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- 1. How & where to buy Monero (XMR) online
- 2. How to buy Monero instantly in 3 simple steps
- 3. Where to buy XMR easily
- 4. Best exchanges to buy Monero (XMR), reviewed
- 5. How to trade XMR
- 6. What is the best way to pay for Monero (XMR)?
- 7. How do I store Monero (XMR)?
- 8. Is Monero (XMR) a good investment?
- 9. Is now a good time to buy Monero?
- 10. FAQs
How & where to buy Monero (XMR) online
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Monero tokens are available on a cryptocurrency exchange, which functions similar to a stock trading platform. It takes just a few minutes to buy Monero this way. Follow our quick step guide below.
How to buy Monero instantly in 3 simple stepsCopy link to section
To buy Monero you need a smartphone or a computer and an internet connection. It takes 10-15 minutes the first time and you should have some photo ID to hand. Here’s how to do it.
Step 1. Sign up to OKXCopy link to section
Step 2. Make a depositCopy link to section
Add funds via a card payment, bank transfer or an alternative payment method. You can start with as little as £10.
Step 3. Buy Monero tokenCopy link to section
Type XMR into the search box then click ‘trade’. Enter how much money you want to spend and hit ‘trade now’.
Now you own Monero tokens! It’s as simple as that.
Where to buy XMR easilyCopy link to section
The overall best exchange to buy Monero token for beginners is OKX .
Here are the top three places to buy Monero, ranked according to their simplicity for beginners, fees, customer reviews, and safety ratings.
Read more about how we rate, rank and review platforms.
Best exchanges to buy Monero (XMR), reviewedCopy link to section
1. OKX. Best for futures and margin trading
Pros & Cons
We love OKX because it’s an adaptable and flexible exchange, with an app that’s available in three different versions depending on how you trade. Choose from the beginner-friendly Lite version, Web3 option for NFT traders, or the Pro version for a plethora of trading tools.
From an app or desktop you can trade 350+ crypto coins on one of the world’s top crypto exchanges. You can fund your account easily, through a variety of simple payment methods, and a sliding scale of fees that means you can access discounts by holding the OKB token or trading high volumes.
The fees: Regular users pay a 0.1% fee on spot crypto trades. OKB crypto holders are entitled to a discount, up to 0.02% off for holding more than 2,000 coins. High volume traders are also entitled to a discount, with the cheapest fees available for traders with a 30 day trading volume above $10,000,000,000.
2. KuCoin. Best social trading altcoin exchange
Pros & Cons
We love KuCoin because it;s a great place for beginners to trade more than 700 altcoins. KuCoin is a social trading platform with 20+ million investors worldwide in 200+ countries.
KuCoin’s beginner zone offers up rewards up to $500 for new users. The rest of the platform has plenty of features for the crypto enthusiast: a staking service to earn money on your stored crypto, an NFT marketplace, and margin trading features to buy leveraged tokens.
The fees: Trading fees are charged on a sliding scale. Fees are 0.1% on trading volumes below 50 BTC in a 30 day period. Discounts are available if you pay fees in KCS or store more than 1000 KCS in your account.
How to trade XMRCopy link to section
You can trade Monero on a cryptocurrency exchange using a few simple steps. Here’s a quick example that clearly lays out how XMR crypto trading works:
- Monitor the price: Let’s say the price of XMR/USDT is $1. You read the price charts and decide that now is a good time to start purchasing XMR.
- Open a trade: You trade one USDT for one XMR ($1 for 1 XMR).
- Continue to monitor the price: The next day, one XMR token is now worth $2, a 100% increase.
- Close your trade: You trade your XMR token back to USDT for $2.
In this example, you buy and sell Monero, doubling your money (trading). While the steps are simple, executing them in a profitable way is not so easy. You need to spend many hours learning to trade, reading charts, patterns, and understanding markets and margin trading; which you can do right here on Invezz.com.
What is the best way to pay for Monero (XMR)?Copy link to section
The simplest way to buy Monero cryptocurrency is with your bank card. However, there are plenty of other options as well. Here are some of the top ways to pay for XMR.
- Buy Monero with a credit card or debit card. Card payments are convenient and instantaneous but you may have to pay a higher fee to make a deposit this way. Binance charges 1.8% for a card deposit and some platforms charge as much as 4%.
- Buy Monero with bank transfer. A bank transfer is usually the cheapest way to buy crypto. Crypto platforms like Crypto.com and Coinbase do not charge for bank transfer deposits, while Binance only charges a £1 fee, and these transactions are more or less instant as they run through the Faster Payments System (FPS).
- Buy Monero with PayPal. Some crypto brokers accept deposits via PayPal. eToro is the best option because it doesn’t charge a fee for PayPal deposits, whereas the charge can be as high as 5% or more with other platforms.
- Alternative payment methods. Crypto brokers often let you pay with other providers or money transfer services, like Neteller, Venmo, or Payoneer. The options vary by broker, though, so check what’s accepted before you sign up.
