM

Once you’ve bought your XEM, you might be tempted to keep it in the exchange. However, due to the higher risk of storing funds on an exchange, we recommend you withdraw your XEM and keep it in a software or hardware wallet.

How to trade XEM – step-by-step guide

If you’re only thinking about trading rather than outright buying XEM, you don’t need to bother with a wallet as you’ll only be speculating on the rise and fall of its value within a set period of time.  

Step 1. Find a broker

The reason traders are excited about trading cryptocurrencies their tendency towards volatility. One minute they’re hitting all-time highs, the next, they’ve come crashing down to an all-time low, or so it can seem. There are lots of brokers out there to get you started, but it’s a good idea to check some out before you sign up as they can differ in terms of what they offer. Our advice is to go for one of the more reputable and established brokers like eToro or Plus500

Step 2. Deposit money

Whether your broker accepts fiat money or crypto only, you’ll need to pony up a deposit before you can start trading. Most brokers don’t have a huge minimum deposit requirement.

Step 3. Decide how you’d like to trade

The two options for trading cryptocurrencies are Spread Betting and CFDs (Contract For Difference). These are not wildly different as whichever you choose, you’ll essentially be trying to predict whether the value of your chosen cryptocurrency will increase or decrease. However, if you’re not sure what differentiates Spreads and CFDs, it’s worth doing some further research.

Step 4. Start trading 

Before you jump into the world of Spreads and CFDs, it’s worth setting up a demo account with your broker. Doing this before you open a live account will give you a good idea of how everything works, without any risk to your funds. Traders love a volatile coin, but be warned, money can be won and lost very quickly when trading on cryptocurrencies. 

The idea behind both Spreads and CFDs is that traders take a position on whether they think the price of a given cryptocurrency will rise or fall. If they think it will rise, they take a long (buy) position and if they think it will fall, they take a short (sell) position. 

Still undecided?

Pros
  • XEM has a great track record and buyers have faith in it
  • It has been trending up over the past six months
  • Plenty of up and down movement keeps traders interested
  • NEM has some unique advantages over the competition
Cons
  • NEM still lacks some of the features and flexibility you might expect
  • Marketing could be better
  • If the price of XEM gets too high the bubble could burst
By Harry Atkins
Harry joined us in 2019 to lead our Editorial Team. Drawing on more than a decade writing, editing and managing high-profile content for blue chip companies, Harry’s considerable experience in the finance sector encompasses work for high street and investment banks, insurance companies and trading platforms.
Invezz uses cookies to provide you with a great user experience. By using Invezz, you accept our privacy policy.