How to Buy NEM (XEM) in Australia

1. Choose a crypto exchange

First things first, you need an exchange that both has NEM, and is trustworthy!

You can find our top 3 exchanges for buying NEM here, alternatively you can also check our comparison of the best Australian crypto exchanges if you’re generally interested in seeing which exchanges work for Australians.

2. Sign up with the crypto exchange

Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.

3. Fund your account

The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.

4. Buy NEM

And of course, the final step is to find NEM on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.

Where to Buy NEM (XEM)

ExchangeRatingAvailable CryptocurrenciesFeesVisit Site
Swyftx Logo5/5350+0.6%VISIT SITE
Binance Logo4.5/5300+0.1%VISIT SITE
Digital Surge Logo4/5200+VariesVISIT SITE

How to Sell NEM

  1. Sign into the exchange
  2. Find where you stored your NEM, either on a hardware wallet or on the exchange.
  3. Transfer your NEM to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
  4. Sell NEM.
Businessman looking at crypto trend

Considerations when looking to buy NEM.

NEM (New Economy Movement), is an ecosystem that uses blockchain and cryptography for solutions for individuals and businesses. XEM is NEM's native cryptocurrency.

NIS1 works in a similar manner to Bitcoin (BTC). It has a network made up of independent distributed nodes that record and process transactions on a public ledger called "blockchain." Transaction fee rewards incentivize these nodes to give back their time and compute resources. These rewards are paid in XEM coins to any node that adds a block of transactions to the blockchain.

NIS1's Blockchain is different from Bitcoin and other cryptocurrency due to a variety of unique features.

NIS1's alpha version, or NEM, was launched on June 25, 2014. It was then made available to the public via its mainnet on March 31, 2015.

XEM, a decentralized open source cryptocurrency, has many unique features.

The most important is how the NIS1 Blockchain is secured. NIS1 uses its own Proof-of–Intimacy (PoI), as opposed to the more widely used proof-ofwork and proof–of-stake, in order to ensure that transactions on the network get processed and recorded in a timely manner.

Anyone can run a NIS1 node and facilitate transactions through a process called "delegated Harvesting". The proof-of-importance system allows anyone to operate a node and facilitate transactions via NIS1's network. It also takes into consideration every node’s amount of coins, their transacting patterns, and their "importance score" within NEM's economy. The nodes receive a portion of the transaction fees they helped process based on this score.

NEM claims that its proof-of-importance system allows the network to reward and identify those who use it most.

NIS1 supports many features beyond its unique PoI algorithm. These include encrypted messaging, multisignature account contract, Eigentrust++ reputation system, and the Apostille service to notarize and verify the authenticity of files on Blockchain.

NIS1 is also a major market player in enterprise-level solutions. NEM has a purpose-built API system that allows developers to integrate NIS1's blockchain infrastructure into third party applications.