A Beginner’s Guide to Buying NEM Cryptocurrency in the USA
NEM, which stands for New Economic Movement, is a cryptocurrency project that aims to bring some advancements in the blockchain area and make the data and asset management process more flawless and cost-effective. NEM also has a native token which is called XEM.
In this article, we will discuss NEM cryptocurrency, what changes it aims to bring in the Defi world, how to buy NEM coin in the US, and discuss if NEM XEM is a good long-term or short-term investment. We will also introduce to you NEM price predictions according to crypto analysts.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY NEM IN THE USA
- Where To Buy NEM (XEM) In The USA
- What is NEM XEM?
- How NEM Works and What Affects its Price?
- Is NEM A Buy Right Now?
- How to Buy NEM XEM online in the US - A Step by Step Guide
- How to Trade NEM XEM in the US - A Step by Step Guide
- NEM XEM Advantages and Disadvantages
- What is NEM Price Prediction?
- How Do I Mine NEM XEM in the US?
- What is the Total Supply of NEM?
- Things to Consider Before You Invest in NEM in the US
QUICK GUIDE: HOW TO BUY NEM IN THE USA
- 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.
Where To Buy NEM (XEM) In The USA
Are you searching for how to buy NEM in the USA? Well, there are hundreds of crypto exchanges and brokers in the USA. This can make it hard to know which platform is right for you.
List of the best Exchanges to buy NEM (XEM) in the USA:
Looking where to buy NEM in the USA right now? Below you will find 4 of the best brokers that allow you to buy NEM in the USA.
- Binance - Best exchange to buy NEM USA for asset diversity
- Coinbase - Best exchange to buy NEM (XEM) for beginners
- OKEx - Best broker to buy NEM USA for low-cost
What Is NEM (XEM)?
NEM is a blockchain-based cryptocurrency and app building platform that was launched in March of 2015 in Malaysia as a fork-out version of another digital currency platform known as NXT. It was created by three programmers who were famous on the Bitcointalk.org forum with their pseudonyms Jaguar0625, BloodyRookie, and gimre.
Eventually, NEM has grown into a large ecosystem composed of several platforms and became operated by a Singapore-based non-profit organization called NEM Group. The company decided to create a unique codebase for the NEM project to make it different from NXT. This resulted in a completely new and advanced NEM launch independent from NXT.
NEM team considers their project neither just another cryptocurrency that aims to be similar to other digital currencies, nor just another blockchain platform, but they seriously aim to bring some revolutionary ideas to improve such areas as loans, crowdfunding, accounting, smart contracts, blockchain, etc.
How NEM (XEM) Works And What Affects Its Price?
One of the biggest problems in the crypto market that the NEM project aims to solve is the completeness of private and public blockchains. Because there is no interoperability between these two networks, and they work independently, they cannot connect and transfer digital assets between each other. For that matter, NEM blockchain is designed to send data from a privately held internal enterprise network, routed via a public blockchain, over to another business’s private network.
Another essential factor that makes NEM unique among other cryptos is its new consensus mechanism called Proof-of-Importance (PoI). NEM is the first practitioner of the PoI mechanism, which, unlike Bitcoin’s Proof-of-Work, does not require a mining device to work for blockchain. According to the NEM group, PoI is an easier way to reward users who contribute to the NEM community.
So, as we see, NEM is not just a digital currency to buy and sell, but it has pretty revolutionary goals and aims to bring improvements into the Defi world. This makes NEM an appealing project to invest in as if it achieves most of its objectives, it’ll become pretty popular with more and more people and companies investing in it. This will result in NEM price growth, making it an excellent long-term investment.
However, NEM has lots of competitors in the market, including the second-largest crypto, Ethereum, which makes it difficult for NEM to gain popularity in the market. This is the other side of investing in NEM, which is a high risk to consider before the final decision.
Is NEM (XEM) A Buy Right Now?
