How to Buy Monero (XMR)?

What is Monero? ✅Where to buy Monero(XMR) fast? ✅Can you Buy Monero with a credit card? Follow the most reliable instructions on how to buy Monero.

What is Monero?

Monero is a privacy-focused project launched in 2014. Its blockchain is intentionally configured to be completely opaque. It disguises the addresses of transaction participants and hides transaction amounts.

It is the main difference between Monero and Bitcoin. In the Bitcoin blockchain, public addresses of transaction participants as well as transaction amounts are open. While transactions in the Bitcoin blockchain can be tracked, and the identity of transaction participants can be found out, in the Monero blockchain, it is impossible to do so.

The mining process in the Monero network also differs from the standard PoW mining. Mining is based on an egalitarian concept. It means that all the people have equal opportunities to mine the coin. In this regard, Monero is more democratic and accessible than Bitcoin.

Another advantage of Monero over Bitcoin is its complete fungibility. While you may argue that Bitcoin is also fungible, just like a US dollar banknote, it is not completely correct.

While 1 Bitcoin equals any other Bitcoin in value and can be subdivided into smaller parts (Satoshis) that are also equal in value, we still cannot tell that both Bitcoins are identical. They are formed with different code, different symbols. So, coins used for fraudulent activities, for example, can be identified and blacklisted.

The same applies to two-dollar banknotes: while they are equal in value and can be subdivided into smaller parts, they carry different serial numbers. So, we cannot say that they are identical.

Monero coins are 100% fungible. They all are identical. One coin can be replaced by another, and nobody will ever notice the change. It is a benefit because it contributes to anonymity and privacy. However, it is a drawback, too, due to the fact that coins can be used for any illegal activities, and nobody will ever find out what coins were used for that. Monero has a non-traceable transaction history, so no coins can be blacklisted.

How to Buy Monero?

Monero is among the top-performing cryptocurrencies. It is available on the majority of cryptocurrency exchanges. You can choose one of the platforms and exchange your coins there.

How to Choose a Cryptocurrency Exchange Service

To make the correct choice, you need to consider many details. While some of them are non-mandatory and depend on your preferences only, others are a must if you want to ensure safety for your funds and personal/financial information. Let us have a look at the mandatory features to pay attention to:

  • Safety: it is the first thing to check. Make sure the platform doesn’t have negative feedback (here, we mean reports about stealing money, fraudsters, and similar). The website is SSL-protected. The company has a registered legal address.
  • It supports swaps with XMR: if the platform doesn’t support the needed coin, there is not much to do there.
  • Fees: some platforms charge higher fees. If you are going to exchange coins once only, and if the sum isn’t too high, it might not be crucial. But if you are going to trade on a constant basis with big amounts of money, higher fees might reduce your income significantly in the long run.
  • Customer support: even if you haven’t faced any issues for now, problems might occur. Make sure you have somebody to talk to and ask for help if it happens. Customer support might be available in a live chat, via email, on a phone, in a messenger on your preferred social network. But it shall be available constantly.
  • Wallet availability: yep, some exchanges do not offer this option. Instead, they might offer other much more profitable functionality. But if you don’t have your own Monero wallet and don’t have any intention to get it, this factor might become crucial in choosing a platform.

Among the huge number of cryptocurrency exchanges, you will choose between traditional and instant exchange services.

Traditional Exchanges

Traditional exchanges have been in the market for a pretty long time. They have their benefits but there are a lot of drawbacks, too.

So, traditional exchanges have their own liquidity pools. It means that to exchange your funds, they don’t need to send them to the blockchain. They can do it on their platform which results in faster and cheaper transactions (you don’t pay fees to a liquidity provider). However, if they lack liquidity, your transaction might take too long.

Registration and verification are mandatory in most cases. You will need to register an account and complete all the standard procedures to verify it. These procedures include submitting your ID, photo, residence address proof, and financial documents in some cases.

However, complying with these requirements will open you access to using your bank account and bank card to send or withdraw funds from your wallet. Yep, transactions in fiat money will be available, too. Some traditional exchanges won’t request to verify your account. In such cases, you cannot count on using your bank card or account, transactions with fiat, and you can be sure to have some limitations on, say, the maximum sum that can be swapped or withdrawn.

Traditional exchanges offer custodial services. Even if your selected platform insists that the services are non-custodial, you can check whether it is the truth. Do you use their wallet? If yes, do you have private keys? If you have private keys, the service is non-custodial, and you are the only owner and manager of your funds. If you don’t have private keys, then, the platform has them. It means that the platform holds your coins on your behalf.

Instant Exchanges

Instant cryptocurrency exchanges have evolved lately. They are trying to address the issues that traditional exchanges face: liquidity bottlenecks, anonymity lack, limits, custodial services.

The majority of instant exchanges won’t ask you to register an account and verify it if you aren’t going to use fiat money for your swaps. While an opportunity to open an account is available on many platforms, it is not mandatory. The absence of mandatory registration and verification increases the safety level of service. It means that your private or financial information cannot be leaked and misused.

Non-custodial services are one more significant benefit of instant exchange services over traditional ones. If you trade on an instant platform, you use your own wallet. So, the platform doesn’t take ownership of your coins. You are the only one who has access to and can manage them. Your coins are protected by the security measures of your wallet.

Instant exchanges pull liquidity from major liquidity providers. That’s why they never feel a lack of liquidity. Your transaction will be processed without any delays.

One of the most important benefits that you get when you choose an instant exchange is the best rates. A platform selects the best offer among multiple ones. If you were comparing the offers manually, you would spend hours on it! An instant exchange does it within less than a second.

Limitless swaps are a benefit crucial for those who trade big money. An instant exchange won’t limit you in the number of swaps or the sum you want to exchange.

Any drawbacks? The majority of instant exchanges won’t offer you a wallet on the platform. You need to have a wallet and know how to use it.

Is It Worth It Investing in Monero?

Monero is a promising project with a powerful community. It solves the main issues of the most expensive cryptocurrencies such as:

  • Privacy and anonymity of transactions and transaction parties
  • Inequality in mining opportunities
  • Non-fungibility.

The project's popularity is increasing. It means that in the long term, it might be a good investment.

Disclaimer

Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.


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