Co-founder of BearTax
I think it’s important to understand at least the very basics of what you’re purchasing, so this and all future articles will include a short introduction to get you started.
RaiBlocks is intended to be an entirely new currency, much like Bitcoin, but it has several differences and advantages over the existing blockchain technologies. If you want to learn more about how Nano or Raiblocks works, click here to check my other article.
To begin with, we need to buy either Bitcoin or Ethereum to buy any cryptocurrency on exchanges. So follow the link below to buy Ethereum on Coinbase and then follow the next steps to buy NANO on Binance. If you already have Ethereum with you — you can skip this step and go on to Binance registration
NANO can be bought with Bitcoin too — just that it takes more time to transfer to another exchange, I am suggesting to go with Ethereum as it takes only few minutes.
Binance is a cryptocurrency exchange with relatively less transaction fees and been faring good so far without any issues and good support response. There are two options for trading platforms on Binance: Basic and Advanced. I’ll be primarily covering the Basic trading option in this article, but you can check out the Advanced view below. There are not many differences between the two views with the exception of being able to do more detailed technical analysis in the Advanced view.
Once you’ve registered on Binance and logged in, you can see few menu items on top right corner. One of the is “Funds” which has a sub menu item named “Deposits Withdrawals”. This is the place where you can see all your coins(purchased on Binance and received from other addresses).
Once you receive Ethereum on Binance, Click on Basic submenu item under Exchange on top left corner.
Now we need to find NANO coin with Ethereum trading pair on list of currencies. Check out following screenshot and instructions beside to do this.
Click on required green price on left side to populate your price for NANO in ETH (currently showing as 0.00032018 in above screen shot). Once you click, it changes to 0.00031555. Now you need to select how much of your ETH you would like to invest in NANO. Click on 25|50|75|100% to populate the amount of NANO you can buy at that price.
You are free to choose the price from those green numbers- they are basically different offers by others — this is also called Limit purchase.
Since you are beginner, you can also click on Market tab beside Limit and select the ETH amount and click on Buy NANO — this basically buys at the market price.
Once it shows success, you can go to Funds -> Deposits & Withdrawals from the top right menu and search for NANO.
Congrats on purchasing NANO. Here are few more guides on helping you purchase other crypto-currencies
Create your free account to unlock your custom reading experience.