If you have already decided to buy NEM XEM and don’t need any further information about this crypto, you can skip this part of the guide and pass on the next one, explaining how to buy NEM XEM in the USA. If you are new to the crypto market and need some more information about NEM and its price history before investing, this part is for you.
If we look at NEM price history charts, we see rather interesting growth and drop periods. Starting from its launch date, NEM prices were highly stable for two years.
In 2018, many cryptocurrencies began to experience price growth, and NEM was among them too. On September 1st, NEM reached its maximum price for 2017, and it was valued at $0.03. But the real game started at the end of the year 2017 when NEM began to have significant growth reaching up to $1.7 in January 2018. However, NEM's price struggled to settle at these levels, and NEM prices started to drop hugely, falling to below $0.1.
NEM prices took another growth from the end of the year 2018 and hit another record for the last two years in March 2021 when it was worth $0.8. It then dropped to $0.10 in July and till the end of the year fluctuated between $0.10 and $0.30. At the time of writing, it is trading around $0.1.
As you see, NEM is a somewhat speculative cryptocurrency, and it’s quite a risky thing to make huge investments in it. As for now, it has lots of improvements to bring to the crypto and blockchain world; however, NEM has also a lot of competitors. If the project can achieve most of its objectives and successfully outperform its market rivals, NEM can be a good long-term investment. But at this time, it has a bit of an uncertain future.
Read Also: 7 Best New Cryptocurrencies To Buy In 2022
How To Buy NEM (XEM) Online In The USA - A Step by Step Guide
So, now when you already have the necessary information about NEM XEM's price history and its future goals and have decided to invest in it, here is a step-by-step guide explaining how to buy NEM XEM in the USA.
1. Find a US Regulated Crypto Exchange that Supports NEM XEM
To start buying NEM XEM in the US, first of all, you need to find an exchange platform that supports NEM for USA customers. There are many things to take into account while choosing an exchange platform, including fees that it charges, its usability, etc.
2. Register for an Online Account and Fund Your Account
Having chosen the exchange platform on which you want to buy your NEM XEM, you should continue the process by registering for an online account. For this, you should provide some personal information and verify your account with a copy of your ID.
The next step is to deposit some funds on your account with your debit or credit card or use another payment method that the selected exchange platform supports.
3. Buy NEM
Now, when you have a funded account, you can start buying NEM XEM in the US. In this phase, you should consider that while some exchanges allow buying with fiat currency, others may not have this possibility. So, you should first buy Bitcoin or ETH and then exchange it with NEM XEM.
4. Transfer Your Funds to a Hardware Wallet
Storing your coins on a personal wallet is not necessary, but if you want to make them more secure, you had better transfer them on a personal wallet. And especially when you buy NEM, you have a great opportunity here to use its desktop wallet called NEM Nano wallet.
Also, there is a chance to use its mobile app for storing your NEM XEM, and the app is free, easy to use, and available on iOS and Android.
How To Trade NEM (XEM) In The USA - A Step by Step Guide
This part of the guide intends to introduce how to trade NEM XEM in the US, and how to find the best platform to trade digital assets like NEM.
1. Find an Online Trading Platform that Supports NEM
To start trading NEM XEM in the US, you should first find a broker platform supporting trading NEM in the US.
There are three main factors to consider, especially in short-term trading - the trading fees, how quick and easy it is to use the platform, and that the platform has a fast market order execution.
2. Fund Your Account
After you have chosen the trading platform, you need to fund your account. Each broker platform has the minimum amount of money you must have deposited on your account to start trading.
Then, you most likely have to verify your identity as the vast majority of cryptocurrency exchanges require all users to complete the verification before they are allowed to deposit funds and start trading.
3. Develop a Trading Strategy - Scalping/day trading/swing, etc
After you have done all the technical parts, you need to have a trading strategy before you start trading. Here are some of them to choose - day trading is a strategy to use if you want to profit on the same day. In this case, you buy and sell coins on the same trading day.
