Three Simple Steps
- Buy Bitcoin with fiat currency (US dollars) on Coinbase or GDAX
- Transfer Bitcoin to an exchange that lists Nexus
- Buy Nexus using Bitcoin
Exchanges usually list Nexus as part of a BTC-NXS (Bitcoin-Nexus) trading pair. Once you own Bitcoin in an exchange you will need to identify a preferred exchange that allows Nexus trading and transfer your Bitcoin to fund your new Nexus trading account. Nexus trading options include: Bittrex, Cryptopia, RightBTC, Upbit, and Coinspot. Several cryptocurrency exchanges will allow you to buy cryptocurrencies. For this guide, we will use either the Coinbase or GDAX exchange for buying Bitcoin, and Bittrex or Cryptopia exchanges for buying Nexus.
Setting Up Coinbase
- Bank Transfers (ACH) – free transfer, usually available within 5 business days
- Wire Transfers – wire fee, usually available within 2 business days
- Credit/debit card purchase – 3-5% fee, usually available within 1 day
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. Step 3 – Verification 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. Step 4 – Two-Factor Authorization (recommended) 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.
Setting Up Bittrex
- Click on Settings. Then click on Basic Verification. If your account is not already verified at this level, complete the process.
- 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. Step 3 – Two-Factor Authorization (recommended) 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.
Setting Up Cryptopia
Setting Up GDAX
Logging Into Your Exchange Accounts
- Click Buy/Sell in the Coinbase menu.
- Verify your bank account is selected as the payment method.
- Enter how much you want to buy.
- Press the “Buy Bitcoin Instantly” button.
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. Step 2 – Transfer Bitcoin to Bittrex After you have your BTC in Coinbase, you need to send it to Bittrex. First, log into your Coinbase and Bittrex accounts. You will need active accounts prior to initiating these steps:
- In Bittrex, click on Wallets in the menu. This page lists all the different coins you can own on the Bittrex exchange. BTC is probably already listed, but you can enter BTC in the Search box to see it easily.
- Click the “+” button next to where it lists Bitcoin to open the deposit window. It should say “Deposit Bitcoin (BTC)” at the top. If any other coin name is shown, this is not the correct wallet. Close the dialog and click the “+” button again, ensuring you click the one next to “Bitcoin” in the list.
- Your Bitcoin address displays in the Address box. It is a long string of numbers and characters, known as a “public key.” This key is similar to an account number and provides the address of your Bitcoin wallet on the Bittrex exchange. Copy the entire address.
- Then, on Coinbase, click on Accounts in the menu. In the “Your Accounts” list, your BTC wallet should show your Bitcoin balance. Click the Send button, which opens the Send BTC window.
- Under Recipient, paste the BTC address you copied from Bittrex.
- IMPORTANT – Verify that the address you pasted on Coinbase exactly matches the address in the deposit window on Bittrex. Always double check before you send. If you send BTC to the wrong address you could send cash to a random person
- In the Amount section, you can click in the BTC box then click Send Max to send all your Bitcoin to Bittrex.
- Finally, click Continue to execute the transfer of BTC from Coinbase to Bittrex.
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. Step 3 – Preparing to Buy Nexus 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). Step 4 – Buy Nexus Under “Trading” there are two boxes, one to buy NXS, the other to sell NXS. You will use the Buy Nexus box.
- Below the Trading section is the Order Book. This shows current orders from people looking to buy or sell. On the right side, it shows the current Asks. You can click on any price in the Ask column, and it will automatically be loaded into the Buy Nexus box under Trading. This way, you do not have to manually enter the price.
- Assuming you wish to use all your BTC to buy Nexus, click the Max button in the Buy Nexus box. This will calculate how much NXS you can get for the price you selected and enter it for you.
- Click the Buy Nexus button to create your order.
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.
- Buying on Coinbase costs more. You will pay more market fees on Coinbase than on other exchanges, plus you may pay a higher price for BTC. This is the cost of simplicity.
- Transferring BTC is slow. You might spend hours wondering when your transfer is going to show up.
- Transferring BTC is expensive. As Bitcoin has grown, its transfer fee has increased. It is not unusual to spend $20-50 to transfer BTC now.
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 Alternate Process to buy your NXS currency. 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 Bittrex, 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, so it does not present the level of detail provided in the section on the Basic Process. Step 1 – Fund Your Account 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:
- Log into Coinbase.
- Click on Accounts in the menu.
- Click the Deposit button on your fiat wallet (USD wallet).
When you become more familiar with the GDAX interface, you can also create this transfer there, and skip Step 2. Step 2 – Move Your Funds to GDAX 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.
- Log into GDAX (same credentials as Coinbase). It will load straight into the trading page.
- Near the upper left, click on Deposit.
- Click on the Coinbase Account tab.
- Enter the amount and click Deposit Funds.
