Monero is a cryptocurrency that has a significant amount of demand. Today at BlockchainBiome, we look at Monero, how to buy Monero and where to buy Monero. Here we are listing some of the best places to buy Monero. A lot of our readers ask whether Monero can be bought using USD and other fiat currencies, so we are listing both the ways to buy with USD and with bitcoin exchanges. This review is created to be as comprehensive as possible so that you can buy Monero rather easily.
Table of Contents
What is Monero?
Monero is a decentralized cryptocurrency that promises its users a convenient way of making private payments without having to worry about having their money traced. It is a highly secure cryptocurrency and unlike public currencies, it cannot be tracked.
How to buy Monero?
You can buy Monero in two ways:
Buy Monero with Cash
Buy Monero with Bitcoin exchange
Platforms for buying Monero
Buy Monero with cash
Coinbase and Poloniex
Buy Monero with Bitcoin exchange
Buy Monero with Cash
Monero can be bought using USD and EUR directly on some of the platforms. Continue reading to find out more.
Kraken is one of the most well-known cryptocurrency exchanges in the world. It has support for depositing and withdrawing fiat currencies such as USD, EUR, and CAD. It also allows exchanges of certain cryptocurrency through JPY and GBP. It has support for over 20 cryptocurrencies.
Kraken has a maker fee and taker fee model and the trading fees are calculated based on the 30-day trading volume of your account. Kraken is easy to use but has a very long verification process. The website can be a little buggy at times too.
Click on ‘Create Account’ on the top right corner of the screen.
Register for an account by filling in your email ID, password and desired username.
You will then have to verify your account by entering the Activation Key sent to your account.
After logging in, you will be taken to the Overview Page of your account.
This step is optional but recommended. Enable 2 Factor Authentication on Kraken. To do this, choose the Security tab at the top and then select ‘Two-Factor Authentication’. Download an Authenticator application like Google Authenticator, generate the code and enable Two Factor Authentication.
To deposit funds in fiat currency into your account, you will need to upgrade your account to Tier-2 or Tier-3. This will require a verification process. Choose the ‘Get Verified’ tab at the top in your account.
Fill a form for Tier-2 or Tier-3 account and choose ‘Get Verified’. Then send in documents such as Government issued ID, Proof of residence and a picture of you holding your ID.
To deposit funds, go to ‘Funding’.
Then choose ‘Deposit’ and choose the currency. You can choose USD, EUR or CAD.
Spot the drop-down menu on the upper left corner and choose the trading pair. Choose XMR/EUR or XMR/USD.
Enter the amount of Monero (XMR) you wish to buy and choose either Market order or Limit Order.
Click on ‘Buy XMR with EUR’ or ‘Buy XMR with USD’ to complete the buying process.
You can then go to ‘Trade’, then ‘Overview’ to see the balance in your ‘Balance’ section.
Bitfinex is an exchange platform headquartered in Hong Kong. It has a smooth and robust user interface and is easily one of the leading exchange platforms in the crypto market.
It has wire transfers for EUR, USD, and JPY. It is safe to use and is widely used by many crypto enthusiasts. Bitfinex also has a maker fee and taker fee model and the trading fees depend on the trading volume in the last 30 days.
Go to the ‘Sign Up’ option at the top right corner for beginning the Signing Up process.
Read through the notices, select ‘I Understand’ for all, and select ‘Proceed’.
Fill in your email address, password, the time zone and enter the captcha. Choose ‘Open Account’ to complete it.
Confirm your email address by clicking on the link sent to your email address.
After your first login, you will have to read through the Terms of Service and choose ‘I agree’.
To deposit fiat currency such as USD into your account, click on your profile on the top right and Choose ‘Account’.
Then Click on the ‘Verification’ tab on the left and choose ‘Begin Verification’.
Choose your account type (Individual or Corporate) and country of residence.
Fill the online form and submit identification documents such as bank statements, proof of address and two forms of government identification.
To deposit the fiat currency, go to Deposit tab and deposit USD, EUR, JPY, or GBP.
