How to Buy NEM in the UK
A Beginner’s Guide to Buying and Trading NEM in the UK
Planning to buy NEM? Well, we’ve made it easy with our complete guide on how to buy NEM in the UK.
NEM is not only a cryptocurrency but it is also a platform for building applications, pretty much like Ethereum, NEO, QTUM, Cardano, etc. The abbreviation stands for New Economy Movement and NEM's network has a native token that is called XEM.
This article intends to introduce you to this cryptocurrency, explain what problem it aims to solve, reveal NEM as a short-term and long-term investment, and discuss its price predictions. You will also be guided on how to buy NEM coins in the UK.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY NEM IN THE UK
- What is NEM?
- Should You Buy NEM XEM?
- How to Buy NEM XEM Online in the UK - A Step by Step Guide
- How to Trade NEM XEM in the UK - A Step by Step Guide
- NEM Pros and Cons
- Is NEM A Good Long-Term Investment?
- What Will Be NEM XEM Worth In 2025?
- What’s The Purpose Of NEM?
- Is NEM XEM Mining Profitable?
- Buying Or Trading NEM: Things To Take Into Consideration
QUICK GUIDE: HOW TO BUY NEM IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select NEM.
- Enter how many NEM you want to buy.
- Check the details and confirm your purchase.
What is NEM?
The NEM project was launched in March 2015 in Malaysia as a crypto platform. It was initially intended to be a fork of another famous blockchain-based cryptocurrency called NXT. Eventually, NEM.io, a Singapore-based non-profit organization that operates NEM, decided to develop a new codebase for NEM. This resulted in a new NEM launch as an independent crypto platform and utterly different from the initial NXT.
NEM project is built based on the JAVA programming language and is now being developed in the C++ programming language. Its owners consider NEM neither just another coin nor just another blockchain, but they have adopted other priorities for this crypto as well.
NEM team believes that it can be a gamechanger in the crypto and blockchain areas with a short-term goal of bringing data and assets management to a new level and with long-term goals of revolutionizing such essential areas as loans, crowdfunding, game data, smart contracts, accounting, etc.
One of the most essential missions of NEM is to build the missing link between private and public blockchain networks. There is a big problem with the interoperability of private blockchain networks as they work independently, and they cannot transfer the digital assets - files, tokens, etc. - between each other.
NEM can solve this problem as it enables any digital asset to be easily transferred from a privately held internal enterprise network, routed via a public blockchain, and finally to another business’s private network.
NEM also has its native token, XEM. The latter saw significant growth in its value in 2017 and was ranked 12th among cryptocurrencies in terms of market capitalization. But then XEM prices started to fall again, and now it is ranked 48th with a market cap of over $2.5 billion.
Should You Buy NEM XEM?
If you think you know this crypto well enough and made a firm decision to invest in it, you can skip this part and jump to the section about how to buy NEM in the UK. However, if it’s pretty new to you and you want to learn more about NEM and NEM price history, let’s take a look before making a final decision.
So, starting from its launch date, up to 2 years ago, NEM prices were relatively stable. Till the year 2017, NEM XEM was worth a fifth of the cent. Along with other cryptocurrencies, NEM XEM value started to grow from March 2017 and had significant growth in 2018. On January 7th, 2018, NEM grew to its highest price of $1.7. But this incredible growth did not continue for too long. NEM prices started to drop quickly, and after a year, it again reached below the price of $0.05.
Up to 2020, NEM prices were again stable, but the cryptocurrency took another growth in summer 2020 and started to rise, ultimately reaching another maximum (but not like the previous one) of $0.7 and then again started to drop. At the time of writing, it is traded at the price of $0.3.
NEM price history, Source: coinmarketcap.com
As you see, NEM is quite a speculative asset, so you must think carefully before making a considerable investment in it.
We will take a look at its price predictions made by crypto analysts later in this article. Still, before making a final decision, you should understand that investing in NEM, like in the case of most cryptos, is highly risky.
So, the first thing you should consider is its priorities and goals, which are quite promising in the case of NEM. Plus, NEM has a competitive market, but if it succeeds to outperform its rival cryptos and achieves its ambitious goals, your investment is justified.
Read Also: The Best 7 Cryptocurrencies To Buy
How to Buy NEM XEM Online in the UK - A Step by Step Guide
In this part of the article, you will be guided on how to buy NEM XEM in the UK and store it in your crypto wallet.
1. Find a UK Crypto Exchange that Supports NEM XEM
As long as you have decided to invest in NEM XEM, the first step you must take is to find an exchange platform that supports this cryptocurrency. The following two are among the most well-known crypto exchanges that support buying NEM in the UK.
eToro: Supporting trading over 17 cryptocurrencies, eToro is one of the most well-known exchanges in the world. One of its benefits is that it offers lower exchange fees for its users. It also allows its UK-based users to directly deposit funds into a bank account with a credit or debit card.
2. Register for an Online Account and Deposit Funds
Having decided which exchange platform you want to use for buying NEM XEM in the UK, your next step is to open an account on that platform. For this purpose, you need to provide some personal information and verify your account with a copy of your ID. After the registration process, you must fund your account to get started.
3. Buy NEM XEM
Now, when you have a verified account and funded it, you can start buying NEM XEM. On some exchanges, you cannot buy NEM directly with fiat currency. So, first, you need to buy BTC or ETH and then exchange it with NEM. But some other exchanges also support the trading of NEM with fiat currencies.
