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How to buy Nominex (NMX) in South Africa
Learn how to buy Nominex (NMX) in our step-by-step guide.
Where to buy Nominex in South Africa
It looks like NMX may not be available to purchase on an exchange in South Africa.
You can still purchase NMX by using a decentralised exchange (DEX) instead. decentralised exchanges are web applications that run on blockchains like Binance Smart Chain (BSC) 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 NMX using a decentralised exchange.
- Find NMX on a decentralised exchange and make sure Nominex can be traded for BNB which is the native asset of Binance. The most popular DEX on Binance Smart Chain is PancakeSwap.
- Buy BNB to trade for NMX using an exchange like Binance. You will need to purchase enough BNB to swap for NMX as well as BNB to pay for transaction fees (known as gas) on the BSC network, which usually costs less than a dollar.
- Transfer the BNB into a a web 3.0 wallet like MetaMask to connect to the DEX.
- Trade BNB for NMX on PancakeSwap, following the instructions on screen. Make sure to leave enough BNB in your wallet to pay for gas.
- Wait for the transaction to finalise and the NMX tokens will arrive in your wallet.
- 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 South Africa.
Best Nominex wallets to store your NMX
You can keep your NMX 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 learn more about wallets and compare them with our comprehensive guide.
Is Nominex a good investment?
When buying any cryptocurrency it is important to understand the risks associated with the underlying technology. In particular, buyers of NMX should consider the following:
- Farming rewards and competition: Nominex claims to be one of the first centralised exchanges to offer DeFi farming and a utility token. The platform offers up to 72 years of daily farming rewards for those staking the native NMX token. While an attractive prospect, the exchange will still need to compete with centralised exchanges that provide a similar offering to users. These include Binance (BNB), Crypto.com (CRO), KuCoin (KCS). The native tokens of these exchanges can also be staked for rewards and benefits within the associated platform.
- No KYC requirements: Nominex does not require any KYC or AML process for users looking to use the exchange. The exchange allows up to 0.1 BTC daily withdrawals without a user needing to hand over personal information. This could be an attractive prospect for investors that wish to keep their identity unknown.
- Low fees: The platform offers up to 0% fees for those staking NMX. The prospect of 0% fees is another attractive prospect to investors and traders and could help to drive the long-term demand for the native NMX token.
- Binance secured: Nominex has successfully secured a partnership with Binance, which is currently one of the largest exchange ecosystems in the world. Marketed as an official Binance broker, the brokerage partnership also means that all funds are secured within the Binance ecosystem - one of the safest currently available. The partnership with Binance is encouraging for the future prospects of the Nominex cryptocurrency exchange.
Additional information about Nominex can be found using our NMX analysis tools.
Today's Nominex price versus ATH
Compare today's price of Nominex ($0.948307 USD) against its all-time-high price of $8.03 USD on 12 April 2021. The closer the bar is to 100%, the closer NMX is to reaching its ATH again.
ATH date: April 12, 2021
Nominex ATH: $8.03
How to trade, convert or sell NominexYou can convert or sell your NMX with the same exchange you bought it through:
- Sign in to the exchange you have NMX on.
- If you store your Nominex 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 NMX you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of Nominex.
- Complete your transaction and move your NMX to a wallet for storage.
Disclaimer: Cryptocurrencies, including Nominex, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of NMX 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 Nominex or any other cryptocurrency discussed.
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