Get the Finder app 🥳

Track your credit score

Free

How to buy and sell NEM (XEM) in Australia

A beginner’s guide to the blockchain platform and cryptocurrency NEM (XEM), as well as how to buy, sell and trade XEM in Australia.

Updated

Fact checked

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder.

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 potentially much more.

XEM is the native token of the NEM network. For more information on how the NEM platform works, the function of the XEM token and how to buy XEM in Australia, keep reading.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Promoted

Quick guide: How to buy XEM

  1. Register for an account with a cryptocurrency exchange like Swyftx.
  2. Verify your account.
  3. Go to the deposits section
  4. Select your preferred payment method and confirm.
  5. Go to the buy section and select the cryptocurrency you want to buy.
  6. Enter how much you want to buy, or how much you want to spend.
  7. Double check the details and confirm your purchase.
Go to Swyftx's site

This is our quick guide to just one way to buy XEM. Compare some other options in the table below.

Where to buy XEM

You can buy XEM on several cryptocurrency exchanges, including:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
BPAY,Cash,POLi,PayID
AUD

196
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 150 cryptos.
Bank transfer,POLi,Osko,PayID
AUD

184
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Credit card,Cryptocurrency,Debit card,Osko,PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

268
cryptocurrencies

Get $5 cashback when you make your first PayID/Osko deposit on Binance.com/au.
Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Bank transfer,POLi
AUD

49
cryptocurrencies

Easy Crypto is a simple way to buy and sell a range of cryptocurrencies, straight to and from your own crypto wallet.
Cash,Cryptocurrency,Electronic Funds Transfer,POLi,PayID
AUD

106
cryptocurrencies

Buy 100+ cryptocurrencies using POLi, cash or Electronic Funds Transfer.
Credit card,Cryptocurrency
USD, EUR, AUD, CAD, CHF, CZK, DKK, GBP, HUF, ILS & 20+ more

115
cryptocurrencies

Trade various coins through a global crypto to crypto exchange based in the US.
Credit card,Cryptocurrency
USD, JPY, RUB, EUR

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
Credit card,Debit card
USD, EUR, GBP, AUD, CAD, CHF, HKD, JPY, PHP, ZAR & 30+ more

146
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
AdvCash,Cryptocurrency,Payeer,Perfect Money,Capitalist
USD, RUB

1427
cryptocurrencies

Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
Credit card,Cryptocurrency,Debit card
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

210
cryptocurrencies

Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Huobi Cryptocurrency Exchange
Cryptocurrency
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+MORE

234
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
HitBTC Multi-currency Exchange
HitBTC Multi-currency Exchange
Bank transfer (SEPA),SWIFT
USD, EUR

212
cryptocurrencies

Buy crypto with fiat (USD/EUR) and trade over 150 other digital assets on this Europe-based exchange platform.
Liquid Cryptocurrency Exchange & Margin Trading
Credit card,Cryptocurrency,Debit card,Bank transfer (SEPA),Swapforex
AUD, EUR, JPY, USD, SGD, PHP, HKD

132
cryptocurrencies

Disclaimer: Highly volatile investment product. Your capital is at risk.
Liquid is a unified, globally-sourced trading platform that bridges the worlds of fiat and crypto.
Bithumb Cryptocurrency Exchange
Cryptocurrency,Wire transfer
KRW

103
cryptocurrencies

A global platform where users can make KRW and cryptocurrency deposits to purchase up to 15 popular cryptocurrencies.
OKEx Cryptocurrency Exchange
Bank transfer,Cryptocurrency,WeChat
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

269
cryptocurrencies

Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
Bittrex Digital Currency Exchange
Cryptocurrency,Wire transfer
USD

278
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
ShapeShift Cryptocurrency Exchange
Cryptocurrency
-

51
cryptocurrencies

Quickly swap between more than 40 cryptocurrency assets or use your credit card to instantly buy bitcoin.
Hotbit Cryptocurrency Exchange
Hotbit Cryptocurrency Exchange
AdvCash,Cryptocurrency,Payeer,Perfect Money
USD

512
cryptocurrencies

A multi-currency exchange with 150+ pairings that can be accessed through desktop as well as a mobile app.
loading

Compare up to 4 providers

A step-by-step guide to buying XEM

If you want to buy XEM, here’s one example of how you can do it:

Step 1. Register for an account with an exchange that allows you to buy XEM

XEM isn’t listed on every possible cryptocurrency exchange around the world, so the first step is to find a suitable exchange that lists XEM in one or more currency pairings.

