How to Buy Nxt (NXT) in 3 Simple Steps

5 Things to Consider if you Want to Buy NXT

You cannot just go out there and buy NXT without doing any research. If you are serious about trading, it is recommended that you evaluate a multitude of factors to minimise transaction risk.

1. Carefully choose your preferred secure payment method

The first thing that you need to keep in mind is that offered payment methods differ from one country to another. Since there are dozens of payment modes, it is not viable for us to talk about every payment method. That being said, some of the key factors that you need to take into account include transaction speed, security, and reliability.

2. Will you need to set up your own wallet?

If your investment strategy is long-term, i.e. you want to hold onto your NXT tokens for a while then it’s recommended that you securely store your coins in a cryptocurrency wallet. Although the web wallets that are built into your exchange or broker account are reasonably secure, they are still vulnerable to security breaches. That’s why it is a smart idea to minimise your risk by setting up a wallet. If you don’t want to manage a crypto wallet, the best way to invest in Nxt is through trading.

3. Comparing costs

Before you invest in NXT or any other cryptocurrency for that matter, we suggest that you compare the cost of trading NXT coins. There are different types of fees that you will have to pay including network charges, transaction fees, deposit and withdrawal charges, and more. These expenses can reduce your profit margin. On the other hand, you can also use cryptocurrencies to trade NXT tokens as this particular payment mode is relatively cheaper.

4. Safety and security

If you are going to invest in NXT or any other cryptocurrency project, you need to ensure that it’s secure. Unlike many other altcoins, Nxt developers have written the code for its blockchain from scratch ensuring high-level security. It means that all the transactions that occur on the Nxt blockchain are not only decentralised but fully secure as well.

Some other key security features of the blockchain include encrypted public and private keys, peer-to-peer networking, and decentralisation. What it means for the project is that no single individual or organisation has undue influence over the cryptocurrency or its blockchain. All the decisions concerning the project are made through a democratic process.

5. Can you understand and navigate the platform?

Since NXT isn’t just another cryptocurrency on the market but an innovative project that offers multiple decentralised features to its users, the worth of its coin has been witnessing a substantial surge over the course of the last few months. This bodes well for the project as enhanced usability can continue to drive the price of the coin.

Another option that traders have is to use a cryptocurrency exchange or a brokerage website to buy NXT coins. It is recommended that you make yourself familiar with your preferred platform so you don’t have any trouble in terms of trading NXT coins. Being aware of all the relevant options can help you enhance your overall profitability.

What is the Best Payment Method for Buying NXT?

If you want to buy NXT tokens, you can select from a diverse variety of payment modes. The accessibility to different payment methods is dependent on your country of residence and your preferred trading platform. This is why it is essential for you to identify and evaluate different options.

Buying NXT with Cash: While you don’t have to pay any transaction charges if you buy NXT with cash, it is almost impossible to do so. The only way you can purchase NXT tokens this way is if you can find a seller who is willing to sell NXT coins at the price you want. Since this method is quite risky, it is recommended that you take a look at other payment methods which are more secure.

Buying NXT with Bank Transfer: If you are looking to minimise your transaction cost, buying NXT coins through bank transfer is your best option. You can also use this payment method to send and receive funds to and from a cryptocurrency platform. The only con of using a bank transfer is that it is relatively slow when compared to other payment methods.

Buying NXT with Credit Cards or Debit Cards: If you don’t have to worry about transaction costs and simply want to purchase NXT coins as quickly as possible, then you can use your debit or credit card. While the transaction fee will be higher when compared to other payment methods your transactions will be processed right away.

What Fees are involved in Buying NXT?

If you are looking to buy or trade Nxt, you will incur a variety of costs that you need to take into account when determining the profitability of your trades. Some of the costs include network fees, transaction charges, commissions, deposit and withdrawal fees, and more. If you are holding NXT tokens in your own wallet, then you won’t have to pay the storage fee. Some of the major expenses that you need to consider include the following.

Transaction Fees: Since Nxt transactions occur on a blockchain network, the verification process of these transactions costs money so the users who have invested their resources to validate transactions can be rewarded. Generally, transaction charges range between 0.1% and 0.3% of the total amount. These charges will also depend on your preferred broker or exchange. That’s why it is essential to find one that enables you to keep your transactional costs at a minimal level.