Scalping is another trading strategy to gain some profit from the quick movements of the market, so in this case, you usually buy and sell within seconds. Or you can use swing trading, in which the buy and sell interval includes a period of some days to a few weeks.
Regardless of the trading strategy you choose, it is extremely important to apply a risk-reward ratio that will help you achieve profit in the long run.
4. Start Trading NEM (XEM)
Now that you have a funded account and found a trading strategy, you can start trading. However, if you still have not decided for sure whether you want to invest in it or not, below is some more information about the pluses and minuses of NEM, as well as its future price predictions.
NEM (XEM) Advantages And Disadvantages
Here are some advantages and disadvantages that will help you understand NEM XEM better before you make a final decision about investing in it.
- NEM stands out with its unique ideas that are revolutionary for a number of related areas.
- NEM helps to build interoperability between private and public blockchain networks.
- NEM has its own wallet called NEM Nano Wallet.
- NEM is also famous for its Proof-of-Importance mechanism, which is unique to this crypto and makes NEM XEM more accessible for its contributors.
- NEM's price is relatively low
- NEM has many competitors in the market, including Ethereum, the second-largest crypto project.
- NEM project has somewhat a poor marketing strategy and poor community.
What Is NEM (XEM) Price Prediction?
Cryptocurrency analysts mostly predict a considerable growth for NEM XEM prices. That said, let’s take a closer look at some of the price predictions.
According to Digital Coin Price predictions, NEM XEM prices could reach up to $0.45 in the year 2030. According to them, it will be worth $0.13 in 2022 and $0.2 in 2025.
Wallet Investor also foresees a rising “career” for NEM XEM. According to their predictions, its prices can reach up to $0.43 in five years. They consider it a good long-term investment with an earning potential of +80% in one year.
In contrast to them, Long Forecasts predicted a drop for NEM XEM prices. According to them, NEM will fall to $0.015 by the end of 2025.
How Do I Mine NEM (XEM) In The USA?
In contrast to Bitcoin and some other cryptocurrencies, there is no process called NEM mining. Instead, NEM mining refers to participating in the block generation and confirmation process as harvesting. Unlike most crypto coins, NEM has a unique mechanism called Proof-of-Importance to reward users for new blocks, which gives priority to its active contributors.
The problem with Bitcoin is that it works according to its PoW mechanism, which requires a mining device to work for blockchain, thus giving an advantage to those who have more powerful machines. In its turn, the Proof-of-Stake mechanism gives an advantage to those who hold more coins. Unlike these two mechanisms, PoI rewards for the overall participation and contribution to the network. This makes NEM a very interesting coin to mine.
To get rewarded with new blocks on NEM's network, however, you must have at least 10,000 “vested” NEM XEM on your account. And to make your XEM from normal to “vested”, you need to keep your normal XEM on your NEM wallet, and they will get vested at a rate of 10% per day. Another way to boost your PoI score and be rewarded is to make transactions with the other network users.
What Is The Total Supply Of NEM (XEM)?
NEM has a circulating supply of 8.999,999,999 coins, all of which were created since the launch of the NEM project. This means that no NEM XEM can be created ever.
Things To Consider Before You Invest In NEM (XEM) In The USA
In conclusion, NEM is a unique cryptocurrency project with a good perspective. It has a lot to offer to its market and can bring some essential changes into the blockchain world. This makes NEM a fascinating long-term investment. If NEM can achieve its goals, it can gain significant interest, which will result in NEM XEM price growth and might bring you huge profit.
However, it should also be mentioned that investing in NEM, like in most other cryptocurrencies, is a rather risky thing to do. One problem is that NEM has lots of competitors in the market, so firstly, it needs to outperform its rivals. If you think that NEM can flawlessly achieve this and become a popular crypto in the near future, you can return to the section about how to buy NEM XEM in the US and start investing in it. Otherwise - with plenty of volatility, liquidity, and price fluctuations - NEM is also an ideal day trading asset.
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