Want to fund your Nano wallet? The easiest way to purchase Nano is by trading another cryptocurrency for Nano on an exchange. If you can meet another Nano user face-to-face, you may also consider buying Nano from him or her with cash. Unless you have a broker or escrow you personally trust, it is not recommended to buy peer-to-peer online (e.g. on Reddit or Telegram) due to the high possibility of a scam.
Important note: Please note that we do not endorse, or vouch for the service of the cryptoexchanges mentioned herein as we have not evaluated them for trustworthiness or reliability. At a minimum, you should verify the supported countries of residence, any delays affecting the Know Your Client (KYC) verification process, and withdrawal limits prior to depositing funds with an exchange.
Step 1: Purchase cryptocurrency with national currency (fiat), if you don’t already have crypto.
Users in the US and other supported countries can consider Coinbase, GDAX, Bitstamp, Kraken or Gemini. European users can use BitPanda with an EU-issued debit or credit card. International users will need to take a look at CEX.IO or CoinMama. Fiat-to-Crypto gateways typically accept U.S. ACH, SEPA, wire transfers, and Visa or MasterCard, depending on your region.
Trader’s Tip: GDAX or Gemini will be the lowest fee options, as they do not charge a withdrawal fee when you extract the BTC or ETH from the exchange. If you already use Coinbase, you can easily sign up for a GDAX account also – because they are owned by the same company. Simply purchase the coins from Coinbase, move them to GDAX, then withdraw them from there to avoid the Coinbase withdrawal fee.
Step 2: Deposit your coins to a crypto exchange supporting Nano pairs.
At most exchanges, it’s not possible to buy Nano online directly with fiat. That’s why you need to acquire BTC, ETH or LTC first, then deposit it to an exchange that supports Nano pairs to do the trade. The crypto exchanges below offer the following trading pairs with Nano.
Trader’s Tip: If you are sending ETH from exchange-to-exchange, always send to your own wallet first such as MyEtherWallet, as some exchanges use “smart contract addresses” for deposit that the sending exchange may not support. This avoids the delay or loss of your deposit.
Binance: NANO/BTC, NANO/ETH, NANO/BNB
KuCoin: NANO/BTC, NANO/ETH, NANO/USDT
Nanex.co: BTC/NANO, LTC/NANO, GRLC/NANO
OKEx: NANO/BTC, NANO/ETH, NANO/USDT
Step 3: Swap your crypto for Nano.
Exchange the crypto you have for Nano on the platform of your choice. Place a limit order at or below the best “ask” price and wait for your order to fill. If the cryptocoin you deposited is different than the pairings your exchange has with Nano, then first convert your coin to BTC or ETH to trade it for Nano.
Trader’s Tip: Check CoinMarketCap which exchange has the best price for Nano. In general, larger exchanges such as Binance or KuCoin will have the most competitive pricing; however for active traders, arbitrage opportunities may exist with the smaller exchanges.
Step 4: Withdraw your Nano to your desktop or web wallet.
Funds stored on your own wallet are always safe, as long as you don’t reveal the seed or private key to anyone.
Go to the balances or wallets section on your exchange and initiate a withdrawal of your Nano to your desktop or web wallet. Although you can always keep crypto on an exchange, it is much more secure to withdraw it to a wallet where you control the private keys. In the event an exchange goes insolvent or is compromised by hackers/insiders, you may lose all your funds if you have not withdrawn them.
Exchange failures, hacks and thefts are a real possibility, particularly if you are holding Nano for weeks or months outside of your own wallet. If you decide not to withdraw your Nano from the exchange immediately after purchasing them, then at least ensure you have 2-factor authentication (2FA) enabled with the Google Authenticator or Authy recovery key written down in a safe place. Most exchanges’ support teams are backlogged, and it can take weeks, if not longer to recover a lost password and/or 2FA key without the backup key given when enabling the feature.
If you don’t hold the private keys for your coins, you merely have a claim on the exchange’s assets in case they go insolvent. With history as a guide in the high-profile Mt. Gox and Cryptsy bankruptcies, users recovered 25% or less of their holdings in the proceedings that followed. To make matters worse, compensation is often paid on the fiat-value of the coins at the time of the failure, not the appreciated value of the coins after the years it took for the legal process to run its course. By withdrawing your cryptoassets to your own wallet and protecting your private keys securely (with a physical, offsite backup), you can avoid the risk of loss from exchange failure.