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Monero (XMR) is one of the most popular altcoins in the crypto market. One of the coin’s attractive features is anonymity – a function not many cryptocurrencies have. Monero is a privacy-oriented coin as it offers users complete anonymity, which placed it at the forefront of the industry.
Unlike other blockchains, Monero created its network to be hidden; hence, concealing senders’ transaction information. So, because of its private characteristics, numerous users claim that Monero works just how Bitcoin should.
While most top exchanges do not support Monero, there are a few platforms that enable you to purchase it, including Binance, Kraken, Local Monero, Bitfinex, and Shapeshift.
A Simple Guide to Buying XMR
Similar to other crypto coins, there are various ways to purchase Monero. However, due to its private nature, the crypto asset hasn’t seen a lot of adoption when it comes to listing on exchange platforms. Nonetheless, there are enough market places and methods to get Monero.
Create an XMR Wallet
Before purchasing Monero, you need to have a wallet to hold your coins. The best option is a hardware wallet – for instance, Ledger is a wallet that gives you an additional layer of security. Still, if you cannot afford a hardware wallet, you can opt for other alternatives, such as using the official Monero desktop solution, the My Monero wallet, or Exodus.
Buy XMR With Cash
There aren’t many exchanges that allow users to buy Monero with cash; however, you can purchase the coin with USD on Crypto ATMs. In case you don’t know where to find an ATM, visit coinatmrader.com.
Buy Monero With PayPal
There’s also the option to buy XMR with PayPal using Local Monero. To do this, you are required to open an account with Local Monero, which also has a free wallet, and choose your payment method on the home page.
Make sure you read through the seller’s advertisement and agree with the terms and conditions before buying via the platform. Once you make the purchase, there’s a payment window available within which you’ll be asked to pay. After making the payment, click on the ‘I have paid’ option, and your coins will be released from the deposit.
Buy XMR With a Credit Card
If you’re considering using your credit card to purchase Monero, exchange platforms including Kraken and Bitfinex allow you to do so. Still, it is best if you buy Bitcoin with your credit card and then exchange it for Monero.
Best Wallets to Hold Monero
Opting for the right wallet to store your crypto coins depends on some different aspects. A hardware wallet like Ledger may seem a perfect choice, but it is not that affordable and is ideal for those holding significant amounts of the coin.
Still, desktop wallets such as My Monero or a mobile one like Exodus can be perfect for storing your cryptocurrency, especially for easy access. Here are a few wallets you can use to keep your coins in safely:
- MyMonero
- Ledger
- Monero GUI Wallet
- Exodus
The Bottom Line
Monero is a privacy-focused crypto coin, having the XMR ticker. The token is known for being incredibly private, untraceable, fungible, and transactions that are resistant to censorship. Ranked on the top 100 coins, Monero can be traded for other crypto coins.
Even though XMR is not as popular as the other top crypto coins, when it comes to cryptoverse, I did a great job holding its own. That is why the coin is incredibly popular among those concerned about privacy.
Monero is not listed on a lot of exchange platforms, but you can still trade, purchase, and hold the coin on some of the platforms mentioned above. The cryptocurrency is among the top 100 coins, and its community is rather strong and not controlled by anyone.