How to Buy Monero – XMR
Monero is a cryptocurrency with a huge focus on privacy. It is one of the best forms of cryptocurrency for carrying out untraceable exchanges. A recent update to the wallet interfaces has made it a lot more accessible to a newer user.
- Install a Monero (XMR) Wallet
Before you begin to buy monero cryptocurrency, you will need to ensure that you have an appropriate wallet installed on your computer. The best option is the official desktop wallet that has been produced by the developers of monero. This will be the most secure option. There are other wallets available that can handle monero, but they are not as private.
2. Choose a Monero Exchange
There are a few different monero exchanges out there to choose from, you should note that not all exchanges currently deal in monero, so check before you sign up. You will also need to decide how you wish to buy monero.
Local Monero – This is a marketplace where buyer and sellers of monero come together and will agree amongst themselves the payment option they wish to use.
Make a Purchase Using Fiat Currency– Most monero exchanges will allow you to use fiat currency to make a purchase of ripple XMR. You will transfer money to the exchange and once it has cleared you will be able to buy monero. You can transfer the money directly with a bank transfer or with a credit card.
There may be fees for either credit cards or bank transfers, a little bit of research (Coinbase alternative) will help you pick the best exchange for your favored method of purchase.
Buy XMR with BTC – The consensus is that the best way to buy monero is with bitcoins. First buying bitcoins (BTC) and then trading them to buy monero (XMR) can work out to be the least expensive method. To get the best price you may need to go through more than one exchange. This is the best value option, but it does require a little more legwork on your part.
3. Making your Purchase
Register with Your Chosen Exchange – All exchanges will require you to register with them. You will be unable to make any purchases until the account has been verified, so you will want to make sure you complete these forms carefully.
Deposit Funds – Once your account has been verified, you will then be able to deposit funds into the exchange.
Buy Your XMR – Once you have the funds deposited with the exchange you are ready to buy your monero. Just make sure you select the correct exchange, as there could be quite a few options. For instance, if you will be trading US dollars for monero coins you will want to select the USD->XMR tab.
4. Withdraw your XMR
Once you have bought your monero you will be able to see your balance in the exchange. Once you have your monero coins, it is strongly advisable to withdraw them and store them in your wallet. When you set up your account on the exchange you will have been given the option to provide the address of your wallet. It is worth double or triple checking that the details are correct prior to making a withdrawal.