This is a detailed guide to buy Monero which goes by the symbol XMR. Apart from learning how to buy XMR, you will also learn where to buy XMR. The guide will also explain where to store XMR and how to setup XMR wallet.
Monero is a cryptocurrency that runs on an open source platform. Monero focuses on security and privacy. When payments are made using Monero, the sender doesn’t know who’s the receiver and the receiver doesn’t know who’s the sender either. Monero also uses a public ledger to record all the transactions. It’s a mineable currency. To make the transactions untraceable, Monero uses a technology named as “ring signatures”. The ring signature shuffles public keys of the users to make it impossible for anyone to spot them. Monero also generates only one time addresses to enable the receivers to get the payments. Therefore, it is unfeasible for the receiver’s identity to be revealed through blockchain analysis. Monero is the most secure and private transaction channel. The analysis resistance to Monero was achieved by using the Diffie-Hellman exchange protocol’s modified version.
How to buy Monero (XMR)
Step#1: Buy Bitcoin
First of all, you need to buy Bitcoin. You need to decide whether you want to buy Bitcoin from Coinbase or from Localbitcoins. Coinbase operates in 32 countries only while Localbitcoins operates in more than 200 countries. Your choice totally depends on your country.
Buy Bitcoin from Coinbase
- Open Coinbase website and sign-up. Go through the email confirmation, verification (provide your phone number and your ID) in order to complete the sign-up procedure on Coinbase.
- Log in to your newly created Coinbase account now and click on the Buy/Sell tab.
- Click on Bitcoin now.
- Select your payment method i.e. Bank Deposit, VISA or Wire Transfer.
- Fill up the on-screen details now to get the Bitcoin now. Your Bitcoin will appear in the Accounts tab.
Buy Bitcoin from Localbitcoins
- Open Localbitcoins.com and sign up. Use this link to sign up if you want to earn a little bit of reward. Go through the email confirmation and ID verification to be eligible to buy Bitcoin from LBC.
- Once done, Log in to your LocalBitcoins account.
- On the LocalBitcoins.com homepage, you will find options to buy Bitcoin Online, Bitcoin using Cash and some other options.
- The preferred option is to buy online. Choose the cheapest seller. Always check the limit of the seller and buy Bitcoin from the one that suits your limit.
- After selecting the seller, read the terms of trade and prepare your identity for verification.
- Begin the trade now. Transfer money to the seller and he will release your Bitcoin.
- The Bitcoin you just bought will appear in your LocalBitcoins wallet.
Step#2: Transfer Bitcoin to Binance
- It’s time to transfer the Bitcoin from Coinbase or Localbitcoins to Binance now.
- First of all, open Binance website and sign up. Use this link to sign up on Binance to earn a little bit of reward. Verify your identity as per the requirements of Binance.
- Now on Binance, click on Funds > Deposits > Select BTC and copy the Deposit address.
- Coinbase: Now open Coinbase and click on Accounts. Under accounts, you will find options to Send and Recieve Bitcoin. Click on Send and paste the Binance Bitcoin deposit address here. Enter the amount of Bitcoin you want to send and then send it. It will take a few minutes for you to receive Bitcoin in your Binance wallet.
- LocalBitcoins: Log in to your LocalBitcoins.com account and click on Wallet. Paste the Binance Bitcoin deposit address, enter the amount of BTC you want to send and then send it. You will get BTC in your Binance wallet in a few minutes.
Step#3: Trade Bitcoin for XMR (BTC -> XMR)
- Now that we have got the Bitcoin in Binance wallet, it’s time to trade it for XMR.
- Open Binance and log in.
- Now click on Exchange > Basic.
- From the right side, select XMR/BTC.
- Now from the right side, select the rate that suits you the most. It’s always recommended to place a low buy order. The red ones show the people who are selling. The sell orders from bottom to top are low to high and the green ones are buy orders, they are from top to bottom high to low.
- Enter the amount of XMR you want to purchase and also enter the rate at which you want to buy.
- Place the buy order. As soon as someone sells at your desired rate, you will get XMR in your XMR wallet at Binance.
Step#4: Store XMR in XMR Wallet
A guide to store XMR in a trusted wallet will be available soon. At the moment, I was unable to find a wallet that is worth trusting. The wallets that are available at the moment do not have good reviews. It’s not a good idea to risk your XMR tokens.
More information on Monero:
- Monero Price Tracker – CryptoPit
- Monero Official Website –getmonero.org
- Monero Reddit Community – r/Monero
- White Paper – Link
- Monero Wallets –
- Monero Exchanges – Binance | Poloniex | Bittrex | Bitfinex | Kraken
Important Note: This guide is for educational purposes only. This should not be taken as a piece of advice. Our mission is only to help you buy a certain currency. Always follow the golden rule of cryptocurrency investment that says: Invest what you are willing to lose. Cryptocurrency is a highly risky investment. DYOR before investing.