Monero (XMR) is a unique coin in the cryptocurrency world, offering a private digital currency that is secure and untraceable. Monero is accessible to everyone and open source, allowing everyone to become their own bank.
With Monero, each user is the only one who controls and is responsible for his or her own funds. Prying eyes cannot see your transactions or accounts.
Monero is a secure, private, and untraceable cryptocurrency. It is open-source and accessible to all. With Monero, you are your own bank. Only you control and are responsible for your funds. Your accounts and transactions are kept private from prying eyes.
With Monero, users don’t have to worry about fraudulent chargebacks or multiday holding periods. There are also no capital controls, measures that can restrict flow for traditional currencies in areas with economic stability. Instead, you are in control of your money.
This guide looks at how and where to buy the Monero XMR Crypto coin.
Where to Monero XMR
This section is our top picks of where and how to buy the Monero XMR Crypto token. We chose these based on our experience of using them and considered fees, security, payment options and reputation.
- Binance: Largest Crypto Exchange with Low Fees
- Kraken: Great Exchange for Newbies & Advanced Users
- Kucoin: Highly Regarded and Easy to Use for Beginners
- Bitfinex: Well Established & Trusted Exchange
Visit The Top Pick
Binance: Reputable Exchange with High Liquidity
Binance is the largest cryptocurrency trading exchange in daily trade volumes. The exchange offers investors full access to trade over 600 crypto assets.
The renowned platform also features a well-detailed learning curve and advanced trading tools that support well-experienced traders and investors looking to learn how to buy different cryptos. Although Binance features a user-friendly interface that facilitates a great user experience, it is more suited for well-experienced traders.
Read: Our Full Binance Review Here
Binance has a minimum deposit of $10. This enables investors to kickstart their investing journey with low fees. Investors can also initiate deposits through seamless payment methods like wire transfers, credit/debit cards, peer-to-peer (P2P) payments, and other e-wallet solutions.
Binance deposits come with a fee that varies based on the payment method used. For instance, the global exchange charges a standard fee of up to 4.50% for all deposits made with a debit/credit card.
All investors enjoy very low fees when trading on Binance, as it charges a standard trading fee of 0.1%. For investors that buy using Binance token (BNB), a discount of 25% on trading fees will be applied.
In addition, investors can rest assured that their funds and data are well protected whenever they trade on Binance. The broker features top-notch security measures like two-factor authentication (2FA), cold storage to keep most coins, whitelisting, and advanced data encryption to protect funds and data. Binance functions effectively in over 100 countries and has a spin-off regulated platform (Binance.US) that tends to US-based traders and investors.
Pros
- Trading fees at 0.01%
- High liquidity
- Wide range of payment methods
- 600+ crypto assets in library
Cons
- Interface is suited for advanced traders
- US-based customers cannot trade most coins via its subsidiary
Kraken: Top Crypto Platform with High Liquidity
Founded in 2011, Kraken is one of the oldest and most popular cryptocurrency exchanges currently in operation.
The exchange has built a reputation as being a secure destination for anyone interested in trading cryptocurrencies and it is also a popular choice for both traders and institutions across a variety of locations.
Read: Our Full Kraken Review Here
Kraken retains an international appeal and provides efficient trading opportunities in numerous fiat currencies. Kraken is also the current world leader in terms of Bitcoin to Euro trading volumes.
Kraken is most well known for its Bitcoin and Ethereum to cash (EUR and USD) markets; however a wide range of both fiat and cryptocurrencies are tradable on the platform
Pros
- Dedicated service for institutions
- Great for beginners to use
- High trading liquidity
Cons
- The lengthy ID verification process
KuCoin: Exchange With Lots of Listings
KuCoin is one of the world’s oldest and most popular crypto exchanges. The Seychelles-based broker is one of the most notable names in the market for traders who desire access to derivatives products to speculate in the market.
Currently, KuCoin provides access to over 600 cryptocurrencies. Besides trading and investing, the exchange allows investors to save, stake crypto, and even participate in Initial Exchange Offerings. With KuCoin, investors have an all-encompassing crypto hub.
