How to Buy Monero (XMR): A Step by Step Guide
Monero is a top 25 cryptocurrency that was launched in 2014 to suffice a simple goal: to allow transactions to take place with anonymity, utmost privacy and efficiency. Cryptocurrencies like Bitcoin (BTC) have a transparent blockchain. This allows an individual to trace a transaction back to its original source.
Monero uses advanced cryptography to hide the identity of senders and recipients. In this guide, we will delve into all you need to know about Monero and where you can buy the cryptocurrency.
Where can I buy Monero?
You can buy Monero at a crypto exchange, at a Monero ATM or on a peer-to-peer (P2P) trading platform.
The simplest way to purchase the cryptocurrency is at an exchange.
Monero ATMs are a good option as well but there are not many around.
Unfortunately, ATMs tend to charge high transaction fees (when compared to exchanges and P2P marketplaces).
P2P trading platforms like LocalMonero are quite popular among crypto traders.
3 Best cryptocurrency exchanges for buying XMR
Binance, Kraken and Huobi Global are the three best crypto exchanges for buying XMR.
Here is all you need to know about the process of buying Monero at these exchanges.
If you own cryptocurrencies like Binance Coin (BNB), Bitcoin, Ethereum (ETH), Tether (USDT) or Binance USD (BUSD), you can easily trade these crypto tokens for XMR tokens.
If you do not own these cryptocurrencies, you can buy Binance Coin, Bitcoin or Ethereum with a credit card or a debit card.
Similarly, you can buy Tether or Binance USD with a bank transfer. Once you have bought any of these digital assets, you can exchange your purchased crypto coins for XMR coins.
Unfortunately, you cannot directly purchase Monero with fiat currencies at Binance.
Binance is the exchange to use if you’re new to the world of cryptocurrency. It’s intuitive, easy to use, and supports all the most popular cryptocurrencies. It makes buying, selling, and trading simple and even the most novice users will enjoy the pleasant user interface Binance has to offer.
When it comes to buying and selling crypto, there are few exchanges better than Binance.Visit Binance
Once you have registered at Kraken, you can purchase Monero with fiat currencies like USD or EUR.
You will have to verify your account with supporting documents before you can initiate a purchase.
Alternatively, you can also purchase the crypto token with digital currencies like Bitcoin or Litecoin (LTC).
If you do not possess any of these crypto tokens, the exchange offers several payment methods to buy them.
Kraken is probably one of the most well-known and well-respected exchanges for buying, selling, and trading digital currencies. They offer funding options, staking, margin trading, liquidity, and 24/7 support for beginners and experienced traders alike.
If you want a trusted exchange that offers plenty of features, you can get started on the Kraken website or download the Android or iOS app today.Visit Kraken
You can buy XMR tokens with BTC, ETH or USDT tokens at Huobi Global. You can buy these crypto coins by clicking on the
Buy Crypto option at the top of your screen. As soon as you click on this option, you will be redirected to a new page.
Choose your preferred crypto token and payment method and enter the amount of the crypto token you want to purchase.
Click on the Markets tab once you have purchased a crypto asset to trade with Monero. Choose your preferred trading pair and proceed accordingly.
Step by step guide for buying Monero at Binance
Here is how you can buy Monero at Binance:
Step 1 – Open An Account
Click on the Register button at the top of your screen and enter all necessary details. Once you have completed the registration process, click on the User Center icon followed by the Identification option.
You will be redirected to a new page. Click on the Verify button and enter all necessary details.
Once you have entered these details, click on the Go to Advanced Verification button.
Upload a picture of your passport, national ID or driver’s license and complete the facial verification procedure.
Once you have completed this process, your identity should be verified by the exchange within an hour.
Once your identity is verified, you can trade, buy and sell cryptocurrencies at the exchange with utmost ease.
Step 2 – Buy A Tradable Cryptocurrency
You cannot directly buy Monero with a bank transfer or a debit card/credit card.
You can trade the cryptocurrency with BNB, BTC, ETH, USDT or BUSD tokens.
