How to Buy Monero | Where, How and Why

Monero (XMR)  is a decentralized and privacy-focused cryptocurrency that protects its users’ anonymity by obscuring information about senders, receivers, and transaction amounts. Monero, unlike Bitcoin which makes transactions transparently, aims to make wallets and transactions private. Monero (XMR-coins) and a Monero wallet allow for fast, secure transactions among any two individuals worldwide. Monero has successfully captured the privacy industry in recent years – millions of dollars have been invested in Monero.

Continue reading to find out everything about Monero’s blockchain and Monero’s private cryptocurrency XMR. Also, learn how you can buy Monero with just a few steps.

Let’s jump in!

How do you buy monero?

Monero, like many other cryptocurrencies can also be bought using a wide range of methods. You just need to choose a reputable platform from the list of cryptocurrency exchanges that support Monero, get a Monero wallet, and, depending on your preferences and the platform’s accepted payment methods, buy Monero with a credit, debit card, a bank transfer, or through another cryptocurrency. The best choice.

Monero where can I be bought

Monero can be purchased on numerous exchanges including Binance and Coinbase. Four trading pairs are available on Binance’s cryptocurrency exchange for Monero: BTC (BNB), ETH (ETH), and USDT. Unfortunately, Binance doesn’t support buying it directly with fiat currency; instead, you’ll need first to get some Bitcoin or Ether and trade them for Monero.

XMR/BTC pair on Binance
Binance XMR/BTC Pair

Although this has its downsides, you can still execute your transactions at any price by using the Binance XMR/BTC or XMR/USDT trading pairs.

How to buy Monero on Binance
Binance Monero: What to do?

Is Buying Monero Safe

Monero can be extremely useful for people who want to keep their anonymity while buying, selling, sending or receiving cryptocurrency. The potential for a profitable investment is high. Its value increased more than 231% in the period from August 2020 through August 2021. It’s also inexpensive to mine Monero because no special hardware is required; instead, you can use your own computer’s CPU.

Monero: What’s it all about?

Monero (XMR), a privacy-focused, open source, decentralized cryptocurrency, was released in 2014 after the Bytecoin network had hardforked. Monero’s blockchain moved to a new database structure within a few months after its initial launch to offer greater flexibility and efficiency for its owners.

Monero is a network that focuses on making financial transactions private through default using the best security and privacy measures. Monero uses a 3-prong privacy strategy: stealth addresses and ring transactions that are confidential.

As a secure, fungible, and untraceable digital currency, Monero ensures the users’ complete and total privacy. Monero runs on an opaque blockchain that hides transaction data such as sender and receiver identities and transaction value to ensure secure and private transactions.

Monero (XMR), which was the first privacy-focused coin to employ encryption to address privacy and fungibility issues, is still in use today. Monero is frequently juxtaposed with other privacy cryptocurrencies such as Zcash (ZEC), which are designed to fix Bitcoin’s privacy flaws. The blockchain, a public ledger that allows for the tracking of identities and transactions between bitcoin users, is possible.

Monero’s protocol is built on CryptoNote. It groups transactions using ring signatures, one-time key encryption and other methods to hide origin and destination. Monero transactions can only be validated by the Moner network, which runs an exclusive Proof-of Work consensus algorithm known as RandomX. Monero favours CPU-based mining rather than GPU or other specialized mining equipment. The block sizes of Monero are dynamic, meaning they adjust to the network traffic. The XMR mining rewards for every block will gradually decrease, but they still reach a minimal amount that can be used to incentivize miners. The supply limit for XMR is not set. XMR can be used primarily to make payments and pay network fees. Anyone can contribute to Monero’s development if more than half of the network’s validators approve.

Monero can be purchased from these places

Monero is growing quickly since its launch. It has a market capital of $2.6billion and users are increasing at a rapid pace. Monero can only be bought and sold on select exchanges. Below is a list of the top Monero exchanges that allow you to buy or sell it.

