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How to buy Nano (NANO)

A beginner's guide to buying and selling Nano (formerly RaiBlocks) in Australia.

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Nano (NANO) is a digital currency designed to offer instant transactions, have zero fees and be infinitely scalable. Formerly known as RaiBlocks (XRB), Nano uses a hybrid of blockchain and directed acyclic graph (DAG) technology and aims to offer an efficient and viable alternative to fiat currency.

This guide takes a look at how Nano works, the factors that affect its price and how you can buy NANO in Australia.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
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Quick guide: How to buy NANO

  1. Register for an account with a cryptocurrency exchange like Swyftx.
  2. Verify your account.
  3. Go to the deposits section
  4. Select your preferred payment method and confirm.
  5. Go to the buy section and select the cryptocurrency you want to buy.
  6. Enter how much you want to buy, or how much you want to spend.
  7. Double check the details and confirm your purchase.
Go to Swyftx's site

This is our quick guide to just one way to buy NANO. Compare some other options in the table below.

Where to buy Nano (NANO) in Australia

Name Product Deposit methods Fiat Currencies Cryptocurrencies
BPAY,Cash,POLi,PayID
AUD

196
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 150 cryptos.
Bank transfer,POLi,Osko,PayID
AUD

184
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Credit card,Cryptocurrency,Debit card,Osko,PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

268
cryptocurrencies

Get $5 cashback when you make your first PayID/Osko deposit on Binance.com/au.
Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Bank transfer,POLi
AUD

49
cryptocurrencies

Easy Crypto is a simple way to buy and sell a range of cryptocurrencies, straight to and from your own crypto wallet.
Bank transfer (ACH),Bank transfer (SEPA),SWIFT,Xfers,Credit or Debit Card
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

66
cryptocurrencies

Buy 55+ cryptocurrencies at true cost, earn up to 8% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Cash,Cryptocurrency,Electronic Funds Transfer,POLi,PayID
AUD

106
cryptocurrencies

Buy 100+ cryptocurrencies using POLi, cash or Electronic Funds Transfer.
Electronic Funds Transfer,Wire transfer,Osko,PayID,Ethana Custody
USD, EUR, GBP, JPY, CAD, CHF, AUD

47
cryptocurrencies

Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Credit card,Cryptocurrency
USD, JPY, RUB, EUR

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
Credit card,Debit card
USD, EUR, GBP, AUD, CAD, CHF, HKD, JPY, PHP, ZAR & 30+ more

146
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
Credit card,Cryptocurrency,Debit card
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

210
cryptocurrencies

Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Huobi Cryptocurrency Exchange
Cryptocurrency
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+MORE

234
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
OKEx Cryptocurrency Exchange
Bank transfer,Cryptocurrency,WeChat
USD, CNY, EUR, ARS, AUD, BGN, BRL, CAD, CHF, COP & 20+ more

269
cryptocurrencies

Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
Gate.io Cryptocurrency Exchange
Cryptocurrency
-

36
cryptocurrencies

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Compare up to 4 providers

How to buy Nano in Australia

If you want to buy NANO in Australia, here's an example of how to do it:

Step 1. Create an account at an exchange that offers NANO

There are several exchanges where you can currently buy Nano, so you'll need to choose one of them to purchase your NANO. To register for an account, you'll need to provide your email address and create a password, while most exchanges will also require your full contact details and proof of ID before allowing you to trade. Don't forget to add two-factor security to your account to make sure your coins are protected.

Step 2. Deposit funds into your account

Most crypto exchanges don't support the direct deposit of fiat currency, better known as AUD/USD, so you'll often need to make your deposit in bitcoin (BTC) or Ethereum (ETH). If you currently don't have any BTC or ETH, you can follow our guide here on how to purchase.

However, local cryptocurrency exchange CoinSpot does allow you to deposit AUD. To transfer funds into your account, look for the "Deposit AUD" link from the CoinSpot dashboard and enter the amount you want to transfer. Alternatively, you can also deposit cash at a newsagency via Blueshyft.

Step 3. Buy NANO

The final step is to navigate to the markets section on your chosen exchange and place a buy order. If you're using CoinSpot, click the “Buy/Sell” link at the top of the page and search for “NANO”. Click on “Buy NANO” and you can then either type in the amount of AUD you want to spend or the amount of NANO you want to buy.

If you're using a platform that only allows crypto-to-crypto exchanges, search for your desired currency pair (for example BTC/NANO or ETH/NANO), click on "Buy NANO" and then follow the prompts.

