How to Buy Monero

Monero (XMR) cryptocurrency ranks at 53 place by capitalization. It’s 14 July 2024 on $2,900,479,834 year. Circulating supply: 18,445,343. Maximum supply – N/A. The price of XMR for today – $157.25 with trading volume of $61,754,362 for 24 hours. The maximum price of Monero was registered on 9 January 2018 year and was – $542.33. The lowest price of XMR, $0.21618, was registered on 14 January 2015.
Monero (XMR)
$157.25 -1.54% ↓
24h price change
-2.420 $
Capitalization
$2,900,479,834
24h trading volume
$61,754,362
on the official website

How to Buy Monero Price in USD: Convert to US Dollar

XMR
MoneroXMRMonero
BitcoinBTCBitcoin
EthereumETHEthereum
TetherUSDTTether
BNBBNBBNB
SolanaSOLSolana
USDCUSDCUSDC
Lido Staked EtherSTETHLido Staked Ether
XRPXRPXRP
ToncoinTONToncoin
DogecoinDOGEDogecoin
CardanoADACardano
TRONTRXTRON
AvalancheAVAXAvalanche
Shiba InuSHIBShiba Inu
Wrapped BitcoinWBTCWrapped Bitcoin
PolkadotDOTPolkadot
ChainlinkLINKChainlink
Bitcoin CashBCHBitcoin Cash
UniswapUNIUniswap
NEAR ProtocolNEARNEAR Protocol
US Dollar
USD
US DollarUSDUS Dollar
/wp-content/themes/tgd/assets/images/content/flag_eu.svgEUREuro
/wp-content/themes/tgd/assets/images/content/flag_ru.svgRUBRussian Ruble
/wp-content/themes/tgd/assets/images/content/flag_ua.svgUAHUkrainian hryvnia
/wp-content/themes/tgd/assets/images/content/flag_pl.svgPLNPolish zloty
/wp-content/themes/tgd/assets/images/content/flag_gb.svgGBPPound sterling
/wp-content/themes/tgd/assets/images/content/flag_jp.svgJPYJapanese yen
/wp-content/themes/tgd/assets/images/content/flag_ch.svgCHFSwiss Franc
/wp-content/themes/tgd/assets/images/content/flag_cn.svgCNYChinese Yuan
/wp-content/themes/tgd/assets/images/content/flag_tr.svgTRYTurkish Lira
on the official website
Data updated 7/13/2024

    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.

    How to Buy Monero XMR
    Monero logo

    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

    Monero means "coin" in Esperanto. The cryptocurrency is considered to be one of the most secure tokens in the industry, and its popularity is based on privacy of its users and anonymity of transactions.

    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.

    Best to buy XMR on an exchange
    The best place to buy XMR is on an 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.

    In addition to the comfortable buying conditions and minimum commissions, the crypto exchange also provides high liquidity (there is always an opportunity to buy cryptocurrency) and a high degree of security. In addition, exchanges support the most common payment services: bank cards, P2P platform, third-party services, etc.

    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:

    1. Determine your risk tolerance;
    2. Select a cryptocurrency exchange to work with;
    3. Create an account on it;
    4. Top up your trading account in most comfortable way;
    5. 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).
    Risk management is the foundation of successful trading cryptocurrencies
    Risk management is the foundation of successful cryptocurrency trading

    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:

    Exchange
    Website
    BTC trading volume, 24h
    1WhiteBIT
    WhiteBIT
    BTC trading volume, 24h
    417.10
    2Gate.io
    Gate.io
    BTC trading volume, 24h
    144.23
    3KuCoin
    KuCoin
    BTC trading volume, 24h
    54.61
    4HTX
    HTX
    BTC trading volume, 24h
    40.80
    5MEXC
    MEXC
    BTC trading volume, 24h
    17.44

    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:

    1. Click Sign Up at the top right corner of exchange’s website;
    2. Fill in the fields for password and e-mail (or phone) in the opened window → enter referral code (optional) and click Sign Up;
      OKX Registration
      Registering on OKX
    3. A 6-digit code will be sent to the specified mail or phone number, enter it in the next window;
      Window for 6 digit code
      6-digit code window
    4. The account is created.
    The exchange registration process is described in details in the full OKX review.

