How to Buy Monero
Monero Price in USD: Convert to US Dollar
Monero (XMR) is a cryptocurrency that issued in 2014 as a hard fork of Bytecoin. The coin is open source and was created as an alternative to Bitcoin. At the time of launch, the developers were solving two main tasks: to allow mining of coins not only through ASIC stations and to make transactions as private as possible.
XMR is available for purchase through the large number of services and platforms, but the best purchase conditions are offered on cryptocurrency exchanges.
What is Monero
The XMR cryptocurrency runs on the CryptoNote blockchain protocol, which uses ring signature technology. In 2019, it was replaced by the RandomX protocol (a type of protocol that uses PoW consensus algorithm).
Due to the use of PoW, Monero can be mined (by user or in pools). The issue of the token is unlimited: 18.4 million units of cryptocurrency were issued at the start. All new coins bring profit in the amount of 0.6 tokens per completed block to miners.
If you do not want to mine a coin, then there is another way to get some Monero – buy it on the exchange.
Where is the best place to buy Monero
Due to its reputation as the most anonymous cryptocurrency, XMR is available on many cryptocurrency platforms. Monero can be bought through cryptobots, on DEX and CEX exchanges, as well as through various payment services, some banks and financial institutions (for example, Revolut). The most profitable way of the featured above is cryptocurrency exchanges.
Instructions for buying Monero
For the beginners in cryptocurrencies, it can be difficult to understand the mechanism of buying coins on the go. Therefore, the editors of TGDRating.com described this process step by step. To buy Monero you should:
- Determine your risk tolerance;
- Select a cryptocurrency exchange to work with;
- Create an account on it;
- Top up your trading account in most comfortable way;
- Buy XMR.
Decide on the level of risk
The purchase of any cryptocurrency is associated with the risk of losing all invested funds. Such a risk exists due to the specifics of cryptocurrency as an asset for trading and investing:
- The behavior of the crypto market and individual coins is quite hard to predict;
- Cryptocurrencies are characterized by high volatility (sudden price changes).
That why before you start buying XMR, you should decide on acceptable level of risk for you. We also recommend consider following recommendations:
- Use only those funds for investments in cryptocurrency that are allowable to lose;
- Don’t invest all the money;
- Do not use borrowed funds to buy crypto;
- Distribute funds among different assets;
- Don’t use your last money to invest in cryptocurrencies.
Choose a crypto exchange
After determining the level of risk, you can go to the choice of exchange cryptocurrencies for buying Monero. There are a huge number of exchanges. Each of them has its own trading conditions, available trading pairs and withdrawal limits. In addition, when choosing a suitable platform, you will also need to study the the following exchange options:
- Methods of replenishing the account balance;
- Fees for replenishing an exchange account;
- Fees for trading operations;
- Cryptocurrency withdrawal methods;
- Support fiat currency deposits;
- Account protection;
- Reviews, etc.
Exchanges provide this information in the public, but it takes time to choose the right option from the huge number of exchanges. For simplicity you can choose any exchange from the table:
Register an account
After choosing an exchange you need to create an account. For example, let’s register a new account on the OKX exchange. For this:
- Click Sign Up at the top right corner of exchange’s website;
- Fill in the fields for password and e-mail (or phone) in the opened window → enter referral code (optional) and click Sign Up;
- A 6-digit code will be sent to the specified mail or phone number, enter it in the next window;
- The account is created.
Top up your account
Cryptocurrency exchanges support two main ways to replenish the balance of trading accounts: using cryptocurrency transfers and fiat currencies. OKX platform only supports the first option. As an example, consider replenishing the balance by transferring USDT to the user’s exchange wallet. For this:
- Log into your account and in the top menu click Assets → Deposit → select from the list USDT as the deposit currency and set the type networks;
- Set the account type to deposit USDT (general or trading). The exchange will generate a wallet address (including in the form of a QR-code);
- Go to your crypto wallet and select USDT. Enter the transfer address received on the exchange into the appropriate field. Or you can simply scan the QR-code;
- Confirm the transaction.
Buy Monero (XMR)
After funding up your account, you need to go to the trading terminal of the exchange to buy XMR. For example, consider buying XMR for USDT in the spot terminal OKX. For this:
- Click Trade → Basic Trade in the top menu;
- The spot market trading terminal will open in a new window. Enter XMR in the search field for currency pairs on the left side of the screen: find the pair XMR/USDT;
- Scroll down the terminal window until the Buy XMR button appears. Select order type, for example, Market (allows you to buy cryptocurrency at the current market price);
- Enter the amount of USDT you are going to spend on buying XMR in the Total field;
- Click Buy XMR.
How to sell Monero
To sell XMR through the terminal, you need to go through the same steps as for buying a coin, but you need to enter the conditions for the order in the fields above the red Sell XMR button.
Where to store XMR
You can use hardware and software wallets to store Monero. The type of wallet is selected based on the needs of the user.
For a user who often uses cryptocurrency or trades on the exchange, software wallets or “hot” wallets will be the right choice. These are applications for a PC or smartphone browser that are constantly connected to the Internet and allow you to have instant access to cryptocurrencies.
The main disadvantage of hot wallets is hacking vulnerability. We recommend to pay extra attention to their protection: use a strong password, do not lose or share the seed-phrase with third parties, and enable 2FA authentication.
If the user prefers to simply store cryptocurrency or is engaged in long-term investment, then a hardware wallet or a cold wallet will fit. These type of devices include, for example, Ledger Nano S or Ledger Nano X. Externally, the device looks like a flash drive, and is able to provide reliable protection, because does not have a permanent network connection. The main disadvantage of “cold” wallets is high price.
How to withdraw Monero to my wallet?
XMR tokens bought on the exchange can be stored on the exchange account or withdrawn to the wallet. To withdraw them to the wallet, you need to create an order for the withdrawal of coins from the crypto exchange. For example, let’s transfer XMR from the OKX exchange wallet to Trust Wallet:
- Click Assets → Withdrawal;
- Select XMR in the list of cryptocurrencies → select network → Continue;
- Enter the address to which XMR will be sent. You can get the address by going to the installed application Trust Wallet;
- In the wallet choose XMR among the available coins and press Receive;
- Copy the address that the wallet will create (or scan the QR-code);
- Go back to the exchange interface to the order creation window. In the XMR Address field, paste the copied address → Continue;
- Enter the funds access password (if it was set in the settings) and the code from the SMS received on the phone → Confirm.
- Select an exchange, for example OKX;
- Create an account;
- Top up the account;
- Turn on the terminal and select a currency pair with XMR;
- Fill in a buy order and click Buy XMR.
Take your time and sequentially study any information regarding the asset. Ultimately, you self will be responsible for the results you get.