The global crypto frenzy was led by Bitcoin, having been the first one to be launched back in 2009. Evidently, many developers grew interest in the newly discovered blockchain technology, where they were seen to scramble to come up with their own derivations. Fortunately, or unfortunately, most of these alternate developments did not get to experience the same level of success as Bitcoin did. Still, a rather decent number of them managed to get the spotlight, which they then used to further expand their reach.
A good example of this was seen in the development of Litecoin back in 2011; granted, the coin was the first ever to successfully follow in the steps of Bitcoin, and was somewhat bound to get more than adequate recognition. From there, more independent blockchain networks were formed, coming in with their own currency assets and sub-tokens. This eventually lead up to the introduction of Monero (XMR) in 2014.
The Monero cryptocurrency was developed by Nicolas van Saberhagen. It is essentially a privacy oriented network, written on an open source framework from the CryptoNote application layer. Like all other digital blockchain currency systems, Monero runs with a virtual ledger that is publicly obfuscated, allowing total and complete usage of the virtual space to transmit and receive broadcast signals. However, it maintains an unalterable trait of full anonymity, blocking all access from unknown external parties.
The mining is also quite similar to the rest, where the network makes use of proof of work mechanism with the hash operation RandomX to manage coin allocation and assignment of miner incentives. It also runs the transaction validation, breaking the chain if otherwise. The native token is allocated the name XMR. That said, this is a full description and quite on how anyone looking to buy Monero can get it done by way of just a couple of simple steps, with minimal use of resources.
Quick Guide on Buying Monero: buy instantly with fiat or crypto on Binance
Binance is largely regarded as the foremost destination for anyone looking to purchase some crypto coins, to sell coins, or to make a full on crypto investment. The platform has been around for a long time now, having been launched by developers from China back in 2014. Needles to say, Binance’s launch saw it gaining so much fame that it literally sky rocketed to the top, now home to millions of crypto traders, stock brokers and investors all around the world.
Now, it may not be the best in all aspects, but Binacne is mostly favoured for its large volume of crypto options, circulating in hundreds of coins and tokens. It is also favoured for its record low transaction fees, where its relative deductions make it more affordable than most other platforms of its kind.
That said, the platform facilitates in different trade modes, allowing users to make purchases either with crypto, or with fiat currencies. For the time being, we will put a bit more focus on the fiat mode of payment. Fiat modes of payment are the widest used, were quite a number of people find it more convenient to opt for it.
Again, a large number of people who visit crypto exchanges will be newcomers to crypto trade altogether, they simply won’t have an alternative. In any case, there are only a few steps to making a purchase with fiat, these being regardless of the intended crypto. Still, if you are looking to buy some Monero coins, you can do so by:
- Register to create a Binance account
- Verify your account, and go through the standard KYC and 2FA procedures to link your fiat bank account
- Fund your Binance account, making use of the linked fiat wallet
- Initiate a trade in the Buy section. Do this by selecting a trade pair.
- Enter the required amount, trade type and confirm the purchase.
How to buy Monero (XMR) with fiat
Making a crypto purchase is far more convenient if you use a fiat currency and mode of payment, where the only issue may be the drag you experience while registering and verifying your account. This occurs because large scale banks operate under strict regulation that makes it hard for them to unveil funds to anyone without going through the verification first.
This verification typically asks users for proof of life, bank and, or residence, where copies of ID cards, passports, drivers licenses, postal mail and bank statements usually do the job. Beyond this, all else should be simple and straightforward, where most platforms allow you to fund your account by way of a simple deposit. Some others even take convenience to a whole other level, featuring their own native token system.
Such platforms require that you convert your fiat into their native currency, which you then use to purchase other coins as you wish – to make it more appealing, they normally give out free rewards and incentives to all those who use their token. That said, the following crypto exchange platforms are recognised far and wide for their suitability to Monero transactions:
This is a Russian crypto exchange that was launched back in 2013. The platform is highly accredited for its service provision, where it supports dozens of crypto coins and tokens, XMR included. They feature a support panel for any users who face problems, and they also sport some of the lowest banking and transaction charges in the industry. Fiat modes of payment are allowed, where users can purchase XMR with PayPal, Visa and more.
