How to Buy NEM (XEM)

Beginner’s Guide

What is NEM?

NEM is a blockchain platform that was launched in March of 2015. It was one of the pioneers of the cryptocurrency industry, and sought to improve on the imperfections found on other chains at the time. It was one of the first non-turing complete chains to feature user-defined tokens (called mosaics), namespaces, multisignature accounts, and a P2P reputation system based on EigenTrust++. Its most notable contribution to the space is the proof-of-importance consensus mechanism, which sought to reward on-chain activity and deter the concentration of wealth commonly associated with proof-of-stake. Its client, NIS, is written in Java.

NEM has a global community. It sees the most utility as an alternative form of payment for businesses and vendors, and has a variety of social media apps built on top of it in Japan, such as nemgraph, a community-driven owned and operated alternative to Instagram.

In December 2021, NEM was hard forked by a pseudonymous team of cryptocurrency experts and enthusiasts alike. Titled Harlock, this hard fork signaled the community’s intent to take NEM from a shadow of its former self into the world’s leading payments platform for on-chain and off-chain media content.

How to Buy NEM Summary

Get a NEM wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
Find an exchange that sells NEM (e.g. OKX, Binance , Huobi, Gate, ByBit)
Deposit money and make the trade
Withdraw the NEM to your wallet

Buying NEM in 3 Simple Steps

Desctop & Mobile

NEM Hardware Wallets

NEM (XEM) is a cryptocurrency that can be stored in a hardware wallet to keep it safe from potential threats such as hacking or malware. Here are some of the hardware wallets that support NEM:

Trezor Model T: Trezor is a popular hardware wallet that supports a wide range of cryptocurrencies, including NEM. The Trezor Model T is the latest version of the wallet and offers a touchscreen display and improved security features.
Ledger Nano S: The Ledger Nano S is a compact and affordable hardware wallet that supports multiple cryptocurrencies, including NEM. It uses a secure chip to store private keys and requires a PIN code for access.
Ledger Nano X: The Ledger Nano X is a newer version of the Nano S that offers Bluetooth connectivity and increased storage capacity. It also supports NEM and other popular cryptocurrencies.
KeepKey: KeepKey is a hardware wallet that supports NEM and several other cryptocurrencies. It features a large screen for easy navigation and supports multiple languages.
CoolWallet S: The CoolWallet S is a credit-card sized hardware wallet that supports NEM and other popular cryptocurrencies. It uses Bluetooth to connect to mobile devices and features a touch button for easy navigation.

It’s important to note that the above-mentioned hardware wallets may support NEM and other cryptocurrencies, but you should always research and compare the features and security protocols of each wallet before choosing one that’s right for you.

The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.

Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.

If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.

NEM Software Wallets

NEM (XEM) is a cryptocurrency that can be stored in a software wallet, which is a digital wallet that allows you to store, send, and receive cryptocurrencies on your computer or mobile device. Here are some of the software wallets that support NEM:

NEM Wallet: The NEM Wallet is the official wallet for NEM and supports both desktop and mobile platforms. It allows you to store, send, and receive XEM, as well as other NEM-based tokens.
NanoWallet: NanoWallet is a free, open-source wallet for NEM that supports both desktop and mobile platforms. It features a user-friendly interface and allows you to store, send, and receive XEM, as well as other NEM-based tokens.
Guarda Wallet: Guarda Wallet is a multi-currency wallet that supports NEM and several other popular cryptocurrencies. It offers both desktop and mobile versions and features a user-friendly interface and advanced security protocols.
Magnum Wallet: Magnum Wallet is a multi-currency wallet that supports NEM and several other cryptocurrencies. It offers both desktop and mobile versions and features a user-friendly interface and advanced security protocols.
Exodus Wallet: Exodus Wallet is a multi-currency wallet that supports NEM and several other popular cryptocurrencies. It offers desktop and mobile versions and features a user-friendly interface and advanced security protocols.

