The basic process for buying NXS involves two simple steps:
You can access the Coinbase exchange via this link: https://www.coinbase.com.
While Coinbase is simple, and useful for people new to crypto, this process has a some drawbacks:
If you have done any past trading in either cryptocurrencies or financial markets, and are familiar with placing Limit orders, then you may wish to use this GDAX to buy your BTC. It is much faster, saves on fees, and will likely get you a bit more NXS in the end. The process uses GDAX instead of Coinbase. The basic steps are: fund your account, buy Litecoin (LTC) on GDAX, send the LTC to an exchange (Binance, Bittrex etc), sell it for BTC, then use that BTC to buy NXS. This part of the guide is intended for people more familiar with how to trade.
You can access the GDAX exchange via this link: https://www.gdax.com. The GDAX exchange is actually part of Coinbase. It uses a different and more advanced interface that provides you with advanced features. When you create your Coinbase account, it also gives you access to GDAX. Your GDAX account uses the same login, bank account links, deposit/withdrawal limits, and 2FA as your Coinbase account does because, in reality, they are the same account.
Setting up a Coinbase account is simple. Just click the “Sign Up” button at the top of the page and fill in the required information. Although you don’t need to provide identification to create an account, you can avoid potential verification problems if you enter your name and other required information consistent with your ID. After completing the signup process you will have created a basic Coinbase account.
There are three primary ways to purchase cryptocurrency on Coinbase.
In most cases, the ACH bank transfer is the cheapest and best option. This requires that you link your bank account to your Coinbase account. Click on Settings in the Coinbase menu. Then click on Linked Accounts. Finally, click the Link a New Account button. Follow the instructions to link your bank account. For some banks, linking your account requires sending microtransactions to your account. You will have to log out of Coinbase and wait to receive two small deposits. After they arrive, return to Coinbase and enter the amounts to complete your bank account setup.
Coinbase does not require you to provide much information or confirm your identity. It also has relatively low limits for deposits and withdrawals. If necessary, you can increase these limits by completing the identity verification process. KYC (Know Your Customer) regulations have become more stringent over time. It is a good idea to complete verification on most exchanges where you register accounts. For Coinbase, you can access the verification process by clicking on Settings in the menu. Then click on Limits and follow the instructions for increasing your limits.
For security purposes, you should always set up two-factor authorization (2FA) on your exchange accounts. This helps prevent someone potentially accessing your account using a stolen/hacked password. Security is of utmost importance with cryptocurrencies, so you should not take any shortcuts. There are multiple ways to do 2FA. For example, your bank may send you a text message with a code when you attempt to perform certain actions such as changing your password. While more secure than no verification, text verification can be compromised if your cell phone is compromised. The most secure method for setting up 2FA is to use an app such as Google Authenticator on your cell phone. You can set up and link your authenticator app with Coinbase by clicking on Settings in the menu, then on Security. Coinbase will show you a screen with a QR code that you can scan using the authenticator app on your phone. Print out this screen, or otherwise save it. Store this in a secure place. Then, if you get a new phone, having that allows you to easily re-create your authenticator settings.
The simplest way to purchase BTC (Bitcoin) on Coinbase is to do an instant buy, at the current price, using your bank account as the form of payment. To do this
Coinbase will execute your buy, then transfer the payment from your bank account. This will take 4-5 business days. Until then, your BTC balance will be marked as “Pending”. It will become available after your payment is processed. This process is similar to the settlement process when you buy stocks in the financial markets which can also take up to 5 days. The instant buy locks the price at time of purchase. Your BTC then needs to be transferred to an exchange which lists NXS.
When you have set up an account on an exchange (Binance, Bittrex, etc), you will then be able to transfer your BTC.
Before you can buy cryptocurrency with fiat currency on GDAX, you must fund your account. GDAX does not support the “Instant Buy” function that Coinbase has. Nor does it allow you to purchase with a credit/debit card. The Coinbase interface is easy to use, though, and the two exchanges share your account, so it is simple to perform a transfer from your linked bank account. To do this:
When you become more familiar with the GDAX interface, you can also create this transfer there, and skip Step 2.
After your transfer completes (4-5 business days), your money is available in Coinbase. You can’t use it in GDAX, yet. First you must transfer it over. There is no cost to do this and it is instant.
Your funds will immediately transfer to GDAX and appear under Balance on the page.
