How To Buy Monero or XMR Cryptocurrency?
Monero (XMR) is an open-source cryptocurrency that was launched in 2014. Its main focus is on privacy by obscuring sender, recipient and amount of every transaction made. For this reason it is often preferred by criminals for nefarious purposes. The egalitarian mining process makes it relatively easy to mine. There is even malware that mines Monero on people’s computers and allegedly sends it to North Korea.
How to buy Monero?
1. Buy Monero with another cryptocurrency. First you need to get Bitcoin, Ether or Litecoin. For the purpose you can sign up with Coinbase, which has a New York license and operates in a lot of countries. There you can buy Bitcoin with a bank card for a relatively low fee of 4%.
2. Then you open an account with a cryptocurrency exchange that offers the option to buy Monero with Bitcoin, for example. Such exchange is Shapeshift, which offers an almost instant service and the fee is low. Another options are Bitsquare, Poloniex or TuxExchange.
3. Transfer the Bitcoin from Coinbase to the other exchange where you will buy the Monero. Usually most exchanges do not charge deposit fees for cryptocurrencies.
4. Buy Monero with Bitcoin, Ether, Litecoin or whatever other cryptocurrency you have that is supported by the exchange.
You can also buy Monero directly with fiat currency. You can do so on Kraken, with USD, EUR, JPY, CAD or GBP via bank transfer or bank deposit. Other options are Bitfinex or AnyCoin, if you reside in the EU.
If you want to store your Monero in your own e-wallet, there are several options. There is a Monero wallet by Freewallet, which also has mobile applications for iOS and Android. Another option is MyMonero – a wallet developed by the Monero core team. It is convenient, because you don’t need to download the entire blockchain.
If you don’t need to physically own Monero and do not feel like dealing with exchanges, long addresses and wallets, there is the option to make money trading Monero CFDs with a regulated forex broker. The main advantage is that this is less risky because the regulated brokers abide by rules and requirements, whereas the exchanges generally do not. Unfortunately, at this stage, there are no regulated forex brokers who offer trading in Monero CFDs.
How to Buy Monero or XMR Cryptocurrency Conclusion
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