If you have any interest to buy Monero (XMR), you will be required to have either Bitcoin abbreviated as (BTC) or Ethereum (ETH) for trading purposes. I have reviewed the major cryptocurrency exchange Binance in this post to help you determine the best sites to buy cryptocurrency using a credit card or bank account. Take a read and get tips on the best cryptocurrency trading.
Step 1: How to create a Binance account:
1.1 Visit Binance’s Website (https://www.binance.com/en)
1.2 Fill in your trading details
1.3 Allow 2FA-Two-factor authentication (Optional)
Step 2: Buying your first Bitcoin (BTC)
I highly recommend buying Bitcoin first and then trading it for the right amount of Monero (XMR).
Step 3: Transferring Your Cryptos to an Altcoin Exchange Bittrex
Now, let me guide you on how to purchase Monero (XMR) using your investment from Binance.
But remember you cannot trade every crypto in Binance you will have to transfer your coins to an exchange that Monero (XMR) can be traded. So I will guide you to Bittrex which is a famous exchange to trade altcoins. Use the link below to register your new account.
If you have completed similar processes as we’ve done before with Binance you now are ready to transfer your Bitcoins.
Step 4: Depositing BTC to Exchange
If you have finished creating your new trading account setup at one of the exchanges that trades Monero (XMR), you will need to transfer your BTC from Binance to that specific exchange. This is done via a wallet system.
You also need to click “Holdings” on the top right menu.
Look for “BTC” from Token section and copy the given “Deposit Address”
This process may be difficult a little bit but don’t worry, it is simpler than a bank transfer.
After you have copied your unique BTC wallet address go back to Binance.
You have to move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”.
Look for BTC in the list and click on “Withdraw” on the right hand side.
Then, you have to paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Then type the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
After you have done the above, click on the Submit button to begin with the withdrawal process. If you need to continue with the withdrawal, Binance may ask you for your 2-Factor Authentication code and also you will have to confirm the withdrawal with an e-mail.
That is all you are required to do, then you should wait for a few seconds so that the blockchain to confirm your transaction.
Step 5: Trading Monero (XMR)
You now need to go back to Bittrex to buy Monero (XMR) with the Bitcoins you sent over there.
You need to look for “Markets” and click that button and you will see altcoins list.
On your left side, there is a colum in which you have to make sure you select “BTC” pair and in the search bar type in “XMR”. If you have already moved your coin click on it and now you will see a price table of XMR/BTC in the middle of the page. Then select the “Market” tab as that is the simplest way of buying orders. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.
When you have confirmed all details, click “Buy XMR”. Now you have just bought your own XMR!
Other Exchanges to Buy Cryptos
The following are other sites you can buy from these exchanges:
HotBit (Which permits US investors)
MXC (This exchange allows US investors)
On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever Monero gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!
Final Step: How to Store Monero securely in hardware wallets
1. Ledger Nano S
- Easy to set up and has a friendly trading interface.
- Allows use on desktops and laptops
- Lightweight and Portable too
- Has been designed to Support most blockchains and a wide range of (ERC-20) tokens
- Has many trading languages.
- Designed by a well-established company found in 2014 with great chip security
- It is not expensive but can be acquired at affordable price
2. Ledger Nano X
- It made with a more advanced and secure element chip (ST33) than Ledger Nano S
- Also Lightweight and Portable and has a built-in rechargeable battery
- Has a Larger screen
- Comes with more storage space compared toLedger Nano S
- It supports most blockchains and wide range of (ERC-20) tokens
- Provides several languages for every customer
- It was designed by a famous company found in 2014 with great chip security
- Can be obtained at an affordable price
If you still have plans to stay at hodl” as some people call it, basically misspelt “hold” (which become famous as time passes) your Monero for some long time, you need to find ways to ensure it stays safe safe,
Frequently Asked Questions
Is it possible to buy Monero with cash?
The answer is No. Because there is no way you can directly buy Monero with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
How do I Buy Bitcoin from local sellers?
What are the quickest ways I can buy Monero while living in Europe?
Can I use alternative platforms to purchase Monero or Bitcoin with credit cards?
What Is Monero (XMR)?
Monero was launched in 2014, and its goal is simple: to allow transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography.
The team behind Monero say privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users — irrespective of how technologically competent they are.
Overall, XMR aims to allow payments to be made quickly and inexpensively without fear of censorship.
Who Are the Founders of Monero?
Seven developers were initially involved in creating Monero — five of whom decided to remain anonymous. There have been rumors that XMR was also invented by Satoshi Nakamoto, the inventor of Bitcoin.
XMR’s origins can be traced back to Bytecoin, a privacy-focused and decentralized cryptocurrency that was launched in 2012. Two years later, a member of the Bitcointalk forum — only known as thankfulfortoday — forked BCN’s codebase, and Monero was born. They had suggested “controversial changes” to Bytecoin that others in the community disagreed with and decided to take matters into their own hands.
It’s believed that hundreds of developers have contributed to XMR over the years.
What Makes Monero Unique?
There are several things that make Monero unique. One of the project’s biggest aims is achieving the greatest level of decentralization possible, meaning that a user doesn’t need to trust anyone else on the network.
Privacy is achieved through a few distinctive features. Whereas each Bitcoin in circulation has its own serial number, meaning that cryptocurrency usage can be monitored, XMR is completely fungible. By default, details about senders, recipients and the amount of crypto being transferred are obscured — and Monero advocates says this offers an upper hand over rival privacy coins such as Zcash, which are “selectively transparent.”
Obfuscation is achieved through the use of ring signatures. Here, past transaction outputs are picked from the blockchain and act as decoys, meaning that outside observers can’t tell who signed it. If Ian was sending 200 XMR to Susan, this amount could also be split into random chunks to add a further level of difficulty.
To ensure that transactions cannot be linked to one another, stealth addresses are created for every single transaction that are only used once.
All of these distinctive features have led to XMR being increasingly used for illicit transactions instead of Bitcoin — especially on darknet markets. Governments around the world, especially the U.S., have also offered hundreds of thousands of dollars to anyone who can crack Monero’s code.
How Many Monero (XMR) Coins Are There in Circulation?
Monero is slightly unusual as a token sale wasn’t held for XMR — and no tokens were premined either. At the time of writing, the circulating supply of XMR stands at 17,703,471.
This cryptocurrency is designed to be resistant to application-specific integrated circuits, which are commonly used for mining new Bitcoin. In theory, this means that it can be possible to mine XMR using everyday computing equipment.
Overall, there will eventually be a total of 18.4 million XMR in circulation — and this cap is expected to be reached on May 31, 2022. After this, miners will be incentivized using “tail emissions,” with a small amount of XMR being fed into the system every 60 seconds as a reward. It is believed this approach is more effective than relying on transaction fees.
How Is the Monero Network Secured?
One of Monero’s main goals has to prevent centralization — and this network uses a consensus mechanism called CryptoNight, which is based on proof-of-work. This prevents large mining farms from becoming a dominant force.
Where Can You Buy Monero (XMR)?
Because of its nature as a privacy coin, XMR isn’t listed on some major exchanges. For example, although you can buy XMR on Binance, it isn’t supported by Coinbase. As a result, you may need to convert your fiat into Bitcoin and go through a smaller trading platform. This guide helps explain how you can convert fiat currencies into crypto with ease.