You can then sign up for an account by entering your email address and creating a password. Depending on the platform, you may be able to start trading straight away or you may need to provide your full name, contact details and photo ID before you can gain full use of your account.

Make sure that you also enable two-factor authentication on your account for increased security.

Step 2. Deposit funds into your account

A number of cryptocurrency exchanges don’t allow you to exchange fiat currency, such as Australian dollars (AUD), for XEM. When this is the case, you’ll need to first acquire a cryptocurrency that’s listed in a currency pairing with XEM, such as Ethereum (ETH) or bitcoin (BTC), before you can complete a trade.

However, some exchanges, for example CoinSpot, do allow you to trade AUD for XEM. If you choose to use CoinSpot, you can make a deposit by clicking the “Deposit AUD” link from your account dashboard and following the prompts. Alternatively, you can make a cash deposit in person at a newsagency via Blueshyft.

Step 3. Buy XEM

Navigate your way to the markets or exchange section on your chosen trading platform and search for the currency pairing you want, for example XEM/BTC. If you’re using CoinSpot, this can be done by clicking on the “Buy/Sell” link at the top of the page and searching for “XEM”.

You’ll then need to click on the “Buy XEM” link and enter the purchase amount in either XEM or AUD. Take a moment to review the full transaction details, including any fees that apply, before confirming the purchase.


How to sell XEM

If you decide you want to sell your XEM, look for the link that allows you to “Sell XEM” and then follow the prompts to enter your specific transaction details. However, it’s important to remember that depending on the exchange you’re using, it may not be possible to directly trade XEM for the currency you want.


Which wallets can I use to hold XEM?

Rather than storing your XEM on a cryptocurrency exchange, which exposes you to security risks, it’s recommended that you use a secure wallet designed for the safe storage of XEM.

The official NEM desktop wallet is available for download for Windows, Mac and Linux operating systems, while mobile wallets are also offered for iOS and Android devices.


How NEM works

Created in 2014 and launched in 2015, NEM is not a fork of another coin but was built from the ground up with the aim of creating an enterprise-grade blockchain solution that can seamlessly integrate with existing business systems. NEM was written in Java, but at the time of writing is being rewritten in C++ as part of the “Catapult” update, which is scheduled for release later in 2018.

The NEM blockchain is used to power what NEM calls the Smart Asset System. This system allows users to customise their own blockchain to create a place to securely store their digital assets. 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.

Unlike other cryptocurrencies that utilise proof-of-work or proof-of-stake systems, 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 (similar to mining in proof-of-work systems or staking in proof-of-stake systems) XEM.

In this way, active participation in the NEM network is encouraged and incentivised.

Learn more about NEM in our straightforward guide.


Key things to consider if you’re thinking about buying XEM

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:

  • Supply. According to CoinMarketCap, at the time of writing (20/02/2018) the circulating supply of XEM was 8,999,999,999.
  • CoinCheck hack. When Japan-based cryptocurrency exchange CoinCheck was hacked in January 2018, 523 million NEM were stolen via several unauthorised transactions. Following the theft, the NEM Foundation revealed that it had "tagged" all of the compromised coins and was tracking their movements on the blockchain.
  • How it works. If you’re new to the world of blockchain and cryptocurrencies, NEM can seem like a complicated and confusing system. For more details on how it all works, take a closer look at the following technical reference paper.
  • 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.
  • Competitors. NEM isn’t the only crypto focused on smart contracts or smart assets. Ethereum (ETH), NEO (NEO), Lisk (LSK), Stratis (STRAT), Waves (WAVES) and more will all be competing with NEM on one level or another for mass adoption.
  • Use cases. 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. Check out the list of potential use cases on the NEM website to get a better idea of whether or not you think this technology could achieve widespread adoption.
  • NEM Foundation. NEM is backed by the NEM Foundation, which is incorporated in Singapore and 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”.

By assessing these and other factors, you’ll be able to form a clearer picture of whether or not you should buy XEM.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site