How to Buy Monero (XMR) and Where to Buy
The best place to buy Monero is by using an exchange or trading platform like the ones listed below. This is because they are the most convenient way to buy Monero or any cryptocurrency. However exchanges are far easier to use for beginners.
At the moment Monero is not available from a larger pool of exchanges. This is because there are concerns from institutions that thought they would not be able to regulate privacy coins like Monero.
Institutions are ever more reluctant to list Monero and more and more exchanges keep ditching it. Even though the Financial Action Task Force has issued a report for anti-money laundering regulation of privacy coins.
Top Exchanges to Buy Monero
Best Trading Platforms to Trade Monero
TradingView is by far the most popular trading platform worldwide. It has hundreds of millions of user accounts. This is because it has a huge array of specialised trading tools and charts.
Additionally they have an active social community. Here you can check out ideas, opinions and analytics and strategies for free.
With TradingView you have to link your crypto broker to your account. A crypto broker is usually an exchange that you pair with TradingView.
This means that if the broker does not offer Monero you are stuck. For example you can link Kraken. However if you are from the UK you will not be able to buy Monero anyway.
In short Bitfinex is one of the most robust trading platform. It can handle very large user volumes at any given time without crashing the platform. This platform only allows a minimum deposit and withdrawal amount of $/€/£10,000. So it is not for everyone. Moreover US and Ontario, Canada clients are not accepted.
Alternative Trading Platforms
There are other trading platforms from where you can buy Monero. There is Gate.io which we do not usually recommend for several reasons. Especially because there are much better exchanges or trading platforms. KuCoin exchange is more recommeded due to low fees.
However because Monero is not listed on many exchanges they could be an option in this case. You can have a look at the full Gate.io review here. The review lists all the pros and cons of this exchange.
Additionally there are non KYC (Know Your Customer) trading platforms you might also like to consider. Non KYC simply means they are not licenced or regulated platforms. As a result you will not need to go through the process of verifying your identity.
For some people this might be good. This is because they do not like to stay fiddling around with paper work. They view it as an added hassle.
We do not know how much liquidity non KYC exchanges have. That is to say how much Monero they have on the exchange to sell altogether. However they are an option if you would like to use them.
You should note that you cannot deposit and withdraw fiat on these platforms. You can only deposit and withdraw cryptocurrencies.
As a result you will need to buy cryptocurrency first. The best one to buy to trade would be Bitcoin because it has the most trading pairs. After that you would need to send the Bitcoin to one of the below trading platforms to then buy Monero.
I have personally used this exchange before and found it good. Just so that you know, I only bought a small amount of crypto through this exchange.
However I am aware that there are some high net worth individuals using this platform. They tend to trade privacy coins. So there is probably really good liquidity especially for Monero.
I have never used this trading platform so I cannot vouch for it. However there are quite a few people that have sung praises for this platform.
Buy Monero From a Crypto ATM
You can also buy Monero from a cryptocurrency ATM. However there are not many of them around that offer Monero. There are some scattered around the US and Europe however everywhere else there are very few.
Buying Monero from an ATM is definitely different to buying online. Additionally you need to feel like going for a drive somewhere. Moreover crypto ATMs are one of the most expensive ways to buy Monero and other cryptocurrencies.
Usually crypto ATMs charge an average of 8.4% in fees which is quite a lot. However you have no guarantee how much you will spend on fees. It would depend which crypto ATM brand you use.
CoinFlip ATMs are the best because they charge 6.99% plus a network fee approximately around $1. On the other hand you never know what ATM you will find. Some crypto ATMs charge as much as 25% which is phenomenal as a rate.
In fact we usually discourage people from using crypto ATMs unless they know what they are going to find. However you may want to find out where crypto ATMs are for the novelty of it.
You can find up to date information on where Monero supported ATMs are using CoinATMRadar. On this website you can select any coin from the list and select ‘buy’ and the location type. The site will update with all the options you have available to you.
You can zoom in and click on various areaa on the map or particular ATMs to find more information. Just so that you know; Crypto ATMs may require some for of identification when you go to purchase. Additionally like any ATM they do have deposit and withdrawal limits.
How to Buy Monero From An Exchange
If you are new to buying cryptocurrency you may want to have some help. Or you may simply want to understand the process before you get started. The whole process is really quite straight forward. Additionally the exchange will prompt you on what to do.
