Monero is essentially an upgrade on Bitcoin’s central ideologies of decentralization and secrecy. It is completely untraceable through the use of stealth addresses and ring signatures.
This guide will teach you how to purchase Monero via credit card, debit card, bank transfers and more.
Monero is only sold on Bitcoin and Ethereum pairs, this means that to purchase it, we must buy Bitcoin or Ethereum first. This also means that any payment method that you can buy Bitcoin or Ethereum with can allow you to get Monero.
If you do not know how to convert your (dollars/euros/yen/etc.) to Bitcoin or Ethereum, check out our guide on buying bitcoins or on buying Ethereum. If you already own either of these currencies continue reading to find out how to buy Monero!
Monero is purchasable for Bitcoin and Ethereum on several exchanges. Here are some that we recommend:
Buying Monero on Binance
Binance is a leader in trading volume for several cryptocurrencies and has some of the lowest fees of any exchange at .05%. Binance is an exchange limited to cryptocurrency, so we need to send Bitcoin or Ethereum to the exchange.
After signing up to Binance, you will want to go to the navigation bar and mouse over funds and then click Deposits. On this page, you will find every single cryptocurrency Binance has to offers deposit addresses.
Highlighted in red are MY deposit addresses for Bitcoin and Ethereum on Binance. Locate your deposit address for the currency you initially purchased, and copy the address as we will need it for the next step.
In order to send Bitcoin or Ethereum from Coinbase, you will need to go to the accounts tab and click send on the cryptocurrency you are sending to Binance.
In this example I am transferring Bitcoin to my Binance address, but the process is the exact same for Ethereum.
After clicking send, you should see something like this, paste the deposit address we found earlier and click confirm!
After your Bitcoin or Ethereum arrives to Binance, you will need to go to the trading pair of the currency we sent.
Once on the correct page, you will see something like this. Enter your order in the bottom middle section. If you do not want to deal with order books, you can click the market tab and buy Monero at the going rate.
If you would like to make your own price, use a limit order. Enter the amount of Monero you want to buy or click the 100% to do the max amount. To get a better idea of Monero’s going rate, you can use the order book (highlighted in red) or the chart (blue).
Once your order is filled, you have successfully purchased Monero! Hold onto it as its value should only go up in the future.
Buying Monero on Changelly
Changelly is one of the simplest methods of purchasing Monero, and can be done in one step. This method requires you to have a Monero address, where you can store your coins. This can be an exchange such as Binance, or a wallet. To learn more about setting up a Monero wallet, check out our guide on Monero wallets.
For the best rates, I recommend using Bitcoin or Ethereum on Changelly to buy Monero, but technically USD and Euro’s can be used.
To get started, create an account on Changelly, and select your input and output. In this example, I am using Bitcoin as my input, and Monero (XMR) as my output.
After hitting the exchange button, you will be prompted for two fields: XMR address and a payment ID.
An XMR address is an address that you want the Monero to be sent to. In most cases, this will be your own wallet address.
The payment ID is a tag you put on your transaction that includes extra information. Most exchanges require a tag upon deposit. If a tag is needed, it will be provided by the exchange.
Click next and wait for your transaction to confirm. Congrats, you now own Monero!
Buying Monero on Poloniex
So, for users, choosing to send Bitcoin directly from Coinbase to Poloniex is a great option. Here are the steps that need to be followed:
– Start by creation of an account at Poloniex. This is a basic process which involves the user just sharing standard information like name and email ID. Unlike Coinbase, this platform abstains from touching government currency so the registration procedure is much more hassle-free.
– Then, the user needs to visit the Poloniex “Balances, Deposits & Withdrawals” page which is accessible from the button titled, ‘Account’, available on the top right menu.
– After that, the user needs to click on the “Deposit” link from BTC in order for him or her to obtain the BTC address. With just one click, the user’s funds should be on its way to Poloniex. It might take some amount of time, possibly more than 15 minutes, for the Bitcoin transfer to achieve completion.
– Once completed, the user needs to go to Poloniex’s BTC-XMR exchange page. Here the user will be able to view a historical and graphical display of Monero’s fluctuating prices.
In order to trade Bitcoin (BTC) for Monero (XMR), the user needs to:
– Click on the highlighted number situated beside the option entitled “You have”. This will set the user’s trade to take in his or her complete Bitcoin balance.
– Click the highlighted number situated beside the link entitled “Lowest ask”. This will set the user’s trade price to the lowermost current seller.
– Click on “Buy”.
Thus, the process of purchasing Monero is complete.
Purchasing Monero on Bittrex
Purchasing Monero on Bittrex is nearly identical to Binance. You will need to deposit Bitcoin or Ethereum to a deposit address, and then enter an order on the correct trading pair. For example, if I wanted to purchase Monero with Bitcoin, I would go to the XMR/BTC trading pair on Bittrex and enter an order.
Other options for buying Monero
On 30th November 2016, the exchange platform Bitfinex opened dealings for XMR/BTC and XMR/USD combinations. This made the platform the first exchange to provision a fiat-XMR combination.
On 2nd January 2017, the popular exchange platform Kraken started dealings for these pairings-
Cryptocurrencies often behave like social networks. They have tremendously sturdy network effects. With the adoption of Monero continually growing, its value and efficacy is expected to increase exponentially.
Monero has a great opportunity for continuing to revolutionize and assist the cryptocurrency market. With fairly high curiosity and energy showcased towards it by the community of developers, it is highly probable that Monero will turn out to be a beneficial long-standing investment.
How to Buy Monero with Credit Card
Monero is purchasable on the exchanges listed above. For each exchange, Monero is only traded on Bitcoin and Ethereum pairs, so you will need to get either of those first. That means to get Monero with credit card, you would buy Bitcoin or Ethereum with credit card on an exchange like Coinbase, and then send it to a secondary exchange like Binance, where Monero is sold.
How to Buy Monero with Debit Card
Monero is only available on crypto to crypto exchanges. So just like buying with credit card, we need to first buy Bitcoin or Ethereum on a fiat exchange like Coinbase using our debit card and then send the purchased cryptocurrency to an exchange like Binance where Monero is sold on Bitcoin and Ethereum pairs.
How to Buy Monero with a Bank Transfer or Bank Wire
To get Monero via a bank transfer or wire, we must first purchase Bitcoin or Ethereum using our bank account on an exchange like Coinbase, and then send the Bitcoin or Ethereum to an exchange where Monero is sold. All of the exchanges listed above will work, but Binance is the best as it has the lowest fees.
How to Buy Monero with Skrill
The easiest way to get Monero with Skrill is to purchase Bitcoin or Ethereum with Skrill on Bitpanda. After purchasing on Bitpanda, you can send it to any exchange listed above like Binance. Please note that Bitpanda is limited to European countries, so make sure your country is supported.
How to Buy Monero with Paypal
Probably the best way to get Monero with Paypal is to purchase Bitcoin on Virwox. Here is a guide to purchasing Bitcoin on Virwox using Paypal. This method will run you almost 10% in fees, but is still the best way to get Monero with Paypal.