How to buy NANO and store it safely
Blockchain

How to Buy Nano and Store it Safely

I want to make it clear there are no referral links in this article. This is not written to make money, it is to educate the community on How to buy NANO and store it safely and to try to increase the awareness of NANO.

There are many different exchanges you can buy NANO on. In this article I will outline many options but provide the example of the process of purchasing ETH from Coinbase, transferring to Binance and exchanging into NANO, before transferring to the web wallet, as I believe this is the easiest way for a beginner to enter the space.

As the NANO development team release the mobile and desktop wallets (which are currently in beta and look great) I will update this article to include details on how to use them.

Two Factor Authorisation (2FA)

Please set this up on any exchange that supports it. All you have to do is download the Google Authenticator app and follow the instructions when you sign up to the exchange. You must back up the provided authenticator code. This will allow you to set it back up if you lose your mobile device or if it breaks.

How to buy NANO and store it safely

The purpose of this infographic is to outline the general process of going from a FIAT currency to NANO.

How to buy NANO and store it safely

As of now there are not FIAT pairs with NANO, nor are there many options for storage. However, I plan to keep this article updated with changes to wallets and new exchanges. Honourable mention to Daghub.io which is being built to be a FIAT on-ramp for DAG based cryptocurrencies, including NANO.

Purchasing Crypto

As a result of the fact that you cannot purchase NANO directly with FIAT, you must purchase one form of crypto currency from a well-known FIAT on-ramp. Here are the top options available:

  • Coinbase
  • Gemini
  • Kraken
  • BitStamp
  • CoinMama

I have not linked to any of these websites as it is a good practice to develop for you to navigate there yourself. Web users can always plant malicious links that take you to similar looking websites in order to scam you. Find the correct website through Google and then bookmark it so you will only go to the correct site.

Personally I would say for beginners the easiest two to use are Coinbase or Gemini. Take a look at which one you think is best and make your own decision. You will purchase your designated amount and that will be placed into your wallet on the website.

Below is the process of buying through Coinbase and Binance. I would recommend buying Ethereum (ETH) at this time as it has a pairing with NANO on Binance, it transfers fairly fast and with a low transaction fee. In the screenshots I have hid anything in red that I don’t want shown to the public, such as my wallet addresses, card details, and previous transactions. This is just in the interest of privacy.

Sign up for an account on Coinbase and log in, then you will be greeted with this screen. You can see the prices of the coins offered, and graphs showing the change of price over time.

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Click on Buy/sell, and go on the option to buy Ethereum. Enter the amount you want to buy. Keep in mind that you cannot do a transaction on Binance with less than 0.01 ETH, so make sure you buy more than this.

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Put in your card details and go through with the transaction, then go into your accounts (Found on the top bar) and you will see some ETH in your Ethereum wallet.

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The next step is to transfer it to an exchange that has an ETH/NANO pairing, which in this case is Binance.

Transferring our crypto

Before you transfer it, you need to make sure you know where you are sending it to and ensure that they have NANO pairs and are a reputable exchange. The top two options to buy NANO are Binance and Kucoin based on the daily volume from coinmarketcap.

Sign up to one of these exchanges are then deposit your crypto of choice into your wallet on there. Make sure the address you are sending it to is correct, and is also an address for the coin you have purchased. You will have to pay a small fee for the transfer and wait some time for the coin to transfer to the exchange, which can be frustrating. After all, this is why you are buying NANO.

In this example we will be using Binance, so if you are following along sign up for a Binance account now, and then you will see this page once you are logged in. Set up 2FA please.

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Now you are signed up, navigate to the deposits section and type Ethereum into the search bar to find your Ethereum deposit address for Binance.

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Now we have found the Ethereum address. Time to send the Ethereum we bought on Coinbase over to this address. Go back onto Coinbase in another tab and press send on your Ethereum wallet like so:

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Then you will have a popup where you can enter the address you want to send your Ethereum to.

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Copy the address shown on Binance and put it in this box.

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Once you have entered the address just ensure it is the same as the one shown on Binance. Then you must choose the amount of Ethereum you want to send over to Binance. You won’t quite be able to send all of it as a small portion is used to pay for the transaction fee. Coinbase will indicate if you are trying to send too much. If this is the case, just slowly reduce it until there is no longer a warning that you are sending too much.

Once you are happy with everything shown press continue. You should have 2FA set up on here, so it will ask you to confirm the transaction through your 2FA method. For me on Coinbase they send me a code by text and I enter it to finalise the transaction.

Once you have done all of this, in your Ethereum wallet on Coinbase you will see a pending transaction.

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Similarly, when you refresh your Binance Ethereum wallet after a short period of time you will see this over on the right hand side.