It’s important to note that while software wallets are convenient and easy to use, they are also more vulnerable to potential security risks such as hacking and malware. Therefore, it’s important to choose a reputable wallet provider and take necessary security measures such as using a strong password and enabling two-factor authentication to keep your NEM and other cryptocurrencies safe.

Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.

Payment methods:

Credit/debit card

Wire

Buy NEM through Okex

OKX (Chinese: 欧易), formerly known as OKEx, is a Seychelles-based cryptocurrency exchange and derivatives exchange. It was founded by Star Xu (徐明星) in 2017. OKX is owned by Ok Group, which also owns crypto exchange Okcoin. It is not available to US based investors. The company’s CEO is Jay Hao and CMO is Haider Rafique. Initially headquartered in Beijing, China, OKX is now under a blanket ban by Chinese regulators. On October 13, 2021, it issued a “Notice on Regulatory Policy in Mainland China”, announcing that it would continue its policy of “withdrawing from the Chinese mainland market” and would not establish an office or team in the region. However, according to Caixin, although the exchange officially announced that it would no longer set up an office in Mainland China, it still has a large number of R&D staff working in the region, including engineers, who continue to work for OKX in the form of third-party outsourcing companies.

Buy NEM through Binance

Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

Buy NEM through Huobi

Huobi is a Seychelles-based cryptocurrency exchange. Founded in China, the company now has offices in Hong Kong, South Korea, Japan and the United States. In August 2018 it became a publicly listed Hong Kong company. Following a 2017 ban on Bitcoin exchanges by the Chinese government, Huobi stopped Bitcoin withdrawals.

Buy NEM through Gate.io

Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.

Buy NEM through Bybit

The exchange prides itself on delivering multilingual online support to its customers and is committed to providing a transparent and efficient trading experience. The products on the platform include BTC/USD, ETH/USD, LTC/USD, and XRP/USD perpetual contracts. A perpetual contract resembles a traditional futures contract in many ways. Its main difference, however, is that it doesn’t have an expiry date. Hence, traders are allowed to hold their positions for as long as they need to.Moreover, the exchange boasts a 100,000 TPS state-of-the-art matching engine. While many of its competitors have suffered from repeated overload problems, this high-performance matching engine makes it possible for Bybit to stand above the competition.The Bybit cryptocurrency broker platform is operated by the Bybit Fintech Limited which is registered on the British Virgin Islands, with headquarters in Singapore. The company was launched in March 2018, making it a fairly young player on the market.

Step 3 – Withdraw Your NEM (XEM)

Once you decide on an exchange, open an account and buy your Avalanche. Make sure to withdraw the Avalanche from the exchange to your personal wallet.

Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .

Who Are the Founders of NEM ?

NEM (New Economy Movement) was founded by a group of five people:

UtopianFuture (pseudonym)
Jaguar0625 (pseudonym)
BloodyRookie (pseudonym)
Gimre (pseudonym)
Thiesi (pseudonym)

The founders used pseudonyms in order to remain anonymous and to avoid potential legal issues. The group originally started the project as a fork of another cryptocurrency called NXT, but eventually developed their own blockchain technology and launched NEM in 2015.

Since then, the NEM project has grown to become a leading blockchain platform with a focus on enterprise applications and has established partnerships with various companies and organizations around the world. While the original founders have remained anonymous, the NEM project is currently maintained by the NEM Foundation, a non-profit organization based in Singapore.

What Makes NEM Unique?

NEM (New Economy Movement) is a blockchain platform that distinguishes itself from other blockchain projects in several ways:

Smart Asset System: NEM features a unique Smart Asset System that allows users to customize their digital assets with specific attributes and parameters, making it easier to manage and track them.
Proof-of-Importance (PoI) Consensus Algorithm: NEM uses a consensus algorithm called Proof-of-Importance (PoI) which rewards users who hold larger amounts of XEM (the native cryptocurrency of NEM) and actively participate in the network through transactions and other activities. This system is designed to incentivize long-term investment and reduce the amount of energy consumption required for mining, making it more environmentally friendly.
Multi-signature Transactions: NEM supports multi-signature transactions, which require more than one user to approve a transaction before it is executed. This feature adds an extra layer of security and makes it easier to manage shared accounts or funds.
Enterprise Focus: NEM has a strong focus on enterprise applications and has established partnerships with various companies and organizations around the world. The platform is designed to be scalable, flexible, and customizable, making it well-suited for use cases such as supply chain management, identity verification, and more.
Community-Driven: NEM has a vibrant and active community of developers and users who contribute to the development of the platform and its ecosystem. The platform is open-source and welcomes contributions from anyone who is interested in building on top of it.

