Pros & Cons
- Safe and Highly Secure
- Worldwide Appeal
- Major Interest from Investors
- Long Term Investment Opportunity
- Proven Stability and Reliability
- Still Finding Its Value
- Limited Purchase Options
- Not Readily Available
- Price May Become Restrictive
Our Expert Rating
Average User Rating
It is important that you fully understand the risks attached to using or investing in any type of cryptocurrency, and that is one of the main reasons for me compiling definitive reviews of each of the major ones available.
In this review I am going to be introducing you to NEM and will be giving you a very deep insight into the pros and cons of using it as your chosen or preferred cryptocurrency, so that you can make your own informed decision as whether it will be one you do wish to use or invest in.
NEM was launched back in 2015, with the aim of being a simple to use but highly dependable and secure peer to peer cryptocurrency and blockchain that anyone can buy into.
It was actually written in Java, and is slightly different to other cryptocurrencies in as much as it offers a proof-of-importance (POI) algorithm, along with multi-signature accounts and an encrypted messaging feature
You will find that the NEM blockchain has been proven to be very reliable and trustworthy and is in fact being tested out by a range of financial institutions and Japanese companies with the aim of using it as a commercial blockchain.
So successful has NEM become that in April of 2016 one of Japans most popular digital currency exchanges call Zaif owned and operated by a company called Tech Bureau formed a partnership with NEM to design a new blockchain engine.
In regards to where NEM stands in the official rankings of all digital currencies, by its current market value, at the time of compiling this review of NEM it was the seventh largest cryptocurrency.
Therefore I would encourage you to read on to find out more about NEM, and to discover where and how you can buy and sell it and for a range of additional facts and figures that I am more than confident will help you decide whether it is a cryptocurrency that fits your wants and needs.
Cryptocurrency Exchanges Where to Buy NEM
Learn How to Buy NEM
It is of course up to you when and if you do buy into NEM, but as soon as you have made the decision that you would start to either using that digital currency or you would like to invest in it, there are a few things that you need to be fully aware of.
There is a requirement for you to have something known as a digital wallet, for when you have bought any quantity of NEM you will then need to have somewhere that the digital currency exchange you have used can send them too.
So initially set about checking out just which digital wallets are fully compatible with NEM, and I am pleased to let you know there are more than enough of them available, and then once you have downloaded one then you need to find a digital currency exchange to make a purchase of NEM from.
There are pros and cons however of using one digital currency exchange over any other and many of them sadly charge some very high fees, however below I will give you an insight into just which NEM digital currency exchanges are the ones that most other people tend to use.
You Will Need a NEM Wallet
There are lots of different places at which you can both buy and sell NEM, however I will be looking at the digital currency exchanges you can make use of in the following section of this review.
What I want to enlighten you about in this section however is the way in which you are going to be able to be sent any NEM you have chosen to buy or how you can send NEM to pay for goods or services online or via a mobile device.
What you need to get before you can start to use NEM is a digital currency wallet and one that is compatible with NEM, there are n shortages of digital wallets that are fully compatible with NEM so you will very easily find several of them you can use.
That digital wallet will then have its own unique digital address associated with it which is the one you must give out to anyone who is going to send you NEM and you will need to find out what the digital address of the digital wallet any person you intend to send NEM to is.
NEM can be purchased from several different exchanges, and by using lots of different currencies and payment methods too, the one that do process the very highest volumes of them is Zaif who on an average day processes XEM/JPY pairings of around $25,956,300 in value.
The Upbit exchange processes XEM/KRW exchanges of on average $15,811,200 over a 24 hour period and the Poloniex exchange offers XEM/BTC transactions, and when I checked over a 24 hour period they had processed a huge $6,460,960 worth of such transactions.
You will also find that the Bittrex exchange offers XEM/BTC exchanges and on a typical day they will process around $5,711,680 of such transactions, so they do have a lot of fluidity on their exchanges.
Consider using the HitBTC exchange if you want to perform any XEM/BTC exchanges for in a typical 24 hour period they handle on average $3,675,530of those transactions.
