Some cryptocurrencies don’t really require much introduction. That is because they are the pioneers and also doing some things that no other crypto is. And without a doubt, Monero cryptocurrency is one of those and is also one of my favorite anonymous currencies out there.
For those of you who don’t know about Monero, here is a brief intro to it:
Monero (XMR) is an open-source cryptocurrency created in April 2014 that focuses on privacy and decentralization that doesn’t take Bitcoin core’s code to start with their cryptocurrency.
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Monero should be a part of your portfolio because if and when governments around the world launch a crackdown on cryptocurrencies, Monero-like anonymous coins will have great use cases to offer.
And precisely because of all these reasons, many investors want to buy it. Therefore, in this post, I will tell you different ways by which you can buy Monero.
Best Exchanges To Buy Monero (XMR)
If you are buying cryptocurrencies for the first time, Changelly is the best and the easiest option for you to buy your Monero coins.
To do this, you will need the following things:
- First, get your Monero address ready where you would like to receive your Monero.
- Second, you should have some bitcoins/altcoins to exchange for Monero.
Note: Though the guide shows how to buy Ripple in exchange for BTC, the process is exactly the same to buy Monero (XMR).
Binance, one of the busiest cryptocurrency exchanges out there today, has supported the buying/selling of Monero (XMR) ever since its launch in 2017.
However, Binance is a crypto-to-crypto exchange which means fiat currencies like USD, EUR are not supported. Here you can deposit BTC, ETH etc to convert it into Monero cryptocurrency. Following are the supported pairs on Binance exchange for Monero:
They also have user-friendly and robust mobile apps to help people trade cryptocurrencies on the go.(Android App | iOS App) Here is a short video explaining how to trade on Binance mobile apps. The process is same when you trade on Binance’s web version.
Note: You can also claim 50% discount on your trading fee by holding native BNB tokens of Binance exchange.
Huobi Pro is a leading global digital asset exchange serving global traders since 2013.
To make the exchange autonomous and governable they have introduced HT tokens so that’s why in sort they are decentralized governed platform.
The volume at the time of writing on this exchange is 91000 BTC which I think is very good with 34 cryptocurrencies/crypto assets listed on it.
Following are the supported pairs on Huobi exchange for Monero:
Bitfinex is one of the largest and the most popular cryptocurrency exchange that offers many popular coins for buying/selling.
It is based out of Hong Kong and has been operational since 2014. It gives its users the option to trade more than 30 cryptocurrencies/pairs in exchange of USD, EUR, ETH or BTC. That’s why, unlike other exchanges, it is not limited to be a crypto-to-crypto exchange.
Following are the supported pairs on Bitfinex exchange for Monero:
Gate.io started getting a lot of traction starting the last quarter of 2017. That is because users began to realize how great platform it was to trade dominant cryptocurrencies like Monero.
I have been using the exchange for last 2 months and have no complaints. It has enormous volume and a neat UI for the beginners too.
This too, like Binance, is a crypto-to-crypto exchange. Here too, you need to deposit cryptocurrencies like BTC, ETH etc to buy Monero (XMR). Following are the supported pairs on Gate.io exchange for Monero:
Note: They are running a promo where they are offering an exclusive 10% discount on trading fees.
6. MoneroForCash (Currently offline)
MoneroForCash, as is evident from its name, is a service that helps you buy Monero in exchange for your fiat currencies (cash).
Using this service, you can buy and sell Monero (XMR) person-to-person with cash, by mail, money order and more. But beware! It is not like the escrow exchange service of LocalBitcoins.
Buyers/sellers can advertise on MoneroForCash website and find each other through it to crack a deal in person. You will not find any native Monero wallet here so there is absolutely no chance of losing your funds until you make a horrendous error.
You can find the seller’s ads like this (shown below) on this website, with whom you can meet in person according to the conditions to crack a deal.
Bonus Additions: Best Sites To Buy Monero Cryptocurrency (XMR)
Monero cryptocurrency is rather famous, especially in the dark markets but it has other use cases of privacy, security, and fungibility also. And that is why, in last 3-4 years, it has developed a significant market share and is also being traded on many exchanges.
Some other exchanges/websites that you can use to buy Monero cryptocurrency:
- Bittrex: Supported pairs XMR/BTC, XMR/USDT, XMR/ETH
- Poloniex: Supported pairs XMR/BTC, XMR/ETH
- Kraken: Supported pairs XMR/USD, XMR/EUR, XMR/BTC
- Livecoin: Supported pairs XMR/BTC, XMR/USDT
- LiteBit: Supported pairs (XMR/EUR)
But one word of caution:
- Don’t use these exchanges as a wallet to HODL your cryptos.
It is okay if you intend to store the cryptocurrencies on these exchanges for a few hours or even a few days for the sake of trading. Storing your cryptos on them for any longer can put you in losses.
Time for you to share: Do you own any Monero yet? If not, where do you intend to buy your first XMR coin from? Do you see it becoming one of the next big altcoins? Share your views in the comments section below!
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An award-winning blogger with a track record of 10+ years. An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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