Your funds will immediately transfer to GDAX and appear under Balance on the page. Step 3 – Purchase Litecoin 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:
- Check the top of the screen for the current market. If it does not say “LTC/USD” then click the dropdown and select that market from the list.
- Click on the Limit tab in the order box and on the Buy button.
- You can enter any price below the lowest current Ask, then click your USD balance to enter that amount. It will compute the amount of LTC you will receive.
- Click Place Buy Order.
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. Step 4 – Transfer Litecoin to Bittrex This step works pretty much the same way that transferring BTC to Bittrex did in the Basic Process walkthrough. First, log into both your GDAX and Bittrex accounts. Then, perform these steps:
- In Bittrex, click on Wallets in the menu. If LTC is not listed, enter LTC in the Search box.
- Click the “+” button next to Litecoin to open the deposit window. It should say “Deposit Litecoin (LTC)” at the top.
- Your Litecoin address displays in the Address box. Copy the entire address.
- Then, back on the GDAX trading window, verify that it is displaying the LTC/USD market. It should show your LTC balance.
- Click on Withdraw, then on the LTC Address tab.
- Under Destination, paste the LTC address you copied from Bittrex.
- IMPORTANT – Verify that the address you pasted in GDAX exactly matches the address in the deposit window on Bittrex. Always double check before you send. If you send LTC to the wrong address, you probably won’t get it back.
- In the Amount section, you can click on (MAX) to send your all your Litecoin to Bittrex.
- Click Withdraw Funds.
Sending Litecoin is much faster than sending Bitcoin. It typically takes around 15 minutes. It also has minimal transfer fees. After your Litecoin transfer arrives on Bittrex and is confirmed, your LTC balance will display on the Wallets page. Step 5 – Sell Litecoin Your LTC is on Bittrex, but you need BTC to buy NXS. Therefore, the next step involves selling your Litecoin for Bitcoin.
- Click on the word “Bittrex” in the upper left of any Bittrex page to list the Bittrex markets.
- Above the section titled “Bitcoin Markets” there is a search box (not labeled). Type LTC in this box to find the Litecoin market. Then, click the BTC-LTC link.
- Use the Sell Litecoin box to enter your sell order.
- The order book shows current Bid prices, if you wish to create a Market order. In the Bittrex interface, you still will set Type to “Limit”, but will list a price on the Bid side. It will execute immediately as a market order this way.
- The order book also shows current Ask prices, if you wish to create Limit order for a price you select.
- After entering your price, click the Max button in the Sell Litecoin box to sell all of your LTC.
- Click the Sell Litecoin button to create your order.
After your order executes, you can return to the Wallets list where you will see that you now have BTC instead of LTC. Step 6 – Buy Nexus Now that you have BTC on Bittrex, you are ready to use it to buy NXS. The process is almost the same as for selling your Litecoin, except you are buying instead of selling.
- Click on the word “Bittrex” in the upper left of any Bittrex page to list the 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.
- Use the Buy Nexus box to enter your buy order.
- The order book shows current Ask prices. If you wish to create a Market order, click on one of these to select your price
- The order book also shows current Bid prices, if you wish to create Limit order for a price you select.
- After entering your price, click the Max button in the Buy Nexus box. This will calculate how much NXS you can get for the price you selected and enter it for you.
- Click the Buy Nexus button to create your order.
When your order is filled, you have completed purchasing your first NXS currency. Go back to the Wallets list to see your Nexus wallet balance in Bittrex.
Install the Nexus Wallet
Send to Your Nexus Wallet
- In Bittrex, click on Wallets in the menu. Enter NXS in the Search box to view your Nexus balance.
- Click the “–” button next to Nexus to open the withdraw window. It should say “Withdraw Nexus” at the top.
- In the Nexus wallet interface, click on the Receive tab. If you do not have any addresses listed, click on Add Address at the bottom to create a new one. You can enter any description you want for the Label.
- Right-click on the Receive Address (double finger tap on touchpad on Mac) to pull up the context menu, then select Copy Address
- Back on Bittrex, paste the Receive address you copied from your wallet into the Address box.
- IMPORTANT – Verify that the address you pasted in Bittrex exactly matches the Receive address from your wallet. Always double check before you send. If you send NXS to the wrong address, you probably won’t get it back.
- In the Quantity section, you can click on the button to send your all your Nexus to your wallet.
- Click the Withdrawal button.
Bittrex will process your withdrawal and you should shortly receive it in your Nexus wallet. Now you both own and have full control of your Nexus currency. Be sure to review the relevant Wallet and FAQ sections on wallet security and making backups. You may also want to review Mining and Minting to learn about how to stake your coins. By staking, you can earn some additional NXS for helping operate the Nexus network. Note: If you send NXS to your wallet before it is fully synchronized to the network, your transaction may not show up. Rest assured, you still have it. It will appear when the wallet completes the syncing process.