How do I store Monero (XMR)?Copy link to section
Most people keep their crypto on the exchange they used to buy it. If you only plan to hold onto it for a little while then that’s a perfectly acceptable option. If you want to hold it for years or you own a lot of Monero then you should move it to a crypto wallet.
A crypto exchange is similar to a bank account, in that it means trusting a company to protect your funds for you. A wallet is like your personal wallet, or a safe, where you take responsibility for it yourself. Two of the best Monero wallets to use are MetaMask and the Ledger Nano S.
Is Monero (XMR) a good investment?Copy link to section
Whether it’s good for you depends on your goals and the fundamentals of the project. Here are some key features of Monero and its token to help you decide whether to invest in XMR.
- Monero is privacy-focused. Monero uses a feature called ‘ring signatures’, which hides the identity of the sender and receiver in a transaction. In addition to ring signatures, it also uses ‘stealth addresses’ to hide the destination in a transaction. It’s probably closer to cryptocurrency’s true ‘ideals’ in terms of privacy and security than Bitcoin itself.
- Other cryptos offer similar features. It isn’t the only coin that offers these privacy features, however. The likes of Dash and Zcash are similarly privacy-focused, while there are a lot of Bitcoin alternatives like Litecoin that try to solve issues with the top dog.
- There is no cap on its total supply. Monero has the potential to suffer from inflation because there is no limit on the number of coins that can be circulated. This means that over time, more and more XMR tokens will be available, which will likely lower their value.
- Many merchants and payment platforms already accept Monero. Several merchants and payment processing platforms have already integrated XMR as a payment option. The likes of Nord VPN, Travala, and others accept payments for goods and services in XMR.
Use this quick summary of pros and cons to compare Monero with other, similar projects.
ProsCopy link to section
- It’s ideal for anyone who wants a cryptocurrency with more privacy than Bitcoin
- Has been around for a long time and is regularly updated
- Already accepted by a number of merchants and payment platforms
Ultimately, many different factors play into the answer. Cryptocurrency is inherently volatile but you can reduce the risks by investing in quality projects that provide value to the community.
How has Monero (XMR) performed this year?Copy link to section
The current Monero price today is $140.35, which is 72.81% below its all time high of $517.60, which it reached on 07 May, 2021. XMR is down 43.75% this year, with a 52 week high of $289.51 and a 52 week low of $97.30.
Is now a good time to buy Monero?Copy link to section
The answer depends on the current price and your own investment goals. Put simply, buying Monero, selling Monero, and trading XMR are all the exact same process. It’s really just your personal investing intentions that defines whether now is a good time to invest or not.
- If you’re a trader: as a cryptocurrency trader, your goal is to make money trading regularly. What do we mean by regularly? Hourly, daily, weekly. Traders buy and sell a coin quickly to secure their profit (or to avoid a loss). They don’t #hodl that coin long term in the hopes of larger profits. In this sense, any time is a good time to buy Monero.
- As a long-term investor: a long term investor is not concerned if the price is up or down 10% on any given day. Rather, they care that the price of the native token is overall up months or years later, when they’re ready to sell that investment. So if you’re a firm believer in the foundations of Monero and its decentralised aggregator platform, then a good time to purchase Monero is on any major dip.
In our experience, most newcomers to the crypto market sit between the two. You don’t want to wait several years for a return, but buying Monero and selling it the next day probably isn’t why you’re here either.
Regardless, closely following XMR price news & analysis will help you decide when to pull the trigger:
Huobi to delist 7 privacy coins including Monero and Zcash
Monero’s crypto protocol upgrade Is now live, how will this affect XMR value?
Top privacy coins to take your security to the next level
FAQsCopy link to section
Yes, Monero is available on Binance. However, you can only buy it with another cryptocurrency, such as Bitcoin, Ethereum, Binance coin or a stablecoin like USDT. Sign up, fund your account, and buy one of those cryptos first, then you can swap that coin for XMR.
No, Monero is not supported by Coinbase at the moment. In 2020 the company explained its decision by saying that offering a coin as privacy focused as Monero risked attracting the wrath of regulators.
In some countries, yes. However, Kraken delisted Monero in the UK at the end of 2021 to comply with financial regulators, who say that privacy coins like Monero could be used for illicit or illegal activities.
No, Crypto.com does not offer Monero at the moment. Monero is a difficult coin to get your hands on because of its focus on privacy. Few exchanges support it and the best option right now is Binance.
No, Robinhood does not support Monero. Robinhood only supports a small number of cryptocurrencies at the top of the market, like Bitcoin and Ethereum.
To create an account on any regulated cryptocurrency exchange, you will need:
- A mobile or laptop device
- An internet connection
- Email address and/or phone number
- Photo ID to verify the account
- A method to deposit & withdraw funds, like bank card or PayPal
As soon as you’ve set up an account, you can start buying Monero.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >