How to buy Nexus Mutual (NXM)
Learn how to buy Nexus Mutual (NXM) in our step-by-step guide.
Nexus Mutual (NXM) is in the top 1,000 cryptocurrencies by market cap, valued at $262,999,549.
Nexus Mutual is a highly volatile asset capable of major price swings in a single day. Today NXM is trading for $40.98, which is slightly down from yesterday's trading price of $41.42. Nexus Mutual's seen an increase of 4% over the past year.
So before you buy Nexus Mutual, make sure you understand these unique risks as well as its legal, regulatory and tax status here in the US.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can buy Nexus Mutual.
How to buy Nexus Mutual in 4 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchangesThe easiest way to buy Nexus Mutual is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an accountTo create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a depositOnce verified, you can deposit USD using the payment method that best suits you – cryptocurrency, card and bank payments are widely accepted.
Buy Nexus MutualYou can now exchange your funds for Nexus Mutual. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Nexus Mutual to your personal wallet.
Where to buy Nexus Mutual
Find an exchange to buy, sell and trade NXM by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How we keep this Nexus Mutual guide up-to-date
How do I find the best places to buy Nexus Mutual?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Nexus Mutual?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Nexus Mutual.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing NXM with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Nexus Mutual?
Once you've created an account, you will need to deposit funds to buy NXM with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to to buy NXM:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase NXM by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for NXM on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Nexus Mutual?
The easiest way to buy NXM is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Best Nexus Mutual wallets to store your NXM
You can keep your NXM on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your NXM below.
Is Nexus Mutual a good investment?Cryptocurrencies 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 u201cdiscretionary mutual,u201d 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 u201climited by guarantee business,u201d 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.
Today's Nexus Mutual price versus ATH
Compare today's price of Nexus Mutual ($40.98 USD) against its all-time high (ATH) price of $185.97 on November 10, 2021. The closer the bar is to 100%, the closer NXM is to reaching its ATH again.
How do I trade, convert or sell Nexus Mutual?You can convert or sell 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 convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of NXM you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Nexus Mutual.
- Complete your transaction and move your NXM to a wallet for storage.
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