To purchase any of these crypto tokens, click on the Buy Crypto option at the top of your screen. Choose your preferred fiat currency and payment option.
If you want to purchase a crypto token with a bank transfer, you can buy USDT or BUSD.
If you want to buy a crypto token with a debit card or a credit card, you can purchase BTC or ETH.
Click on your preferred payment option, select the cryptocurrency you want to purchase and enter the amount of money you want to spend on the crypto token.
Confirm your transaction details, complete 3DS Safety Certification and complete the payment.
You should receive your purchased crypto tokens almost instantly. We advise you to purchase either Tether or Binance USD.
Step 3 – Click On The Markets Tab
Click on the Markets tab at the top of your screen and search for XMR via the search bar at the center-right of your screen.
Search for your preferred trading pair in accordance with the tradable cryptocurrency you purchased and click on it.
You will be redirected to a new page.
Step 4 – Click On The Buy XMR Option
At this stage, all you have to do is enter the amount of XMR you want to purchase. You can set the price you want to purchase the cryptocurrency at.
For example, if you choose the XMR/BTC trading pair, enter the price of Bitcoin you want to sell the cryptocurrency at to purchase Monero.
Click on the Buy XMR option when done. Depending on the selling price you have set, you will receive XMR tokens instantly or when the selling price is reached.
Step 5 – Transfer Funds To A Crypto Wallet
Once the funds reflect on your account, the final step is to transfer your Monero coins to a secure Monero wallet.
Click on the Wallet option at the top of your screen, followed by the Spot Wallet option. You will be redirected to a new page.
Click on the Withdraw option and select the cryptocurrency you want to withdraw, which is Monero in this case.
If you are using an Abra cryptocurrency wallet, for example, copy your Abra Monero address and paste it. Alternatively, you can scan your Abra Monero QR code.
Enter the amount of Monero you wish to transfer and proceed. Your funds should be transferred instantly. You will be charged a minor transaction fee for the same.
How do I buy Monero in the UK?
You can purchase Monero at Binance or LocalMonero among other options. At Binance, purchase a crypto token to trade as we have talked about before using EUR or GBP.
At LocalMonero, connect to a respectable buyer in the UK and purchase the cryptocurrency.
Bit2Me is a platform that allows you to directly purchase Monero with EUR via a bank transfer or a credit card/debit card.
Can you buy Monero with cash?
Yes, you can purchase Monero with cash. Visit a Monero ATM near you and enter the amount of Monero you want to buy.
Allow the ATM to scan your wallet QR code and insert cash bills. Click on the Finish button when done and collect your printed receipt. You will receive XMR tokens in your wallet almost instantly.
You can buy Monero at retail locations and LocalMonero as well.
LocalMonero is a P2P trading platform that allows you to buy Monero by sending cash by mail.
If you are using LocalMonero to buy Monero with cash, stick to sellers with a high reputation. Take all measures to ensure that you receive Monero in your wallet upon the seller receiving cash.
Why Is Monero Not On Coinbase?
In essence, Monero is a privacy coin. As Monero transactions are private in nature, exchanges like Coinbase have had to delist the cryptocurrency in order to avoid regulatory complications.
According to the Financial Action Task Force’s (FATF) Travel Rule of Recommendation 16, country regulators must ensure that their exchanges share user-identifying information when transferring funds.
Monero is built to obscure senders and receivers and that is why Coinbase has had to delist the crypto coin, along with other crypto coins like Dash (DASH) and Zcash (ZEC).
The open-source Monero blockchain protocol aims to allow payments to be made in an efficient, obscure and inexpensive manner.
The token is completely fungible and makes use of ring signatures to achieve obfuscation.
While the crypto token’s distinct features have made it one of the most used coins for illicit transactions, it is an excellent short and long-term investment option given its inherent features and uses.
Buy the crypto token at an exchange, Monero ATM or P2P marketplace and store your purchased crypto coins in a hardware wallet like Ledger Nano X.