Deposit Fees: While most of the brokers and exchanges do not charge any deposit fee anymore, there are some platforms that still do. When you are assessing different crypto platforms, ensure you find one that doesn’t charge a deposit fee.

Withdrawal Fees: Just like the deposit fee, withdrawal charges also depend on your selected crypto platform. There are many brokers and exchanges that will not deduct any fee for withdrawing your funds. Most of the services that don’t charge any deposit fee won’t also charge you any withdrawal fee.

Safely Storing Your NXT

If you are looking to hold your NXT coins in a secure way, you will require a cryptocurrency wallet to do so. Crypto wallets can be found in different forms including the following.

Web Wallet: The wallets that already exist in your broker or exchange account are called web wallets. They provide the best accessibility to your funds but also are the most vulnerable to hacks and cyberattacks. Coinbase is one of the most popular web wallets for storing NXT coins.

Mobile Wallet: If you want to trade NXT tokens from anywhere, then the best option for you is a mobile wallet. These wallets are specially made for your smartphone and offer a variety of security features along with versatile functionality. You can use the mobile version of Atomic Wallet to store your NXT coins.

Desktop Wallet: These wallets are fundamentally software applications that you can install on your computer. Although they don’t offer the quick accessibility and user-friendliness of mobile or web wallets, they are more robust and secure. You can find features like two-factor authentication and passphrase protection in desktop wallets. Atomic Wallet is one of the most widely used desktop wallets for storing Nxt.

Hardware Wallet: If you want the highest level of security to store your NXT coins, then the best option for you is cold or hardware wallets. They are called cold wallets because they don’t have any hardware on board that can connect them with a network. You basically store your private keys on a physical device that has no connectivity options until plugged into a computer. It also means that you have to ensure the safety of your device as you can only access your coins if you have the device. Some of the top hardware wallets include Ledger Nano devices and various models from Trezor.

What Other Coins Can I Trade or Use to Buy NXT?

If you don’t want to use conventional money to purchase NXT tokens, you can use other cryptocurrencies like Bitcoin and Ethereum to do so. Some of the most popular cryptocurrencies to buy NXT include ETH, ADA, BTC, XRP, and more. Since you are already using a digital currency, you don’t have to pay the exchange fees which can eat into your profits.

What’s the Smallest and Largest Amount of NXT I Can Buy?

Since cryptocurrencies are volatile in terms of price, many traders want to know the minimum quantity or fraction of coins they would have to buy for their investment. Since there are 1 billion NXT tokens, the price of the coin will likely never be more than $1. This means that there is technically no lower limit on how much NXT you can buy. In terms of an upper limit, you are limited only by how much capital you have to invest.

Can I Buy NXT Anonymously with no ID? Is it Safe and Legal to Buy Nxt?

Having said that, if you still want to purchase NXT anonymously through a certain platform, ensure that you have researched about it and take all the measures that are required to keep your funds secure as your transactions will not be traceable if you buy anonymously.

That being said, if you are sure about purchasing NXT tokens anonymously through a particular broker, make sure that you know everything there is to know about the platform. This will ensure the security of your personal data and funds. Keep in mind that anonymous transactions cannot be traced so if you lose your assets, there’s no way of getting them back.

Will Buying NXT Make Me Money?

Making money with trading NXT coins or any other cryptocurrency totally depends on your strategy. This is a question that you will need to answer yourself. Some of the key factors that can minimise your risk include the following:

• Make yourself familiar with your selected crypto platform and learn about the features
• Learn about the cryptocurrencies and the projects you are going to invest in
• Never invest more than you can afford to lose
• Only invest a certain percentage of your profits back into cryptocurrencies
• Read analyses and opinions of market leaders and analysts
• Learn how to read charts and graphs.

How to Spend your NXT

The primary objective of the NXT blockchain is to provide decentralised services and features to its users. That’s why it cannot be spent in a conventional manner to buy things on the internet. What you can do is purchase more popular currencies like Bitcoin with your NXT tokens and then make your purchase.

How to Sell your NXT

Selling NXT coins through a broker service is comparatively straightforward and simple. The best way to sell your NXT tokens is through a broker or exchange service. If you have NXT CFDs, you can sell them quicker through a broker service as compared to the real tokens.