Blockchain and distributed ledger platforms have significant potential, which is for the most part not yet discovered. Ethereum, EOS, Cardano and more have made great technological advancements, but none have yet been able to reach wide commercial recognition.
In an age where almost every platform is a fork of another’s, NEM, or the New Economy Movement, is a project with a totally fresh codebase and the aim to bring blockchain into the real world. In addition, the network’s cryptocurrency XEM has significant room to grow, offering an interesting option for potential investors.
This guide is going to take you through a step-by-step process of buying your first XEM tokens on the world’s top exchange, Binance.
What is NEM?
The NEM platform is similar to platforms mentioned earlier such as Ethereum and EOS, in that it’s looking to provide a foundation for developers to build functional apps and programs powered by blockchain technology. But many of these platforms are siloed, offering limited ability to interact with other networks or legacy systems.
Where NEM is different is its flexibility. Instead of needing programs and apps custom-made for the NEM network, the network connects to existing apps, servers, databases and more via API gateways. It introduces the potential for a lot more interesting, real-world use cases than other platforms.
NEM also introduces a different consensus mechanism, known as “Proof of Importance”. This works as a kind of staking system, wherein staked tokens need to be “vested” (held for a certain period of time) to be able to form a network node. From there on, nodes earn token rewards, which are amplified with the node’s “importance” score. Meaning the more activity a user has on the NEM network, the more efficiently they can earn by operating a node.
For more information on the NEM platform, and all the features they provide, see their official site.
Now, let’s see how to get your first XEM tokens.
Step 1: Register on Binance
If you haven’t already, you will need to register an account on Binance. The process is quick and easy and open to users in almost any area of the world.
Step 2: Verify your account
Binance will require you to submit several official documents in order to verify your account before you can start trading. Additionally, set up 2-Factor Authentication to protect your account.
This process usually won’t take long but could be up to 24 hours in some cases.
Step 3: Send BTC or ETH to your Binance account
Not many large exchanges offer direct purchases of XEM with Fiat currencies yet (USD, EUR for example). So, to get your hands on XEM tokens, the best method is to buy Bitcoin or Ethereum, and trade for XEM on an account like Binance. If you don’t have either of these coins, you can buy with a credit card on Coinmama or Changelly.
Once you have BTC or ETH ready, you’ll need to send it to your wallet on Binance. To do this, go to the menu at the top of the page, and select “Funds”, then “Deposits”.
Next, select the coin you want to deposit from the dropdown menu. Once this is done, you will have a wallet address to send your coins to. Make sure you only send the type of coin specified (e.g. BTC to the BTC wallet). Any other type of coin sent may be lost.
Step 4: Wait for confirmation
Transactions are usually settled very quickly, but depending on the amount of activity on the network, it could take several hours.
Make sure your transaction has been completed successfully before continuing.
Step 5: Find and select the BTC or ETH pair
Once your deposit is complete, it’s time to go to the exchange section of Binance.
From the top menu, select “Exchange”, then “Basic”.
In the exchange screen, go to the search box on the right side. Select BTC or ETH (the coin you deposited earlier), and type “XEM” in the search box. Select the XEM pair that comes up (XEM/BTC or XEM/ETH).
Optional: Use Binance’s advanced tools to buy at the right time
Binance offers a lot of data, such as real-time graphs and order history, to help you track a coin’s performance and buy at the best time.
Additionally, you can set buy or sell limits. This means you can put at price (in BTC or ETH) at which you want to buy XEM. Once the price hits that point, the exchange will automatically make your trade.
Step 6: Choose the amount of XEM to buy
Select the price at which you want to buy XEM, or choose “Market” to buy for the current market price. Market price is generally the best option for beginners.
Now select how much XEM to buy. You can choose a specific amount in XEM, or 25%, 50%, 75% or 100% of the BTC/ETH coins in your Binance wallet.
Step 7: Buy XEM!
Click the “Buy XEM” button, and your trade will be made! Once again, this may take a little while to confirm, depending on network activity.
Step 8: Move your coins to a secure NEM wallet
The best practice in crypto is to always keep your coins in a secure wallet, off an exchange, when not trading. This is so that you have complete control over your funds and their security. You are not leaving it in the hands of the exchange to keep your coins safe.
You will need a web, desktop, mobile or hardware wallet that supports XEM and the NEM blockchain. NEM’s official wallet is the best option, allowing for full use of the NEM blockchain features. Mobile and desktop downloads are available here. For users willing to pay a little extra for the best level of security, the Trezor Hardware Wallet also offers complete support for NEM and the XEM token.
To withdraw your tokens from Binance, go once again to the “Funds” option, then select “Withdrawals”.
Select XEM from the dropdown menu. Next, add the wallet address from your NEM wallet. Double check the address is correct, and hit “Submit”.
…and that’s all there is to it! Now you know how to buy XEM tokens, and start participating in the exciting NEM blockchain platform.
Andrew is a writer and digital marketer from New Zealand, now based out of South East Asia. Along with his work in many areas of the e-commerce space, Andrew has a keen interest in cryptocurrency, especially altcoins and projects focused on mainstream crypto adoption