If you constantly find yourself asking where to buy Monero, Kraken is here for you. The exchange boasts quite a number of cryptocurrencies, ones of large market caps and relatively smaller altcoins too. It was launched in 2011, by US developers, effectively making it one of the longest standing exchange platforms today.
This crypto exchange allows you to buy XMR with Debit card, credit cards and more fiat modes of payment. It a very interactive platform, allowing users to make full analysis of their crypto transactions. However, the platform is seen by many to be a bit unreliable, mostly due to their history with cyber attacks.
Pro-Systems takes responsibility for this great crypto exchange. It support Bitcoin as its primary focus, but also features quite a number of other crypto, the likes of LTC, ETH, NEO, DOGE and XMR, among others. Transactions are known to be fast, and the interface at large is error free, with minimal charges and fees.
How to buy XMR with other cryptos: short step-by-step guide on Binance
Binance comes through again when it comes to alternative purchase options, where they allow users to buy Monero with other crypto coins – the same goes for all other purchases, not just XMR alone. Some would consider this to be more appealing, especially since they get to skip all those purchase verification procedures, possibly saving them a great deal of time.
Also, just about every transaction with relations to a fiat currency or carrier tends to incur some charges, whatever the amount. This is not because of the currencies themselves, but due to financial carriers, who deducts charges for facilitating in transactions, like those with PayPal. However, this is non-existent when dealing with crypto, not to mention the sheer speed at which the transactions are processed, where deposits reflect almost immediately after being confirmed. That said, the steps to purchasing XMR with other cryptos on Binance are more or less the same as those with fiat payments, save for a few alterations, given as follows:
- Make a Binance account by registering
- Verify the account by simply picking out a preferred more of payments and linking it to the bank.
- Establish a link to your external crypto wallet
- Select a suitable trade pair in the Buy section, one that included XMR.
- Confirm the trade.
Things to consider before buying Monero
Most things that involve money come with some extent of consideration, where it is best for one to map out just how they wish to reach their goals, as well as their gameplay when they do. That said, buying Monero is not as straightforward as just completing the process, one has to think about:
The best place to buy Monero
Obviously the best place to buy any crypto would be on online exchange platforms. They are specifically meant for crypto trade, made to be simple and easy to use. However, not all of them are the best for purchasing XMR in particular, not all of them even support the coin. So one has to actually go through platforms to ensure that Monero is available.
How much Monero to buy
No, this is a hot topic, one that most newcomers suffer with. The thing with crypto is that the market never stays the same. Rather, it fluctuates at random intervals, a lot. So one day you might be buying Monero coins worth $100, and the next day that same amount of coins will be worth a lot more, a whole lot. Again, this could go vice versa and see you running losses, so you must always invest in what you can stand to lose.
Where to Store Monero
Evidently, crypto is not safe. But there are a number of specialised applications and platforms that secure it for you, kind of like a virtual bank. One should always be clear on the storage service, where it is ideal to put money under external storage as soon as the purchase is made.
Wallets for Monero
There are dozens of different wallets that support Monero storage. However, only a few are seen to be the most suitable, and these are:
- Ledger Hardware Wallet
- Coinkite ColdCard
- Trezor Harware Wallet
- SoFi mobile wallet
While operation with crypto, you are bound to come across a website or advert that brands it/themselves as account managers. Never take their advances, most of them are scammers looking to gain access to your account. Again, do not keep large sums of money in the platform account for too long, websites have been known to disappear seemingly overnight, without so much as a trace.
To conclude this guide, we find it suitable to clarify just how you can make use of your newly purchased XMR; there are literally no limits with crypto, and with the relatively higher market value of Monero, the scope just gets wider. Some purchase business shares, others invest online stock, but quite a number of users simply run online ‘errands.’ Overall, XMR is a good digital curreny, one that stands amongst other mainstream crypto.