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Home » Buy Cryptocurrency » Buy Monero (XMR)
Monero is a decentralised cryptocurrency that has gained popularity due to its focus on privacy and fungibility. It uses an obfuscated public ledger, which means that while anyone can carry out transactions using the currency, no third party can know the amount or parties of said transaction. Like many other digital currencies, Monero is created through mining, using a proof of work system to reward miners and validate transactions.
You can invest in Monero on the following CFD trading platforms:
Although the currency is sometimes associated with crime, due to its superb anonymity, it has also attracted a lot of genuine crypto traders who seek to use a completely decentralised and independent currency. This guide will explain to you all the different ways with which you can buy and trade Monero right now.
As one of the major cryptocurrencies in the world, you can buy Monero in a variety of online platforms and other locations. The currency, which is sometimes presented by its trading code XMR, has a significantly volatile history, reaching its highest price of €454.53 in January 2018.
While the steps needed to buy Monero vary depending on how and where you intend to make the purchase, in general, you would normally follow these steps:
Buying Monero using a credit or debit card offers you one of the fastest routes to owning the currency. Card payments are instant, low cost, convenient, and widely accepted. Binance, one of the biggest cryptocurrency exchanges in the world, has recently started accepting funding through credit cards, and this means that you can now buy Monero on Binance with cards.
Another popular option for those who want to invest in Monero is to opt for Monero CFDs. Contracts for Difference are advanced financial instruments which are traded based on the agreement within them and the value of the underlying asset, which in this case would be Monero coins. When you trade CFDs you do not actually purchase the currency itself, but you nevertheless get to benefit if you correctly speculate on the currency’s eventual movements.
Plus500 is amongst the top providers to offer Monero CFDs whilst also accepting card payments. As the provider rightly points out, trading CFDs is risky, so you should only consider this investment strategy if you understand the high risks and are able to afford any potential losses of capital.
PayPal is a global eWallet solution which has been made popular through its numerous connections with online marketplaces, casinos, and service providers. Users choose PayPal for its user-friendliness and security, however, merchants incur high trading fees, which is why PayPal is not as widely accepted as cards and other methods.
Since Monero does not share the same popularity as the most common cryptocurrencies, such as Bitcoin and Ethereum, there is a limited number of platforms where you can buy Monero with PayPal.
XTB is an online trading platform that specialises in offering cryptocurrency CFDs. The regulated platform is based in the UK and offers you the opportunity to invest in Monero and a host of other first and second-tier currencies. XTB allows you to invest in Monero with PayPal, allowing small deposits whilst not charging any deposit fees.
Another reputable trading platform that allows you to buy Monero with PayPal is Plus500
Perhaps surprisingly, bank transfers remain one of the more popular payment methods, accepted by a variety of cryptocurrency exchange platforms and CFD trading platforms. The downside of bank transfers is that they are slow and oftentimes expensive, however, they allow users to buy Monero with virtually any currency since this currency is exchanged by the bank before arriving on the platform.
Bitfinex is one of the most popular cryptocurrency exchanges which allow you to buy Monero using bank transfers. The exchange is one of the oldest and largest, gaining global popularity thanks to its user-friendliness and advanced trading features. In fact, novice traders can look forward to no deposit fees for small values and an in-built wallet to store their Monero. Simultaneously, advanced traders can take full advantage of Bitfinex’s margin trading opportunities, as well as the platform’s detailed charting and analysis tools.
You can also buy Monero with bank transfers at the following exchange and trading platforms:
Although Monero currency is considered to be highly anonymous, it can be tricky to get hold of the currency without providing identification documents. Most cryptocurrency exchanges and trading platforms require a basic form of ID, both to protect other users and to comply with the legislation in place in the country in which they are located. Nevertheless, there are still a few options open if you would like to buy Monero anonymously.
Changelly is a cryptocurrency exchange which is popular for requiring minimal identification from its users. All you really need to open an account with Changelly is an email address and user information. Until now, the exchange does not verify the information provided through a physical ID document. This means that you can still buy Monero using a secure exchange, whilst remaining practically anonymous.
