Quick summary: Our recommendation is to use the crypto exchange Swyftx to buy NEM. They have over 300 cryptocurrencies available, have a fantastic app and great customer support. You also get $20 free BTC once you start trading!

Sign up with Swyftx

NEM

Australia has a decent number of trusted and regulated crypto trading platforms, so it’s quite easy finding an exchange that has NEM. While each one comes with its own feature-set and fee structure, most crypto exchanges function very similarly when it comes to buying crypto.

Let’s get into it!

How to Buy NEM in Australia

There are only 4 main steps involved and it’s pretty straightforward:

  1. Choose a crypto exchange
  2. Sign up with the exchange
  3. Fund your account with AUD
  4. Buy NEM

1. Choose a crypto exchange

As mentioned above, we have plenty of options when it comes to Australian crypto exchanges. While that’s great, you ideally want to do a bit of research so you can use one that has a decent fee structure and more importantly, has NEM in its list of cryptocurrencies.

Personally, we really like Swyftx, they have over 300 cryptocurrencies, a very smooth process for buying crypto, and their support team has been fantastic.

And if you sign up through our site, you’ll get 20$ worth of free BTC once you start trading, which is always nice.

So for this guide on buying NEM, we’ll be using Swyftx as the exchange to go through. Any exchange would work of course, as long as they offer NEM.

Alternatively, if you want to know more about which exchanges we like, check our comparison of the crypto exchanges.

2. Sign up with the crypto exchange

Once you’ve decided on which exchange to use, it’s time to sign up.

Sign up with Swyftx and grab $20 free BTC.

Swyftx has a very streamlined sign-up process in place. The first step is to fill in the sign-up form.

Next up is to go through their basic verification process, called a KYC, which is required by law here in Australia. This should be very quick and easy.

Once done, it’s time for the next step.

3. Funding your account with AUD

To buy NEM, you first need to transfer AUD to your Swyftx account using one of the many deposit methods available. From bank transfer to PayID, POLi pay and credit cards, plenty of options to choose from.

Swyftx Deposit Methods

4. Buy NEM

The final step is to go to their asset list, find NEM, navigate to the buy section, and then trade your AUD for some XEM. Once you’ve bought NEM, you can track how much you’ve gained or lost either in the app (they have a great app), or on desktop on the left-hand side under your cryptocurrency list.

Where to Buy NEM (XEM)

ExchangeRatingCryptocurrenciesSite
Swyftx logo5/5300+ cryptocurrenciesVisit Swyftx
CoinSpot logo4/5200+ cryptocurrenciesVisit Coinspot
binance logo3/5400+ cryptocurrenciesVisit Binance

Disclaimer: Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.

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How to Sell NEM

If you’re thinking about selling NEM, just follow the steps below.

  1. Sign in to the cryptocurrency trading platform (like Swyftx).
  2. Click on NEM in your list of cryptocurrencies, or find your trading account if you’re using an exchange with different accounts.
  3. FInd the sell section and sell NEM for AUD, or trade it for another cryptocurrency.

Frequently Asked Questions

Is buying NEM in Australia legal?

Yes, you can legally buy and trade cryptocurrencies in Australia. We do of course recommend only using crypto exchanges regulated by AUSTRAC.

How to buy NEM with PayPal?

Unfortunately, most crypto exchanges in Australia don’t support PayPal. The only exchange that you could use is eToro, but their cryptocurrency list is quite limited so you might not find NEM. Have a look on their site first, you might be lucky.

How to buy NEM with a credit card or debit card?

Most top exchanges support buying crypto with a credit or debit card. We would recommend Swyftx to buy NEM with your credit/debit card.

About NEM

NEM (New Economy Movement) is an ecosystem that uses cryptography and blockchain to solve problems for individuals and businesses. XEM, NEM's native currency is.

NIS1 functions in the same way as Bitcoin (BTC). It is a network of distributed nodes, each one recording and processing transactions on a public ledger known as "blockchain". These nodes are incentivised to return their compute and time by receiving transaction fee rewards. This reward is paid in XEM coins to every node that adds a block to the blockchain.

NIS1's Blockchain differs from Bitcoin and other cryptocurrency because of a number of unique features.

NIS1's Alpha Version, or NEM was launched on June 25, 2014. The public was then able to access it via the mainnet on March 31, 2015.

XEM is a decentralized, open-source cryptocurrency with many unique features.

How the NIS1 Blockchain security is protected is what is most important. NIS1 uses its own Proof-ofaEUR"Intimacy (PoI), as opposed to the more widely used proof-ofwork and proofaEUR"of-stake, in order to ensure that transactions on the network get processed and recorded in a timely manner.

Anybody can manage a NIS1 Node and facilitate transactions via a process known as "delegated harvesting". Anyone can operate a NIS1 node and facilitate transactions through NIS1's network using the proof-of-importance system. It takes into account every nodeaEUR(tm), their amount of coins, transacting patterns and "importance score" in NEM's economy. Based on this score, the nodes get a share of transaction fees.

NEM claims its proof-of importance system allows it to reward and identify the most frequent users.

NIS1 offers many additional features to its unique PoI algorithm. These include encrypted messaging and Eigentrust++ reputation system.

NIS1 is also a market leader in enterprise-level solutions. NEM offers a purpose-built API system to developers that allows them to integrate NIS1’s blockchain infrastructure into their third-party applications.

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