How to buy NANO in the UK
A Beginner’s Guide to Buying and Selling NANO Cryptocurrency in the UK
If you’re based in the UK 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.
Cryptocurrency as an investment market has become very explosive in the past few years. To this day, there are many forms of cryptocurrencies being introduced in the market. An investor who will survive and thrive in an exceedingly competitive and volatile market will diversify their investment portfolio. Diversification requires using as many coins as financially possible or finding the right one and sticking to it. Other than the traditional Bitcoin, Bitcoin Cash, Ethereum and Ethereum Classic, the crypto space now features NANO coin.
NANO cryptocurrency is based on the Ethereum blockchain. NANO crypto operates under decentralized finance.
The coin serves as an open-source cryptocurrency designed to operate absent any intermediaries, thus DeFi protocol. The crypto facilitates a fast and secure transaction.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY NANO IN THE UK
- A Step-by-step Guide to Buying NANO
- How to Sell NANO Tokens
- Which Wallets Can I Use to Hold NANO Tokens?
- How NANO Works
- Key Things to Consider When Buying NANO Tokens
QUICK GUIDE: HOW TO BUY NANO IN THE UK
- Open an account with a cryptocurrency exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select NANO
- Enter how many NANO tokens you want to buy
- Check the details and confirm your purchase
A Step-by-step Guide to Buying NANO
The following is a systematic guide curated to help new market entrants pursue investment in cryptocurrencies. Focusing on NANO coin, this guide intends to show you how to buy, store and sell your cryptocurrency. The guide uses simple and easy to understand language that will enable you to make the right moves in your journey as a crypto investor.
Step 1: Open an exchange account
The first step involves opening an exchange account. The process is short and simple, only requiring information such as your official names, contact number and email address. After providing this information, be sure to set a strong password so that no one can access the account without your Consent. As a measure for enhancing security, you can also integrate a multi-factor authentication targeted at making your account security tight.
In compliance with the Know-Your-Customer rules (KYC), account holders must always verify their identity and locations. To do this, use your government-issued identity card and your utility bill, respectively.
Step 2: Deposit funds into the account
Next, deposit funds into your account that will then be used to buy the NANO tokens. To deposit funds into the account, you can use a credit or debit card. Alternatively, you may also consider linking your bank account directly to the exchange account and then facilitate or initialize a direct transfer from the bank into the exchange account.
Step 3: Buy NANO tokens
After registering an account and funding it, you can now consider yourself ready to buy the NANO tokens. There is two option for buying the tokens, first is through fiat currency and secondly, by exchanging the tokens for other cryptocurrencies.
To buy NANO tokens using fiat currency, simply go to the buy section of the account. Here, you will enter the amount of fiat currency, in this case, the amount of GBP you intend to use to buy the NANO tokens. Confirm that you want to proceed with the transaction and check your email. You will receive a notification that the transaction is underway.
You can also buy the NANO token using other cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum Classic or Ethereum. Among others, go to the buy section and select the pair that matches your intended transaction. For instance, in the case of Ethereum, select ETH/NANO.
Step 4: Store in a crypto wallet
After buying the NANO tokens, you may want to store them for safekeeping as you await your next transactions. Cryptocurrencies are normally stored in a crypto wallet. There are two kinds of crypto wallets - hot wallets and cold wallets.
Hot wallets normally store tokens online using apps and other provisions. Using this form of wallet ensures that you can access and retrieve your tokens very easily upon need. Easy and fast retrieval is a property that makes the hot wallet a preferred option for active traders who invest and transact almost daily or weekly.
Cold wallets are different to hot wallets because they store tokens offline using hardware devices such as USB drives. This form of wallet is a preferred choice for dormant traders that hold their tokens for a reasonable duration before they go out to invest or trade.
How to Sell NANO Tokens
The process of selling NANO coins is just as easy as it is to buy them. To start the selling process, go to the sell section on the exchange account and enter the NANO tokens you wish to sell. Confirm your order and check your email, where you will have received a notification that the transaction is under processing.
You can either sell your NANO tokens for fiat currency, thus GBP, or later withdraw straight from the exchange account. To use this option, simply select NANO/GBP, and the GBP will be credited to your exchange account.
Alternatively, you can choose to exchange or sell the NANO tokens for other cryptocurrencies. Select the pair that matches what you are selling for what you wish to acquire to use this approach. For instance, to sell NANO tokens for Ethereum Classic, simply select the pair that matches NANO/ETC.
Which Wallets Can I Use to Hold NANO Tokens?
There are two forms of wallets that you can use to store your crypto. Hot wallets serve by storing the tokens online, thereby allowing for easy access when you need to use the tokens for a transaction of your choice. The hot wallet employs online tools such as apps for storage purposes.
Cold wallets serve by storing the tokens offline, using external computer hardware such as USB drives. Cold wallets are safer than hot wallets because the latter is susceptible to internet hackers, among other digital threats.
How NANO Works
NANO token is a cryptocurrency that is based on the Ethereum blockchain. As such, it operates under decentralized finance (DeFi). Therefore, buying and selling processes are made faster, cheaper, and safer because there are no third parties or brokers who normally complicate things.
Key Things to Consider When Buying NANO Tokens
Some of the things that you must consider when buying NANO tokens include:
Availability for a cryptocurrency is a measure of acceptance in the market. You should always go for a commonly available cryptocurrency.
You can use the historical performance to predict how it will perform in the coming months.
Coins that can be applied for multiple uses are better compared to the ones with limited uses.
NANO coin is an amazing coin that can help you diversify your investment portfolio. The fact that it operates on the DeFi protocol makes it all the easier. The above guide will tell you the most basic information you need when buying, selling or storing your NANO tokens.
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Virtual currencies are highly volatile. Your capital is at risk.