How To Buy Nano Online in 2022
Nano (XNO) was formerly known as Raiblocks and was launched in 2015. The project aims to solve Bitcoin’s problems associated with power inefficiency, poor scalability and high transaction fees.
This guide will show you all the ways to buy the Nano coin along with some important considerations to keep in mind before investing.
Best brokers to buy Nano in 2021
Given the rise of cryptocurrencies, there are now plenty of platforms to choose from when it comes to buying. That’s why picking the right platform can be a daunting task.
To save you the time and effort, we’ve picked out the top providers and listed them below to help you get started right away.
What is the difference between buying and trading Nano?
There are stark differences between simply buying and trading cryptocurrencies and these will be outlined below:
Buying: When you buy Nano, you do so typically with the intention to hold on to the coins for a long period of time. The idea is that the price will increase more significantly over the long term.
Trading: Trading Nano involves buying the coins and selling for profit commonly in a shorter period of time for quicker gains. If you use a broker, you can even speculate on the price of the coin without owning the underlying asset.
How to buy Nano online?
You can buy Nano by following the steps below:
Step 1: Find an exchange that supports Nano such as Binance and create an account
Step 2: Verify your details by providing proof of ID for regulation purposes
Step 3: Add your desired payment method and deposit some money into the exchange account
Step 4: Use the search bar to find the Nano markets e.g. XNOUSD
Step 5: Enter the amount of Nano you would like to purchase and confirm the transaction
Step 6: The coins should appear in your account balance shortly after.
How to trade Nano?
If you want to trade Nano Coin, the steps involved are generally very similar.
Step 1: Find an exchange that supports the Nano coin, XNO, and create an account
Step 2: Verify your account by providing proof of ID for regulation purposes
Step 3: Add your desired payment details – could be debit/credit card or bank transfer and deposit some money
Step 4: Locate the XNO markets using the search bar and purchase your coins
Step 5: When the price has hit a profit level that you are happy with, enter the amount of coins you want to sell and confirm the transaction. E.g. selling XNO for USD.
Step 6: The fiat currency that you sold into should appear in your account balance shortly after.
What are the different ways to pay for Nano?
You can pay for the Nano coins in a number of different ways. We recommend that you go through each of these to figure out which is most convenient for you.
Credit cards: You can buy Nano Coin with fiat using your credit card. This method is accepted by most prominent exchanges.
Debit cards: They work in the same way as credit cards.
ATMs: You can use a Bitcoin ATM to purchase BTC that you can then send to an exchange to buy Nano.
Physical Cash: Pay for Nano using physical cash by meeting someone who is selling the tokens. Of course, this is a highly risky move and should only be done as a last resort.
PayPal: Many exchanges now support PayPal as a payment method. If this is something you use already, then it may be worth checking to see if it is supported.
What to consider when buying Nano?
There are a number of things you should take into account before investing in any cryptocurrency including Nano. These have been outlined below.
Deposit Fees: Before settling on a platform, make sure you look up the deposit fees to ensure that you are getting a good deal
Trading Fees: Likewise, trading fees are an important as well, especially if you are going to be actively trading the coin
Volatility: Cryptocurrencies are highly volatile assets – make sure you know what you’re getting yourself into before you put money on the line
Regulations: Some countries have banned cryptocurrencies. Before creating an account, you should check the laws in your jurisdiction to make sure you stay on the right side of the law.
Long or short term holding: Before investing in Nano, decide on an investment strategy. Are you planning to hold for a long or short period of time? That way you are better prepared if the market goes against you.
Is it safe to buy Nano online?
There are certain measures you can take to ensure you keep your account as safe as possible on crypto platforms.
Firstly, only use platforms that are regulated. That way, you are more protected if something goes wrong.
Secondly, activate 2-factor authentication on your account straight away. This can be done through the settings page.
Finally, consider withdrawing your tokens and storing them in a private wallet. That way, if the exchange gets hacked, your funds will be unaffected.
How to store Nano?
If you want to hold your coins for the long-term, it may be a good idea to store them in a private wallet rather than on an exchange. Crypto wallets come in two types and these have been outlined below.
Hot wallets: Hot wallets are applications that you can download on your PC or phone for free. You can withdraw your Nano coins from an exchange and into a wallet for safe keeping.
Cold wallets: A cold wallet is arguably the safest option you have when it comes to storing cryptos. These are small flash-drive shaped devices that require you to physically approve transactions.
How to sell Nano?
If you are a trader or investor looking to sell your Nano coins, there are several ways to go about it.
Exchanges: You can sell your Nano coins on the same page that you bought them from. Search for the XNOUSD market and enter the amount of coins you want to sell. Once you confirm the transaction, the USD should appear in your account balance.
P2P service: You can sell your Nano coin through peer-to-peer marketplaces. Simply sign up for an account and enter the price that you are willing to sell them for.
Cash: You can exchange your Nano coins for physical cash. However, this method must be done with trusted parties only.
Is it worth buying Nano right now?
Cryptocurrencies are highly volatile assets and Nano is no different. This means that its price can fluctuate significantly in a short period of time. Make sure you know what you’re getting yourself into before investing.
Nano is no longer as popular as it once used to be and this is because many other cryptocurrencies have come onto the scene offering new and different use cases. If you still believe in the Nano project then it may be worth investing, however, keep an open mind for other more prominent projects as well.
When it comes to buying Nano, make sure you stick with regulated platforms. If you come across a platform that does not require you to provide proof of ID when signing up, then that may be a red flag.
After signing up, make sure you activate 2-factor authentication as soon as possible to protect your account in the best possible way.
Remember that gains are not guaranteed in crypto and as such you should only invest with money you can afford to lose.