What is the Best Way to Buy Monero?
Are you planning on joining the cryptocurrency niche? The best method is investing in a coin that guarantees users a high degree of security, anonymity, as well as the potential for growth. Today, one of the cryptocurrencies that meet all of these outlined considerations is Monero.
After discovering that Bitcoin was not as anonymous as originally expected, the rush to find a completely anonymous digital asset began. Therefore, the development team at Monero built on the Bitcoin platform to take advantage of its great features and introduce new technologies.
To benefit from Monero’s unique features, the first step is to acquire its tokens. This post will evaluate how to buy Monero securely using different methods. It also answers key questions that have persisted for years such as, “Is it possible to buy Monero with PayPal?”
What is Monero? Why Monero?
Monero is a decentralized and open-source cryptocurrency and blockchain platform created in 2014, with the primary goal of optimizing user privacy. This focus on privacy has won the cryptocurrency an excellent reputation and has helped it become one of the leading digital assets on the market.
Some of the main feature used to enhance anonymity include the use of stealth addresses, which make it very difficult for third parties to track users. It also uses ring signatures that combine a user’s transactions with others to make it virtually impossible for third parties to know which transaction belongs to which specific addresses. These advanced features imply:
- You can send funds anonymously around the globe
- You can save without worrying about third-party seizures
The rising demand for Monero makes it a great investment option because the value is only expected to grow as more people begin to appreciate the importance of privacy when it comes to financial matters.
How to Buy Monero
Buying Monero is somewhat different from purchasing other top coins such as Ethereum and Bitcoin because of your limited options. The following are the two main methods you can use to buy Monero:
- Buying Monero using other cryptocurrencies
- Buy Monero using fiat currencies
For those who already have other types of coins such as Ripple, Bitcoin Cash, or Ethereum, the process of buying Monero is relatively simple and direct. However, the options are very limited when targeting to purchase Monero using fiat currencies.
How do I buy Monero? The most important step when seeking to answer this question is establishing where to buy Monero from. Like other cryptocurrencies, Monero coins are bought from the exchanges.
Exchanges are cryptocurrency trading platforms that operate using the principles of forex markets but deal with digital assets instead of regular currency. When selecting a cryptocurrency exchange, here are some crucial things to factor.
- The transaction fee
- Support for fiat currencies
- The exchange platform’s security
- Support for credit and debit cards
- Support for bank’s wire transfers
- Good user interface
- Support for the targeted cryptocurrency. In this case, it supports Monero
How to Purchase Monero Coin Using other Cryptocurrencies
There are many exchanges out there that allow users to buy Monero using some of the top cryptocurrencies such as Bitcoin, Bitcoin Cash, and Ethereum. The main advantage of using other cryptocurrencies to purchase Monero is that the transaction fee is lower compared to when using fiat currencies.
Note that if you only have fiat currency, it is still possible to buy Monero with cryptocurrencies, but you will need to first convert the funds to alternative coins such as Bitcoin or Ethereum using another platform such as Coinbase.
Once you have the alternative coins, you will then need to visit your preferred exchange to buy Monero. Some of the top exchanges include Poloniex, Bittrex, and Binance. To demonstrate the process of buying Monero, we will use Binance. Here are the main steps for buying Monero.
- Visit Binance website and open a trading account
- Verify the account with additional personal info and enable the 2-factor authentication.
- Log into your account to deposits the coins you bought earlier
- On the Homepage, visit the Exchange tab and pick an appropriate Monero pair such as XMR/BTC and hit buy Monero.
- The purchased Monero coins will reflect in your account. You should consider moving the tokens to your crypto wallet because it is considered safer than the trading exchange
This video demonstrates how to buy Monero with BTC using Binance
How to Buy Monero with USD and other Fiat Currencies
Since most cryptocurrency exchanges are developed to operate as crypto-only platforms, people with fiat currencies are left with very few options to buy Monero directly. One of the few exchanges that list Monero and supports fiat currency is Kraken.
The Kraken exchange supports four types of fiat currency: USD, JPY, EUR, and CAD. Here are the key steps to follow when buying Monero on Kraken:
- Visit the Kraken website and open a trading account by filling out the personal details in the provided forms
- Verify the trading account by selecting your preferred level of operation. The higher the level of operation, the more verification details will be required. You will also be required to activate the 2-factor authentication
- Deposit the funds of choice into your Kraken account. Note that the exchange only allows deposits done with wire transfers, and not credit cards or PayPal
- Once the account is properly funded, place your order to buy Monero and wait for the system to execute, and credit the coins to your account
The Final Take
Now you should know what Monero is, and why its privacy makes it so appealing to crypto users. With a clear understanding of Monero and its development team, it is now time to make a smart move and invest in its coins.
For those who have their funds in digital wallets and are wondering how to buy Monero with PayPal, know that there is no direct method for this. This is because PayPal considers cryptocurrencies as immature platforms that are still being experimented with. Because it does not support cryptocurrency related payments, you will need to follow a longer route and download your funds to a bank account before buying from platforms such as Kraken.Remember that no cryptocurrency exchange is 100% secure. Even Monero suffered a security glitch back in July 2017. Therefore, while it is advisable to learn how to buy Monero,just make sure to diversify your risk to other top coins in the market as well.