Kraken 

Kraken homepage
Kraken homepage

Kraken has low fees and is user-friendly. You will need to complete the KYC verification to buy Monero using fiats such as USD, EUR or USD. Security is one of the main selling features of Kraken; it’s one of the few cryptocurrency exchanges that has never been hacked and adheres to all requirements of regions where it operates. Kraken can only accept BTC as a cryptocurrency to purchase XMR.

KuCoin

Kucoin homepage
Kucoin homepage

KuCoin is another global crypto exchange that accepts a variety of currencies and has fiat deposits. If you’re an experienced trader, you can benefit from KuCoin’s advanced tools like margin trading and staking. KuCoin provides advanced security features and non-custodial trade to those who are concerned about their safety. BTC, ETH and USDT can be traded for XMR, or you may buy the coin with any fiat currency.

Binance

Binance homepage
Homepage of Binance

Binance is an established cryptocurrency exchange that offers high volume trading and liquidity. There are many benefits of purchasing Monero (XMR), including low fees when compared with other cryptocurrency platforms. If you hold Binance Coin (BNB), you’ll pay even less on the platform, only ~0.1%. Binance can be a good choice for technical analysis.

OKEx

Okex homepage
Homepage Okex

OKEx requires minimal to no previous knowledge and is very user-friendly. OKEx features include enhanced security, financial alternatives and very low fees. It’s also one of the largest exchanges in terms of trading volume, providing high liquidity for large trades. Monero can also be traded with Bitcoin, Ethereum and USDT.

Changelly

Changelly homepage
Homepage Changelly

Changelly gives its users an easy-to-use interface and offers exchange services to a variety of cryptocurrency assets. It’s the simplest and most convenient way to buy Monero and allows you to swap XMR coins with other cryptocurrencies conveniently. Users of Changelly can buy cryptocurrencies with fiat money such as USD or EUR. 

Monero buying guide

buy Monero on CoinStats
CoinStats allows you to buy Monero

Binance and Kraken are some of the top cryptocurrency markets to trade XMR cryptocurrency. KuCoin, Kraken, OKEx, and OKEx are just a few examples.

Step 1: Open an account

First, open an account on the crypto exchange that you want to purchase or sell XMR. Compare exchanges and find the one that offers XMR support. Also, make sure to get 24-hour customer service. You should also consider whether the exchange offers Monero purchase with any of your preferred payment methods such as a debit or credit card, another cryptocurrency or a bank transfer.

Personal information such as your name, email address, contact number,  social security number, home address, and a copy of your driver’s license, passport, or government-issued ID will be required in most transactions to comply with KYC (know your customer) and AML (anti-money laundering) standards and ensure the security of your account. To verify and begin trading, you must give this information.

Step #2: Fund Your Account

Once your account has been verified, funds must be deposited to buy XMR and other cryptocurrencies. To buy XMR, you can either use a debit card or credit card or a bank account. The platform and your preferences will determine the payment method that you choose to buy XMR coins.

Step 3: Place Your Order

It is possible to buy XMR using fiat currencies (USD, EUR etc.). Or another cryptocurrency. Many crypto exchanges permit immediate deposits. This allows you to purchase MoneroXMR coins immediately your funds are received.

Select XMR in the drop-down list, then enter your amount and select a Monero pair corresponding to what currency you want to use (e.g., XMR/USD) to complete a purchase.

You can also purchase Monero on CoinStats by clicking the “Buy XMR” button, taking you to one of the exchanges to trade Monero.

Optional: Step 4: Buy a wallet

You can keep your XMR coins in your brokerage exchange wallet; however, they’ll be exposed to hacking in this case. It is highly recommended that you store your cryptocurrency in a crypto wallet. It is important to choose a wallet that suits your needs and how many coins are available.  It is possible to distinguish between Hardware Wallets, also known as Hot Wallets, and Software Wallets. Because they offer safe offline storage as well as backup, cold wallets such Trezor and Ledger Nano are more reliable. This is a better option for users with large amounts of XMR coins. Software wallets can be used easily and are free.  Although they store keys online, software wallets are less secure than traditional hardware wallets. However, their simplicity makes them great for beginners with just a handful of tokens.