    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:

    1. Log into your account and in the top menu click Assets → Depositselect from the list USDT as the deposit currency and set the type networks;
      Select USDT cryptocurrency and network type
      Selecting of USDT cryptocurrency and network type
    2. 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);
      QR code and symbolic address to deposit USDT
      QR-code and address for USDT deposit
    3. 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;
    4. 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:

    1. Click Trade → Basic Trade in the top menu;
      Go to trading terminal
      Go to the trading terminal
    2. 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;
      Currency pair search field location in terminal
      Location of the currency pair search field in the terminal
    3. 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);
    4. Enter the amount of USDT you are going to spend on buying XMR in the Total field;
    5. Click Buy XMR.
      Buying XMR in the OKX trading terminal
      Buying XMR in the OKX trading terminal

    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.

    Selling BTT via OKX terminal
    Selling Monero on OKX

    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.

    Storage of XMR is supported by one of the most popular crypto wallets – Trust Wallet.

    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.

    Trust Wallet Home
    Trust Wallet homepage
    There are other wallets besides Trust Wallet. You can choose among those described in crypto wallets rating.

    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.

    Ledger Nano X
    Ledger Nano X

    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:

    1. Click Assets → Withdrawal;
    2. Select XMR in the list of cryptocurrencies → select networkContinue;
      XMR Output Step One
      First step of XMR withdraw
    3. Enter the address to which XMR will be sent. You can get the address by going to the installed application Trust Wallet;
    4. In the wallet choose XMR among the available coins and press Receive;
      Receive button in wallet interface
      The Receive button in the wallet interface
    5. Copy the address that the wallet will create (or scan the QR-code);
    6. Go back to the exchange interface to the order creation window. In the XMR Address field, paste the copied address → Continue;
      XMR Output Step Two
      Second step of XMR withdraw
    7. Enter the funds access password (if it was set in the settings) and the code from the SMS received on the phoneConfirm.

    FAQ

    How to buy Monero?
    The most profitable and convenient way to buy Monero is on cryptocurrency exchange. For this:

    • 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.

    Where can I buy Monero?
    To buy XMR, you can use cryptocurrency exchanges, cryptobots or payment services and banks. Cryptocurrency exchange is the most convenient, safe and profitable way of all the options. It is recommended to use the OKX for beginners, but you can choose other convenient and proven options, for example, Binance.
    When is the best time to buy Monero?
    Professionals determine the best time to buy coins using technical and fundamental analysis. If you are going to trade on the stock exchange professionally, we recommend studying both of these disciplines. Beginners are encouraged to take advice from successful investors and traders of the cryptocurrency industry.
    Should I buy Monero?
    It is impossible to give an unambiguous answer to this question. To decide whether you need XMR tokens, you can do a good research on the project. Use the information on Monero official website, find out what others think about the project, as well as the counterarguments of its critics. It will also be useful to read the opinions of public supporters of the project (be sure to study their experience in cryptocurrencies) and read the roadmap of the startup.

    Take your time and sequentially study any information regarding the asset. Ultimately, you self will be responsible for the results you get.

    Was this article helpful?
    Thanks for your opinion!
    Your opinion is important for us
    Voted: 101
    97% Yes
    No 3%
    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
    Read more
    Emil Rabin
    Emil Rabin
    Site expert
    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.
    Read more

    Comments (0)

    Add a comment to the article

    Other users will see your name. Your email won’t be shown.
    Clicking the button “Leave a comment” I give my consent to the processing of personal data and agreed with privacy policy.
    Your comment sent successfully!
    Now it’s on moderation and will be published after checking by our specialists.