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How to Buy Monero Online in 2024
With the price of Bitcoin surging, many investors are looking for alternative cryptocurrencies to invest in. One that stands out, in particular, is Monero (XMR) which is a privacy coin that has been in the market for a long time.
This guide will show you everything you need to know such as how to buy Monero, where to sell, and how to store XMR in a safe wallet. Keep reading to find out more.
Best Brokers to Buy Monero in 2024
If you are starting to invest in cryptocurrency such as Monero, knowing where to buy Monero or which platform to pick to buy Monero can be an essential part of your overall experience within the industry. There are plenty of platforms to choose from when it comes to buying cryptocurrencies.
In this guide about how to buy Monero, we have listed the top beginner-friendly platforms to get you started right away:
| Exchange | Why we like it | Best for |
|---|---|---|
| Coinbase | – User-friendly interface – Native crypto wallet – Earn interest on your crypto – Low account minimum | Beginners looking to trade large-cap coins. |
| eToro | – Access stocks and crypto in one place – Copy the trades of experts – Regulated by global bodies – Access Bitcoin Spot ETF | Investors who want to buy crypto and stocks. |
| Kraken | – Cold wallet storage – Trade with leverage up to 5x – Advanced traders can access – Kraken Pro with sophisticated trading tools – Over 200 cryptocurrencies available | Advanced traders who are interested in margin trading. |
| Crypto.com | – Excellent mobile app – Users can receive trading discounts by holding CRO – Native decentralized wallet – Over 250 cryptocurrencies available | Traders who want to manage their portfolio on their mobile phones. |
| Binance | – Over 500 cryptocurrencies available – Extensive range of educational materials – Automated trading | Users who are looking to build a diverse portfolio with lots of different cryptos. |
Key Takeaways
The Best Platform to Buy Monero: Binance
Top Payment Method to Buy Monero: credit/debit card, bank transfer
Security Measures: activate 2-factor authentication, never reuse passwords, and store coins in a private wallet
Do Not: invest with money you cannot afford to lose
What Is the Difference Between Owning Monero VS a Derivative Product
When it comes to cryptocurrencies, there are different ways to invest. This will be discussed in the section below:
Owning: When you buy Monero from a cryptocurrency exchange, you own the asset outright. You can withdraw it into a private wallet and do as you wish.
Derivative Products: Some platforms offer derivative products that allow you to speculate on the price of cryptocurrencies without owning the underlying asset. On exchanges, this can be done by trading futures contracts for example.
Where to Buy Monero
Unlike other cryptocurrencies, Monero is not available on brokerage platforms. This means that the only way to buy the coin is through cryptocurrency exchanges, such as Binance, Kraken, and OKEx.
How to Buy Monero Online?
In this section, we provide a step-by-step guide on how to make your first XMR purchase.
Step 1: Create an Account
Go to a cryptocurrency exchange website and create an account.
Step 2: Verify Your Account
Verify your identity for KYC/AML purposes by providing some ID.
Step 3: Fund Your Account
Add your desired payment method, this could be a credit/debit card or a bank transfer, and deposit some fiat currency (USD, GBP, etc) into your account.
Step 4: Use the Search Bar
In the top left corner, select exchange and use the search bar to find the XMR markets.
Step 5: Confirm the Transaction
Enter the number of XMR coins you wish to buy and confirm the transaction.
Step 6: Your Wallet Will Show the Coins
The coins should appear in your wallet shortly after.
How to Trade Monero?
You can trade Monero on cryptocurrency exchanges on both spot markets and the futures markets. While the latter gives you ownership of the digital assets themselves, futures trading is done using derivative products. This enables users to speculate on the price of XMR without owning the underlying asset. Notably, futures markets carry more risk due to the use of leverage so the guide below is for spot markets instead.
Step 1: Create an Account and Verify It
Create an account on a cryptocurrency exchange that offers Monero markets and verify your details by providing an ID.
Step 2: Deposit Funds
Deposit some funds using your preferred payment method such as a credit/debit card or even a bank transfer.
Step 3: Use the Search Bar
Click on ‘exchange’ and use the search bar to find the Monero markets, e.g XMRUSD.
Step 4: Confirm the Transaction
Enter the number of coins you wish to purchase and confirm the transaction.
Step 5: Return to the Same Page
When the price reaches a level that you are happy with, you can return to the same page and sell your holdings.
Step 6: Your Account Balance Will Show the Fiat Currency and Profits
The fiat currency you used should appear back in your account balance along with any profits you may have made.
Crypto Investment Strategy
When it comes to investing, there are typically two types of strategies you can use: long or short-term holding.
Short-erm: This involves buying and holding your digital assets for a short period of time with the aim of making some quick profits. Put simply, you buy low and sell higher.