Whichever exchange you choose, make sure you remember to review all the details of your transaction, including the number of NANO you're buying and the total cost, before finalising your purchase.

How to sell NANO

If you'd like to sell your NANO holdings, the process for doing so is essentially the same as that outlined in step 3 above, with the obvious difference that you'll need to look for the "Sell NANO" link. It's also important to remember that crypto exchanges don't offer every available currency pairing, so it may not be possible to directly exchange NANO for the currency you want.

Which wallets can I use to hold NANO?

Storing coins and tokens on a crypto exchange for any length of time is not recommended. To provide a higher level of security for your funds, it's best to store them in a secure wallet. At the time of writing, there are three wallet options available for NANO holders:

  • Web wallet. NanoWallet.io can be accessed through the Nano Wallet website.
  • Desktop wallet. The beta version of the desktop wallet for Windows, Mac and Linux is available here.
  • App. You can also sign up for the iOS Wallet beta through the Nano website.

Read more about storing your NANO in our guide to the best Nano wallets.

What is Nano and how does it work?

Built with the aim of addressing a number of bitcoin's shortcomings, Nano is designed to provide a viable alternative to traditional fiat currencies. In the Nano white paper, the developers address three main issues that affect bitcoin's practicality:

  • High transaction fees due to scalability issues
  • An average transaction time of 164 minutes
  • The power inefficiency of the bitcoin network

Nano aims to overcome these three obstacles. Built using a directed acyclic graph algorithm, Nano also employs a unique block-lattice structure. Each Nano account (wallet) has its own blockchain known as an account-chain, which is equivalent to that account's transaction/balance history. Each account-chain can only be updated by the account owner, which means it can be updated asynchronously of the rest of the network.

Each transaction sent through the network is its own block. When you send NANO, two transactions are required – a send transaction that deducts the balance from the sender, and a receive confirmation by the recipient. Think of it like the two ticks you see when you send a WhatsApp message – one tick when you have sent a message, and a second tick when your recipient confirms it has been received. The result of this structure is near-instant transactions and zero fees.

Originally known as RaiBlocks, the currency was rebranded to Nano in January 2018.

What to consider before buying NANO

Cryptocurrencies are complicated and speculative, and buying any crypto coin or token comes with a high level of risk attached. It's essential that you're fully aware of all the risks involved before you decide to buy. If you're thinking of purchasing NANO, make sure you consider the following factors first:

  • Supply. According to CoinMarketCap, at the time of writing (12/02/2018) the circulating supply of Nano was 133,248,289 NANO, out of a maximum supply of 133,248,290 NANO.
  • No mining. Nano is not mined and was initially distributed via a captcha-based faucet distribution system that ended in October 2017. If a website claims to mine Nano, it actually mines another cryptocurrency and then trades them to Nano on an exchange, before paying Nano to miners.
  • Adoption. The value of NANO will depend largely on whether or not it can achieve widespread adoption. While it certainly offers plenty of advantages compared to some other cryptocurrencies, whether or not it breaks into the mainstream as a viable alternative to fiat currency remains to be seen.
  • Exchanges. One of the key factors affecting the adoption of Nano will be its listing on a variety of popular exchanges. While it is only listed on a handful of exchanges, that list has grown recently with the listing of NANO on major exchange platform Binance in February 2018. The development team is also working to get Nano added to more exchanges.
  • Nano and BitGrail. On 10 February 2018, the announcement that 10% of the total NANO supply at the time, worth US$170 million, had gone missing from cryptocurrency exchange BitGrail sent shockwaves through the crypto community. There was some speculation that an inherent vulnerability in Nano had resulted in the theft, although at the time of writing it appeared that fault for the problem lay with crypto exchange BitGrail. Check out our report on the theft for full details. The news saw the price of NANO drop from US$11.83 to US$10 in the space of a couple of hours, and at the time of writing its value had dropped below US$9.
  • Rebranding. On 31 January, 2018, RaiBlocks was rebranded to Nano. In a Medium blog post, the Nano team explained that the old and hard-to-pronounce name was scrapped in favour of the new moniker which is designed to reflect the fast and fee-free transactions the currency is designed to provide. Following the announcement, the price of NANO rose 41% in 24 hours.

By taking all of the above factors into account and doing your due diligence on Nano, you'll be able to decide whether or not you should buy NANO.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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