How to buy and sell XEM coins

To buy XEM coins on Binance, create an account, fund it with fiat or supported crypto, and place a market or limit order to purchase the desired amount at the current market price or a specified level.

Nov 22, 2024 at 07:16 am

How to Buy and Sell XEM Coins: A Comprehensive Guide

XEM, the native cryptocurrency of the NEM blockchain platform, has gained significant popularity in the blockchain ecosystem due to its unique features, such as its proof-of-importance consensus mechanism and multi-signature functionality. For those interested in acquiring and trading XEM coins, this article provides a comprehensive guide to the process, covering both buying and selling aspects.

Buying XEM Coins

1. Choose a Reputable Exchange: The first step in buying XEM coins is selecting a reliable and trustworthy cryptocurrency exchange. Factors to consider include the exchange's security measures, trading fees, and availability of XEM trading pairs. Some popular options include Binance, Kraken, and Huobi Global.
2. Create an Account and Fund It: Once an exchange has been selected, users need to create an account by providing personal information, such as their name, email address, and proof of identity. The account must then be funded using either fiat currency or another cryptocurrency that is supported by the exchange.
3. Place a Buy Order: When the account is funded, users can place a buy order for XEM coins. The order specifies the desired amount of XEM to purchase and the price at which the user is willing to buy. Orders can be market orders, which execute immediately at the current market price, or limit orders, which execute only when the price reaches a specified level.
4. Store Your XEM Coins: After the buy order is executed, the XEM coins will be credited to the user's exchange account. For security, it is recommended to transfer the coins to a personal hardware or software wallet, which provides enhanced protection from hacking and unauthorized access.

Selling XEM Coins

1. Choose a Suitable Exchange: The first step in selling XEM coins is selecting an exchange that supports XEM trading pairs and has a sufficient trading volume. The factors to consider include the exchange's security measures, trading fees, and reputation.
2. Transfer XEM to the Exchange: To sell XEM coins, users need to transfer them from their personal wallet to their exchange account. The transfer process typically requires the user to provide the exchange's wallet address and the amount of XEM to be transferred.
3. Place a Sell Order: Once the XEM coins are in the exchange account, users can place a sell order. The order specifies the desired amount of XEM to sell and the price at which the user is willing to sell. As with buy orders, sell orders can be market orders or limit orders.
4. Withdraw the Proceeds: After the sell order is executed, the proceeds from the sale will be credited to the user's exchange account. The funds can then be withdrawn to a personal fiat currency bank account or used to purchase other cryptocurrencies on the exchange.