What is NEM?
NEM was officially launched in 2015. The project was created by a Bitcoin Talk Forum user who pseudonymously goes under the name of UtopianFuture. It was built from the ground up, unlike other projects which use other platforms to initially launch. NEM focuses on introducing new features, such as its proof-of-importance (POI) algorithm, multisignature accounts and encrypted messaging.
How to create a NEM wallet
Sign up for a free Coindirect account and you will automatically get a free NEM online wallet. You can use your NEM wallet to buy, sell, store, send (withdraw) and receive (deposit) NEM.
How to create a NEM address
Once you have signed up for a free Coindirect account all you need to do press the ‘Receive’ button to reveal your Coindirect NEM wallet address.
How to buy NEM with a credit card
- Sign up for a free Coindirect account.
- Find your NEM Wallet and click the ‘Buy’ button in your NEM Wallet.
- Select “New VISA Card (EUR)” or “New credit card (NGN)” if you are in Nigeria.
- Enter EUR value of NEM you want to purchase (more than the minimum limit) or the NEM amount you want to buy and then click ‘Preview Buy’.
- You will receive a quote, press ‘confirm’ before the timer runs out (counts down from 55 seconds).
- Type in your credit card details and pay.
- You will be taken to a page to verify your transaction.
- Finally, you will be redirected back to your Coindirect Wallet once the payment is successful.
How do I purchase NEM from my bank account?
If you are in South Africa or in Europe in a SEPA country you can deposit ZAR and EUR into your Coindirect ZAR Wallet or Euro Wallet respectively.
To fund your account you have to transfer money using bank transfers. To get the funding instructions so that your account is credited:
- Go to your ZAR/EUR wallet and click the “Fund now” button. Alternatively, click the Fund tab in your Coindirect wallet and click on “Transfer Now”.
- Select the bank to transfer to from the drop-down menu to get payment details and the reference you should use (highlighted in blue).
- Transfer the money from your bank account into the account shown on the screen then wait for the bank transfer to be processed (0-3 business days depending on the bank).
- Once the funds reflect in your ZAR wallet, go to your NEM wallet and click “Buy” and select “Wallet (ZAR)” or “Wallet (EUR)” as you payment method.
Where can I sell my NEM?
You can sell NEM from your Coindirect wallet by clicking the ‘Sell’ button in your NEM wallet.
If you are in a SEPA region or South Africa. You can sell your NEM and instantly get money transferred to your Wallet (ZAR or EUR).
If you are in another region with no local currency wallet. You can sell your NEM by creating a sell offer on the marketplace.
You now know how to buy NEM instantly from almost anywhere in the world. Make sure to download the Coindirect App to trade NEM from the palm of your hands.
Credit card limits
Please note that Coindirect has limits for credit card purchases in place.
Make sure that your account is verified so that your credit card purchase limits are increased.
Currently, the limits for credit card purchases are:
Unverified users – €175 – €500
Verified users – €890 – €1000
If you are interested in introducing your friends to a way to buy NEM with their credit cards, make sure you share a link through the Earn programme. If they sign up to Coindirect, both you and the friend will receive 5 XRP for free when they perform their first transaction.