Read: Our Full Kucoin Review Here
Like many brokers in its class, KuCoin could appear too overwhelming for beginners. The exchange is more suited for advanced traders who want to speculate and trade sophisticated products. So beginners might have some difficulty making use of it.
Despite this, investors could gain many benefits from trading with KuCoin. The broker has a low minimum balance of $5, with deposits available via major fiat currencies, peer-to-peer (P2P) transfers, and a few credit card options.
As for trading fees, KuCoin users pay 0.1% in fees. But the fees could decrease based on an investor’s 30-day trading volume and ownership of the company’s KCS token.
Security on KuCoin is also impressive. The system uses bank-level encryption and security infrastructures to protect users’ coins and data. KuCoin also has a specialized risk control department to enforce strict data usage policies.
Pros
- Discounts available on trading fees
- Extensive staking functionalities
- Quick P2P trading system
- Anonymous trading available
- Low minimum balance
Cons
- No bank deposit option
Bitfinex: A Trusted Exchange
Based in Hong Kong, Bitfinex is owned and operated by iFinex Inc – a financial services company that also owns Tether Limited, the issuer of the USDT stablecoin. The broker is popular for having one of the most liquid order books in the market, ensuring that users looking to buy and sell crypto have no trouble getting it done.
Like many other top brokers, Bitfinex offers a versatile platform for anyone looking to enter the crypto market. Investors can buy and trade crypto, stake cryptocurrencies, and lend their coins to earn returns.
Read: Our Full Bitfinex Review Here
Ease of use is impressive on Bitfinex, with the broker combining an intuitive platform with a low deposit threshold. Deposits on Bitfinex can be made through direct crypto transfers, wire transfers, and card payments. Card payments are processed through a third party, so investors might have to pay more fees.
Besides its trading interface, Bitfinex provides easy access to services like margin trading, derivatives offerings, and lending. Investors looking to make high-volume purchases can use Bitfinex’s OTC trading service, while those looking for low-risk gains can use the broker’s staking protocol.
Bitfinex uses a maker-taker fee structure for its trades. The fees range between 0% and 0.2%, with fees reducing as investors’ order volumes increase. Also, the exchange doesn’t charge any fees for large orders through its OTC desk. Bank wires incur a 0.1% fee for deposits and withdrawals – although expedited withdrawals carry a charge of 1%. Crypto withdrawals incur a small fee, depending on the coin being withdrawn.
The exchange protects user funds and data using 2FA, advanced API key permissions, and the storage of 99% of funds in cold storage.
Pros
- Easy-to-use interface
- Impressive staking protocol for PoS coins
- Highly liquid order book
- High leverage for derivatives trading
- Unlimited withdrawals
Cons
- Higher costs for card transactions
What is Monero?
Monero is actually a community project of the grassroots variety. This means that the coding and development is the result of work by a large team of the best engineers and researchers in the cryptocurrency world.
There are 30 core developers on the project, but more than 240 have contributed. The community is strong and everyone with an interest is welcome to get involved in the chat channels or forums.
Monero is an effort combining the work of those around the world. Distributed systems and cryptography experts from numerous countries either get funding from community donations or donate their time.
Because no single country is the base for Monero, it cannot be shut down by one country or be limited to any specific legal jurisdiction.
When Did Monero Begin?
Monero first launched in April 2014 as a preannounced and fair launch of the CryptoNote reference code. The community didn’t agree with some of the founder’s controversial ideas, and a new core team took over, providing oversight since then.
Since its original launch, Monero has migrated the blockchain to another database structure, improving flexibility and efficiency.
The developers also set minimum ring signature sizes to make all transactions private, and RingCT was added, hiding all transaction amounts. Almost every improvement made so far has made Monero easier to use or enhanced security and/or privacy.
What Systems Can Monero Work with?