4. Transfer Your Funds to a Cold Storage Wallet
After making your purchase, you need to store your coins in a personal wallet. This is not a necessity, as you can store them on your exchange wallet too, but if you want to keep your cryptos secure and away from the third party, you had better create your personal wallet account.
A personal wallet is a must, especially when you plan to buy lots of coins and hold them for a long time. In many cases, exchange platforms offer their own personal wallets. For example, Binance has its official mobile wallet known as Trust Wallet, which enables you to easily and safely store your coins.
How to Trade NEM XEM in the UK - A Step by Step Guide
Now, you have your NEM XEM and are thinking of trading your coins. This part of the article aims to explain to you how to trade NEM XEM in the UK.
1. Find an Online Trading Platform that Supports NEM XEM
To start trading your NEM XEM in the UK, your first step should be finding an online broker that supports NEM. Two essential factors to take into account when choosing a broker platform are the exchange fees it charges and its flexibility.
Try to select an easy-to-use platform that works quickly and charges lower fees, especially when you are doing short-term trading. Still, there are not too many brokers that support NEM now, but it may change in the near future. Until that, Binance is one option with low fees that supports NEM XEM trading in the UK.
2. Fund Your Account
After you find the most suitable trading platform, your next step is to open an account and deposit some funds on your account.
3. Develop a Trading Strategy - Scalping/day trading/swing, etc
Now, there is only one step to do before starting the actual process of trading. You should develop a trading strategy before you start it. Swing trading, scalping, and day trading are some of the most famous strategies among traders.
Scalping is the shortest time frame in trading that allows you to speculate on small price fluctuations and have a quick profit, usually within a few seconds.
Swinging is another trading strategy that is about making a profit over a period of some days to some weeks. In the case of day trading, you buy and sell assets within the same trading day.
4. Start Trading NEM XEM
Now, when you have an account, deposited funds on it, and adopted or developed your trading strategy, you can start trading NEM XEM.
NEM Pros and Cons
If you still cannot make up your mind whether NEM XEM is a good investment or not, here is a quick recap about its advantages and disadvantages and a few more questions about NEM and NEM price predictions.
- It’s a promising crypto project and blockchain technology with great goals.
- Has a more accessible mining system and Proof of Importance algorithm that is only unique to this crypto.
- It’s one of Japan's most popular crypto projects.
- NEM has its own wallet called Nano wallet.
- Another most important advantage is the speed of transactions. NEM can handle 3000 transactions per second.
- It has a lot of rivals in the market, including Ethereum.
- NEM has a poor community and poor marketing strategy.
- NEM’s official website is still not so understandable for standard users.
Is NEM A Good Long-Term Investment?
There are mainly two important factors to take into account before making an investment in cryptocurrency. These two factors are its short-term and long-term goals and the competition in the market. It’s crucial to think of the question of whether the crypto project aims to solve a particular problem in its field, bringing an improvement into it, or it’s just another crypto to buy and sell.
So, the NEM team believes that it’s not just another blockchain or just another cryptocurrency, but established strong long-term goals for NEM aiming to revolutionize the related markets, including blockchain and smart contracts.
That said, the problem is that NEM has many competitors in the market including its big rival Ethereum. And as long as Ethereum is functioning very well without any significant drawback, it does not seem that there will be a vast amount of users switching from Ethereum to NEM.
However, NEM has some advantages over Ethereum, and if it can achieve its goals and take over its rivals, including Ethereum, NEM can gain huge interest and raise its market cap significantly. In this case, NEM XEM prices will be valued more, making it a good long-term investment.
What Will Be NEM XEM Worth In 2025?
Let’s take a look at the NEM XEM price predictions made by crypto analysts. The predictions are just made based on the calculations of their algorithms, so they don’t give sound reasoning why the prices will go up or drop. This means that we shouldn’t believe them blindly, and we must consider other factors too before investing.
Wallet Investor, for example, forecasts growth for NEM XEM price, which, according to their predictions, can reach up to $0.4 in one year. Their highest prediction for NEM in 5 years is $1.26.
According to Long Forecast predictions, NEM XEM prices will face a drop in the following years, and the crypto will be worth $0.03 in 2025. In contrast to Long Forecast, Digital Coin Price foresees growth for NEM XEM prices that can reach up to $0.5 in one year, while in 2025, the crypto will be worth $0.9 and eventually be traded above $1 in 2026.
NEM price predictions according to Digital Coin Price
What’s The Purpose Of NEM?
NEM offers lots of benefits, but its highest aim, for now, is to make the data and asset management process quicker and more cost-efficient and to provide interoperability between private and public blockchains.
Is NEM XEM Mining Profitable?
Unlike many cryptocurrencies, including Bitcoin, that use Proof of Work or Proof of Stake algorithm, which requires a mining device to work for blockchain, NEM uses the Proof of Importance algorithm, which is unique to this crypto.
It basically stresses the importance of how much users invested in the NEM system. Instead, the mining depends on the XEM coins a user has on the wallet and the holding period. Eventually, the NEM user will be rewarded with new blocks for holding 10,000 “vested” coins in the wallet.
Buying Or Trading NEM: Things To Take Into Consideration
NEM is a cryptocurrency project with a lot to offer to its users, but the project still needs lots of further improvement. The critical factor is how it will compete and whether it can take over its rivals in the market. If it succeeds and achieves most of its goals, NEM can become an excellent long-term investment.
Until that, you can make a short-term investment in this crypto and make a profit from its price fluctuations. For that, you need to develop a trading strategy, choose a broker that supports trading NEM in the UK and start trading.
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