Log in Join

How to buy Nexus Mutual (NXM) in the UK

Learn how to buy Nexus Mutual (NXM) in our step-by-step guide.

Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Where to buy Nexus Mutual in the UK

It looks like NXM may not be available to purchase on an exchange in the UK.

You can still purchase NXM by using a decentralised exchange (DEX) instead. Decentralised exchanges are web applications that run on blockchains like Ethereum and allow users to trade any asset directly with one another.

Decentralised exchanges (DEX) are unregulated and run using autonomous pieces of code known as smart contracts. To use a DEX you must interact with the blockchain directly, which is not recommended for novice users. Please learn about decentralised exchanges first if you're unfamiliar.

How to purchase NXM using a decentralised exchange.
  1. Find NXM on a decentralised exchange and make sure Nexus Mutual can be traded for ETH which is the native asset of Ethereum. Popular DEXs include Uniswap, SushiSwap and 1INCH.
  2. Buy ETH to trade for NXM using an exchange like CoinJar. You will need to purchase enough ETH to swap for NXM as well as ETH to pay for transaction fees on the Ethereum network (known as gas). You can use a service like Etherscan to get an idea of how much gas fees currently cost.
  3. Transfer the ETH into a web 3.0 wallet like MetaMask to connect to the DEX.
  4. Trade ETH for NXM on the DEX of your choice, following the instructions on screen. Make sure to leave enough ETH in your wallet to pay for gas.
  5. Wait for the transaction to finalise and the NXM tokens will arrive in your wallet.
  6. You may now keep the tokens in your web 3.0 wallet or transfer them somewhere more secure like a hardware wallet.

You can follow the same process when you want to sell your tokens, or come back to this page to see if they can now be traded on an exchange in the UK.

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.

Recent Nexus Mutual developments

February 2021: Nexus Mutual raised US$2.7 million in a sale of its native token, NXM.
Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.

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 “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.

Today's Nexus Mutual price versus ATH

Compare today's price of Nexus Mutual ($48.06 USD) against its all-time-high price of $185.97 USD on 10 November 2021. The closer the bar is to 100%, the closer NXM is to reaching its ATH again.

Nexus Mutual's price: $48.06
ATH date: November 10, 2021
25.84%

Nexus Mutual ATH: $185.97


How to trade, convert or sell Nexus Mutual

You can convert or sell your NXM with the same exchange you bought it through:
  1. Sign in to the exchange you have NXM on.
  2. If you store your Nexus Mutual in a digital wallet, compare crypto exchanges to convert or sell it on.
  3. Choose Sell or Convert and place a sell order.
  4. Choose the amount of NXM you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of Nexus Mutual.
  6. Complete your transaction and move your NXM to a wallet for storage.
  1. Data by CoinGecko

* Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.

Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.

More guides on Finder

Go to site