How to Buy Monero | Buy XMR in 4 Steps (June 2023)
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Table Of Contents
Monero (XMR) was one of the first privacy coins in the world. This unique cryptocurrency pioneered multiple technologies to accomplish this critical task.
To learn more visit our Investing in Monero guide.
How to Buy Monero (XMR) in 4 Steps
The whole process can take as little as 10 minutes and all you'll need is a smartphone or computer, photo identification and a means of payment.
- Compare Crypto Exchanges – We list the top cryptocurrency exchanges that offer the ability to buy Monero (XMR) cryptocurrency.
- Create an account – Verify your email address and identity.
- Make a deposit – Debit Card, Credit Card, Wire Transfer, or Bitcoin.
- Buy Monero – Use your funds to Buy XMR.
We list the top 6 exchanges that offer the ability to buy Monero (XMR) cryptocurrency with a credit card, debit card or Bitcoin (BTC).
Founded in 2011, Kraken is one of the most trusted names in the cryptocurrency industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
From humble beginnings, Kraken now offers over 200 digital assets including Monero (XMR). For more sophisticated investors Kraken also offers futures and margin trading.
Kraken has continued to evolve its platform, and its commitment to the industry by being one of the first exchanges to offer buying opportunities on new tokens.
Kraken offers trading access to over 190 countries including Australia, Canada, Europe, and is our most recommend exchange for USA residents. (Excluding New York & Washington state)
Read our Kraken Review or visit Kraken.
Binance is one of the largest and most well-known cryptocurrency exchanges in the world. The benefits of purchasing Monero (XMR) here are both lower fees than competing exchanges, and increased liquidity enabling you to buy and sell quickly to take advantage of market moving news.
This exchange is best for investors residing in Australia, Singapore, UK & internationally. Canadian residents are prohibited.
USA residents are prohibited from purchasing Monero (XMR)..
Read our Binance Review or visit Binance.
Use Discount Code: EE59L0QP for 10% cashback off all trading fees.
KuCoin is a well-known name in the industry, and one of the most competitive when it comes to fees and trading costs. The exchange has grown exponentially from its early days of offering only crypto to crypto trading. It now offers a varied range of services including a P2P exchange capability, and purchasing with credit or debit cards.
KuCoin currently offers Monero (XMR) cryptocurrency trading as well as over 300 other popular tokens. It is often the first to offer buying opportunities for new tokens.
This exchange currently accepts USA residents.
Read our KuCoin Review or visit KuCoin.
Established in 2013, Gate.io has grown in to a reputable trading platform. While it is not the most popular exchange, it provides users with an easy to use interface for beginners while maintaining robust and advanced charts for various skill levels – including technical traders. The exchange boasts a large number of altcoins including Monero (XMR), and is often the first exchange to add new tokens. Notably, Gate.io maintains a strong stance against any type of market manipulation.
This exchange currently accepts Australia & UK residents.
USA & Canada residents are prohibited.
Read our Gate.io Review or visit Gate.io
5. Huobi Global
Established in 2013, Huobi Global has since become one of the world’s largest digital asset exchanges, with an accumulated trading volume of US $1 trillion. Having once accounted for half of the world’s digital asset transactions, Huobi now serves more than 5 million users in over 130 countries around the globe. It should be noted that Huobi Global currently does not accept USA or Canadian residents.
Huobi Global is one of the top exchanges that currently offers Monero (XMR) trading opportunities.
Read our Huobi Global Review or visit Huobi Global.
Launched in 2018, WazirX is India’s biggest cryptocurrency exchange with over 6,o00,000 users, and is expanding rapidly. It is one of the most reputable exchanges to currently offer Monero (XMR) trading opportunities and currently accept clients from all over the world. This exchange is part of the Binance Group, which ensures a high standard of quality.
USA residents are prohibited.
Read our WazirX review or visit WazirX
What is Monero (XMR)?
Monero is a decentralized, open-source cryptocurrency, which was established in 2014. This digital currency is widely known as the most popular ‘privacy-coin’.
What does it do?
Monero provides its users with a means to efficiently transfer value, through the use of privacy centric digital coins under the ticker ‘XMR’. Its development, and launch, was widely due to deficiencies in privacy on the Bitcoin network.
Unlike various rivals, privacy features on the Monero blockchain are inherent, and cannot be turned off – Every transactions is as private as the one before it.
How does Monero work?
Much like many other popular cryptocurrencies, Monero relies upon a ‘proof-of-work’ structuring to underpin its network. Notably, developers which contribute to Monero have worked to keep mining of this asset profitable on GPUs. While ASIC devices are required to be profitable on cryptocurrencies like Bitcoin, Monero regularly adapts its mining algorithms to dissuade their use.
While use of Monero is much the same as most cryptocurrencies, it achieves its unmatched privacy in a unique manner.
- Ring signatures
- Fungibility (No identifying factors between coins)
- Stealth Addresses (Untraceable history)
Development of Monero is community driven, rather than solely a small group of dedicated developers.
Arguably the biggest development on the Monero roadmap, is the implementation of second layer solutions. A prime example of this would be the usage of the Lightning Network. By utilizing this solution, Monero would then benefit, primarily, from the ability to complete atomic swaps.
There is one clear ideology, which has driven development of Monero – privacy. In a world becoming increasingly connected, society has less privacy than ever. Undoubtedly, this is the driving appeal behind Monero, as it is able to give back some of what we have lost in recent years, in the name of connectivity.
Acceptance and Controversies?
Due to the nature of Monero, there are various governments that do not condone its use. This is due to the privacy afforded to the user, essentially, making this attribute a double edged sword.
This is a difficult issue to overcome. On one hand, people are entitled to privacy, while on the other, some may abuse Monero for illicit activities.
While the majority of nations have stayed silent on their view of Monero, there are a select few which have spoken against its use. The most prominent example of this is in Japan; As a result, various exchanges looking to maintain licensure in the nation have delisted Monero and similar coins.
Who Made It?
Monero is widely believed to have been created by 7 individuals. Keeping in line with their privacy focused creation, 5 of these individuals have not revealed their identities, to this day. The other two are as follows,
- Riccardo Spagni
- David Latapie
Interestingly, there is a growing belief that the author of the original Monero Whitepaper, Nicolas van Saberhagen, may be the infamous Satoshi Nakamoto. This belief is founded on the past writings known to be Satoshi, which detail ideas such as ring signatures, stealth addresses, etc. – the very unique traits that were imbued within Monero a mere 3 years after Bitcoin came into existence. This belief, however, has not been proven to be fact, but simply conjecture, at this time.
Daniel is a big proponent of how blockchain will eventually disrupt big finance. He breathes technology and lives to try new gadgets.
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