However you will need to set aside some time to set up your account. The most time consuming part is signing up and waiting for a bank transfer to go through. That is to say if you opted for that deposit method in the first place.
For the whole process to buy Monero you can have a look at this guide on how to buy cryptocurrency. It is a general guide showing how you can buy any cryptocurrency from an exchange. Of course that also includes Monero.
It is an in-depth guide that will walk you through the process one step at a time. There are all the resources you will need including images so that you can follow along.
Essentially the process consists of:
- Choosing an exchange
- Signing up to the exchange
- Verifying your account
- Depositing money into your account and
- Buying Monero
The guide explains why things are done in a certain way so that its easier for you to understand. Additionally it has some suggestions and tips.
As mentioned not all exchanges support Monero. So it is best to go through the exchanges listed on this page and not the ones on the guide.
The guide also suggestions using hardware wallets to secure your cryptocurrency. You should consider doing this for your Monero as well. However the process of securing your Monero is slightly different. We will cover how to securely store your Monero further down this page.
How to Buy Monero From A Trading Platform
Regulated Trading platforms are similar to exchanges when it comes to signing up. However trading platforms have more complex interfaces. They can put off any novice that wants to start to dabble in cryptocurrency. Especially when they see the charts and options to buy or sell.
In fact we suggest that if you are just starting out it is better to use an exchange. Then once you are more comfortable with crypto you can start learning how to use a trading platform.
Some trading platforms have more simplified interfaces, like for example TradeOgre. However some others have more options. So you will be able to buy market, limit or stop orders etc. You can have a look at the differences in market orders here:
Essentially once you know what the tools are and how use them properly you are ready to go. One thing we always recommend is never use leverage. It is dangerous and only meant for professional traders.
Now we will go through a trading platform example to help you out.
How to Use Bitfinex
Once you have signed up and verified your account you will need to deposit funds into your account. Whether you want to send fiat or crypto to the platform you will need to go to ‘Wallet’. You should click ‘Deposit’ from the drop down. After that you should select the payment option you prefer.
After the deposit has gone though you should go to ‘Trading’. This is what you will see:
You will see the chart on the right and the tickers and options on the left. On the left you will see ticker symbols for different cryptos. You need to use the search box to find Monero. Type in XMR in the search here:
The list will adjust. You will need to click on the XMR pair you want. Whether that is XMR USD like is highlighted here or XMR BTC etc. After that you will need to fill in the order form. You can set the market order you would like and select the amount of Monero you want to buy.
Once you did that you can click ‘Exchange Buy’. Monero should go into your Monero account.
Next you should check to make sure your Monero has gone into your Monero address. To do this you have to go to ‘Wallet’ in the top menu bar. Then click ‘Wallets’ from the drop down.
There are different payment methods you can use to buy Monero. Different exchanges or trading platforms have the standard options like debit or credit card and bank transfer.
Some exchanges offer additional payment methods like PayPal. Additionally exchanges support major currencies like USD, EUR, GBP, AUD and usually others. If you plan to use another currency you will need to check what currencies the exchange accepts before signing up.
Exchanges and trading platforms also accept cryptocurrency deposits. So you may want to exchange your crypto and buy Monero with it. As mentioned decentralised trading platforms listed above only accept crypto deposits and withdrawals.
Save Money When You Buy Monero
If you want to save money on fees when you buy Monero then it is best to deposit by bank transfer. Bank transfers are usually free or at minimal cost to you. This is precisely why bank transfers tend to be the most popular payment method used.
The drawback for some is that bank transfers may take some time until they are completed by the bank. It could take up to 3-5 days for SEPA payments. Other times it is on the day or almost instant. It depends on who you bank with. Additionally it depends on the country the payment is originating from.
In general, credit or debit cards tend to be the most expensive method to buy cryptocurrency. They could be as much as 5% more expensive. This is quite a lot especially on larger amounts.
Unfortunately, it is the price you pay if you want to buy Monero instantly instead of waiting. However at times some exchanges or trading platforms do not give you other payment options.
If you have the option to use PayPal there will be a 5% charge. The minimum fee is $0.99, but the fee is capped at $4.99.