There are Monero downloads available for all major operating systems. These include Windows, Mac, and Linux. You can also download the latest blockchain as Monero is open source. This ensures that everyone can take advantage of Monero if they want.
Monero & Privacy
While there are other options that aim to give users private digital currency, none offer the same security of Monero. The secret to this system is its nature as a decentralized cryptocurrency.
In other words, this is a type of secure digital cash that a network filled with users operates. All transactions receive confirmation from the distributed consensus, and the blockchain records them. Because of its use of the blockchain and other crypto methods, Monero doesn’t need any third party to protect your money.
Monero is also completely private since all transactions are confidential. The combination of ring confidential transactions and ring signatures hides the origins, destinations, and quantities of every transaction. In other words, Monero gives users the advantages related to decentralized cryptocurrencies without needing to concede privacy like you would with other cryptocurrencies.
Because the default setting for transactions in Monero is to obfuscate the addresses of senders and recipients, you cannot trace transactions of the cryptocurrency. Transactions made on this blockchain are impossible to link to a real-world identity, giving you privacy.
Monero is also fungible because of its private default nature. As it currently stands, there is almost no chance that vendors or exchanges will blacklist it due to the association of previous transactions.
By contrast, the vast majority of existing cryptocurrencies, including Ethereum and Bitcoin, feature transparent blockchains. That means that anyone with an internet connection can trace and verify transactions
. Transactions made with those cryptocurrencies can even be linked back to the person’s real-world identity. None of this is a concern with Monero due to its cryptography and shielded information regarding addresses and transacted amounts.
Why Privacy and Non-traceability of Monero Really Matter
Before you look into the examples that prove the benefits of untraceable and private nature of Monero, it will be helpful to know that your anonymity is compromised when you trade using bitcoins regardless of whether you are sending the money or receiving it.
When you give your wallet address to someone for receiving bitcoins, they can see how many bitcoins you own. In a similar way, the public ledger lets the other parties know about your bitcoin account size when you send them the money.
How is that unfavorable for you? Here are some examples taken from Monero.how
- Example 1 – As a business, when you make a payment to one of your suppliers for the goods they have provided to you, they can now access all your bitcoin transaction history and see which other suppliers you are dealing with. Knowing this information, they might raise the price of their goods and take away your power to negotiate since your public ledger is already available to them.
- Example 2 – You visit a country or part of a country that has high crime rate. You make several purchases while visiting different places there—maybe to collect souvenirs on your way back home. Now, every shop or individual you have done a transaction with knows the frequency of your transactions, their sizes and the current bitcoin balance you have. This puts you in a dangerous situation.
- Example 3 – You are a service provider where you charge your clients on a per-project basis. Being a reputable entity in the industry you not only charge clients for your services, but also for the value you bring to the table. However, looking at your past records in the public ledger your customers might never pay you the value of your service and end up negotiating your service fees most of the times.
How Do You Use Monero?
When using Monero, users are strongly encouraged to interact with the community for support and answers to any questions they have.
You will need to download a Monero wallet to keep your funds secure and get started. From there, you can buy Monero using cryptocurrencies or fiat currencies on an exchange. Alternatively, you can mine Monero. Once you have Monero, you can send and receive it or even use the cryptocurrency to buy services and goods.
When accepting Monero, you don’t need to create a new address for each user or payment because of the stealth addresses. Instead, you give the person sending the money your payment ID, a hexadecimal string with 64 characters that the merchant typically randomly creates. You can then check for payments via the “payments” command within Monero-wallet-cli. There is also the option of programmatically checking for payment.
How to Buy Monero on Binance
After exploring where to buy and the coin’s use cases, the next thing is to explore how to buy it for your portfolio. Binance is our recommended exchange, so we’ll explore how to purchase the asset using Binance.
Step 1: Sign Up
Go to the Binance home page and click on “Register”.
Binance allows investors to register using their mobile phone, email address, or Google account. Most users choose the first two options and provide their phone numbers, emails, and desired passwords. A link will be sent to their registration channel of choice, and investors can click on it to authenticate their accounts.
