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How to buy NEM (XEM) in Australia

Learn how to buy NEM (XEM) on 15+ crypto exchanges in our step-by-step guide.

NEM (XEM) is the 322nd largest cryptocurrency by market cap, valued at US$164,208,660.

NEM is a highly volatile asset capable of major price swings in a single day. Today XEM is trading for $0.01824541 USD, which is higher than yesterday's trading price of $0.0168556981 USD. Over the past year, NEM's price has seen a decrease of -29%.

So before you buy NEM, make sure you understand these unique risks as well as its legal and tax status here in Australia.

If you're ready to get started, read on for step-by-step instructions on how you can use to buy NEM.

This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

How to buy NEM in 5 steps

The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.

  1. Compare crypto exchanges
    The easiest way to buy NEM is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
  2. Create an account
    To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
  3. Make a deposit
    Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
  4. Buy NEM
    You can now exchange your funds for NEM. On beginner-friendly exchanges, this is as simple as entering the AUD or XEM amount you want to purchase and clicking "buy".
  5. Secure your NEM
    Consider transferring your XEM to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.

Where to buy NEM in Australia

Find an exchange to buy, sell and trade XEM by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.

1 - 5 of 12
Name Product Deposit methods Fiat currencies Cryptocurrencies Offer Disclaimer Link
Finder AwardExclusive
EXCLUSIVE
Coinstash
Bank transfer, Cryptocurrency, Osko, PayID

1

845

Finder exclusive: Get up to $200 BTC when you sign up and trade certain amounts. T&Cs apply.
Go to site

Capital at risk

View details
Exclusive
EXCLUSIVE
CoinSpot
Bank transfer, Credit card, Cryptocurrency, Debit card, PayID

1

447

Get $20 in BTC when you make a deposit. T&Cs apply.
Go to site

Capital at risk

View details
Finder AwardExclusive
EXCLUSIVE
Swyftx
Bank transfer, Credit card, Cryptocurrency, Debit card, PayID

3

371

Get $20 in BTC when you verify your account. T&Cs apply.
Go to site

Capital at risk

View details
Exclusive
EXCLUSIVE
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, Osko, PayID

1

372

Receive $10 BTC on sign-up and verification. T&Cs apply.
Go to site

Capital at risk

View details
OFFER
Binance Australia
Credit card, Cryptocurrency, Debit card, P2P

80

386

Earn up to US$100 in rewards by completing welcome tasks within 7 days of signup. T&Cs apply.
Go to site

Capital at risk

View details
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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How we keep this NEM guide up-to-date

  • XEM price data is regularly updated through data feeds so you always have the latest information.

What is NEM?

New Economy Movement (NEM) is a blockchain platform that powers the Smart Asset System. This system is intended to be a customisable blockchain solution that can be used to provide services like payments, messaging, token creation, secure records and more. A global network of nodes running the NEM core software is used to confirm transactions and secure the network, with the network used as an API Gateway server.

NEM uses a proof-of-importance algorithm to achieve consensus. Each node has its own importance score, which is a measure of how much you’ve invested into the NEM system and determines how often you can harvest the network’s utility token, XEM. In this way, active participation in the NEM network is encouraged and incentivised.

How do I find the best places to buy NEM?

Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.

Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.

What will I need to buy NEM?

To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.

An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading NEM.

  • This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
  • Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing XEM with your local currency then you will need to pass KYC.
  • Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.

What are the best ways to buy NEM?

Once you've created an account, you will need to deposit funds to buy XEM with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy XEM:

  • Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
  • Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
  • Cryptocurrency: You can usually purchase XEM by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for XEM on the spot market to see what cryptocurrencies it can be traded for.

What is the easiest way to buy NEM?

The easiest way to buy XEM is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.

Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.

Before buying XEM, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of NEM has been performing recently.

Best NEM wallets to store your XEM

You can keep your XEM on the exchange you purchased it on, or move it to a personal wallet:

  • Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
  • Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your XEM below.

Ledger Nano X Wallet

Trezor Model T Wallet

Go to site
Go to site

Supported assets

5,500+

Supported assets

9,000+

Price (USD)

$149

Price (USD)

$179

Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Is NEM a good investment?

Cryptocurrencies are risky and complicated, and buying any one of these volatile assets is a highly speculative move. With this in mind, it's important to carefully research any cryptocurrency before you buy. If you’re thinking of purchasing XEM, consider the following factors first:

  • Importance score. NEM is designed to reward accounts that participate in the economy. The balance of an account, who transacts with that account and how much it transacts with others are all taken into consideration to calculate an account’s importance. This importance score then determines who is allowed to generate a block on the network.
  • Harvesting. In the NEM system, harvesting is the process of generating blocks and earning the transaction fees in that block as a reward. In order to harvest, you’ll need to have a vested account balance of at least 10,000 XEM. When coins are added to your account, they start out as part of the unvested balance but become vested gradually over time.
  • Governance. COMP token holders are able to actively participate in the development of the Compound platform. They can vote on governance issues and put forward community-led proposals. These topics range from the upgrade of outdated features to the addition of coins to the lending platform.
  • Competition. NEM isn't the only crypto focused on smart contracts or smart assets. Ethereum (ETH), Cardano (ADA), Polygon (MATIC), Solana (SOL) all have significant public exposure and will be competing with NEM on one level or another for mass adoption.
  • Use-case. In the real world, NEM's Smart Assets System is designed to manage all manner of digital assets, including everything from stock ownership and loyalty rewards programs to supply chains and health records. It can also be used to create your own cryptocurrency or crowdfunding token.
  • Funding team. NEM is backed by the Singapore-based NEM Foundation which has a mission to 'introduce, educate, and promote the use of the NEM blockchain technology platform on an international scale to all industries and institutions'.

Today's NEM price versus ATH

Compare today's price of NEM ($0.01824541 USD) against its all-time-high price of $1.87 USD on 07 January 2018. The closer the bar is to 100%, the closer XEM is to reaching its ATH again.

NEM's price: $0.01824541 USD
ATH date: January 07, 2018
0.98%

NEM ATH: $1.87 USD


How to trade, convert or sell NEM

You can convert or sell your XEM with the same exchange you bought it through:
  1. Sign in to the exchange you have XEM on.
  2. If you store your NEM in a digital wallet, compare crypto exchanges to convert or sell it on.
  3. Choose Sell or Convert and place a sell order.
  4. Choose the amount of XEM you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of NEM.
  6. Complete your transaction and move your XEM to a crypto wallet for storage.

How to buy other cryptos


Disclaimer: Cryptocurrencies, including NEM, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of XEM is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the NEM or any other cryptocurrency discussed.

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