Monero is one of the most popular and loving by the community cryptocurrencies out there. Since the crypto market is experiencing good times, one might think about his/her crypto portfolio diversification. And this is where the question “how to buy Monero?” arises.
We, at Changelly, consider Monero (XMR) as one of the most significant trading instruments. The thing is that the technology behind Monero embodies all the core ideas of decentralized finance. How to buy Monero? Where should you keep it? Is Monero a good investment? and other questions will be clarified in this article. Here we go.
What Is Monero?
Monero (XMR) is a native cryptocurrency of the Monero blockchain. The Monero project was launched in 2014, and since then, both the decentralized network and a digital currency have started to gain momentum. As of today, Monero is in the top 20 cryptocurrencies evaluated by market capitalization.
- XMR is a mineable coin. The Monero blockchain utilizes the proof-of-work (PoW) consensus algorithm and the RandomX hashing algorithm. If you have appropriate mining equipment, you can join Monero miners in order to discover new coins and get a reward;
- Monero has a very dedicated community;
- Monero is primarily focused on the privacy and anonymity of your data. All Monero transactions are untraceable.
For more XMR essentials, it is highly recommended to read the article about Monero.
Step 1: Open an Online Account
Monero stands among the most popular coins in the crypto market. There are a wide variety of crypto exchanges that provide quick access to XMR. We’ve collected the top 5 crypto platforms that help you buy, sell, and trade Monero.
Step 2: Choose a Wallet
Once you choose an exchange and get an account, you need to obtain a digital wallet in order to receive XMR, store and transfer your digital assets. The best solutions for XMR storage are provided below.
Step 3: Make your Purchase
When all the preparatory work is done, it is time to finally purchase Monero. Select the currency you want to buy XMR with (fiat/crypto), enter the address of your wallet, and voila! Several minutes later, your XMR coins will arrive in your wallet.
Buy Monero with other Cryptocurrencies
If you are a crypto veteran or just have some other cryptocurrency, you can easily exchange your digital assets to XMR. Changelly supports over 160 cryptocurrencies that can help you to buy Monero.
Buy Monero with USD
One can buy Monero with multiple payment methods, including bank transfers, PayPal, and so on. But we do agree that a crypto newcomer might choose the easiest and the most convenient way to purchase XMR, which is acquiring XMR for USD.
Some centralized crypto exchanges like Coinbase, Kraken, and many others have the license to support fiat currencies. If you decide to buy Monero with USD, you need to choose a crypto exchange first.
Where to Keep Your XMR
There is a range of wallets that allow you to store XMR securely. The choice is yours.
If you prefer hardware wallets, then a family of Ledger wallets (both S and X) might be a good option.
Are you looking for a mobile digital wallet to keep your XMR and other crypto? Multi-currency wallets like Exodus, Freewallet, Edge, and Coinomi will help you to store cryptocurrency safely. These wallets also enable quick crypto purchases and instant swaps within applications.
If you are a dedicated and experienced Monero user, then the Monero GUI wallet will perfectly suit your needs.
In case you want a digital wallet that stores only Monero (XMR) coin, you might like Monerujo Wallet and MyMonero Wallet.
We’ve recently observed all the wallets mentioned above in the Best Monero Wallets article. If you want further information on the topic, it is highly recommended to read it.
One can also keep Monero (XMR) on a crypto exchange. However, since most of the giant exchange platforms are custodial (i.e., store users’ funds on their servers), keeping your digital currency within one of them might be risky. If you decide to store XMR on the exchange, don’t forget to activate a 2fa.
Why is Monero Better than Bitcoin?
Although BTC is the major cryptocurrency, there are other coins that use more advanced technological solutions and provide users with enhanced functionality. One of such coins is XMR. Unlike BTC, Monero is capable of:
- Executing transactions faster. It takes around two minutes to create a block in the Monero blockchain. BTC needs about 10 minutes to generate one block;
- Anonymity. As we mentioned earlier, Monero transactions are untraceable;
- Monero is an ASIC-resistant cryptocurrency, which means you can’t mine XMR via ASIC. This eliminates the risk of hacks and brings more decentralization to the blockchain.
Frequently Asked Questions
We’ve gathered the most popular questions about Monero to answer them all at once. If you have any other questions about XMR, we will be glad to help you with them. Just leave your question in the comment section below.
Where can I buy Monero?
Monero has been on the market for almost seven years. In this regard, it can be purchased on many trading spots and exchange platforms.
If you want to buy Monero (XMR) instantly with your credit card, Apple Pay, or bank transfer, then Changelly is here to offer you the best XMR rates.
Pretty much every giant crypto exchange enables you to purchase and trade Monero (XMR). Such platforms as Binance, Bitfinex, HitBTC, and many others can be viewed as places to buy XMR.
How do I buy Monero instantly?
You can instantly buy XMR with over 160 crypto assets in a secure and swift way on Changelly.
Is Monero a good investment in 2021?
Yes, Monero is a good investment instrument. As of 2021, XMR is in the list of top 20 cryptocurrencies ranked by market capitalization. You might also like to read more about Monero Price Prediction for the next five years.
Is Monero illegal?
No, Monero is not an illegal cryptocurrency. Since XMR is focused on privacy and anonymity and its transaction can’t be tracked, bad actors like to use it as a payment method on the dark markets, drug selling, etc.