Step 2: Verify Your Identity
Like many other regulated brokers, Binance requires that investors verify their identity before commencing their purchase.
To complete the process, visit the “Identification” tab. Investors will have to share personal information, their proof of residence, and a government-verified means of identification. This process should take no more than a few minutes to complete.
Step 3: Deposit Your Funds
Next, investors will have to deposit into their Binance wallets. The exchange makes deposits possible using payment processors, wire transfers, bank deposits, and direct crypto transfers. And its required minimum deposit is $10.
To make a deposit, go to the “Payment” section and click “Add a new payment method” to enter payment details. Alternatively, investors can click the “Buy Crypto” button to select a payment method and complete their transfer.
Step 4: Buy
With a funded wallet, investors are ready to make a your purchase. Head to the “Buy Crypto” section and enter the desired amount. Click on “Continue” after reviewing the terms, and the wallet should be updated immediately.
Monero Wallets
You can download a desktop wallet from the official Monero website here, or take a look below for more options.
Software Wallet
Hot wallets, also called software wallets, are one of the most popular cryptocurrency storage options. They are always online, hence the affiliation with the ‘hot’ tag. Investors can easily get a hot wallet once they open an account with a crypto exchange. This allows them to store and manage their private keys, which prove their ownership of their assets to the blockchain network. Hot wallets are usually more convenient for everyday crypto transactions and can be custodial or non-custodial.
A custody wallet is responsible for storing assets to an exchange or a third-party platform. The user only places an order for a transfer or receipt, and the exchange signs off on the transaction, much like the traditional banking system. Meanwhile, a non-custodial or self-custody wallet gives the full responsibility to the end-user.
Hot wallets are usually free, but they are largely considered less secure due to their constant internet connectivity. An instance of a hot wallet is the Binance Wallet.
Hardware Wallet
A Hardware wallet is a device which has been created to provide an extra layer of security when interacting with your various cryptocurrency wallets.
Normally you would use your private key to move funds, the problem is though, if your computer has been compromised with malware or a virus, it is possible for your private keys to be captured and used to steal your funds.
With a hardware wallet, the private keys are stored on the device and never exposed to your computer, which means even if you are infected with such a program your private keys will remain safe. These options are safest way to store your crypto if you have more than a small amount.
Popular examples of cold storage offerings are the Ledger and Trezor line of hardware wallet solutions, read our reviews:
Mobile wallet
A mobile wallet is essentially a hot wallet on a smartphone device. They offer users an even more convenient way to use their coins for daily activities. Mobile wallets store and manage users’ private keys while enabling them to pay for things they love with their digital assets.
These wallets are usually free and always online for transactions to be processed. Popular mobile wallets are eToro Money Wallet and Coinbase Wallet.
Desktop wallet
A desktop wallet is a PC version of a hot wallet. It is essentially software that an investor downloads into their personal computer or laptop for easy interaction with their digital coins. They also offer a browser extension which allows users to interact using an extension instead of downloading the entire software. Desktop wallets are also hack-prone due to their online nature. A popular example is the Exodus Wallet.
Paper Wallet
The paper wallet is arguably the oldest form of crypto wallet. They are no longer common in the modern crypto industry. It contains users’ public and private keys. The paper wallet is the least secure type of wallet as it can easily be lost, stolen, or torched.
Conclusion
For those who want additional privacy in their cryptocurrency transactions, Monero is a very useful option.
While some other currencies offer the option of stealth addresses, this is the default with Monero, ensuring that everyone’s information is secure, as are the transaction amounts.
It is straightforward to use, and because Monero is community driven, it connects users with others around the world, building a sense of being part of something larger.
Monero is one of the oldest cryptocurrencies and one of the strongest in terms of privacy options.
Useful Links
- Official Website
- Official Blog
- Slack
- Telegram
- Coinmarketcap
- Bitcointalk Announcement
The post Where to Buy Monero Coin (XMR) Crypto: Beginner’s Guide appeared first on Blockonomi.
