Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

Compare Brokers For NEM

For our trading xem comparison, we found 7 brokers that are suitable and accept traders from United States of America.

We found 7 broker accounts (out of 147) that are suitable for Trading XEM.

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ThinkMarkets

Spreads From

Bitcoin N/A points See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About ThinkMarkets

  • Regulated by: Financial Conduct Authority and ASIC.
  • Established in 2010 HQ in Australia.

Platforms

  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

Open a demo account

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Losses can exceed deposits

Read our in-depth ThinkMarkets review

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

The Ultimate Guide to

Trading NEM (XEM)

Introduced on March 31st, 2015, the New Economy Movement or NEM is a peer-to-peer cryptocurrency platform, with its associated cryptocurrency wallet known as the NanoWallet.

NEM’s blockchain was designed for scalability and high transaction speeds to correspond with its wide distribution model goal. This technology also lets multiple ledgers coexist on a single blockchain. 

The native currency of the NEM blockchain is XEM. XEM is largely used to make payments on the NEM blockchain for transactions and services. However, instead of mining, NEM uses the process called “harvesting” to keep the NEM network online and make transaction confirmations. A consensus algorithm known as “proof of importance” (POI) is used to govern who gets to compute or harvest the next block in the platform’s blockchain.

The POI algorithm determines an account’s importance based on how many transactions it has made and how many coins it has. This prioritisation was intended to promote the active use of the NEM platform.

The backbone of the NEM blockchain network consists of Supernodes. If an account on the network has a minimum of 3 million XEM, then it can operate a Supernode. This is done using either a local computer or a cloud-based server.

The Singapore-based NEM Foundation was created in 2016 and expects to release its Catapult blockchain engine in 2019 as the new core engine of the NEM platform. Catapult has smart contract plugins that provide various helpful features, and it can power both public and private networks.

Note that , when making transactions in the XEM cryptocurrency it is generally safer when using a regulated online broker.

How to not get scammed when trading XEM

Many people trade cryptocurrencies through exchanges, but these rather poorly regulated enterprises can be subject to hacking potentially resulting in huge losses.  A recent example involving the XEM cryptocurrency was at the Tokyo-based Coincheck exchange, which saw a hack of $534 million of XEM coins in 2018.

Mt. Gox was another major crypto exchange that had 850,000 bitcoins taken by hackers in 2014. Furthermore, South Korean cryptocurrency exchange Youbit filed for bankruptcy after being hacked twice in 2017.

Additionally, with online cryptocurrency trading there are a number of scams to look out for. Essentially, watch out for firms that ask for an initial fee to exchange XEM for cash or for investment programs that promise to multiply assets quickly. Remember, if it seems too good to be true, it most probably is. 

Another common fraudulent activity is phishing, often seen on social media and through emails. This involves someone impersonating a business to get into an account or even a currency wallet. Avoid making financial arrangements or accessing accounts using links contained in direct messages. Additional scams include fake crypto exchanges and cloud mining cons, so keep a sharp eye out for fraudsters.

In general, the safest way to trade XEM is through a regulated broker. Regulated brokers typically provide cryptocurrency traders with greater peace of mind. The process of trading XEM coins through these firms is also quite straightforward.

Good examples of regulated brokers include Dublin, Ireland based AvaTrade, which is part of a large publicly traded firm with $17 billion in market capitalisation.  Another regulated broker registered in Europe that also supports social cryptocurrency trading is eToro . Both of these brokers have to operate under the EU’s Markets in Financial Instruments Directive (MiFID) and its revision the MiFIR.

Trading XEM through AvaTrade

Among the various regulated online brokers, AvaTrade lets traders use the popular and user friendly trading interface called MetaTrader 4 (MT4) which is suitable for traders of all experience levels. This free software from MetaQuotes has a web-based version and can also be operated on desktop, tablets and smartphones.

A major plus of MT4 is its advanced charting features that allows traders to perform technical analysis. The platform’s look can also be personalised by setting different colours and display styles.

AvaTrade and similar platforms makes it easy to sign up to trade cryptocurrencies like XEM. The broker also gives traders access to markets in thousands of other tradable instruments.

Nevertheless, trading in all financial markets involves taking risks, so it generally pays to understand the fundamental forces that drive the value of an asset like XEM before getting involved in its trading.

Key influences on XEM

XEM’s value is influence by various factors. As with many other free-floating cryptocurrencies, supply and demand plays a substantial part in its market valuation.

For example, when governments step in to regulate digital currencies, especially if they ban their use or ownership, it tends to adversely affect the value of cryptocurrencies like XEM. Events like the Cyprus banking crisis in 2013 can also have an impact. In this case, the Cyprus crisis was seen to boost the value of bitcoin as people looked for ways to store their wealth outside of the jurisdictions of their local governments. 

Another key fundamental influence on the currencies’ evaluation is how usable a cryptocurrency is. XEM has a native use among those operating on the NEM platform, so that gives it some tangible value. However, if other firms start to accept XEM, then that should potentially boost its value.

Moreover, exchange hacks can depress the value of cryptocurrencies as the public loses confidence in their safety. In contrast with the development and  introduction of new technology, such as the upcoming Catapult engine that will provide smart contract plugins, can also have a positive impact on XEM’s value.

NEM (XEM) Quick facts:

Source: CoinMarketCap.

  • Month XEM started trading: March 2018.
  • Daily volume of XEM exchanged (July 14th, 2019): $39,242,929.
  • High closing price in U.S. dollars: $2.09 on January 4th, 2018.
  • High closing price in bitcoins: 0.00012691 BTC on January 4th, 2018.
  • Market Capitalisation (July 14th, 2019): $545,368,942.
  • Circulating and Total Supply: 8,999,999,999 XEM.

Want to trade other cryptocurrencies? 

Read more about the different brokers trading some of the world’s biggest and most exciting cryptocurrencies here: 

Why Choose ThinkMarkets
For Trading XEM?

ThinkMarkets scored best in our review of the top brokers for trading xem, which takes into account 120+ factors across eight categories. Here are some areas where ThinkMarkets scored highly in:

  • 8+ years in business
  • Offers 50+ instruments
  • A range of platform inc. MT4, Mac, Web Trader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 0.10pips
  • Used by 0+ traders.
  • Offers demo account
  • 2 languages

ThinkMarkets offers two ways to tradeForex, CFDs. If you wanted to trade BITCOIN

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

ThinkMarkets have a B trust score. This is largely down to them being regulated by Financial Conduct Authority and ASIC, segregating client funds, being segregating client funds, being established for over 8

Trust Score comparison

ThinkMarkets
Trust Score B
Established in 2010
Regulated by Financial Conduct Authority and ASIC
Uses tier 1 banks
Company Type Private
Segregates client funds

A Comparison of ThinkMarkets


Want to see how ThinkMarkets? We’ve compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
ThinkMarkets
Fixed Spreads
Variable Spreads
EUR/USD Spread 0.10
GBP/USD Spread 1.2
DAX Spread
FTSE 100 Spread N/A
S&P500 Spread
Ripple spreads from N/A
Dash spreads from N/A
Litecoin spreads from N/A
Bitcoin spreads from N/A
Ethereum spreads from N/A

Comparison of account & trading features

ThinkMarkets
Platform MT4, Mac, Web Trader, Tablet & Mobile apps
Services Forex, CFDs
Base currency options USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, NZD, CNH
Funding options Payoneer, Credit cards, Bank transfer, Neteller, BPAY, UnionPay, FasaPay, DebitCard,
Micro account
ECN account