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. Unlike Bitcoin, which is entirely transparent, Monero strives to keep wallets and transactions completely private. It enables rapid, private transactions between any two people globally that have a Monero wallet and Monero (XMR) coins. Monero has successfully captured the privacy industry in recent years – millions of dollars have been invested in Monero.

Read on to learn everything you need to know about the Monero blockchain, the Monero private coin XMR, and learn how to buy Monero in a few simple steps.

Let’s jump in!

What Is the Best Way to Buy Monero

Monero (XMR), like most other cryptocurrencies, can be purchased in a variety of ways. 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. is the best option.

Where Do I Buy Monero

You can purchase Monero on many exchanges, including Binance, Coinbase, Kraken, etc. The Binance cryptocurrency exchange offers four trading pairings for Monero: BTC, BNB, 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.

While this method has some drawbacks, the upside is that the XMR/BTC and XMR/USDT trading pairings on Binance are quite liquid, letting you execute your transactions at your desired price.

Is Buying Monero Safe

Monero is extremely valuable to people who wish to maintain their anonymity when purchasing, selling, sending, or receiving cryptocurrencies. It has the potential to be a profitable investment, the value of which increased by more than 231% between August 2020 to August 2021. It’s also inexpensive to mine Monero because no special hardware is required; instead, you can use your own computer’s CPU.

What Is Monero

Monero (XMR) is a leading privacy-focused, open-source, decentralized cryptocurrency established and released when the Bytecoin network hardforked in 2014. After a few months of its launch, the Monero blockchain migrated to a different database structure to provide greater efficiency and flexibility to its owners.

The Monero network specializes in making transactions and financial information private by default through the most up-to-date security and privacy features. Monero utilizes a three-prong strategy to privacy: ring signatures, ring confidential transactions, and stealth addresses.

As a secure, fungible, and untraceable digital currency, Monero ensures the users’ complete and total privacy. It runs on an opaque blockchain and hides all transaction data, such as the identities of senders and receivers and the value of each transaction, to facilitate secure, private, and untraceable transactions.

Monero (XMR) was among the first privacy-centered coins to use encryption to solve privacy and fungibility challenges. Monero is frequently juxtaposed with other privacy cryptocurrencies such as Zcash (ZEC), which are designed to fix Bitcoin’s privacy flaws. A public ledger like the blockchain makes it possible to track the identity of parties involved in bitcoin transactions.

The underlying protocol for Monero is based on CryptoNote, which groups several transactions and uses ring signatures and one-time keys to hide the destination and origin of the transaction. Monero transactions are validated through the Moner network that runs a unique Proof-of-Work consensus algorithm called RandomX. Monero prefers CPU-based mining over GPU or specialized mining hardware, and its block sizes are dynamic and adjust in response to network traffic. Over time, the XMR mining reward for each block will decrease but reach a minimum amount to keep incentivizing miners. This mechanism means that there is no limit to the supply of XMR available. XMR is mainly utilized as a payment mechanism and to pay network fees. Anyone can contribute to Monero’s development if more than half of the network’s validators approve.

Where Can You Buy Monero

Monero has been growing rapidly since it first launched, and with a market cap of $2.6 billion, users are only increasing by the minute. However, it can only be acquired on a few exchanges. Check out the compiled list of top exchanges where you can buy and sell Monero below:

Kraken 

Kraken is a user-friendly platform with low fees. It requires you to go through the KYC verification process to purchase Monero directly with fiats, such as USD or EUR. 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. BTC is the only cryptocurrency that can be used to purchase XMR on Kraken.

KuCoin

KuCoin is another major crypto exchange available globally (with a few exceptions) that supports a vast range of cryptocurrencies and several fiat deposits. If you’re an experienced trader, you can benefit from KuCoin’s advanced tools like margin trading and staking. KuCoin offers highly advanced security mechanisms and non-custodial trading to individuals who take their security seriously. You can trade BTC, ETH, and USDT for XMR or buy it with any supported fiat currency.

Binance

Binance is a leading cryptocurrency exchange with high trading volume and liquidity. Among the advantages of buying Monero (XMR) here includes low fees compared to other cryptocurrency exchanges. If you hold Binance Coin (BNB), you’ll pay even less on the platform, only ~0.1%. Binance is an excellent choice if you prefer conducting technical analysis.

OKEx

OKEx is a simple, user-friendly interface that requires little to no prior knowledge. OKEx offers enhanced security, a plethora of financial alternatives, and extremely low fees, in addition to features such as margin trading and futures. It’s also one of the largest exchanges in terms of trading volume, providing high liquidity for large trades. Monero can be traded against Bitcoin, Ethereum, and USDT.