If you intend to use other payment methods you will need to check the fees before making a deposit.
Other Ways to Get Monero
Instead of buying Monero you might want to consider mining it. It is a proof of work cryptocurrency and mining it is the only way it becomes available on the blockchain. However you may need to invest some money into buying hardware to mine it.
It is a viable option though. So if you want to look into it and find out how to mine Monero click here.
Why Hold Monero?
Monero is considered the Bitcoin of privacy coins and one of the best available. Hence it is the most well-known privacy coin in the crypto space. This is because it has a number of really great privacy features implemented on its blockchain.
The privacy features literally cover all transacting parties and aspects of privacy. It safeguards whoever is on the network making this a good all round privacy coin. As a result this makes Monero one of the few genuinely private coins you could hold.
The features it can boast about are stealth addresses, ring signatures, ring CT and Dandelion. If you want to have a look at detailed information about these features you can have a look here on what is Monero? You can scroll down to the section ‘the mechanics behind the security of Monero’.
Unlike other blockchains which are transparent, Monero keeps all your details hidden. No one will know how much Monero you hold in your wallet, with who and how much you have transacted.
This is perfect because this sort of information needs to remain private and confidential. The last thing you want is to divulge to the world this sort of information to decrease your security.
Monero was falling out of favour because governments were concerned with regulating it. They thought because it is a privacy coin that people can go around anti-money laundering and other regulations.
As a result a lot of exchanges have stopped supporting Monero. However like most things governments dislike or ban, people still use it. It is usually a good thing for the asset. In this case it has had no effect on people buying Monero. In fact we have noticed that the search volume on Google for Monero has increased.
How Much Can I Buy?
There may be some minimum or maximum limits on how much you can buy. Most exchanges allow for small minimum deposit amounts so that anyone can buy. There are a few exchanges that have very high minimum deposits. You can check the information of each platform on this site. You will find all the relevant information there.
There are usually maximum deposit and withdrawal amounts. They are quite high and fine for most people. However on some regulated exchanges you can increase your limit. This is because exchanges may have a tiered system.
As a result you will need to do more KYC processes. That goes for whether you want to buy, sell or deposit or withdraw more fiat or crypto. So as such you are not that restricted on the amount of Monero you want to buy.
How to Securely Store Monero
After you buy Monero you want to make sure that it is secure. This is because many exchanges and trading platforms are hacked on a constant basis. So you want to move it of the exchange or platform.
There are different methods you can use to store your Monero. You could for example use a paper wallet, GUI wallet or a mobile wallet.
Paper wallets are pretty secure. However they are actually quite complicated and not very user friendly. You also have to pay close attention when you set them up. Most importantly you have to make sure you set them up on a secure computer.
Mobile wallets or hot wallets are quite handy. However they are not the most secure method of securing your cryptocurrency. In fact there is malware called BHUNT which is targeting crypto hot wallets.
On the other hand hardware wallets provide the best security for your cryptocurrency. They support many cryptocurrencies. However they work slightly differently when it comes to Monero.
This is because apart from the hardware wallet you will need the Monero GUI wallet. The Monero GUI wallet is a hot wallet. You could use it on its own. However when it is paired with a hardware wallet it is highly secure. All the GUI wallet does is allow you to manage your Monero coins.
Monero GUI wallets are free to download and use. You can download it from the official Monero website.
If you want to see how to set up the wallet and how it works, check out the video below.
Other Privacy Coins
Monero is one of the best or the best privacy coin available. So naturally there will be many people that would want to buy Monero. It has many different privacy features included in it that offer all round protection for the users of the network. This cryptocurrency is one of the truly private coins available.
If you are into privacy coins, there are others that are well worth checking out. See more info here on how to buy Dash, buy Dero, buy Equilibria or buy Pirate Chain. You can also have a look at this page which goes into detail on which are the best privacy coins.
Frequently Asked Questions
Is it illegal to buy Monero?
Is Monero worth investing?
Where can I buy Monero?
Is it easy to buy monero?
How can I buy Monero?
1. Choose and exchange
2. Sign up
3. Verify your account
5. Buy Monero
Disclaimer: the information above is being provided after extensive research. It is not meant to be taken as financial advice. It is also not an endorsement of the cryptocurrency. Do your own research before you buy and seek financial advice.