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How to buy Nexus Mutual (NXM) in the US
A beginner's guide to buying and selling NXM in the US.
How to buy Nexus Mutual
Look for an exchange that supports both fiat and cryptocurrency to simplify buying Nexus Mutual.
- Open an account on an exchange that supports NXM.
Unfortunately, at this time no major exchanges in the United States offer NXM, but you may be able to purchase it with another cryptocurrency. Just be sure to follow all legal restrictions and requirements.
- Deposit funds into your account.
Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Nexus Mutual.
- Buy Nexus Mutual.
Complete your Nexus Mutual purchase and then find the best wallet to store NXM.
What is Nexus Mutual?
Nexus Mutual is a platform that has been built atop the Ethereum ecosystem and provides users with a variety of insurance-based offerings, powered by a large community of backers. One of the platform’s first products is the “Smart Contract Cover,” which is basically an insurance policy that covers users against certain smart contract vulnerabilities that they may be faced with when using a range of popular decentralized finance (DeFi) platforms.
The platform’s native crypto offering, NXM tokens, are used for a variety of different internal processes such as membership management, voting and governance. Furthermore, it bears mentioning that since Nexus Mutual operates as a decentralized autonomous organization (DAO), users are required to possess NXM tokens in order to implement any changes within the platform.
Nexus Mutual (NXM) is the 107th largest cryptocurrency in the world by market cap, valued at $1,088,436,211. The current price of Nexus Mutual is $157.69, which is -2.220% lower than yesterday. Prices have ranged between $165.87 and $155.25 over the past 24 hours. All prices are listed in US dollars and accurate as of October 22, 2021 07:10 UTC.
Where to buy Nexus Mutual
Unfortunately, at this time no major exchanges in the United States offer this coin. However, you may be able to purchase it with another cryptocurrency, just be sure you're following all legal restrictions and requirements.
Consider buying a different cryptocurrency after comparing popular exchanges.
Nexus Mutual at a glance
|Total NXM supply||6,902,259|
|All time high||US$165.87|
|Notable team members||Hugh Karp|
|Partnerships||Somish Blockchain Labs|
Nexus Mutual price performance over time
How to sell Nexus Mutual
You can cash out your NXM with the same exchange you bought it through:
- Sign in to the exchange you have NXM on.
If you store your Nexus Mutual in a digital wallet, compare crypto exchanges to sell it on.
- Place a sell order.
Choose the amount of NXM you'd like to sell.
- Complete your transaction.
Confirm the sell price and fees and close your sale of Nexus Mutual.
What to consider when buying Nexus MutualCryptocurrencies are highly speculative assets that come with a range of risks. Additionally, buyers of NXM tokens may want to consider the following:
- Unique business model: Nexus Mutual currently makes use of a unique business model referred to as a “discretionary mutual,” wherein the mutual can elect to pay claims at its discretion. The platform made its first payout last year after DeFi lender bZx’s native smart contract code was exploited by a group of hackers.
- UK-based entity: The platform is registered in the United Kingdom as a “limited by guarantee business,” usually given to non-profit organizations. Furthermore, since Nexus Mutual’s business operations are largely decentralized, the platform is owned entirely by its members.
- Low entry barrier: Anyone can make use of the platform to gain access to a wide array of insurance offerings. To make use of Nexus, users are required to purchase NXM tokens that they can then leverage in order to acquire coverage as well as participate in the protocol’s native governance processes.
- Purchase and operational limitations: Unlike a wide array of cryptocurrencies, NXM tokens cannot be bought via regular cryptocurrency exchanges and are only available for purchase via the official Nexus Mutual platform. The tokens can only be swapped among members of the ecosystem, but can also be traded and sold as usual outside the ecosystem in the form of wrapped tokens (WNXM).
- Wide coverage possibilities: In addition to providing users with coverage against smart contract hacks and cold wallet compromises, the platform also offers traditional offerings such as insurance against earthquakes and thefts.
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Disclaimer: Cryptocurrencies, including Nexus Mutual, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of NXM is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Nexus Mutual or any other cryptocurrency discussed.
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