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Your Ethereum is on the way. You just have to wait for the transaction to be fully confirmed before you can exchange it for NANO. Give it 10-15 minutes.

Once it is done confirming you will see you have an Ethereum balance if you refresh. Time to buy NANO! Navigate to the basic exchange.

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Don’t worry if it all looks confusing, you don’t necessarily need to understand it. However, if you are planning on entering the crypto space I would encourage doing research to understand this page.

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On the right hand side click the ETH button and then type NANO into the search box. This is how to find the ETH trading pair with NANO, so we can exchange our Ethereum for NANO.

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Underneath all the graphs you will then see the tabs that say Buy NANO and Sell NANO. We want the Buy NANO part, and will conduct the transaction in the Limit tab. If you want to sell all of your Ethereum for NANO then press the 100% button and then press Buy NANO! If you don’t want to do 100% then you can enter a custom amount then press buy. Binance will automatically put a price in the price field that is around the market price. It can be worth checking this price yourself and making sure it is okay.

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This order will then go through. It could take a couple of minutes depending on the volume that is trading at the price you have sold your Ethereum for. If you want to cancel this order you can scroll down on the exchange page and find your open orders and cancel there, as long as you do it before it is fulfilled. We have now completed the process of how to buy NANO.

Now you can navigate to your funds by clicking on the icon shown below clicking where it says your estimated value. From here we can withdraw.

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You will see this, which shows your NANO balance, and you can see the deposit and withdraw buttons. Time to set up a wallet so we can safely store this off the exchange!

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Withdraw and Store

You don’t want to store your currency you are planning on holding on an exchange because this means you are trusting a third party to ensure the safe keeping of your funds. It is much better to take on this responsibility yourself, as there have been exchange breaches in the past and I’m sure they will happen in the future. Do the safest thing and store your funds correctly.

The best way to store NANO at the moment is with the Nano web wallet. There is also a desktop wallet but there is a long process involved with syncing the wallet, which is required for your funds to be ‘pocketed’ into your wallet. You can manually sync it by downloading the files but I won’t get into that. There are Youtube videos explaining this process if you’re interested.  In the near future, there will be a new desktop wallet which syncs much faster and looks much better. Similarly, mobile wallets on both iOS and Android are in beta at the moment. You may even be able to get into the beta of the android wallet here if you want to try it. But do not use these as your main wallet while they are still in beta, you could lose all your funds. As a result, for now I will just outline the process of storing your NANO on NanoWallet. When these wallets are released this post will be updated to provide all storage options, then you can do your due diligence and decide which method you would rather use.

Navigate to NanoWallet.io yourself and you will see this screen.

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Press sign up in the top right and put in your details. I have signed up with a throwaway email to show this process.

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Once you do this you will be taken to the screen showing your Identifier and your Seed. You will use your Identifier to log in. Keep this safe. You will use your seed to recover your wallet in the case of an emergency. Write this down in more than one safe space. Keep this PRIVATE.

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Now go to your wallet and you will see the following screen.

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Now you know what you need to do. Click security and set up 2FA. Easy.

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Now the wallet is set up securely it’s time to withdraw from Binance and get it into your wallet! Go back onto the page you were on where the withdraw option was for NANO.

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Click Withdraw.

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Now we just need to get the NANO address of your wallet to withdraw to and enter it. Go back onto NanoWallet and copy your address from here.

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Paste it into the Binance withdraw address and enter the amount you would like to withdraw. Ensure it is the correct address and press submit. Now you will have to enter your 2FA code because you have definitely set it up by now.

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Once you submit you will have to wait for the transaction to be confirmed and processed by Binance, and then the funds will be sent to your NanoWallet, minus the 0.01 NANO fee.

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That’s it! Now your funds are safely stored in a web wallet protected by 2FA.

 

Additional notes:

  • A small amount of Ethereum will probably be stuck on Binance. This is referred to as ‘dust’ and unfortunately at this time nothing can be done about this. In the future Binance are planning on offering the option to trade dust for BNB, the Binance trading token.
  • You can save transaction fees by purchasing Litecoin on Coinbase, withdrawing it from Coinbase onto GDAX and then transferring from GDAX to Binance. This is too complicated for a beginner; I just wanted to outline the easiest process. You can try this yourself if you are interested.
  • Nanex is an exchange dedicated to NANO trading pairs. In my opinion the UI is not ideal for a beginner and it is not as known or tested as Binance, hence my decision to use Binance in the example. Please, do you own research and see which exchanges you would prefer to use.

 

Thanks for reading my guide on how to buy NANO and store it safely, I really hope it helped. As I said I will keep it updated as new wallets are released and tested.

If you are interested in marketing, please do check out some of my other posts.

If you want to see more of my Cryptocurrency or Blockchain posts enter your email below or at the side.

 

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