Blockchain and distributed accounting platforms have significant potential, which for the most part has not yet been discovered. Ethereum, EOS, Cardano and others have made great technological advances, but none has yet been able to achieve broad commercial recognition.
In an era where almost every platform is a fork of another, NEM or New Economy Movement, is a project with a totally new code base and the goal of bringing blockchain into the real world. In addition, the cryptocurrency of the XEM network has significant growth margins, offering an interesting option for potential investors.
This guide will guide you through a step-by-step procedure to purchase your first XEM tokens on the world's major exchange, Binance.
What is NEM?
The NEM platform is similar to the platforms previously mentioned as Ethereum and EOS, as it is trying to provide a foundation for developers to create functional blockchain-based apps and programs. But many of these platforms are closed, offering limited ability to interact with other legacy networks or systems.
Where NEM is different is its flexibility. Instead of needing programs and apps tailored to the NEM network, the network connects to apps, servers, databases and other applications via API gateways. It introduces the potential for more interesting and real-life use cases compared to other platforms.
NEM also introduces a different consent mechanism, known as "Proof of Importance". It functions as a sort of stakeout system, where the staked tokens must be "acquired" (held for a certain period of time) to be able to form a network node. From then on, the nodes gain symbolic prizes, which are amplified with the node's "importance" score. It means that the more activity a user has on the NEM network, the more efficiently they can earn by operating on a node.
For more information on the NEM platform and all the features they provide, see their official website.
Now, let's see how to get your first XEM tokens.
Step 1: Register on Binance
If you have not already done so, you will need to register an account on Binance. The process is quick and simple and open to users in almost all areas of the world.
Step 2: Verify your account
Binance will ask you to send several official documents to verify your account before you can start trading. Also, set up two-factor authentication to protect your account.
Typically, this process will not take long, but in some cases it could take up to 24 hours.
Step 3: Send BTC or ETH to your Binance account
Not many large bags offer direct purchases of XEM with Fiat currencies again (USD, EUR for example). So, to get your hands on the XEM tokens, the best way is to buy Bitcoin or Ethereum and exchange XEM on an account like Binance. If you do not own any of these coins, you can buy them with a credit card on Coinmama or Changelly.
Once you have prepared BTC or ETH, you will need to send it to your portfolio on Binance. To do this, go to the menu at the top of the page and select "Funds", then "Deposits".
Then, select the coin you want to deposit from the drop-down menu. Once done, you will have a wallet address to send your coins. Be sure to send only the specified type of currency (for example, BTC to the BTC portfolio). Any other type of money sent can be lost.
Step 4: wait for confirmation
Transactions are typically resolved very quickly, but depending on the amount of activity on the network, it may take several hours.
Make sure the transaction was completed successfully before continuing.
Step 5: Find and select the BTC or ETH pair
Once the deposit is completed, it is time to go to the Binance exchange section.
From the top menu, select "Exchange", then "Base".
In the exchange screen, go to the search box on the right side. Select BTC or ETH (the coin you previously deposited) and type "XEM" in the search box. Select the presenting XEM pair (XEM / BTC or XEM / ETH).
Optional: Use the advanced Binance tools to buy at the right time
Binance offers lots of data, such as real-time charts and order history, to help you track a coin's performance and buy at the best time.
In addition, you can set purchase or sales limits. This means that you can put a price (in BTC or ETH) to which you want to buy XEM. Once the price reaches that point, the exchange will automatically make your exchange.
Step 6: Choose the amount of XEM to purchase
Select the price at which you want to buy XEM, or choose "Market" to buy for the current market price. The market price is generally the best option for beginners.
Now select the amount of XEM to buy. You can choose a specific quantity in XEM, or 25%, 50%, 75% or 100% of the BTC / ETH coins in your Binance portfolio.
Step 7: Buy XEM!
Click on the "Buy XEM" button and your exchange will be done! Again, this may take some time to confirm, depending on the activity of the network.
Step 8: Move your coins to a secure NEM portfolio
The best practice in crypto is to always keep your coins in a safe wallet, out of the exchange, when you are not trading. This is how you have complete control over your funds and their security. Do not leave it in the hands of the exchange to keep your coins safe.
You'll need a web, desktop, mobile or hardware portfolio that supports XEM and the NEM blockchain. The official NEM portfolio is the best option, allowing full use of NEM blockchain functionality. Downloads for mobile and desktop devices are available here. For users willing to pay a little extra for the best level of security, Trezor Hardware Wallet also offers full support for NEM and the XEM token.
To withdraw tokens from Binance, go back to the "Funds" option, then select "Withdrawals".
Select XEM from the drop-down menu. Next, add the wallet address from your NEM portfolio. Check that the address is correct and press "Send".
… and that's all there is to do! Now you know how to buy XEM tokens and start participating in the exciting NEM blockchain platform.
Andrew is a New Zealand digital writer and marketer, now based in Southeast Asia. Along with his work in many areas of e-commerce space, Andrew has a strong interest in cryptocurrency, in particular altcoin projects and projects focused on traditional cryptographic adoption.