We know that you came here to know how to buy Monero and we don’t want to make you waste your time, but before, you should know why exactly people go and buy Monero in the first place.
Anonymity is one of the attractive features of cryptocurrency, yet, very few cryptocurrencies live up to this feature. However, Monero is a privacy-oriented coin. It gives its users total anonymity, and this has placed it at the forefront of the crypto industry.
The coin is an open-source privacy coin that cannot be traced publicly. Unlike other blockchains, Monero designed its blockchain network to be hidden, thereby concealing transaction details of the sender.
So, if you send X amount of XMR to a friend, your identities and the amount sent will be hidden. However, the destination of each transaction is visible in its unique cryptographic hash.
Due to its private nature, a lot of people have claimed that Monero works exactly how Bitcoin should. Nevertheless, a lot of people don’t know where or how to buy Monero coin, and this is why this article.
Where to Buy XMR – Top 5 Exchanges
Most top exchanges do not support XMR. For instance, you cannot buy Monero on Coinbase. However, the following exchanges can enable you to buy MXR.
A Step-By-Step Guide to Buying XMR
Just like other cryptocurrencies, there are different ways to buy XRM. However, due to its private nature, Monero has not seen a lot of adoption when it comes to listing on exchanges.
Nevertheless, we shall look at market places and ways we can get Monero.
Step 1: Create an XMR Wallet
Before getting XRM, you may need to have a wallet to hold your coins. Your best bet will be to use a hard wallet; for example, Leger can give you an extra layer of security.
However, hard wallets can be pretty expensive. So, you might want to opt for other alternatives such as using the official Monero desktop wallet, or you can also use My Monero wallet or Exodus wallet.
You can also easily swap BTC or other currencies for XMR on the Exodus wallet.
Step 2: Buy with Cash.
When it comes to buying cryptocurrency with cash, very few exchanges allow you to swap hand to hand.
Still, you can easily buy Monero with USD on Crypto ATMs. You may have to visit coinatmrader.com to find the Monero ATM close to you. You can also sell your XMR for cash, depending on the specifications of the ATM.
Step 3: Buy with PayPal
You can buy Monero with PayPal using Local Monero. To do this, you will have to open an account with LocalMonero, which also comes with a free wallet. Choose your payment method on the home page.
LocalMonero is a peer-to-peer platform, and you can select any trader with a good reputation and a high number of trades to buy from. Ensure that you read through the seller’s advertisement and agree with the terms of trade before clicking on buy.
Once you click on buy, there is a payment window available within which you have to pay. After making payment, click on the ‘I have paid’ button, and your XMR will be released from the escrow.
You can also buy bitcoin with your PayPal and convert the bitcoin to Monero.
Step 4: Buy with Credit Card.
If you are considering using your credit card to buy Monero, exchanges such as Kraken and Bitfinex can enable you to do so. However, it is advisable to buy bitcoin with your credit card and then convert it to bitcoin.
Exchanges such as Binance will not allow you to buy Monero with USD. You can buy BUSD or BTC on Binance and convert it to XMR. You can also buy Bitcoin on CEX.io and send it to your Binance Wallet converting it for Monero.
Best Wallets to Hold Monero
Choosing the right Wallet to keep your coins depends on some varying factors. A hardware wallet like Ledger may seem like the right choice, but only if it is affordable, and you have significant holdings of Monero.
Still, a desktop wallet such as My Monero or a mobile wallet such as Exodus can also be suitable for keeping your coins, especially for easy access.
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More Information About XMR [FAQS]
What is XMR?
XMR is the tickler for Monero, a privacy coin. Monero is known for being private, untraceable, fungible, and transactions that are resistant to censorship. Currently ranked on top 100 coins as number 15 and can be traded for other cryptocurrencies.
Is XMR a Good Investment?
Monero may not be as popular as the other top coins, but in the cryptoverse, it has managed to hold its own. It is quite popular amongst those who believe in privacy.
XMR is not listed on a lot of exchanges, but you can still trade, buy, and hold the coin on some of the exchanges discussed earlier. It is currently among the top 100 coins, and its community is quite strong and not controlled by its creators.
Is Monero Safe to Buy?
Since Monero is a privacy coin, most crypto analysts claim that it is used on the dark web. Also, some exchanges unlisted the coin for its privacy features.
Although, contrary to popular opinion, Monero strives to create a safe community for its users. Monero was designed using the CryptoNight algorithm for mining.
The algorithm is also used for the distribution of money and order of transactions as well as voting. User privacy is protected using Ring Signature, a technology that obscures the identity of transactions making it known to only the sender and receiver.
Monero can also be easily mined on operating systems like Windows, macOS, Linux, and Android. The developers also strive to create a participating network, and its users determine the growth of the coin as they did not stake any assets for themselves.
What is the Best Wallet to Store Monero
There are multiple wallets you can use when storing your Monero, but an exchange should not be used to store your coins as they are open to hacks.
You can choose a Desktop client or Mobile crypto wallet. But the best Wallet to store your XMR after you learn how to buy Monero is a hardware wallet.
You can store your coins offline, and when you need to carry out a transaction, you can integrate it online. Hardware wallets like Ledger Nano S can be used to keep your coins with you and safe.
Asides Monero, there are other privacy coins, Dash and Z-Cash. However, Monero is highly rated when it comes to privacy and anonymity qualities. The technology used in designing Monero has a lead against the others.
With the use of RingCT, Ring signatures, and stealth-like addresses, Monero has managed to keep to its word of being a privacy coin. For safety reasons, you should not store your coins on an exchange.
You can use a hardware wallet like Ledger or MyMonero.com to store your coins. Also, bearing in mind that it is hard to get exchanges that allow you to buy Monero, you may want to adhere strictly to the requirements needed to buy Monero instantly.
Currently, Monero ranks 15th on the top 100 coins on coinmarketcap.com and is doing better than other privacy tokens.
Jesus Cedeño is a certified doctor turned cryptocurrency expert, writer, and investor who lives in New York City. Jesús specializes in cryptocurrency product reviews, tutorials & technical analysis. Follow him on LinkedIn to stay up to date on his latest work on blockchain, decentralization and crypto investments.