Monero Wallets

You’ll need a trustworthy wallet to keep your assets safe to buy, sell, trade, or store Monero’s XRM tokens. Let’s look into several easy-to-use and dependable Monero wallets for every user.

1. Monerujo Wallet (Android)

Monujero homepage
Monujero homepage

If you are looking for a mobile application to help manage your XMR, the Monerujo app is definitely worth considering. The Monero Android app, a lightweight and open-source wallet connects to Monero’s blockchain via remote nodes. All your information is kept on your phone. The wallet’s best feature is that it allows you to send money not just to a Monero address but also to a Bitcoin address in the same way.

2. Cake Wallet (iOS).

Cake Wallet homepage
Homepage of Cake Wallet

Cake Wallet, the most widely used Monero wallet for iOS is Cake Wallet. It’s free to download and use, and it’s also the first open-source iOS app. The wallet’s user-friendly interface and Face ID recognition capability allow you to store securely, transfer, receive or swap your XMR coins without operating a complete node.

3. Ledger Wallet (Best Hardware Wallet).

Ledger homepage
Ledger homepage

Ledger (Ledger Nano X, or SThe hardware wallet company, ), has been around since 2014 and is an industry leader. BOLOS is an operating system that integrates a secure chip into its crypto-hardware wallets. Ledger secures your data with a pincode and a back-up 24-word recovery phrase. The Ledger hardware wallet supports 1000+ coins, including Monero, Ripple,  Litecoin, Ethereum, Bitcoin, etc., and all ERC20 tokens. Nano S makes use of the blockchain to track your XMR holdings. You can also track transaction details using the OLED screen.

Ledger Live is an application that Ledger provides for you to use on your mobile and desktop computers. It allows you to lend and stake crypto currencies.

4. Monero GUI (Linux/Windows, Mac, and Mac).

Monero GUI
Monero GUI

The Monero GUI wallet is a desktop wallet, and it’s the Monero cryptocurrency creators’ official wallet. It’s free to use, suitable for beginners and advanced users, and compatible with Trezor and Ledger. The wallet provides in-app fiat conversion, blockchain pruning to download only 1/3 of the blockchain if you don’t have enough disk space, and is available in 30+ languages.

FAQ

Monero is possible to buy with either a debit or credit card

You can purchase Monero using a debit or credit card through a cryptocurrency exchange like Coinbase, Coinmama or Coinmama. You must first create a Monero account (wallet) and have it approved.

Can XMR be tracked?

Monero (or XMR) is a cryptocurrency where transactions cannot be tracked. Monero, or XMR, is not traceable like other cryptocurrency such as Bitcoin. Users can enjoy a safer network where their units will be less likely to get rejected by others or blocked.

Is Monero Completely Private

While Monero’s blockchain is untraceable and private, there are ways for businesses to discover the transaction sender. You can use a VPN to maintain anonymity and take other security precautions.

Conclusion

Monero is less popular than Bitcoin, Ethereum, Litecoin, or Ripple; however, it does have devoted supporters who appreciate the cryptocurrency’s strict privacy standards. Monero is not as appealing as it seems. It has been criticized for its anonymity, and Monero is commonly viewed by criminals as the cryptocurrency they use.

As more users see the value of Monero’s services, the price will likely rise. Algorithm-based forecasts predict a positive outlook, with Monero’s price going up to $261.55 at the beginning of 2023 and rising to $702.5 by the time 2027 rolls in. Monero forecasts predict that altcoin will be worth $191.33 through 2022 and $317 by 2025. It is expected to reach $500 by 2028.

For posts like “What is DeFi”, cryptocurrencies buying guides and more information about wallets and cryptocurrency exchanges, portfolio trackers and blockchain technology, you can also visit the CoinStats Blog.

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