Buying Monero can be a little more complex than buying Bitcoin or Ethereum due to the lack of options. In this step-by-step process on how to buy Monero, I’ll guide you through two ways to buy Monero:
- Using other cryptocurrencies (Bitcoin, Ethereum, Litecoin)
- Using fiat money (USD, EUR, GBP, JPY)
If you already have other coins and wish to exchange them for Monero, the process is simple. Unfortunately, there are not many options to buy Monero directly using fiat money.
In order to buy Monero or any other cryptocurrency, the most important thing is to find the most suitable exchange for your needs. Cryptomoney exchanges are basically web platforms that allow you to buy and sell cryptocurrencies.
The key aspects to consider when choosing an exchange are
- Do you accept fiat money or do you only allow trading in cryptocurrencies?
- How much do you charge for each transaction?
- How secure are they?
- Which cryptocurrencies do they support?
- Do you accept credit/debit cards or do you only accept bank transfers?
Anyway, let’s first take a look at where to buy Monero using other cryptocurrencies.
How to buy Monero with Bitcoin or Ethereum
There are many exchanges that allow you to buy Monero using other major cryptomonies, such as Bitcoin or Ether. The advantage of using this method is that the fees for these exchanges are generally lower, compared to those that accept fiat money.
If you don’t own any cryptomoney but still wish to use this method, you must first go to an exchange like Coinbase, which is shown in the image below. Coinbase is a very easy to use exchange where beginners can buy Bitcoin and/or Ether with trust money, so I recommend you start there.
How to buy monero on Binance
The registration process on Coinbase is very simple and easy to use. You can check the fees charged by Coinbase here.
Once your account has Bitcoin deposited, you can start the process of buying Coinbase. To do so, you’ll first need to transfer the Bitcoin to a Monero compatible exchange.
There are many exchanges that support Monero. Some of the most popular are:
- Binance
- Bittrex
Poloniex
In this guide, we will focus on Binance, one of the most used platforms, with a daily turnover of around $1.89 billion. Binance charges a transaction fee of about 0.1%.
Step 1: By clicking here, you can create a Binance account by filling out the information below.
Once you complete this information, you will receive a verification link by email. You will need to verify it and log in to proceed.
Step 2: When you log in for the first time, you will have the option to enable 2FA (2-Factor Authentication) for your account. I strongly recommend that you do so to ensure the security of your funds.
You will also be required to present an identification document, such as your passport or driver’s license. When you send them, your account can be activated anywhere within 12-24 hours.
Step 3: When you log in, go to the “Funds” tab and click on deposit. You will see a drop-down menu to select the cryptomoney you need to deposit. When you select Bitcoin, you’ll be shown a deposit address, which you’ll need to write down or copy. (If you choose Ethereum, an Ethereum address will be displayed instead).
Step 4: You must send your Bitcoin from Coinbase to this address. Bitcoin takes 10-20 minutes to make the deposit.
Step 5: You can now buy XMR by going to the “Exchange” tab on the home page and locating the XMR/BTC pair. Then you have to click on Buy Monero and you will receive XMR!
