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How to buy, sell & trade Nano

A beginner’s guide to buying and selling Nano (formerly RaiBlocks) in Canada.

Nano (XRB) is a digital currency designed to offer instant transactions, have zero fees and be infinitely scalable. Formerly known as RaiBlocks, 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 Canada.

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.

Where to buy, sell & trade Nano in Canada

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Cryptocurrency
-
BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, & 80+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: US-based users have been restricted from Binance since June 2019.
UK residents: In addition to normal crypto trading services, Binance 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.
Cryptocurrency
Bank transfer (SEPA)
SWIFT
Wire transfer
Faster Payments Service
GBP, EUR, USD, CAD, SGD, AUD, JPY, MXN
BTC, ETH, BCH, XRP, LTC, EOS, XLM, USDT, ADA, XMR, TRX and 50+ more
BC Bitcoin is a UK-based cryptocurrency brokerage that buys and sells more than 100 different cryptocurrencies.
Credit card
Cryptocurrency
USD
BTC, BCH, MIOTA, XVG, NEO, ADA, XRP, TRX, ONT, ZIL, GAS, LTC, ZRX, QTUM, ETH, ETC, VET, ICX & 300+ more
CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
OKEx Cryptocurrency Exchange
Bank transfer
Cryptocurrency
WeChat
USD, CNY
BTC, ETH, LTC, EOS, TRX, ETC, BCH, TRUE, XRP, ABT & 130+ more
Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
Cryptocurrency
-
BTC, BCH, XMR, DAG, ETH, XRP, EOS, LTC, ADA, TRX, NEO, ONT, STEEM, BTM, BCD, ZINC, VET, OLT, USDT, BSV, & 134+ more
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Mercatox Cryptocurrency Exchange
Cryptocurrency
Payeer
Perfect Money
Yandex Money
USD, EUR, RUB
BTC, ETH, DCN, BCH, NIO, TRX, DASH, COB, DOGE, PRIX, DSR, XCPO, LTC, XRB, VERI, LOC, & 84+ more
Supporting over 100 coins, you can exchange a variety of cryptocurrency pairs on this peer-to-peer platform.
Cryptocurrency
-
BTC, ETH, XRP, BCH, EOS, XVG, LTC, ADA, MIOTA, TRX, NEO, DASH, XMR, XEM, VET, ETC, ICX, QTUM, OMG, & 70+ more
Buy and trade 100+ cryptocurrencies on this global cryptocurrency exchange.
Gate.io Cryptocurrency Exchange
Cryptocurrency
-
BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 117+ more

Compare up to 4 providers

How to buy Nano in Canada

If you want to buy NANO in Canada, 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. 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, like CAD or 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.

Step 3. Buy NANO

The final step is to navigate to the markets section on your chosen exchange and place a buy order. On most exchanges, you will click the “Buy/Sell” link and search for “NANO”. Click on “Buy NANO” and you can then type in the amount of fiat currency 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 of the details of your transaction, including the amount of NANO you’re buying and the total cost, before finalizing 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 on 12 February 2018, 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.

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 of 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 on 12 February 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 for 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 on 12 February 2018, 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 own research 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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