Last update: Jun 6, 2022

How to Buy Monero (XMR)

Marco velaAuthor: Marco Vela - Fact-checked ✓

So you’re looking for a guide on how to buy Monero. Depending on where you live, you’ll have a few trading platforms to choose from.

In this guide, we not only cover the top 3 global cryptocurrency exchanges, but also the best exchanges for Australia, Canada, and the UK.

Let’s get started!

Monero

How to Buy Monero – 4 Easy Steps

1. Choose a cryptocurrency exchange

Finding a cryptocurrency exchange isn’t that hard. There are plenty of big players out there that have been around for quite some time.

This is where our comparison tables can help. The important factors to look for are fees, security, and if they have Monero of course.

2. Sign up with the cryptocurrency exchange

Signing up with any of the major exchanges is generally very easy. The initial sign up should be very fast, and even the verification processes are very well set up these days.

3. Fund your account

Next, you would need to fund your account with either fiat money (USD, AUD, GBP, CAD, etc) or another cryptocurrency like BTC or ETH. This process should again be straightforward and easily done using one of the bigger trading platforms.

4. Buy Monero

Now that you have what you need to buy Monero, head over to the market or buy section of the cryptocurrency exchange and buy some XMR.

If the crypto exchange doesn’t have any Monero on offer, for most cryptocurrencies you can buy Ethereum instead, transfer it to a decentralized exchange like Uniswap (check if Uniswap has Monero first), and trade your Ethereum for Monero.

Where to Buy Monero (XMR)

These are our top 3 exchanges based on the number of cryptocurrencies on offer, security, ease of use, and fees.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
BinanceUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
FtxUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX
Etoro logoUSD, GBP, AUD, EUR, and more50+credit card, skrill, paypal, bank transfer, and moreVisit eToro
Disclaimer: Cryptocurrencies are volatile and may involve a lot of risk. Their performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.

How to Sell Monero

  1. Sign into the crypto exchange where you bought Monero.
  2. Move your Monero to the right place on the crypto exchange. Some exchanges have trading accounts you need to use for buying and selling.
  3. Sell Monero.

 

Crypto trading

How to Buy Monero (XMR) in Australia

Looking at Australian crypto exchanges, it's always good to check if the exchange is registrered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In addition, it would be handy if the exchange has integrated with POLi pay and PayID for instant AUD deposits.

If you’re looking to buy Monero in Australia, the process remains the same:

  1. Find a crypto trading platform below.
  2. Sign up for an account.
  3. Fund your account with AUD.
  4. Buy Monero if it’s available. If the exchange doesn’t have Monero. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Monero), and trade your ETH for Monero.

Also, check out our comparison of the best crypto exchanges in Australia If you’re looking to learn more about which ones we prefer.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Swyftx logoAUD, NZD300+bank transfer, POLi pay, PayID, credit cardVisit Swyftx
Binance logoUSD, AUD, EUR, GBP, CAD, CNY, and many more.350+Credit card, Cryptocurrency, Debit card, and moreVisit Binance
Ftx logoUSD, EUR, GBP, AUD, HKD, CAD, CHF, BRL250+Wire transfer, Credit card, Silvergate Exchange Network, SIGNETVisit FTX

How to Buy Monero (XMR) in Canada

When researching Canadian crypto exchanges, make sure they're registered with FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) and ideally support Interac e-Transfer (in addition to wire transfer and maybe credit cards) for smooth CAD deposits.

If you’re looking to buy Monero in Canada, the process remains the same:

  1. Find a crypto trading platform below.
  2. Sign up for an account.
  3. Fund your account with CAD.
  4. Buy Monero if it’s available. If the exchange doesn’t have Monero. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Monero), and trade your ETH for Monero.

If you’d like to know more about which exchanges we prefer, read our comparison of the most reliable Canadian crypto exchanges.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Bitbuy logoCAD15+Wire transfer, Interac e-TransferVisit Bitbuy
Coinberry logoCADBitcoin, Ethereum, Litecoin, BCH, XLMInterac e-Transfer, Wire transfer, Credit card, Debit cardVisit Coinberry
Ndax logoCADBitcoin, Ethereum, Litecoin, and 4 morewire transfer, Interac e-Transfer, Bank draftVisit ndax

How to Buy Monero (XMR) in the UK

We recommend only looking at UK cryptocurrency exchanges that are registered with the FCA (Financial Conduct Authority). As for GBP deposit methods, the top exchanges should support FPS transfers (Faster Payments Service) and ideally credit/debit cards.

If you’re looking to buy Monero in the UK, the process remains the same:

  1. Find a cryptocurrency trading platform below.
  2. Sign up for an account.
  3. Fund your account with GBP.
  4. Buy Monero if it’s available. If the exchange doesn’t have Monero. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Monero), and trade your ETH for Monero.

It’s also possible to take a look at our analysis of the UK crypto exchange reviews if you’re looking to learn more about which ones we would recommend.

ExchangeFiat currenciesCryptocurrenciesDeposit methodsSite
Cex logoGBP, USD, EUR10+Bank transfer, credit card, debit cardVisit CEX
Coinjar logoGBP50+Bank Transfer (FPS), Visa, MastercardVisit Coinjar
Coinbase logoUSD, GBP, EUR150+Bank transfer (FPS), credit/debit cardVisit Coinbase

Cryptocurrency trading

Considering buying Monero? XMR Rundown

Monero was founded in 2014. Its goal is to make transactions anonymous and private. Although it is commonly believed that BTC can hide a person's identity it is often possible to trace payments back the original source due to blockchains being transparent. XMR, on the other hand is intended to hide senders and receivers through advanced cryptography.

Monero's team believes privacy and security are the top priorities. Efficiency and ease of use come second. It is designed to protect all users, regardless of their technological proficiency.

XMR aims to make payments quickly and cheaply, without worrying about censorship.

Monero is unique because of several factors. Monero's greatest goal is to achieve the highest level of decentralization, which means that users don't have to trust others on the network.

A few distinct features allow privacy to be achieved. XMR is completely fungible, unlike Bitcoins that have a serial number. This allows for surveillance of cryptocurrency usage. Monero advocates say that XMR is more transparent than rival privacy coins like Zcash which hide details such as senders and recipients.

Ring signatures are used to conceal identity. This is where past transactions are pulled from the blockchain to act as decoys so that no one outside can see who signed it. To add an additional level of difficulty, if Ian sent 200 XMR to Susan it could be divided into random chunks.

Stealth addresses are used for each transaction to ensure transactions are not linked.

These distinctive features have resulted in XMR being used more often for illegal transactions than Bitcoin, especially on darknet marketplaces. Those who crack Monero's code have been offered hundreds of thousands of dollars by governments around the globe, particularly the U.S.

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author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.