How to Buy Monero
Monero is a digital currency offering anonymity for users and their deals. It is decentralised and characterised as privacy oriented. Here's how to buy it.
Monero was among the first cryptocurrencies to use encryption and provide significant improvements in privacy and fungibility over existing alternatives.
Its primary distinction was the ability of users to send and receive transactions without exposing this data to anybody investigating its blockchain.
The sender, receiver, and amount of each transaction are hidden through three key technologies: Stealth Addresses, Ring Signatures, and RingCT.
Merchants and people that accept Monero should not be concerned about banned or corrupted currency. There is no wire transfer, check clearing fees, multi-day hold periods, or false chargebacks. It is also not bound by any particular legal jurisdiction and offers protection against capital control.
Why buy Monero?
If the user is a computer enthusiast looking to learn about cutting-edge breakthroughs in encryption, XMR may be a cryptocurrency that piques their interest.
Similarly, if speculative investors believe crypto users will continue to seek assets with high privacy, they may bet on it.
Where can you buy Monero?
Users can look for an individual seller online or go to a crypto-enabled ATM, but the most straightforward way to acquire XMR may be through a reputable exchange.
How to buy Monero on an exchange
1. Create an account.
On the various exchanges sign-up page, enter an email address, choose a new username, and set a strong password for protection.
2. Account verification
The simplest method to get started is to buy XMR with a currency that consumers currently have (such as USD or EUR). In this situation, however, they will be required to present supporting documentation authenticating their identification and linking external accounts. Check out our verification levels documentation for additional information on our onboarding process.
Users may also purchase XMR using other cryptocurrencies such as Bitcoin or Litecoin by providing their full name, birth date, country of residence, and phone number.
3. Deposit cryptocurrency or cash
Exchanges provide a range of funding options for cash transactions based on where you reside and your account settings. Investors must first generate a deposit address and transmit money from their current wallet to that address to deposit cryptocurrency.
4. Purchase XMR
Users can purchase XMR after their cash is sent to their exchange account. In addition, most exchanges offer global customer assistance, sophisticated order types, charting tools, and leveraged trading alternatives.
Where to keep Monero after buying?
Monero is private by default, but that does not mean it is secure. This implies that once consumers have finished purchasing XMR, they must take action to protect their cash.
There are several wallets from which to safeguard XMR. The consumer's choice determines their security and spending choices. The easiest method is a Monero wallet, allowing investors to transfer, receive, and keep their XMR.
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.