How to exchange Monero (XMR) to GBP in the UK
Monero is a cryptocurrency that prioritizes user privacy and has one of the most dedicated communities in the cryptocurrency business.
However, investors in the UK frequently struggle to figure out how to exchange Monero (XMR) for British pounds. This article offers a solution to the problem by identifying exchanges from which users can withdraw their Monero holdings.
In other words, you will get the knowledge necessary to sell XMR for GBP or transfer Monero to a bank account in the shortest amount of time feasible.
A quick ways to sell XMR on Binance in exchange for GBP
Create an account on Binance and go through their full KYC verification process.
• Navigate to Wallet > Spot and Fiat.
• On the wallet, search for XMR and click the Deposit button.
• Make a copy of the address that has been provided, and then send the funds from your personal Monero wallet.
• Once the confirmation is complete, navigate to Trade > Convert.
• When converting to BUSD, choose XMR as the currency (1 BUSD = $1).
• You may finish the conversion by entering the amount you want to convert to BUSD.
• Once this step is finished, repeat the previous steps to convert BUSD to GBP.
• You should now navigate to Wallets > Fiat and Spot.
• On your British pound wallet, select the Withdraw option.
• You will be asked to enter the amount you wish to withdraw and your account or card information.
• Start the withdrawal process, and Binance will move the money from the escrow account to your specified account.
The preceding illustration presupposes that you already possess XMR stored in a personal wallet and just wish to pay it out Binance, which is one of the largest cryptocurrency exchanges in the world, allows users to trade Monero using a variety of different pairs.
Peer-to-peer (P2P) trading is an additional means for people living in the United Kingdom to cash out their Monero holdings on Binance.
Verification is necessary to access any of the fiat gateways, and this includes P2P trading. How to go about it:
• Initiate the Know Your Customer (KYC) procedure by registering for a Binance account.
• Navigate to the Wallet > Fiat and Spot menu.
• Navigate to your XMR wallet and select the deposit button.
• Make a copy of the address that has been provided, and then finish the transaction using your external wallet.
• Navigate to the Trade menu, select Convert, and change the XMR to USDT (You can also convert XMR to BTC) -Go to Trade>P2P.
• Ensure that the currency is set to GBP, and then flip the Buy to Sell button offered. -When asked which coin you want to sell, select USDT (or BTC if you converted to it).
• Choose a buyer with a high percentage of successful transactions and an offer corresponding to the price you wish to sell for.
• To complete the transaction, go to the order, click the Sell button, and add a payment method to your account.
• Begin placing the order and then wait for the vendor to transfer the payment to the GBP account you supplied.
• Once you have the notification of the deposit from your bank, verify that you have received it. Finally, the following methods can be used to withdraw funds: bank transfers, credit cards, and debit cards.
Author: Hassan Alzaza
My Name is Hassan Al-Zaza, I am a detail-driven and experienced SEO Content Writer living in Germany with over ten years of experience developing and producing top-notch content. I have a Bachelor's degree in English Language and Literature and a Master's in Business Communication. I have been working for 12 years in marketing, Content Writing, and ad Copywriting across SMEs, corporate, and public sector organizations in the EU and the Middle East region. I helped build brands for a wide range of successful companies from IT and software consultancies to the finance industry, tourism, and retail.