In this blog, we will explore the easiest way for you to buy or invest in Monero (XMR).
Monero, or XMR, is a privacy-focused cryptocurrency that allows users to make transactions without getting tracked. It is an open-source cryptocurrency, meaning anyone can buy, sell, invest, and transact with Monero. It works on the proof of work consensus protocol and is completely decentralized.
Monero launched in 2014 and it was initially called Bitmonero. Its price has increased by more than 5,000% in the last six years and sits at $135 at the time of writing. There are currently 17,764,044 XMR coins in circulation.
Let’s see how you can buy Monero.
Summary for Fast Readers
— Choose a cryptocurrency exchange platform that is most convenient for you and create an account on it
— Add fiat or crypto funds to your wallet and exchange it for Monero.
— You can then trade the coins on the exchange or move it to your cryptocurrency wallet to hold it for the long term.
Step by Step Guide to Buy Monero (XMR) Coins
Step 1: Choose the Right Platform
The ease of buying or investing in a cryptocurrency largely depends on the platform you choose. It is critical to choose a platform that is both easy to use in your region and provides optimum security to its users’ funds. To choose the most appropriate platform, here are the most important factors you must consider:
- Country: Although Monero is a borderless currency, most platforms that facilitate the buying and selling of XMR are restricted by national regulations. When choosing a platform, you must choose a platform that operates in your country or state.
- Currency and Pair Support: If you’re buying Monero for the first time, you must look for platforms that allow users to hold local fiat currency on their platform and exchange them for XMR. Alternatively, you may also choose a platform that accepts Visa or Mastercard payments so you directly buy Monero. Recently, even PayPal added support for cryptocurrencies including Bitcoin and Ether. However, it does not support Monero at the moment.
If you already own cryptocurrencies such as Bitcoin (BTC), Ether (ETH), or Tether (USDT), you may also choose exchanges that only support crypto-to-crypto pairs.
- Withdrawal in Crypto and Fiat: In addition to buying cryptocurrencies using fiat or cryptocurrencies, you must check whether or not a platform allows you to transact your funds in crypto and fiat currencies. In case you want to buy Monero on an exchange platform, it must support crypto withdrawals so you can transfer your Monero coins to a different exchange or your personal crypto wallet.
Some exchanges also do not support fiat withdrawals, meaning, you can only transact your funds in cryptocurrencies. It will not be possible to convert your Monero balance into your local currency and transfer it to your bank account.
- Regulated or Unregulated: Regulations are growing more strict around cryptocurrencies. It is always better to choose a platform that is regulated and complies with your local laws.
Step 2: Setup an Account
Once you’ve considered all the factors, you will need to create an account to start investing in Monero. If you choose a centralized exchange that is regulated by local and international authorities, you will need to complete a KYC process. The platforms will ask for your name, birth of date, address, your national identification documents, phone number, etc. to authenticate your identity.
Step 3: Add Funds to Your Account
After your account is KYC-approved, you can deposit funds into your account. In case of a fiat-to-crypto exchange, you can deposit your local currency into your account.
On a crypto-to-crypto exchange, you will have to deposit a cryptocurrency that is paired with Monero. After depositing the cryptocurrency funds, you can go to the trading window and start investing in Monero.
Step 4: Buy Monero and Start Trading or Investing
Once you’ve added funds into your account, you can choose your currency pair of Monero and buy new coins from the trading portal. If the exchange supports debit and credit cards, you may also directly use your payment card to buy Monero directly.
If you plan to trade Monero on a regular basis, you should keep your funds on the exchange so it is more convenient to buy and sell every time. But if you plan to hold it for the long term, you should move it to a cryptocurrency wallet that supports Monero. That way, your funds are safer and you’re more in control of the Monero you own.
Where to Buy Monero?
There are several cryptocurrency exchanges that list Monero. You can buy it either with your local currency debit or credit card or with Bitcoin, Ether, Tether or other cryptos it is paired with. Here are some of the top exchanges where you can buy Monero and invest in it:
- Binance: One of the largest cryptocurrency exchanges with multiple Monero pairs.
- Huobi Global: Launched in 2013, it is among the most trusted crypto exchanges.
- Coinbase: The most widely used American crypto exchange.
- KuCoin: One of the top ten crypto exchanges that allow buying and selling Monero.
- Kraken: Launched in 2011, it is one of the oldest crypto exchanges out there.
FAQ’s About Buying and Investing in Monero (XMR)
Is Monero worth investing in?
Monero (XMR) has grown by more than 5,000% in the six years since its launch. It could be a good investment as more individuals now demand privacy for their online transactions.
Is Monero better than Bitcoin?
Both Monero and Bitcoin have their exclusive benefits. Monero is more focused on privacy and it allows you to prevent anyone from tracking and tracing the details of your transactions.
Will Monero survive?
The user base of Monero (XMR) has grown consistently over time. People looking to privately transact on the internet have started using Monero as a mode of payment. With the growing interest in private transactions, Monero is likely to stick around in the long run.
Can Monero be tracked?
Monero is a privacy-focused cryptocurrency that cannot be tracked. But many blockchain analytics firms claim to have built software to track and trace Monero transactions.
Is Monero illegal?
Like most other cryptocurrencies, Monero is legal in countries that allow the buying and selling of digital currencies. The legality of Monero varies from country to country.
Can Monero overtake Bitcoin?
The possibility of Monero overtaking Bitcoin is scarce, but that does not signify that Monero is less valuable than Bitcoin. Monero has shown unprecedented growth and there’s a great chance it will keep growing in the future.
How secure is Monero?
Monero is one of the most secure cryptocurrencies that exist. Users can hide the transaction amount, the sender and receiver wallet addresses, and all other details of their transactions.
It is easy to buy and sell Monero no matter where you are in the world. As long as cryptocurrencies are legal in your country, you can choose from a wide range of platforms and start trading and investing in Monero within the next few minutes. All you need to do is create an account, set up your profile, add funds, and start investing.