The cheapest way to buy Nano (XNO) in the UK is with Kraken. On this cryptocurrency exchange, you’ll get the real exchange rate and pay low fees (max 0.26%).
Alternatively, check out the Crypto.com app. Using this mobile app, you can easily and quickly buy Nano (XNO) with a credit or debit card – but you’ll be charged significantly higher fees (2.99% in the UK).
Want to know more?
Scroll down to find out more about the best places to buy Nano (NANO) in the UK.
Summary: Best Places to Buy Nano (XNO) in the UK
The table below summarises the best places that you can buy Nano (XNO) in the UK with various payment methods.
|Provider||Payment Method||Fees (Approx.)|
|Kraken||UK Bank Transfer||< 1%|
|Changelly||BTC & Altcoins||< 1%|
|Crypto.com||UK Bank Transfer||1%+|
|Crypto.com||Credit & Debit Card||2.99%+|
You can also deposit GBP directly into Kraken using a simple UK bank transfer. It’s nowhere near as awkward to get money into as it used to be.
But if you want something that’s a little easier to use?
The Crypto.com app is worth downloading and checking out. You can deposit GBP with a UK bank transfer to buy Nano (XNO) and 100+ other cryptocurrencies, or instantly get your hands on Nano (XNO) by paying with a credit or debit card.
Keep reading to find out more about these options.
How to Buy Nano (XNO) in the UK
1. Kraken [Best Cryptocurrency Exchange to Buy Nano]
In 2022, the cheapest place that I’ve been able to find in the UK to buy Nano (XNO) is Kraken.
Just send GBP via a UK bank transfer and you’ll be able to buy Nano (XNO) and other cryptocurrencies at the real exchange rate without paying more than 0.26% in fees.
Kraken supports GBP deposits via the UK’s Faster Payments Service (FPS), which means that you can send GBP over to your Kraken account for FREE and it’ll be credited to your account within minutes (But FYI, your first deposit will take longer than this.)
Just one problem:
You can’t buy Nano (XNO) directly with GBP on Kraken.
This isn’t a big deal – it just means you have to start by exchanging your GBP for a cryptocurrency that you’re able to buy Nano (XNO) with.
Keep reading for a full explanation.
Kraken currently has 4 XNO trading pairs:
At the time of writing, the XNO/ETH trading pair has the largest trading volume.
If you’re a new user, there is one downside: when you make your initial GBP deposit into Kraken, your funds will have a temporary withdrawal hold (72-hours). You can trade as normal, but you just won’t be able to withdraw any fiat or cryptocurrencies until that hold expires.
2. Crypto.com – Buy Nano with Credit or Debit Card
Another decent way to buy Nano (XNO) in the UK is with the Crypto.com app.
This mobile app allows you to deposit GBP with a UK bank transfer, or instantly buy Nano (XNO) and 100+ other cryptocurrencies with a credit or debit card.
Depositing GBP with a UK bank transfer is FREE. But even though payments are processed via Faster Payments, your money can take a while to be credited to your account.
You can also buy Nano (XNO) with a credit or debit card using the Crypto.com app.
Nano (XNO) in the UK with a credit or debit card is via the Crypto.com app. If you’re a UK resident, you’ll pay 2.99% in fees – regardless of what cryptocurrency you’re buying. However, new Crypto.com users who buy cryptocurrencies using a credit or debit card will currently have their fees waived for the first 30 days.
Unfortunately, the Nano (XNO) prices you’re quoted seem a little higher than they should be. Whenever I’ve checked, I’ve found that the prices are more than 1% above the real exchange rate.
Crypto.com supports Nano (XNO) and more than 100 other cryptocurrencies – with more added all the time.
But it’s more than just another place to buy, sell, and store cryptocurrencies. Learn more about this nifty little app in my Crypto.com review.
Best NANO Wallets
NANO Hardware Wallets
Hardware wallets are small USB devices that help keep cryptocurrencies safe and secure.
They’re not mandatory, but they’re popular and well-recommended across the crypto-community.
The Ledger Nano S is one of my favourites – and I’m not alone. It’s sold over 1.4 million units worldwide, continues to support more cryptocurrencies every month, and can be bought for less than £60 (incl. delivery).
Find out more in my Ledger Nano S review.
Nano Software Wallets
You can also store your Nano (XNO) in various software wallets. Here are just a few that seem well-recommended in the community.
