How to buy Nexus Mutual (NXM)
A beginner's guide to buying and selling NXM in Australia.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
How to buy Nexus Mutual
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Nexus Mutual.
- Open an account on an exchange that supports NXM.
Most exchanges require an email address, phone number and proof of ID to register.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Nexus Mutual.
- Buy Nexus Mutual.
Complete your Nexus Mutual purchase and then find the best wallet to store NXM.
What is Nexus Mutual?
Nexus Mutual is a platform that has been built atop the Ethereum ecosystem and provides users with a variety of insurance-based offerings, powered by a large community of backers. One of the platform’s first products is the “Smart Contract Cover,” which is basically an insurance policy that covers users against certain smart contract vulnerabilities that they may be faced with when using a range of popular decentralised finance (DeFi) platforms. The platform’s native crypto offering, NXM tokens, are used for a variety of different internal processes such as membership management, voting and governance. Furthermore, it bears mentioning that since Nexus Mutual operates as a decentralised autonomous organisation (DAO), users are required to possess NXM tokens in order to implement any changes within the platform.
Nexus Mutual (NXM) is the 124th largest cryptocurrency in the world by market cap, valued at $814,836,812. The current price of Nexus Mutual is $117.691, which is 3.056% higher than yesterday. Prices have ranged between $120.312 and $110.837 over the past 24 hours. All prices are listed in AUD and accurate as of 22 April, 2021 02:04 UTC.
Where to buy Nexus Mutual
Unfortunately at this time no major exchanges offer Nexus Mutual. However, you may be able to purchase NXM with another cryptocurrency, just be sure you're following all legal restrictions and requirements.
Instead of buying Nexus Mutual, consider buying a different cryptocurrency after comparing popular exchanges.
Nexus Mutual at a glance
|Total NXM supply||6,923,652|
|All time high||AUD$125.346|
|All time high date||16 April, 2021|
Nexus Mutual price performance over time
How to sell Nexus Mutual
You can cash out your NXM with the same exchange you bought it through:
- Sign in to the exchange you have NXM on.
If you store your Nexus Mutual in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of NXM you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Nexus Mutual.
What to consider when buying Nexus Mutual
- Unique business model: Nexus Mutual currently makes use of a unique business model referred to as a “discretionary mutual,” wherein the mutual can elect to pay claims at its discretion. The platform made its first payout last year after DeFi lender bZx’s native smart contract code was exploited by a group of hackers.
- UK-based entity: The platform is registered in the United Kingdom as a “limited by guarantee business,” usually given to non-profit organizations. Furthermore, since Nexus Mutual’s business operations are largely decentralised, the platform is owned entirely by its members.
- Low entry barrier: Anyone can make use of the platform to gain access to a wide array of insurance offerings. To make use of Nexus, users are required to purchase NXM tokens that they can then leverage in order to acquire coverage as well as participate in the protocol’s native governance processes.
- Purchase and operational limitations: Unlike a wide array of cryptocurrencies, NXM tokens cannot be bought via regular cryptocurrency exchanges and are only available for purchase via the official Nexus Mutual platform. The tokens can only be swapped among members of the ecosystem, but can also be traded and sold as usual outside the ecosystem in the form of wrapped tokens (WNXM).
- Wide coverage possibilities: In addition to providing users with coverage against smart contract hacks and cold wallet compromises, the platform also offers traditional offerings such as insurance against earthquakes and thefts.
Latest crypto guides
Ask an Expert