A step by step guide on how to buy & store the Nem (XEM) cryptocurrency
NEM is a peer-to-peer cryptocurrency and blockchain platform.
The fuel of the NEM ecosystem, XEM coins are used to pay transaction fees or as a cryptocurrency.
This guide is not, and should not be regarded as 'investment advice' or as a 'recommendation' regarding a course of action.
Notes: Images can be clicked to see a larger version. If you're confused by any terms used, a glossary can be found here.
First we need to install a wallet on your computer to store your NEM coins. We recommend the official Nano wallet (Desktop client) from the NEM website.
Once the file has downloaded, unzip it and install the wallet.
Your antivirus program may flag the file, so you may need to pause it for the duration of the wallet installation.
The software will present you with a screen to log into your account- but you don't have one yet, so click 'Sign up' in the top right corner.
You will be asked to provide a wallet name (this can be anything). Don't change the network setting.
Input a password that is very secure but which you won't forget. This is important- if you forget this password you may lose access to your coins!
Press 'create simple wallet'
You will be asked to save your newly created wallet file. Save it somewhere safe on your computer. Then back it up (think multiple external hard drives and/or USB drives that you put somewhere safe).
Read all the safety information presented to you by the wallet.
Press 'show private key'. You will be shown a string of letters and numbers. This is a powerful unencrypted key to your wallet (it's a way of opening your wallet without knowing the password).
If you choose to save/print this, treat it just like the wallet file you just saved- keep it hidden and keep it safe.
Once you're done, tick the boxes to confirm you have your wallet file, private key and password saved.
Click 'I agree'
You will now be at a log in screen.
In the Select wallet drop down box, select Mainnet > the name of your wallet. Enter your password. Press 'sign in'.
This is the dashboard of your wallet.
Click 'send' on the top menu. Then 'Receive'.
In the box 'Pay to' is your wallet address. Make a note of this as we'll need it later.
Now we'll purchase the popular cryptocurrency Ethereum, so that we can exchange it for Nem (if you already own Ethereum you can skip ahead).
Choose which exchange you'd like to use to do this, and the guide will continue:
If you use this link to sign up to Coinbase we'll both receive ten dollars of free coins when you spend over $100 (or the equivalent in your currency).
Press the 'sign up' button and fill out your name (make sure this is exactly how it's written on your photo ID), email, password and location.
Just like a US bank, Coinbase is regulated by the US government, and has to follow strict financial rules. So they take verifying your identity very seriously. It's a pain, but it does give Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.
To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.
Using a credit/debit card means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).
Once your payment details are verified, click 'buy/sell' on the top menu.
Select 'Ethereum', and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.
Once you're happy with the amount, click the big 'Buy' button.
You'll be asked to confirm your purchase.
Press the 'Confirm Buy' button.
Congratulations! You now own some Ethereum. But don't close Coinbase yet, we're going to need it again in a few minutes.
Click here to go to Cex.io
Click the 'Register' button along the top menu.
Enter your email address and a secure password. Click the checkbox to agree to the terms.
You will now be asked to set up 2-factor authentication for your new account. It is strongly advised not to skip this step, as 2-factor authentication makes your account far more secure.
We recommend using the 'Smartphone App' option.
Once your security has been set up, you'll be taken to your account dashboard.
Before we do anything else, head on over to your personal email account- there will be an email from Cex.io asking you to click a link to verify your account. Click it.
You will be taken to a page telling you your email has been confirmed. Click 'Go back to the site'.
Look for your user ID in the top menu, hover your mouse over it and in the drop down menu click 'Verification'.
Every exchange that lets your buy cryptocurrencies for cash require you to verify your identification before doing so.
Complete the Cex.io verification process by supplying your personal information and uploading your ID.
Once you're verified, click the 'Deposit' button along the top menu.
You now get to choose how you'd like to deposit money:
Via credit/debit card
If you choose credit/debit card you can buy instantly, but you pay commission on the money you deposit.
Via bank transfer
This option takes a few days for the transfer to arrive but has no commission fees.
Choose the method you prefer and follow the instructions to deposit your money.
Once your money is in your account, click 'BUY/SELL' on the top menu.
Choose 'ETH' and the currency you'd like to buy it in (Dollars, Euros, Pounds or Rubles).
You will be offered some precalculated amounts of Ethereum, or you can scroll to the bottom of the page and input the amount of Ethereum you'd like to buy in the 'Custom amount' box.
Once you've decided, click 'Buy'.
You'll be asked to confirm your buy.
Check everything looks correct and click 'Confirm the order'.
Congratulations- you now own some Ethereum!
Now we'll use the site Changelly to exchange your Ethereum for Nem.
Click here to go to the Ethereum / Nem exchange page.
Choose how much Ethereum you're going to exchange.
In the box marked 'You get' it will now display how many Nem you will receive.
Once you're happy, click the big green 'Exchange' button.
You will be asked to register with Changelly using your social media or - and this we recommend- simply your email address.
They won't ask for your name, address or anything like that.
A confirmation screen will ask you to look over the transaction to be sure everything looks correct. Click 'Next'.
You will be asked for your XEM address.
This is your personal wallet address we saved earlier from Nem wallet in step 5.
You do not need to enter a 'message'.
You will be asked to confirm you are not providing a message. Click 'Next' again.
You will be asked to look over the transaction one more time. Take your time, make sure it all looks correct, and then press 'Confirm and make payment'.
You will be presented with an address to send your Ethereum to. Copy it.
Now, return to Coinbase.
Click 'Accounts' from the top menu, then find your Ethereum wallet listed on the left.
In the 'Recipient' box, paste the Ethereum wallet address we just copied from Changelly.
In amount, type how much Ethereum you wish to send (there is a 'use max' option if you wish to send it all).
Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Ethereum are sent.
Go back to Cex.io
Press 'Withdraw' on the top menu.
Under 'Select currency and amount' click 'USD' and select 'ETH' in the drop down menu.
Input the amount of Ethereum you're sending.
In the box labelled 'Enter the recipient's address below' paste the Ethereum wallet address we just copied from Changelly.
Once you've looked everything over, click the check box to confirm you've double checked everything is correct.
You will be asked for a 2-factor authentication number.
Use your selected method of authentication to generate the number and write it in the box. Press 'Confirm'.
You will be sent an email to confirm the withdrawal.
Go to your personal email and click the link Cex.io has sent you. This will send the coins on their way.
Now we've got to wait a few minutes for the coins to move across the network.Unless there's an unusually large network backlog, the coins will take between 5 and 30 minutes to arrive at Changelly. The Changelly page will update automatically so there's no need to refresh it.
While you're waiting, consider sharing this guide with your friends and followers to spread the word about Nem, encouraging its popularity and value to grow.
Here's some share buttons to make it easy:
Once your Ethereum arrives at Changelly it will automatically refresh to keep you updated on the three steps of conversion:
1) Waiting for payment
3) Sending to your wallet
Once the transaction is complete a confirmation screen will appear. Do not close this page yet.
Go back to your wallet. Click 'dashboard' in the top menu.
After a few minutes you should see the XEM in your wallet.
If the coins haven't appeared within an hour, go back to the Changelly exchange page and scroll to the bottom, then click the 'Having troubles?' box and follow the instructions.
to other coins here.