How to buy Monero (XMR)
Digital privacy is going to be one of the most discussed topics in the coming years. As consumers start to realize how big tech platforms are spying on them and mining their data, people are going to look for alternatives.
Enter Monero, the world’s most popular private cryptocurrency. Unlike Bitcoin, on the Monero network all of the transactions are anonymous. Monero users can only see transactions that they’ve sent and received, they cannot see the transactions from other users. Furthermore, Monero users cannot see how much XMR anyone else is holding in their wallet.
If you’re convinced that private cryptocurrencies are worth investing in and want to know how to buy Monero, this article is for you. We’re going to explain how to buy Monero with fiat currencies like USD and EUR, as well as the best way to buy Monero with crypto.
How to Stay Safe When you Buy Monero
Unfortunately it’s not as easy to buy Monero as it was a few years ago. From the EU to South Korea, governments all over the world have expressed their displeasure with privacy focused cryptocurrencies. As such, some exchanges have taken the precaution of delisting XMR and other private cryptocurrencies so they don’t attract unwanted attention from regulators.
Interestingly, a lot of these delistings seem to be cryptocurrency exchanges policing themselves. So far there are hardly any countries that have enacted explicit laws to make private cryptocurrencies illegal. If you look at the law, cryptocurrencies like Monero and Zcash are perfectly legal throughout the western world.
The most important consideration when you buy Monero is to only use a reliable cryptocurrency exchange with a long operational history. Since some reputable exchanges have begun to delist XMR, users have started to turn to second-tier alternatives. These exchanges can be dangerous since they can shut down at any time and/or freeze withdrawals for no reason.
Before registering on an exchange to buy Monero, check reviews for the website to make sure that it’s safe and reliable. Although we’re going to recommend several exchanges in this article, it’s still important to DYOR (Do Your Own Research).
How to Buy Monero with Crypto
If you want to know how to buy Monero the easiest way is to use crypto. There are many exchanges that don’t have a USD/XMR trading pair, but have a BTC/XMR or ETH/XMR trading pair.
If you already have some Bitcoin or Ethereum you can trade it for Monero cryptocurrency on any exchange which supports XMR trading. A full list of Monero XMR compatible exchanges is available on CoinMarketCap. Binance is one of the most reliable exchanges that supports XMR, but Kraken is also a good choice.
An even easier way to buy Monero with crypto is to use an instant exchange service. MorphToken is a good choice that has been around for several years. The biggest advantage of using an instant exchange to buy Monero is that you don’t have to create an account or pass a KYC verification.
The downside of an instant exchange is that sometimes the exchange rate isn’t as good as it is on a regular exchange. Before you make the trade, be sure to check the fees that you’ll be paying to make sure that they’re not too expensive.
Another way to buy Monero is to use the Exodus cryptocurrency wallet. The Exodus wallet has a built in exchange feature so that users can easily trade between various cryptocurrencies. One of the most popular trading pairs is BTC/XMR but you can also trade ETH/XMR.
Just like an instant exchange, when you buy Monero with Exodus you don’t have to create an account or complete a KYC verification.
How to Buy Monero with Fiat USD & EUR
Buying Monero coin with USD or EUR is more complicated because there are only a few exchanges that have fiat/XMR trading pairs. For instance, Coinbase is one of the most popular crypto exchanges but it doesn’t support Monero. Binance is the world’s biggest exchange but it doesn’t accept fiat deposits.
That’s why Kraken is the best place to buy Monero with USD and EUR. Kraken is a reliable American based centralized exchange with a USD/XMR trading pair. Kraken accepts USD deposits and is open to everyone in America, except for investors in NY & WA state.
European investors can also access Kraken and the EUR/XMR trading pair. In fact investors from all over the world can use Kraken. The exchange is open to almost everyone, with only a few exceptions that are listed on Kraken’s website.
Another way to buy Monero is to use a peer-to-peer exchange like Bisq. There are typically several ways to purchase crypto using a P2P exchange.
- Meet in person and pay with cash
- Send a bank transfer
- Use a gift card
- Use a payment platform like PayPal or Venmo
The purpose of a P2P exchange is to connect a buyer and seller so the exchange is not responsible if a deal goes wrong. That’s why it’s important to check the reputation of the seller before you transact with them. Only deal with sellers who have a good reputation and think twice before transacting with a seller who doesn’t have any feedback.
Two Reasons to Buy Monero
Right now is a great time to buy Monero and there are two good reasons why.
1. Government regulation
As we’ve seen with South Korea, governments aren’t too keen on privacy coins. Governments like to monitor everything and they don’t like the idea that people can transact anonymously.
In the coming years, many governments are going to follow South Korea’s lead and make it difficult for their citizens to get access to Monero cryptocurrency. Governments probably won’t make Monero XMR illegal, but they will make laws that say exchanges can’t trade Monero. This would force Monero underground where it will be much harder to buy.
That’s why you might want to buy Monero now, when it’s still relatively easy to get.
2. Increased privacy concerns to drive prices higher
Central Bank Digital Currencies (CBDCs) are not going to be private. Governments are going to get rid of cash and then they’ll be able to track everything that citizens spend their money on. It’s a bizarre, dystopian future and it’s coming faster than most people realize.
Once people figure out that the government is tracking what they spend their money on they’re going to look for alternatives. That could lead to a huge increase in demand for Monero, provided that it’s still somewhat easy to purchase in the market.
Cryptocurrency investors who are early to the party can frontrun that demand and buy Monero now. The best way to buy XMR will depend on where you live and whether or not you already have some crypto. Whatever method works for you, now is a good time to invest in the world’s most popular private cryptocurrency.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.