In our guide to Nano, we have discussed in detail how it is a lightweight peer-to-peer cryptocurrency suitable for micropayments. That makes it a particularly convenient option to go for, be it in terms of making small payments to businesses, shops, professional contacts or even friends. You can in fact even use it for trading other cryptocurrencies as it has a negligible transaction fee and a high transaction speed. If you are a resident of India, you might be wondering at this point how you could go about buying Nano (XRB) within the country. While we answer that question for you, make sure you make it a point to store your crypto holdings well.
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Is it Legal to Buy Cryptocurrencies In India?
Earlier this year, the apex bank of India, the RBI had banned banks from dealing in crypto altogether and a legal tussle had ensued, as crypto enthusiasts fought for the ability to buy, sell, possess and trade in crypto. However, as the Supreme Court of the country directed the Indian government to come up with a cohesive policy declaration on cryptocurrencies in general, the government said that it was preparing a set of crypto regulations which would be soon released. As the press release stated that the council had even considered the possible “legal framework to ban use of private cryptocurrencies in India”, headlines around the crypto world said that the country had placed a blanket ban on crypto. Is India’s purported cryptocurrency ban for real? The jury is still out and the matter is still covered by a cloud of uncertainty. The crypto exchanges are also in a dicey position with regard to government regulation. Yet just in case a cohesive framework expressly allowing the buying and selling of cryptocurrencies is released, you may wish to check out the ways below to buy Nano (XRB) in India.
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How to Buy Nano (XRB) in India?
Since Nano is not a very common or well-established cryptocurrency, it is hosted by a few exchanges only, and these include Binance, Mercatox and KuCoin Cryptocurrency Exchanges. Now let’s take a look at the steps involved in buying Nano in the country:
1. Register at an Exchange of Your Choice:
Choose from the few exchanges that do trade in Nano and make sure you create a user account on the website of that exchange. Usually,you must provide basic details such as your email address, copies of relevant identification documents and set a password for the account creation. Once your account is confirmed via an email, you are ready to start trading.
2. Add Funds To Your Exchange Account:
You’ll naturally have to pay an equivalent amount in return for the amount of XRB you want to purchase. Usually exchanges allow you to deposit funds in the form of either Bitcoin (BTC) or Ether: Ethereum’s cryptocurrency (ETH). For that you’ll have to purchase either of those with fiat first.
3. Purchase Nano Coins:
In the interface of the exchange you are using, you will be required to place a buy order and some sell advert will be used to fill your order. Before placing the order, however, make sure that you have chosen the currency pairing you want: XRB with either BTC or ETH. Make sure you transfer your coins to one of the best cryptocurrency wallets of 2018.
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