Make sure you have chosen the ‘Exchange Wallet’ and ensure your funds are on there to carry out exchange of fiat currency to Monero (XMR).
Select the ‘Exchange’ tab on your Order Form. Click ‘Exchange Buy’ after specifying the amount you wish to buy.
You can then check your order on the ‘Orders’ tab.
MoneroForCash is a trading platform for buying Monero. Users can advertise their interest to buy or sell Monero on the platform. The platform does not store any of the money or currency from the transactions.
However, the likelihood of finding sellers is very low on the site and generally, you do not see too many advertisements or users on it.
Register for your account by entering your name, email address and password. Choose ‘Create Account’ after filling in the details.
Go to your email account and verify your account with the email sent from Coinbase.
You will then need to choose your country and link your phone number. Enter your phone number and click on ‘Next’.
You will then receive a 6-digit verification code. Enter the code and click ‘Verify Phone Number’.
The next step would be to verify your Identity. Upload the identity proof through webcam or camera and choose ‘Continue’ once your identification documents are confirmed.
You would then need to add a payment method. Choose ‘Add a Payment Method’ and then link your credit or debit card.
Once done, you can buy cryptocurrency easily and instantly. Go to ‘Buy/Sell’ on your Dashboard.
Choose one of the cryptocurrencies. You can choose Litecoin since it has lower fees for the transaction. Once you choose Litecoin, select the amount you want to buy it for and select ‘Buy Litecoin Instantly’.
Go through the transaction details and select ‘Confirm Buy’.
After you are done buying Litecoin, visit https://poloniex.com
Here, click on ‘Create Your Account’ to begin registration.
Enter your information such as Country, Email, and Password and click on ‘Register’.
Go to your email account and verify the account through email.
You would also have to verify your account. Verify your account by providing all the details necessary. You would need to send your government ID proof to complete the verification.
Then move to the ‘Deposits & Withdrawals’ section on ‘Balances’ in the top right corner.
Choose ‘LTC’ and select ‘Deposit’.
You will then get your Litecoin address to deposit Litecoin. Move back over to Coinbase to deposit Litecoin to this address.
Go to ‘Accounts’ on your Dashboard in Coinbase and choose ‘LTC Wallet’.
Enter the LTC address obtained from Poloniex and enter the amount.
Confirm all the details and choose ‘Confirm’.
Now you will see Litecoin deposited into your Litecoin wallet on Poloniex. To exchange this for Monero (XMR), go to the ‘Exchange’ tab on the top left on Poloniex.
Go to the ‘XMR’ tab under Markets and choose ‘LTC’ below the tab.
Choose ‘Sell LTC’ and specify the amount of XMR you want to buy. Once done, choose ‘Sell’ to complete the transaction.
Go to ‘Deposits & Withdrawals’ section on ‘Balances’ to view your Monero balance. Click on ‘XMR’ to see the balance.
Buying Monero with Bitcoin
Monero can be traded for Bitcoin as well. The following platforms help you buy Monero (XMR) for Bitcoin (BTC).
Binance is a cryptocurrency exchange platform created by Chinese developers. It is extremely popular and safe to use. They have two views for trading- Basic and Advanced.
Click on ‘Join’, then ‘Sign Up’ and enter your email address.
You will only need your email address and nothing more. Then log into your account and verify the account.
Choose the cryptocurrency pair that you want to trade. In this case, choose Bitcoin/Monero.
Enter the amount and click on ‘Next’.
Enter the recipient address and verify the details of the transaction.
Send your funds and wait for the exchange.
The exchange generally takes anywhere between 5 minutes to 1 hour.
There are direct ways of buying Monero with fiat currencies as well as ways to buy it through cryptocurrency. You can choose the method that is most convenient for you. All the specified methods above are safe, and the detailed steps should ensure you have no problems with buying Monero.
If you still have any doubts on how to buy monero or where to buy monero then do let us know in the comments below. We’ll help you out as soon as possible.