Make sure that you also checkout the Upbit exchange if you want to perform a XEM/BTC exchange for they do handle a lot of those types of exchanges very seamlessly, and on average over a 24 hour period they had processed $3,364,470of such transactions when I recently checked them out.
Where to Buy NEM Using PayPal
NEM users are not going to be able to use PayPal at any NEM digital currency exchanges to either pay for any unit of NEM or as a payout method when they are selling NEM at any digital currency exchange either.
The reason why you cannot buy NEM at digital currency exchanges is that PayPal offers the option of charging back any payments make to pay for goods, and as such it is possible for the buyer of NEM at a digital currency exchange to charge back their payment, even if they have been sent out their NEM!
If you have no other option but to use PayPal as a way of buying NEM or getting paid for selling any holdings of NEM you wish to sell there is a way you can do so, but that will entail you doing a direct transfer to someone you know and trust who has NEM for sale or who wishes to buy your NEM and pay you using PayPal.
You could also use the services of a company such as Local Bitcoin as by doing so they will link you up with someone nearby where you live who wishes to buy or sell NEM and you simply transfer your NEM to their digital wallet or they will transfer them to you and you can pay them or they will pay you by using PayPal.
That company does allow people to rate their users and as such you will be able to decide for yourself whether the person you wish to make a transaction with is going to be reliable and trustworthy, but just keep in mind that you do have to take all necessary steps when you want to buy or sell NEM using PayPal as there could be a chance that the person you do a transaction with could perform a charge back.
Gambling Sites That Accept NEM
It may have come to your attention that quite a lot of online and mobile gambling sites are now choosing to accept a wide and very varied range of different digital currencies, and as such you may be sat there right now wondering if any accept NEM.
Sadly, having spent quite a lot of time recently searching the web for any gambling sites that do accept payments via NEM I have to report that at this current moment in time I haven’t come across any, however that doesn’t mean that at some point in the very near future some gambling sites will start to accept NEM.
Keep in mind though that as you are going to be able to fund your gambling site accounts using other digital currencies such as Bitcoin, Litecoin and Ethereum for example, if you do wish to gamble online you can always exchange your NEM holdings for those other digital currencies.
There are plenty of digital currency exchanges that will allow you to exchange NEM for most other digital currencies, and as long as you have a digital wallet that will accept those other digital currencies that is all that you are going to need to be able to make deposits into any type of gambling site accounts.
The actual type of gambling sites that do accept those other currencies are quite wide and varied, you are for example going to find plenty of sports betting sites at which you can fund your account and get paid out your winnings using those other major digital currencies.
Not only that but you will find plenty of poker rooms online that do accept digital currencies and you are also going to come across s lots of casino sites too, in fact I have seen a small number of bingo sites that do also allow payments via cryptocurrencies.
If you are looking for a digital currency that is not too expensive to buy but one that has certainly been embraced by a huge number of users and investors in digital currencies then I feel that NEM should be very high up on your list of digital currencies to buy into.
Whilst it has indeed been around for a number of years now, its value has to grown so high that it is way too expensive for the average small investor to be able to afford, in fact you can buy into NEM for a relatively small amount of cash which does make it very appealing.
However, one of the benefits of having such a modest unit price is that it is not one of those digital currencies that often makes the headlines in regards to dramatic falls or for that matter rises in its value, and a slow and steady approach in regards to price gains is what many low risk investor find appealing.
Therefore if you have made the decision that digital currencies are something that you now have an interest in but would also like to move some of your cash into then I think NEW is a low risk investment and one that given some time may help you see some small and modest returns on your investment too.
Just keep in mind that to ensure the complete security and protection of your NEM holdings you will need to find a good and highly secure way for you to store them so they are never at risk of hackers and the such like.
It is also worth knowing that in regards to its market capital NEM is up there with the top 10 or so digital currencies which is of course a very clear indication that a lot of other people have been impressed by what it has to offer and its long term investment potential too.