How To Buy Monero (XMR) – Forbes Advisor UK

Monero (XMR) is a crypto project that claims to offer transactions that are more anonymous than those on other blockchains such as Bitcoin or Ethereum.

Monero’s creators say that, because Bitcoin and Ethereum transactions are recorded on transparent blockchains, they can be used to identify those who make them. Monero claims its technology makes transactions confidential and untraceable.

Launched in 2014, XMR is the native currency of the Monero blockchain and has a market capitalisation of £2.3 billion. XMR was trading at £130 at the time of writing, down from its May 2021 peak of £340.

Remember: Investment, including cryptocurrency trading, is speculative and your capital is at risk. You could lose some or all of your money.

Choose an exchange

You can buy XMR from a crypto exchange, which is a website or mobile app traders use to buy and sell cryptocurrencies.

There are lots of exchanges to choose from, and we’ve ranked what we think are the 10 best crypto exchanges, but you’ll need one that at least trades in XMR. For example, while major exchanges such as Kraken and Binance offer XMR, Coinbase does not.

Another consideration is whether an exchange offers an integrated wallet in which to store your public and private keys – two essential components for buying and selling cryptocurrencies.

Also, check what kind of fees apply for things like withdrawals, debit card payments and so forth.

Choose a payment method

If you can pay via direct bank transfer, it’s usually either fee-free or the most cost-effective option. Many exchanges accept debit cards for deposits but charge typical fees of 2.99%.

It’s generally considered a bad idea to buy cryptocurrencies using credit. Cryptocurrencies are volatile and you could easily end up debts bigger than the value of your crypto assets.

Make a purchase

Once you’ve decided how you’re going to pay, navigate to the XMR page within your chosen exchange’s website or app and enter the amount you want to spend. Confirm the purchase and you should get an email confirming the transaction. You should soon see the XRM you’ve bought in your account within the exchange.

Choose a storage method

Several crypto exchanges have been the targets of high profile attacks from hackers, with users losing significant sums of crypto. While the exchanges do everything they can to keep customers’ private and public keys secure, they’re a lucrative target for criminals.

If you’d prefer not to hold your keys in your exchange’s integrated wallet, you can either pay for a non-custodial wallet with a third party provider, or buy a storage device like a flash drive to keep your keys in.

Wallet providers are also a target for hackers but are good for accessibility because if you somehow lost your wallet credentials, the provider may be able to help you get your keys by verifying your identity.

Offline ‘cold wallets’ are more secure against hackers because they’re not connected to the internet. Whenever you plug one into a web-connected computer, however, you’re closing the ‘air gap’ that prevents bad actors from accessing your keys. Also, if you lost your seed phrase that secures your cold wallet, you could be locked out from your keys and, effectively, your assets.

Choosing a storage method comes down to how you want to balance security against accessibility.