XEM, the native currency of the NEM public blockchain, can be purchased by anyone who wants to diversify their portfolio or who is looking to earn some passive income through staking XEM tokens. NEM is short for New Economic Movement.
Some of the benefits of buying XEM are:
- Zero Inflation
- It’s scalable
- Option to harvest XEM tokens
- Negligible electricity and hardware costs
- Transparent and traceable
In this guide we’ll teach you step-by-step how to buy XEM in South Africa.
The first step to buying XEM in South Africa is to find a compatible wallet. We recommend using The NEM Foundation’s Nanowallet. The Nanowallet is a browser based client that will allow you to use all of NEM’s features with ease. Nanowallet is also available for OSX, Windows, Mac and Linux.
XEM compatible wallets range in terms of features, platforms they can be used on, and security, so it is important to choose one that works for you, and that has a strong development team behind it.
Other wallets that can handle the basic functionality of XEM Tokens are:
- Magnum Wallet: Available for Desktop. Magnum is a decentralized wallet that supports the XEM Token. Users can also instantly exchange cryptocurrency within the wallet.
- Paytomat Wallet: Available for Android. The Paytomat wallet supports 14 cryptocurrencies, including XEM. Paytomat wallet is non-custodial, meaning the private keys never leave the secure storage of your phone.
- Raccoon Wallet: Available for IOS. RaccoonWallet is a wallet app created from scratch with engineers and designers of Japanese NEMs aiming for the world’s most easy-to-use, safe and fun NEM (XEM) wallet.
A list of more XEM compatible wallets can be found on The NEM Foundation’s website.
XEM is also compatible with the Trezor Hardware Wallet.
Make sure to store your wallet login details and private keys somewhere safe.
Step 2 is to choose an exchange to buy XEM with either with fiat or cryptocurrencies.
- Changelly. A fast way to purchase and exchange over 150 cryptocurrencies.
- Poloniex. Trade dozens of cryptocurrencies.
- Binance. Supporting up to 1,400,000 orders per second, Binance makes trading cryptocurrencies easy.
For more exchanges that list XEM click here.
The 3rd step is to buy XEM. Once you have set up your wallet, and joined an exchange that has XEM listed you can begin purchasing and trading XEM Tokens.
Keeping your XEM Tokens safe. It is important to make sure you do not lose access to your XEM Tokens. Because there is no central authority that will reset your password for you if you forget it, and no customer service center to complain to when something goes wrong. You should always be cautious with your personal information.
Lastly you can choose to spend, HODL (Hold On for Dear Life), trade or stake your XEM Tokens. You will need 10 000 XEM Tokens if you plan on harvesting. By harvesting you can earn transaction fees on the NEM Network.
XEM is one of those few tokens that is easy to store, transact with and exchange thanks to a large community surrounding The NEM Foundation. We hope you found this guide helpful.
Investing in digital assets is highly risky and speculative. A qualified professional should always be consulted before making any financial decisions. CryptoLive makes no representations or warranties as to the accuracy or timeliness of the information contained on the site. None of the information you read on CryptoLive should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoLive is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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Leigh Williams is the founder at IXA Media (Pty) Ltd., a digital marketing solutions provider and the publisher of CryptoLive.co.za