Purchased $50 of NEM and it Shows Less in My Wallet of USD?

Tech Support
#1

Hi.
I’m new to this, so I don’t know if this is a NEM question or Changelly.
I purchased NEM with USD. I paid $50 USD for NEM.
When I went to my wallet, the balance in my wallet is saying $29.04 USD and then the amount in NEM, which is correct.

Any ideas why this happened? I would think it would say $50 USD as the amount of dollars, as that is what I paid.
Is there a fee that I’m missing for setting up a wallet or something?

Thanks,
Julia

#2

Because the price of xem has gone down:joy:

1 Like
#3

Hi,

I think you missed the transaction fee and also a conversion fee, cryptocoin excanges do pretty much as the real ones do, take provision, you buy xem for 2 but sell it back for 1.5 (figures as examples as i don’ t know the real math in your case)

Also when you send xem, that costs xem, even more when the exchange sends it, altho it should not be. But i think they cut there too…

Check the terms of use and fees at changely, it might explain your situation.

I didn’t yet use “real” currency to buy so take my words with a grain of salt, maybe someone else has better explanation

Also what he ^^ said, it’s a dynamic market…

Altho xem should go up to have it less, if it went cheaper you would get more for same $ ammout

#4

Thanks. I would know if it went down by 40%, which it didn’t. It was actually the other way around.

#5

It laid out the fees, and I’ll have to look again. That is the only explanation that makes sense, as it did not drop in value in less then 30 seconds by 40%. I know that.
And maybe there’s something between Changelly and the Nano wallet? I guess we’ll see. I’m not planning to sell anytime soon anyway.

Thanks for your insight.

#6

Same thing happened to me last week when I purchased $50 in NEM. I was expecting around 200 NEM but ended up with 128 - eventually I realized that some (either USD or NEM) got gobbled up in my initial transaction. As long as it goes the way I’ve seen a few project it will, I’m fine with it. Also, my sense is that even if I lose it all it’s only $50 and a good learning lesson.

#7

Thanks Ryan,

I figured it is some hidden fee. But that was a chunk…40%?
I’m not okay with it, and I am, as I am investing for the long term. Not okay because that 40% could be worth a ton later in the future.

I wish they had better support…easier.

Cheers.

#8

I have the same problem i’ve bought for 50$ and in the wallet is showing 30$ , next week i bought for 100$ and i received just 60$ in my wallete so whats happening i am buying for 150 and im receiving total 90 >???

#9

I don’t see anywhere that is says the fees are 40%. If it did, I would be going elsewhere and checking out more options.
And I haven’t seen anyone from support here yet to reply.
We shall wait. That doesn’t make sense to me. So, I would want to know where it is occurring. I used Changelly.
Is it there, or when it’s being moved to the wallet on NEM?

#10

I noticed before when buying on changelly NEM specifically. 1 usd= 2.74 coins when it should be 4 so I even treated 100$ and 1000$ and it’s still 2.74 so Changelly is charging you 1.25 coins per dollar. So the more money you put in the worse the exchange. So in order to make the money back you would have to wait for nem to go up in price significantly.

#11

Ouch! Thank you for that. That was careless of me, not to check the exchange rate on another platform. That is nuts! I will be looking into something else for this currency.

Cheers.

1 Like
#12

Guys where did you buy nem?

#13

I used poloniex way cheaper on fees