Another solution is to locate the nearest Monero ATM and use a credit or debit card to instantly buy the currency. These ATMs are mainly located in Europe, with a considerable number in the UK, Switzerland, and France.
A third option is to buy Monero from a seller whom you meet online. Several crypto forums allow users to advertise the sale or need of a cryptocurrency, allowing a prospective buyer and seller to agree on a trade. Payment methods and conditions of such trades vary and are normally set by the parties involved, not the forum. Unfortunately, this option carries a higher risk of scams, so you need to be alert for the possibility of this.
Cryptocurrency exchanges or brokers are the most popular way to buy Monero since they normally offer a variety of payment methods and reasonable conversion rates. Using such platforms allow you to access a variety of cryptocurrencies and benefit from secure environments and trustworthy sites. Before deciding on which exchange or broker to use, be sure to check out their respective fees and conditions, to ensure that you choose the provider which best fits your trading intentions.
Monero and cash share a common feature, anonymity. It is possible to buy Monero with cash, but in most cases, this requires you to meet a seller in person. The best way to go about this would be to meet a seller online, ensure that s/he is in your general area, set the terms of the trade and then meet to exchange currencies. If you choose to buy Monero with cash in this way it is important that you make sure you receive your digital currency while the seller is still present, because otherwise you risk becoming a victim of fraudsters or scam artists.
A safer alternative to buying Monero with cash is to seek ATMs which accept cash in exchange for the digital currency. These ATMs are not very common, so you might need to travel considerably to reach one.
Once you own Monero, there are several ways in which you can trade it and generate a return. By owning Monero, no matter if you have bought, mined or received it as a gift, you can trade it for another cryptocurrency or for fiat currency. This is normally done on exchange platforms, which allow you to trade Monero in a variety of ways.
As one of the oldest cryptocurrency exchanges still in operation, Kraken offers a reliable and secure environment in which to trade Monero. The exchange is designed especially for experienced crypto traders since it does not offer an in-built wallet and allows considerably high deposit and withdrawal limits. Furthermore, the exchange offers margin trading, as well as the opportunity to short sell Monero.
Binance is another cryptocurrency exchange suitable to trade Monero. Apart from offering some of the lowest trading fees in the industry, Binance also offers a market-leading user interface and an extensive market analysis toolkit.
Before you decide where and how to buy Monero you need to consider that certain restrictions based on your location may apply. Monero, like other cryptocurrencies, is restricted or even illegal in certain parts of the world. As a result, cryptocurrency exchanges or trading platforms limit or ban users who reside in specific countries.
As a result of strict regulations in some or all parts of the US, several platforms have decided not to onboard users who live there. For instance, Plus500 and XTB are platforms which specialise in CFDs, and do not accept US users since CFD trading is banned in the country. Cryptocurrency exchange platforms, such as ChangeNOW, also block US users. Binance, too, is not available in the US, however, the exchange is preparing to launch a separate platform for US users.
Users living in European nations are the most widely accepted by both exchange and trading platforms.
Monero CFDs allow traders to benefit from price movements of the currency without needing to actually own any coin. In the same way that traders who trade commodities such as cattle do not actually go out and buy cattle, trading Monero CFDs is a convenient way to make money on the asset by using leverage to maximise potential earnings. Trading CFDs involves risk and the potential of losing some or all of your investments, so it is vital that you are comfortable with the risks before buying Monero CFDs.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Once you have bought or mined Monero, you need a secure place to store it. This place is called a wallet, and you will find both hardware, physical wallets and software or virtual wallets. Several cryptocurrency exchanges offer in-built wallets, so you can quickly and conveniently trade Monero directly, without first having to transfer it from a separate wallet.
If you plan to store your Monero for an extended period of time you should consider investing in a cold storage wallet, such as Trezor. These wallets are considered amongst the safest, protecting your funds from possible cyber-attacks and unauthorised access.
Traders who buy Monero CFDs needn’t worry about storing the cryptocurrency since they are not actually investing in a physical coin, but a contract whose value is derived from the coin. As a result, there is no risk that a cyber-attack would result in lost coins.