NEM is a blockchain protocol developed in Singapore back in 2015, that aims to be a fast and robust payment system. In this post, I’ll explain what NEM is, review its differences from other cryptocurrencies and also explain how you can buy its currency, XEM, online.
What Is NEM in a Nutshell? NEM, which stands for New Economy Movement, is a decentralized, peer-to-peer cryptocurrency and blockchain platform that launched in March 2015 in Singapore.
There are 9 billion XEM coins in circulation, all of which were created and distributed to 1,500 individuals before the launch.
NEM is written in Java, and it was built from the ground up, in order to address issues that are faced by many cryptocurrencies today (such as ease of use, speed, and scalability).
NEM can process 3000 transactions per second. Since all XEM coins have already been distributed, there’s no way to earn new XEM aside from buying it or earning it by becoming a harvester or supernode
How to Buy NEM in 3 Steps
Step 1 – Get an NEM wallet
If you’ve decided that NEM is the right investment for you, you’ll almost certainly want an NEM wallet to keep your XEM coins safe. The alternative is keeping your coins on exchanges. Unless you’re planning on day-trading, I strongly advise against storing your coins on exchanges for security reasons.
Unfortunately, when it comes to NEM wallets, you don’t have a great deal of options. The only official option is the NEM official wallet, a desktop wallet that’s compatible with Windows, Mac, and Linux. There is an official NEM wallet available on Windows, Mac and Linux, as well as a mobile version for Android and iOS. A few alternatives also exist, including:
- Raccoon Wallet – A community-developed NEM wallet available for iOS, available in English and Japanese.
- Exodus – A great desktop and mobile wallet for Windows, Mac, Linux, Android and iOS. Exodus is super simple to use and also allows you to store other types of cryptocurrencies aside from NEM. You can read my complete Exodus review here.
- Coinomi – A popular mobile wallet for Android and iOS that can hold over 1770 different crypto assets. Coinomi has also launched a desktop version of its wallet, making it available for Windows, Mac, and Linux as well. You can read my complete Coinomi review here.
- TREZOR – A popular hardware wallet that supports over 1000 crypto assets including NEM. You can read my complete TREZOR Model T review here.
Then you can now Locate your NEM address
Step 2 – Find an XEM Exchange
Now that your NEM Wallet is all set up, it’s time to purchase your XEM coins. There aren’t many ways to purchase NEM directly with fiat currencies (i.e. Dollars, Euros etc.). However, there are still a few options available for buying NEM:
Purchase XEM with fiat currency on Indacoin or Changelly.
You can purchase XEM directly with fiat currency on Indacoin, which is also available via Changelly. Simply visit Indacoin or Changelly and select XEM in the “I want to buy” dropdown menu.
Purchase BTC and exchange it for XEM on the same platform.
You can purchase Bitcoin on exchanges such as Binance, Bittrex, or HitBTC. Afterward you can exchange that BTC for XEM on the same exchange. In the case of Bittrex, you can also exchange Ethereum (ETH) for XEM. It’s probably the best option available at the moment.
Step 3 – Withdraw your XEM
Once you’ve bought your XEM, don’t forget to withdraw them from the exchange into your wallet. This is important so that you have full control over your coins.
While this is a very simple step, many people tend to forget about it. The time it takes to receive a confirmation on NEM is pretty short – around one minute. So the whole process of moving the coins off the exchange shouldn’t take that long.
After the XEM coins show up on your wallet you’ve successfully completed the process of buying XEM.
While not revolutionary, NEM is certainly a very functional coin.