Long-term: This process consists of buying XMR with the intention to hold it for a long period of time. The idea here is that the coin will increase more in the long run, potentially earning you more profit.
How to Store Monero?
After purchasing your coins, you have a choice between leaving them on an exchange or withdrawing the coins and storing them in a private wallet that only you have access to. The latter is a good idea if you have bought an amount that is significant to you and can help you avoid losing your funds in case the exchange gets hacked. Wallets come in two types and this will be explained below:
Hot Wallets: Hot wallets or software wallets are applications that you can download for free on your PC or phone. They enable you to store and manage your assets in a quick and easy way. Popular wallets include Monero GUI and MyMonero
Cold Wallets: Cold wallets or hardware wallets offer the same functionality but with even higher security. They can come in many forms including a simple piece of paper that contains the private keys to a wallet or a small flash drive-shaped device that requires users to physically approve transactions.
What Are the Different Ways to Pay for Monero?
Fortunately, there are many ways to pay for cryptocurrencies such as Monero these days. Below we have listed the most popular ones:
-
Buy Monero with a credit or debit card
-
Buy Monero with a bank transfer
Credit / Debit Card
- Familiar
- Quick and easy deposits after initial set up
- Widely accepted by most crypto platforms
- You need to share your card details online
- Some platforms will charge you fees for deposits and withdrawals
Bank Transfer
- Usually comes with lower fees
- Easy to set up
- Widely accepted
- You need to share your card details online
What to Consider When Buying Monero
When buying cryptocurrencies such as Monero, there are a number of different factors that you need to consider. Here are some of the main ones:
Volatility: Cryptocurrencies are highly volatile assets. Their prices can swing significantly in either direction so keep this in mind before making any purchases.
Fees: Naturally, different platforms will charge different amounts for their services. It’s worth doing some research to find the best rates for your needs.
Regulation: Countries have varying stances when it comes to cryptocurrencies. Ensure you check the laws in your jurisdiction so you can stay on the right side of the law.
Availability: As mentioned, not all coins are available on every crypto platform. Before you register for an account, make sure the coin you want is supported.
Long vs Short-term Holding: It’s important to have a strategy in mind before investing. That way you can be better prepared for whatever the market throws your way.
Is It Safe to Buy Monero Online?
There is a reason why some exchanges are better known than others. This is perhaps due to their ease of use and security features among other things.
We recommend using exchanges that commonly rank in the top 3 in terms of volume. Furthermore, as soon as you sign up for an account, make sure that you enable 2-factor authentication to add an extra layer of security to your funds. Avoid reusing the same passwords as this can prevent an online attacker from gaining access to all your accounts using the same passphrase.
How to Sell Monero?
You can sell your Monero coins just as easily as how you bought them. Follow these steps to guide you:
Step 1: Log in to the Same Exchange
Go to the same exchange that you bought the coins from and log in.
Step 2: Find the XMR Holdings
In the top right corner, click on ‘wallet’ and find the XMR holdings.
Step 3: Click ‘Trade’
Click ‘trade’ and then enter the number of coins you wish to sell
Step 4: Confirm the Transaction
Confirm the transactions and the funds will appear in your account balance along with any profits you may have made.
Is It Worth Buying Monero Right Now?
Monero is one of the oldest cryptocurrencies in the market having launched all the way back in 2014. It has managed to stay relevant since then which is far more than can be said for many other projects who simply no longer exist anymore.
This is partially due to the community behind the coin as well as its technology which sets it apart from the rest.
In recent months, Monero has underperformed other newer projects. If it is unable to keep up with the innovation in this space, then it may continue to fall in the market rankings.
Final Thoughts. Where to Buy Monero in 2024?
The best way to buy Monero is on a cryptocurrency exchange such as Binance as the platform offers industry-leading security and features.
After signing up, remember to activate 2-factor authentication and never reuse passwords. These factors can help to protect your accounts against online attackers who are looking for an easy way to make money.
As always, remember that the cryptocurrency markets are highly volatile so only invest with money you can afford to lose.
FAQs
What is Monero (XMR)?
Monero is a cryptocurrency that launched in 2014.
How does Monero (XMR) work?
Monero uses various technologies to ensure anonymous transactions. The currency is open-source, and miners can use their computer processing units (CPUs) instead of an application-specific integrated unit (ASIC).
Can I buy Monero without an ID?
No, ID is a requirement during the sign-up process.
Can I buy Monero instantly?
Once you have added your preferred payment method, you can make quick and easy purchases.
Can I buy Monero (XMR) in any country?
It is important to research the laws in your jurisdiction before buying Monero.
Is there a limit to how many Monero coins I can buy?
Online platforms will often limit how much you can spend within specified periods. Make sure you read the terms and conditions for each platform you want to use before signing up.
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