The trick to buying on GDAX is in how you place your order. You can place Limit or Market orders. If you place a Market order, you will pay exchange fees. If you place a Limit order, you pay zero fee. This is called a “Maker/Taker” fee structure. By using a Limit order, you can take advantage of this and save on fees. To buy Litecoin:
Limit orders do not necessarily execute immediately. Sometimes, if the market price moves away from you, they won’t execute at all. You can, if necessary, cancel your order and enter a new one at a different price.
When you have set up an account on an exchange (Binance, Bittrex, etc), you will then be able to transfer your BTC.
Exchanges usually list NXS as part of a BTC-NXS trading pair. Once you own BTC, you will need to identify a preferred exchange that allows NXS trading and transfer your BTC to fund your new Nexus trading account.
You can access the Binance exchange here: https://www.binance.com
To create an account, follow these instructions:
Upon signing in, you will be prompted to set up Two Factor Authentication (2FA) – we strongly recommend you follow the steps in setting this up, as it improves the security of your account.
The instructions to set up 2FA are clearly displayed on your profile home screen. Follow the 4 steps, and keep a note of the 16 digit value.
There are 3 exchange ‘settings’ which determine your 24 hour withdrawal limits:
Level 1: 24h withdrawal limit of 2BTC
Level 2: 24h withdrawal limit of 100 BTC (Submit Verification Documents to activate)
Level 3: 24h withdrawal ‘Higher Limit’ (requires contacting Binance).
After you have you have purchased your BTC, you can then to send it to Binance.
Here, as an example, we will explain a transfer from Coinbase.
When you send your Bitcoin, it will take at least 30-40 minutes to arrive on Binance. During times of heavy transaction volume, it may take several hours. This is still much faster than a bank transfer. After your Bitcoin transfer arrives on Binance and is confirmed, your BTC balance will display on the ‘Funds -> Balances’ page.
Now you have your Bitcoin on the Biannce exchange, and are ready to buy Nexus (NXS). First, you must access the BTC-NXS market. The easiest way is to hover over ‘Funds’ in the top right hand corner, and click on ‘Balances’. This will take you to the list of all the coins on Binance. Just underneath the word ‘Balances’ in the top left hand corner there is a search box, search ‘NXS’ or ‘Nexus’ and click on the far right rectangle named ‘Trade’. Then choose which cross you wish to trade NXS with, assuming you have followed the steps above, and are using BTC to purchase NXS, please click on the ‘NXS/BTC’ option.
Before entering your buy order, take a moment to look at the prices. These are listed in Bitcoin (BTC). The BTC currency has 8 decimal places – the smallest Bitcoin unit is 0.00000001 BTC. This is called a “Satoshi” after the creator of Bitcoin. Satoshis are to Bitcoin as cents are to dollars.
The top left hand list of transactions shows the NXS for sale, the ‘cheapest’ of which being at the bottom of the list. The opposite goes for the buy order book below in green, the highest number being the highest price offered to buy NXS for.
Underneath the large chat in the top middle of your page, there are two boxes, one to buy NXS, the other to sell NXS. You will use the Buy Nexus box.
Depending on market conditions, your order may or may not execute immediately using this method. If it is not immediately filled, or is only partially filled, it will display under “Open Orders” below the Order Book section. After it is completely filled, it will move to the “Order History” section at the bottom of the page. You have now purchased your first NXS currency. Hover your mouse over ‘Funds’ in the top menu and click on ‘Balances’ to see your NXS balance.
Note on dust: The amount of BTC you own probably will not exactly match the cost of purchasing your NXS. Often, there is a very small amount of BTC (usually at most a few cents worth) left over. This is known as “dust” and there isn’t much you can do with it other than leaving it in your Binance wallet to apply towards any future purchases.
You can access the Bittrex exchange via this link: https://www.bittrex.com The steps for setting up a Bittrex account are similar to setting up Coinbase, except that it doesn’t allow you to link a bank account.
On the main Bittrex page, click Log In at the top. The login page has a link to sign up for a new account. As with Coinbase, take care to enter your name, address, etc. exactly as they appear on your ID. This is more important with Bittrex, because this exchange requires verification and has been known to reject verification requests for a small difference between the name on the account and the name on an ID. After completing the signup process you have created a Bittrex account.
Bittrex requires that you verify your account. You may be able to operate for a short time with a basic account, but if not verified your withdrawals could be blocked or your account could be suspended. Completing verification involves two steps.
1. Click on Settings. Then click on Basic Verification. If your account is not already verified at this level, complete the process.
2. In Settings, click on Enhanced Verification. You will need to upload a scan or photo image of your ID along with a profile image.
After your verification request is approved, your Bittrex account is ready to use.
