The cryptocurrency market has expanded beyond Bitcoins and Ethererum, and every now and then, a new coin gets ushered in with the promise of changing the game. While some fizzle out within a short period of time, some others like Monero (XMR Coin) are still with us. So let’s find out how to buy Monero and what makes it sleeker than others.
Digital currencies are taking over the market. It’s the new cool when it comes to being cashless and you need not only need to get with the program, but you need to do so with the best out there.
We’ve seen BitCoin and Ethereum doing their things and leading the way, but there’s something they do not have that Monero offers. This is what makes the XMR coin very attractive. Here’s what makes it different from others.
Monero otherwise called XMR coin attracted a lot of attention to itself because of the anonymity it promises its users. And, while some people (Government Officials) are not at home with how Monero works, the XMR coin continues to thrive.
However, this article will be focusing more on teaching you how to buy Monero while looking at a few other things that concern the XMR coin.
Take a look at our table of content for an overview of this article.
Before we get right into how you can buy Monero let’s first understand what it is and how it works.
What is Monero (XMR Coin) ?
According to Wikipedia, Monero is an open-source cryptocurrency created in April 2014 that focuses on fungibility, privacy, and decentralization.
It uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, and no outside observer can tell the source, amount, and/or destination.
Monero uses a Proof of Work mechanism to issue new coins and incentivizes miners to secure the network and validate transactions.
The privacy afforded by Monero has attracted use by people interested in evading law enforcement during events such as the WannaCry Ransomware Attack, or on the dark web buying illegal substances.
It’s also for this reason that government officials do not approve of the coin.
Regardless, Monero is actively encouraged for those seeking financial privacy, since payments and account balances remain entirely hidden. Which isn’t the standard for most cryptocurrencies.
Where To Buy Monero?
Regardless of Monero’s cutting-edge privacy features, you can buy and sell the coin in much the same way as other cryptocurrencies. There are two main ways that you can buy cryptocurrencies: through a broker or through a third-party exchange.
The easiest way to buy Monero or any cryptocurrency is to open an account with a brokerage that offers the coin you want to buy. These brokerages allow you to link your bank account information, import money into your brokerage account, and buy the coins you want.
From there, you should transfer your coins to a separate wallet for maximum safety and security.
Depending on where you live, you may need to use a 3rd-party exchange to buy Monero. If this is the case, you must first open an account with a brokerage that offers a medium currency.
The most common cryptocurrency medium is Bitcoin, but you can also use Litecoin or Ethereum. Buy your medium currency, then transfer it to an international exchange like Binance. Convert your medium to Monero, then send your Monero to your wallet.
How To Buy Monero (XMR)
To buy this coin, you must have created an account with them and with other brokerages as we said earlier, to enable you to fund your account.
The following steps will guide you to purchase a Monero (XMR) coin.
Step 1: Compare Brokerages
Like we said earlier, you must have created an account with a brokerage, and while doing so ensure that they offer fiat to Monero Conversions.
If you have done this, then you must look for the following attributes in brokerages:
More Attributes To Look Out For
Step 2: Open A brokerage Account
If you’ve selected a brokerage using the guidelines we have discussed earlier, then it’s time to open your account. Obviously, the processes involved for all brokerages will not be the same. And you have to be prepared to offer some personal information to finalize your account setup.
Some brokers will ask for your name, email address, phone number, and a scan of a valid Photo ID before they give you access to trade.
It might take more than 48 hours before your sign up is confirmed, depending on the broker you chose.
You may be able to start trading instantly after you create an account, or your account might have a hold on it until the broker can verify your identity. You’ll usually receive an email or text notification when verification is complete. Wait until the broker verifies your account, then enable 2-factor authentication to keep yourself secure.
Link your payment method through your brokerage account. Depending on your broker, you may be able to buy cryptocurrency using a bank account, credit card or wire transfer. Keep in mind that most brokers charge an extra fee for credit card payments.
Step 4: Buy Monero
If you’ve successfully linked your account to a payment method, you’re ready to trade. However, it won’t hurt to chill a few days and see how the price of the coin fluctuates.
This will help you purchase at the right time, and make money while at it.
When you’ve ascertained that the price is low, use your broker’s platform to make an order. Nonetheless, keep it in mind that digital currency have varying liquidity. It takes someone who wants to sell to be able to buy, and this can take a few minutes or hours.
Step 5: Store Your Monero
Now that you have it, you will need to store it. While it’s not an entirely bad idea to store it in your broker’s platform, you might be better off creating your own wallet. Especially if you’re trading frequently.
When you do get a wallet, either offline or a virtual wallet, link your crypto portfolio tracker to your wallet and chart your Monero’s value over time.
While Monero offers anonymity and enormous security, it has it’s loopholes. It has been suggested that some weapons or contraband supplies bought by the dark web was with the aid of Monero and the anonymity it offers.
While we might want to protect our personal information while conducting our financial transactions, national security must be put first, and at such there should be a means of tracking transactions when it’s absolutely necessary.
Having said this, if you’re in the market for a cryptocurrency that offers the best privacy set-ups, Monero is just right for you.