- NanoVault: This is an open source Nano (XNO) wallet that doesn’t support any other cryptocurrencies. It’s available to download for Windows, Mac, and Linux – but there’s also a web version.
- Atomic Wallet: This is my favourite cryptocurrency wallet, which supports Nano (XNO) and lots of other cryptocurrencies. Desktop and mobile apps are available.
- Exodus: Another popular multi-currency wallet which supports Nano (XNO) and lots of other cryptocurrencies. This wallet also has desktop and mobile apps.
What is Nano (XNO)?
Nano (XNO) is the native cryptocurrency for the Nano network. The Nano network is a blockchain protocol that lets you very quickly send and receive money without any transaction fees. XNO, the network’s native token, is primarily used as a digital currency for sending and receiving online payments.
Launched in 2014, Nano is the brainchild of software engineer Colin LeMahieu. It was originally called RaiBlocks (XRB), though it rebranded in 2018 to its current name, Nano. When the network first rebranded, it used the ticker symbol $NANO. However, in 2021, the network’s oversight organisation, the Nano Foundation, changed its ticker symbol again to $XNO.
Here’s a quick video that explains the concept behind Nano, how it works, and what sets it apart from other similar projects in the cryptosphere:
Nano brands itself as the “digital currency for everyone”. Its goal is to provide fee-free, eco-friendly, and instant transactions to people around the globe.
However, creating free, low-energy, and instant transactions in a decentralised manner on a blockchain is no easy feat.
To achieve its goals, LeMahieu and the team behind Nano created a unique blockchain architecture that avoids mining and staking altogether. Unlike other major blockchain protocols, Nano doesn’t even have a primary digital ledger that records all crypto transactions.
Instead, Nano uses a data structure called the Block Lattice (also known as a DAG or directed acyclic graph).
In a Block Lattice structure, there’s no single overarching blockchain that all transactions are recorded on. That’s because each user of the network runs and maintains their own individual blockchain that’s associated with their Nano address.
Within this system, only the owner of a given Nano address can add transactions to their blockchain. Additionally, unlike other blockchain networks where transactions are bundled together into a block for processing, each Nano transaction is represented by a single block on a user’s blockchain.
With this system, there’s no need for users to wait for a miner or validator to add their transaction to the blockchain, a process that tends to slow down transaction speeds. That also means that there’s no need to pay transaction fees every time you send Nano tokens. And because there’s no need for miners or stakers, there’s very little energy needed to process transactions.
As a result, Nano’s Block Lattice system allows for fee-free and near-instant transactions that use just a fraction of the energy of a transaction on popular networks like Bitcoin (BTC) and Ethereum (ETH).
Many crypto users that are all too accustomed to paying high transaction fees and waiting 10 to 20 minutes for their transaction to finalise on other networks might see the appeal of a fee-free and near-instant payment processing solution like Nano.
However, Nano’s lack of miners and stakers can, at first, seem like a security concern.
Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus models are designed to secure a network and prevent erroneous or fraudulent transactions. Therefore, a network that operates without these mechanisms might appear like a disaster waiting to happen.
However, the Nano network has a security mechanism called the Open Representative Voting (ORV) system. This is effectively a variation of another popular consensus mechanism called delegated Proof-of-Stake (DPoS).
With ORV, Nano token holders are allocated a ‘voting weight’ based on the total number of XNO in their wallets. Each user can then use their voting weight on themselves or allocate their votes to another user on the network.
Once a user has enough voting weight, they become a Principal Representative. Each Principle Representative then gets to vote on whether or not to confirm new blocks whenever issues arise on the Nano network.
For example, if there’s a dispute over a transaction, Nano’s Principal Representatives get to vote to decide whether to confirm or reject that new block. This voting system is Nano’s primary security system against transaction fraud, though the network has many other security mechanisms in place to prevent other types of attacks.
The Nano (XNO) token is the primary method of exchange and value storage on the Nano network.
Users of the network can send and receive XNO tokens to pay for goods and services. There are a handful of merchants that accept Nano (XNO) as a payment method, though most operate in the crypto industry.
Since the Nano network doesn’t use PoW or PoS as its consensus mechanism, XNO tokens aren’t used to pay miners or stakers for securing the network. Although Nano’s DPoS consensus mechanism requires Principal Representatives to hold XNO tokens, they don’t receive any rewards or payments for their services.
Other Crypto Guides
Thanks for checking out this quick post about how to buy Nano (XNO) in the UK!
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