For security purposes, you should set up 2FA for Bittrex in the same manner as for Coinbase. To reiterate, this is an important security measure to help protect your account from unauthorized access. To access 2FA setup, click on Settings at the top of the page, then on Two-Factor Authorization.
After you have purchased your BTC, you can then send it to Bittrex.
Here, as an example, we will explain a transfer from Coinbase.
When you send your Bitcoin, it will take at least 30-40 minutes to arrive on Bittrex. During times of heavy transaction volume, it may take several hours. This is still much faster than a bank transfer. After your Bitcoin transfer arrives on Bittrex and is confirmed, your BTC balance will display on the Wallets page.
Now you have your Bitcoin on the Bittrex exchange, and are ready to buy Nexus. First, you must access the BTC-NXS market. The easiest way is to click on the word “Bittrex” in the upper left of any Bittrex page. This goes to the list of Bittrex markets. Above the section titled “Bitcoin Markets” there is a search box (not labeled). Type NXS in this box to find the Nexus market. Then, click the BTC-NXS link. Before entering your buy order, take a moment to look at the prices. These are listed in Bitcoin. The Bitcoin currency has 8 decimal places, so the smallest Bitcoin unit is 0.00000001 BTC. This is called a “Satoshi” after the creator of Bitcoin. Satoshis are to Bitcoin as cents are to dollars. In the upper right of the Nexus market page, there is information about prices. The “Bid” is the current price for selling NXS. The “Ask” is the current price for buying NXS. These are shown both in BTC/Satoshis and their corresponding current fiat value (dollars).
Under “Trading” there are two boxes, one to buy NXS, the other to sell NXS. You will use the Buy Nexus box.
Depending on market conditions, your order may or may not execute immediately using this method. If it is not immediately filled, or is only partially filled, it will display under “Open Orders” below the Order Book section. After it is completely filled, it will move to the “Order History” section at the bottom of the page. You have now purchased your first NXS currency. Click on Wallets at the top of the page to see your Nexus wallet balance in Bittrex. Note on dust: The amount of BTC you own probably will not exactly match the cost of purchasing your NXS. Often, there is a very small amount of BTC (usually at most a few cents worth) left over. This is known as “dust” and there isn’t much you can do with it other than leaving it in your Bittrex wallet to apply towards any future purchases.
Whenever you log into Coinbase, Bittrex, or GDAX, it is normal for you to receive a warning message, especially if you use a VPN (Virtual Private Network). Even if you don’t, you may still see this message sometimes because your internet provider has changed your internet address. This message states that you are accessing your account from a new device or new IP address and you need to confirm this. The exchange will send a message to the email address you used to register. The message contains a link to confirm your account access. After you confirm, the exchange will allow your access. Exchanges also send other email messages, which vary by exchange. These are sent for security purposes, so you can identify if there is any suspicious activity on your account.
BC Bitcoin is a UK based cryptocurrency broker, not an exchange. NXS can therefore be purchased without needing to buy BTC first.
You can access BC Bitcoin via the following link: https://www.bcbitcoin.co.uk/
On the main BC Bitcoin page, click ‘Register’ on the top right and ‘Register for an account’.
Take care to enter your email address and set a strong but memorable password to keep your account secure.
BC Bitcoin requires KYC (Know Your Customer) verification to be completed for your account to be approved. When you register an account, you will be asked to provide your name, contact information and the following documents which will be used to verify your identity.
You will need to upload a scan or photo image of a valid ID. You will also need to submit a picture of yourself holding a note. This process is designed to be quick and easy and example pictures are provided to guide you through the process. Once your account is approved you will have full access to all BC Bitcoin services.
To purchase Nexus, go to the BC Bitcoin website and log into your verified account. Navigate to ‘Buy Coins’ and select Nexus (NXS). Choose the currency you would like to pay with and complete your order by submitting a valid Nexus wallet address.
The company bank details will then be displayed, and you will need to complete an online bank
transfer to the details provided. As soon as your payment has been received, Nexus (NXS) will be purchased and transferred to your wallet.
Some people keep their NXS balance on the exchange. This involves some risk. The exchange could go offline, the exchange could go out of business, your account could become inaccessible, or, in the worst case, your account could be compromised and your currency lost. To have personal control of your funds, you can use the Nexus wallet. Please read the Wallet Guide for instructions on how to download and install the wallet.
After your wallet is installed and synced up, you are ready to withdraw your NXS currency to it.
Bittrex will process your withdrawal and you should shortly receive it in your Nexus wallet.