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The cryptocurrency market has grown to be over a $trillion worth of marketplace. It has grown beyond just Bitcoins and Ethereum. Now and then, a new coin gets ushered in with the promise of adding value to the game. While some die out within a short period, some others like Monero (XMR Coin) are still on. So, let’s find out how to buy Monero and what makes it a very good coin to invest in.
As you know, digital currencies are the future of money. Top institutions and organizations have started accepting it as a medium of exchange.
It’s the new cool when it comes to being cashless and you need not only need to get with the program, but you need to do so with the best out there.
You have seen Bitcoin and Ethereum doing their things and leading the way, but there’s something they do not have, that Monero offers. This is what makes the XMR coin very attractive. Here’s what makes it different from others.
Monero otherwise called XMR coin attracted a lot of attention to itself because of the anonymity it promises its users coupled with its decentralized features. While some people (Government officials) are not at home with how Monero works, the XMR coin continues to thrive.
However, in this article, I will focus more on teaching you how to buy Monero while looking at a few other things that concern the XMR coin.
The breakdown down of what I will be discussing in this article are:
- What is Monero (XMR Coin)?
- Where To Buy Monero?
- How To Buy Monero (XMR)
What is Monero (XMR Coin)
According to Wikipedia, Monero is a privacy-focused cryptocurrency created in April 2014 that is based on an open-source protocol on the CryptoNote application. It focuses on fungibility, privacy, and decentralization.
It uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, and no outside observer can tell the source, amount, and/or destination.
Monero uses a Proof of Work mechanism to issue new coins and incentivizes miners to secure the network and validate transactions.
The privacy afforded by Monero has attracted people interested in evading law enforcement during events such as the WannaCry Ransomware Attack or on the dark web buying illegal substances.
This is also the reason why government officials do not approve of the coin.
Regardless, Monero is actively encouraged for those seeking financial privacy, since payments and account balances remain entirely hidden. Which isn’t the standard for most cryptocurrencies.
Where To Buy Monero?
Regardless of Monero’s strong privacy features, you can buy and sell the coin in much the same way as other cryptocurrencies. There are two main ways that you can buy cryptocurrencies: through a broker or through an exchange.
The easiest way to buy Monero is to open an account with a brokerage exchange that offers you what you want to buy at a rate that is affordable for you. These exchanges allow you to link your bank account information, import money into your exchange account and buy the coins you want. Some allow you to buy Monero with other stable coins like USDT, BTC, or ETH,
From there, you should transfer your coins to a separate wallet for maximum safety and security. Here, I suggest you choose a good wallet where you can HODL your coins. And, the best for Monero is the Trust wallet.
Depending on the nation you live in, you may need to use a 3rd-party exchange to buy Monero. If this is the case, you must first open an account with an exchange that offers a medium currency.
The most common cryptocurrency medium is Bitcoin, but you can also use Litecoin. USDT or Ethereum. Buy your medium currency, then transfer it to an international exchange like Binance or Kucoin. Convert your medium to Monero, then send your Monero to your wallet.
How To Buy Monero (XMR)
To buy this coin, you must have created an account with them and with other exchanges as we said earlier, to enable you to fund your account.
The following steps will guide you to purchase a Monero (XMR) coin.
Step 1: Compare Exchanges
Like we said earlier, you must have created an account with an Exchange wallet, and while doing so ensure that they offer fiat to Monero Conversions.
If you have done this, then you must look for the following attributes in the Exchanges:
- Security: You must find a reliable exchange that offers at least a two-factor authentication process. Having double-layer encryption, in addition, won’t be a bad idea. This keeps your data safe and limits the chances of getting hacked, which is usually the threat faced by cryptocurrencies. It’s hard to track hacks if it ever happens so it better to be wary than sorry.
- Coin Offerings: There are thousands of cryptocurrencies on the market. And no single exchange offers them all, you must ensure that whatever exchange you choose supports the XMR coin. If you’re interested in buying other coins, check out the exchange’s full list of coin offerings before you create an account. However, I will recommend the Binance app, it has the highest coverage of cryptocurrency in the world. It supports over 200 coins with thousands of tokens.
- Easy Usage and Access: While choosing an exchange, choose one that offers a platform that is easy to understand and use. If you need to check some review videos online for that, go ahead and do so. There’s no need to have the best cryptocurrency exchange and still can’t use it.
- Is It Available in Your Area? The legality and value of cryptocurrency are still fluid in some states and countries. Make sure the exchange you want to sign up with offers services where you live. This is why you have to make your research before choosing an exchange.
Additional Features To Look Out For In An Exchange When You Want to Buy Monero
- Mobile Trading: The aim of having cryptocurrency is to eliminate the stress that comes with carrying cash about. Therefore, having mobile apps that enable you to run these transactions is important. So, before you sign up with any exchange ensure they offer a mobile app.
- Low Fees and Commissions: You must understand your exchange’s fees and commission before signing up especially if you’re a frequent trader. As some exchanges charge higher than the others, This will help you save more money while conducting your transactions.
- Multiple Purchase Options: If you’d like to fund your Monero account from your bank account or credit card, choose the right exchange. Check with your exchange to learn which purchase methods they offer.
Step 2: Open An Exchange Account
If you’ve selected an exchange using the guidelines we have discussed earlier, then it’s time to open your account. The processes involved for all brokerages will not be the same. And you must be prepared to offer some personal information to finalize your account setup.
Some brokers will ask for your name, email address, phone number, and a scan of a valid Photo ID before they give you access to trade. Some go further to ask for biometric verifications.
It might take more than 48 hours before your sign up is confirmed, depending on the exchange you chose.
You may be able to start trading instantly after you create an account, or your account might have a hold on it until the exchange can verify your identity. You’ll usually receive an email or text notification when verification is complete. Wait until the exchange verifies your account, then enable 2-factor authentication to keep yourself secure.
Step 3: Link Your Payment Method
Link your payment method through your exchange account. Depending on your exchange, you may be able to buy cryptocurrency using a bank account, credit card, P2P or wire transfer. Keep in mind that most exchanges charge an extra fee for credit card payments.
Step 4: Buy Monero
If you’ve successfully linked your account to a payment method, you’re ready to trade. However, it won’t hurt to chill a few days and study how the price of the coin fluctuates.
This will help you purchase at the right time and make money while at it.
When you’ve ascertained that the price is low, use your exchange’s platform to make an order. Nonetheless, keep in mind that digital currency has varying liquidity. It takes someone who wants to sell to be able to buy, and this can take a few minutes or hours.
Step 5: Store Your Monero
Now that you have it, you will need to store it. While it’s not an entirely bad idea to store it in your broker’s platform, you might be better off creating your wallet. Especially if you’re trading frequently.
When you do get a wallet, either offline or a virtual wallet, link your crypto portfolio tracker to your wallet and chart your Monero’s value over time.
While Monero offers anonymity and enormous security, it has its loopholes. It has been suggested that some weapons or contraband supplies bought by the dark web were with the aid of Monero and the anonymity it offers.
While we might want to protect our personal information while conducting our financial transactions, national security must be put first, and as such there should be a means of tracking transactions when it’s necessary.
Having said this, if you’re in the market for a cryptocurrency that offers the best privacy set-ups, Monero is just right for you. Take your first step and become a millionaire.