Overall, NEM’s unique features and focus on enterprise applications make it a versatile and promising blockchain platform with potential applications in various industries.

How Many NEM Coins Are There in Circulation?

The total supply of NEM (XEM) coins is 8,999,999,999, with no new coins being created. This is a fixed supply, and no additional coins will be mined or created through any other means.

As of February 2023, according to CoinMarketCap, the circulating supply of NEM is 9,001,051,318 XEM. This includes all the XEM coins that have been mined and distributed since the launch of the platform in 2015.

It’s important to note that the maximum supply of XEM coins has already been created, and there will be no more coins issued. The fixed supply is one of the factors that help maintain the value of XEM as it prevents inflation caused by the creation of new coins.

How Is the NEM Network Secured?

The NEM (New Economy Movement) network is secured through a combination of various mechanisms and features, including:

Proof-of-Importance (PoI) Consensus Algorithm: NEM uses a unique consensus algorithm called PoI, which is designed to be more energy-efficient and secure than other consensus algorithms like Proof-of-Work (PoW) used by Bitcoin. PoI rewards users who hold larger amounts of XEM and actively participate in the network through transactions and other activities.
Two-Factor Authentication: NEM supports two-factor authentication (2FA), which adds an extra layer of security to user accounts and helps prevent unauthorized access and fraudulent activities.
Multi-Signature Transactions: NEM supports multi-signature transactions, which require more than one user to approve a transaction before it is executed. This feature adds an extra layer of security and makes it easier to manage shared accounts or funds.
Harvesting Nodes: NEM uses harvesting nodes, which are responsible for verifying transactions and creating new blocks. These nodes are run by users who have a certain amount of XEM coins in their account and are actively participating in the network.
Node Reputation System: NEM has a node reputation system that helps ensure the reliability and trustworthiness of nodes in the network. Nodes with higher reputations are given priority in the validation process and are more likely to be selected to create new blocks.

Overall, the combination of PoI consensus algorithm, 2FA, multi-signature transactions, harvesting nodes, and node reputation system makes NEM a secure and reliable blockchain platform. Additionally, the platform has a strong focus on enterprise applications and has established partnerships with various companies and organizations around the world, which further validates its security and potential for real-world use cases.

Where Can You Buy NEM ?

NEM (XEM) can be bought and traded on various cryptocurrency exchanges, including:

Binance – One of the largest and most popular cryptocurrency exchanges that supports XEM trading pairs.
Huobi Global – A global digital asset exchange that offers XEM trading pairs.
OKEx – A digital asset exchange that offers XEM trading pairs and supports various fiat currencies.
Upbit – A South Korean exchange that offers XEM trading pairs and supports Korean won.
BitMax – A digital asset trading platform that supports XEM trading pairs and offers margin trading.
CoinEx – A cryptocurrency exchange that offers XEM trading pairs and supports various fiat currencies.
Bitrue – A cryptocurrency exchange that offers XEM trading pairs and supports various cryptocurrencies and fiat currencies.
ProBit – A cryptocurrency exchange that offers XEM trading pairs and supports various fiat currencies.

It’s important to note that the availability of XEM trading pairs may vary between exchanges, and trading fees, deposit/withdrawal options, and other factors may also differ. It’s recommended to compare different exchanges and choose one that suits your needs and preferences. Additionally, it’s important to store your XEM coins in a secure wallet to prevent any unauthorized access or theft.