The development and subsequent launch of Monero (XMR) came by in 2014. Using the CryptoNote handling application and the RandomX crypto coin facilitator, the esteemed developer, Nicolas van Saberhagen, managed to create a privacy-based platform.
This means all Monero users get to maintain their anonymity and efficient transaction processing, regardless of their geographical location. That said, its value on the crypto market has risen quite substantially. This has inevitably lead to more investors and business-oriented trades venturing to the crypto, all looking for how to sell Monero.
Quick guide on selling XMR on Binance
Binance is our first choice due to its overall affordability and ease of use, where anyone looking to cash out Monero can do so with a few simple clicks. The process is quite easy, where the user simply needs to:
- Creating a Binance account
- Verifying the account with a supported fiat wallet
- Navigating to the Sell tab in the Fiat and Spot wallet, then picking XMR as the Intended currency
- Entering a couple of trade parameters, the confirming the sale.
Note that this is the guide on crypto to fiat conversion.
How to cash out Monero
The following exchange platforms are the best for converting Monero to real-world money, through multiple means:
Binance
As far as we can see, no other crypto exchange platform has yet trumped Binance. In terms of overall performance and overall service provision, this is one of the best platforms to register to. It officially came online sometime in 2014, operated from China.
Since then, the platform has experienced unprecedented growth, where traders from just about any city in any country can make use of its services. As seen above, selling Monero on Binance is not hard at all, even coming with some of the lowest transaction fees in the industry.
CEX.io
This platform may come through with some rather predatory transaction fees, but they certainly make an effort to make it worthwhile. Facilitating some of the fastest crypto trade operations, CEX was developed in 2013. It is operated in the United Kingdom, with an overall service base that encompasses the whole world.
A range of crypto coins and tokens are supported by this platform, where users need only select an appropriate trade pair to work with, which, in this case, would include XMR. The sale is executed in an instant, where standard transaction fees apply.
LocalMonero
As the name suggests, this is an XMR dedicated platform. it comes through with some of the lowest transaction fees, where all associated operations are fast and efficiently executed. Users can either sell the coin to the platform, or to other users by way of transaction orders.
EXMO
The developers and operators of EXMO may come through with a relatively low coin support cap, nut they most certainly make up for in the trading range that they offer, where user can now opt to transfer Monero to a bank account in another currency form. Low transaction fees apply, posted at 0,4% of the total amount in transit. All operations associated with the platform are quite simple and straightforward, not to mention their processing speeds. A support panel is also provided right there in the exchange.
Coinbase
Featured right up there with other famous crypto exchanges like Binance and CEX.io, Coinbase makes up quite the impression. It was developed in the United States, where it is also operated and regulated for operation. A sizable crypto coin selection is featured, along with multiple trade options too, all MXR inclusive.
Sales are straightforward for all crypto at large, where users only need to enter a few transaction parameters. To make it even better, the operator even provides what is known as Coinbase Pro, Best described as a dedicated exchange wing for more serious and devoted traders. However, each successful transaction sees a fee deduction of 4% of the entire amount.
Kraken
Kraken is one of the longest-standing crypto exchanges in the industry. Prior to its official release to the public in 2011, there were no recognizable platforms that offered specialized trade services. Over the years since its launch, the platform continued to receive upgrades, where it now allows users to run crypto sales. Among the many featured crypto coins is Monero, which one can sell by registering, verifying the account, and entering the sale amount and parameters. With this done, a fiat withdrawal can be made with a few simple steps.
Selling XMR for cryptocurrency: a short step-by-step guide on Binance
Binance comes through once again, this time allowing users to sell XMR for other crypto coins and tokens. The procedure is more or less the same, where the user needs to:
- Register with the platform, the verify their platform account
- Opening the crypto wallet and selecting the intended coin, which is XMR in this case.
- Initiating the Convert function and selecting the other crypto to be received.
- Confirming the trade operation.
What is the best time to sell Monero?
Well, there are no official timetables to the exact selling time for the crypto. Rather, it would make more sense to make the trade at a time of relative economic stability. Still, running the sale during a surge is also good practice, where one stands to gain more than they would have used to make the initial purchase.
Things to consider before selling Monero
The following should be considered before selling XMR:
The intended market for the sale – this is because one needs to understand their consumer needs in terms of amounts. In any case, they can also dump the whole market scoping to make the purchase directly from the exchange account.
Market Volatility – the coin never maintains a constant value, although it is far more stable than the likes of BTC. To such ends, one should watch for potential plummets in prices, which could see one experiencing massive losses.
Security Tips
It is not recommended to subscribe to the so-called Account Managers/Facilitators. These are usually scam artists simply looking to get access to people’s accounts. Again, the account should be adequately secured by 2FA, lest users get their account and virtual ledgers went all together.
Conclusion
Monero is generally a good crypto coin, highly regarded for its relative stability and online security. This is reflected in the number of people who go and purchase the coin, before storing it as a virtual asset, then rushing to sell it for maximum profits as soon as it experiences a value increase. With so many platforms at hand, there are no limits to using XMR.