Changelly

Changelly provides its users with a quick and user-friendly interface and exchange services for a wide range of crypto assets. It’s the simplest and most convenient way to buy Monero and allows you to swap XMR coins with other cryptocurrencies conveniently. Changelly users can also buy several cryptocurrencies using fiat money, such as USD and EUR. 

How to Buy Monero

The most active cryptocurrency markets for XMR cryptocurrency trading are Binance, Kraken, KuCoin, and OKEx.Follow the steps outlined below to get started:

Step #1: Create an Account

To buy and sell XMR or other crypto assets, you must first open an account with the crypto exchange of your choice. You need to compare exchanges to choose the one that supports XMR and has the features you want, such as low transaction fees, an easy-to-use platform, and 24-hour customer support. Also, consider if the cryptocurrency exchange allows purchasing Monero with your preferred payment methods, such as a credit or debit 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. You must provide this information to be verified and start trading.

Step #2: Fund Your Account

After verifying your account, you must deposit funds to purchase XMR coins and other cryptocurrencies. You can use a debit or credit card, a bank account, or crypto from a cryptocurrency wallet to buy XMR. The payment method you use to purchase XMR coins will be determined by the platform, location, and preferences.

Step #3: Make Your Purchase

You can purchase XMR with fiat currency (USD, EUR, etc.) or another cryptocurrency. Most crypto exchanges allow immediate deposits, enabling you to buy Monero XMR coins as soon as your funds arrive.

Choose XMR from the drop-down menu, enter your desired amount, and select a Monero trading pair corresponding to the currency you intend to use, i.e., XMR/USD, to make 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.

Step #4: Purchase a Wallet (Optional)

You can keep your XMR coins in your brokerage exchange wallet; however, they’ll be exposed to hacking in this case. We highly recommend securely storing your crypto in cryptocurrency wallets. You should pick a wallet based on how many coins you have and what you want to do with it.  We distinguish between Software Wallets (Hot Wallets) and Hardware Wallets (Cold Wallets). Hardware wallets or cold wallets, like Trezor or Ledger Nano, are the most reliable options, as they come with safe offline storage and backup features. These are more suitable for experienced users who own large amounts of XMR tokens. Software wallets are user-friendly and free to use.  They store your keys online and are therefore less secure than hardware wallets, but their ease of use makes them ideal for newbies with a few 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)

The Monerujo mobile app is certainly worth considering if you want to manage your XMR on the go. This Android app is a lightweight, open-source wallet that connects to the Monero blockchain through remote nodes and keeps all your personal information on your smartphone. 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 is the most popular Monero wallet on iOS. 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 (Ledger Nano X or S) is a leading company in the hardware wallet space and has been in business since 2014. It uses an operating system called BOLOS to integrate a secure chip for its crypto hardware wallets. Ledger handles security with a pin code and a backup 24-word recovery phrase. The Ledger hardware wallet supports 1000+ coins, including Monero, Ripple,  Litecoin, Ethereum, Bitcoin, etc., and all ERC20 tokens. The Nano S uses the blockchain to keep track of your XMR holdings and lets you track your transaction details on the built-in OLED screen.

Ledger has an application called Ledger Live that you can install on your computer and mobile phone for crypto staking and lending.

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

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

Can I Buy Monero With a Credit or Debit Card

Yes, you can buy Monero with a credit or debit card on a cryptocurrency exchange such as Coinbase or Coinmama. First, you must establish a Monero wallet (account) and get it approved.

Is It Possible to Track XMR

Monero, or XMR, is a cryptocurrency that cannot be tracked. Unlike other cryptocurrencies such as Bitcoin, Monero has an untraceable transaction history. This function offers users a much safer network in which their held units are less likely to be rejected or banned by other users.

Is Monero Completely Private

While Monero’s blockchain is untraceable and private, there are ways for businesses to discover the transaction sender. If you want complete anonymity, utilize a VPN and other security measures.

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. As appealing as it may seem, Monero has a poor reputation due to its anonymity and is frequently viewed as the cryptocurrency utilized for illegal operations.

With time, more people will presumably see the benefits of using Monero, resulting in an increase in the number of users and, maybe, a price increase. 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. This prediction is supported by several Monero forecasts expecting the altcoin to be valued at $191.33 throughout 2022, around $317 in 2025, and $500 in 2028

You may also visit our CoinStats blog for posts such as What is DeFi, cryptocurrencies buying guides, and to learn more about wallets, cryptocurrency exchanges, portfolio trackers, and blockchain technology.

Disclaimer: No part of the information we provide should be interpreted as financial advice, investment advice, legal advice, or any other type of advice on which you should depend for any reason. The website’s content is not personally directed to you, and we don’t consider your financial situation or needs. We provide quick and straightforward methods for you to purchase Monero directly and make every attempt to adequately inform our users about each cryptocurrency we provide on our website; nonetheless, we cannot be held liable for the outcomes of any Monero purchase.