How to buy NANO in Australia

A Beginner’s Guide to Buying and Selling NANO Cryptocurrency in Australia

5 Min Read
Last Updated July 23rd 2021

If you’re based in Australia and wish to buy NANO – the process is very straightforward. All you need to do is find a regulated exchange, deposit some funds, and decide how many NANO tokens you want to buy.

NANO cryptocurrency is a decentralized and open-source digital currency. NANO was established to operate without the involvement of any intermediaries. Operating based on the DeFi protocol, NANO crypto facilitates a fast and secure transaction. 

What’s in This Guide?

The following guide is prepared to help you buy your NANO tokens when you are ready to enter the crypto market. The guide features basic information cultured in simple terms to be comprehensive even to a beginner who has no prior knowledge or insight about this market. Nonetheless, the guide does not instruct the investor on what to buy or how the market will turn. Instead, this guide only serves as an instruction manual to lead you through the execution part of the journey, including where to buy, how to buy, how to sell and how to store. The guide also goes further to show you some of the important factors you must consider before starting on your journey in this investment arena. 

  1. QUICK GUIDE: HOW TO BUY NANO IN AUSTRALIA
  2. Where to Buy NANO Tokens
  3. A Step-by-step Guide to Buying NANO in Australia
  4. How to Sell NANO
  5. Which Wallets Can I Use to Hold NANO Tokens?
  6. How NANO Tokens Work
  7. Key Things to Consider When Buying NANO Tokens
  8. FAQs

QUICK GUIDE: HOW TO BUY NANO IN AUSTRALIA

  1. Open an account with a cryptocurrency exchange
  2. Verify your account
  3. Go to the deposit section
  4. Go to the platform and select NANO
  5. Enter how many NANO tokens you want to buy
  6. Check the details and confirm your purchase

Where to Buy NANO Tokens

The safest, most reliable and convenient place to buy NANO tokens is over the exchange account. As such, before you can start on this journey, you must first open an exchange account. Signing up for an account is not hard and requires very little information from the investor. Some of the details that you will be required include your name, contact number and email address. You will also have to verify your identity and location to comply with the KYC rules that govern the exchange account. Verification requires a government-issued identity card and proof of address documents such as a utility bill or any other supporting document that can serve the same purpose. 

When you are done with the registration process, ensure to set a strong password. Noteworthy is that your selected account must support your expected transactions. For this case, it must support both NANO and AUD currency. 

A Step-by-step Guide to Buying NANO in Australia

The following is a step by step guide designed and customized to help beginners and armatures alike to buy NANO tokens in Australia.  Two approaches can be used to buy NANO tokens. These include:

Buying NANO with other cryptocurrencies

The first option involves using other currencies to buy your NANO tokens. If you do not own any cryptocurrencies, you must first buy them before you can start buying NANO tokens. Some of the cryptocurrencies you can use to buy NANO coins include Bitcoin, Ethereum, Ethereum Classic or Bitcoin Cash. In this case, select the pair that matches what you want to trade for what you want to buy. For instance, to use Ethereum to buy NANO, select ETH/NANO. 

Buying NANO with fiat currency 

The second option includes using fiat currency to buy NANO coins. In this option, you will have to deposit AUD into your exchange account and later use the AUD to buy the number of tokens you want to buy. As part of the buying process, all you have to do is specify the AUD you want to use to buy the NANO tokens. 

Follow the following steps to start buying NANO coins in Australia:

Step 1: Register an account

The first step in this endeavour is to register for an account. The registration process is easy and requires a few details, including your name, contact number and email address. It would help if you also verified your identity and later set a very strong password so that your account will be safe from unauthorized access. 

Step 2: Deposit funds into the account

After the registration step, you have to deposit funds into the account that will then be used to buy the NANO tokens. You can either deposit the funds by linking your credit card to the exchange account or your debit card. Alternatively, you can choose to link your bank account to the exchange directly and initialize a direct transfer from the bank into the exchange account. 

Step 3: Buy NANO tokens

The process of buying the NANO coins is easy, only requiring that you go to the buy section of the account and enter the number of tokens you wish to buy. Next, confirm that you wish to proceed with the order, after which an email will be sent to confirm that the transaction has started. 

How to Sell NANO

Selling NANO tokens is just as easy a process as it is to buy. To sell, go to the sell section of the account and enter the amount of NANO coins you wish to sell. Confirm your details, and the transaction will be completed with the prevailing rates. 

You can sell the NANO tokens for AUD or exchange them for other cryptocurrencies and sell them for AUD. The AUD can be withdrawn directly from the exchange account. 

Which Wallets Can I Use to Hold NANO Tokens?

You can either use a hot wallet or a cold wallet. Cold wallets store the tokens offline using external hardware devices such as a USB drive. Such wallets are a preferred alternative for investors that would rather store their coins for some time. Hot wallets, on the other hand, store tokens online using apps. Such wallets allow for easy retrieval and are therefore a preferred option for investors that actively transact. 

How NANO Tokens Work

NANO tokens work based on a decentralized finance mode. As such, there is no need to involve an intermediary to facilitate the transaction. Such a working mechanism make the process safe, fast and cheap compared to how it would have been if an intermediary would be involved. 

Key Things to Consider When Buying NANO Tokens

Among the factors to consider include:

Availability

Highly available tokens are more stable and therefore commonly accepted. 

Past performance

You can always use the history of a coin to predict how it will perform in the future. 

Range of applications

Coins that can be used over a wide range of applications have more value than those with only a few uses. 

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FAQs

Where can I buy NANO?

You can only buy NANO tokens from a crypto exchange platform.

Can I buy NANO using a credit card?

Certainly, you can buy NANO using a credit card that you can link to the exchange.

Are cryptocurrencies risky?

The crypto market is generally risky, an attribute that makes it very important to seek the guidance and counsel of an industry expert.  

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