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Monero (XMR) is a decentralized and untraceable digital currency designed to provide secure and private transactions. A fork of Bytecoin, Monero is built on the Cryptonote protocol and uses a number of features to obscure the origin, amount and destination of transactions.
Use this guide to find out more about how this cryptocurrency works or how you can buy Monero in the US.
The easiest way to buy Monero (XMR) is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
Once verified, you can deposit AUD using the payment method that best suits you – bank transfer, PayID, POLi and credit cards are all widely accepted.
You can now exchange your funds for XMR. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking “buy.” If you like you can now withdraw your XMR to your personal wallet.
You can buy Monero on an extensive range of cryptocurrency exchanges, including:
If you want to buy XMR, here’s how to do it:
The first thing you’ll need to do is search for an account that lists XMR in one or more currency pairings or choose from our list above. Once you’ve found a suitable exchange, provide your email address and create a secure password to register for an account.
On some platforms, this is all you need to do before you can start trading. However, many exchanges require additional information, including your full name, contact details and a valid form of photo ID, to satisfy know your customer (KYC) laws. You’ll need to provide those before you can buy any Monero, and it’s also a good idea to enable two-factor authentication on your account for extra security.
Unfortunately, many cryptocurrency exchanges don’t allow you to exchange fiat currency, such as US dollars (USD), for XMR. As a result, you may need to own or buy a crypto that’s listed in a currency pairing with XMR, such as Ethereum (ETH) or bitcoin (BTC), before you can exchange it for Monero.
Navigate your way to the markets section on your chosen exchange, then search for the currency pairing you want, for example BTC/XMR. Follow the directions to buy XMR, then enter the amount you want to buy or the amount of USD, BTC, etc. you want to spend.
Before finalizing your purchase, make sure you review the full details and total cost of the transaction.
If you want to sell your XMR, look for the sell XMR instructions on your chosen exchange and then follow a similar process to that detailed in step 3 above. However, remember that as exchanges don’t list every potential currency pairing, it may not be possible to trade your XMR directly for the currency you want.
Due to the security risks associated with cryptocurrency exchanges, storing your XMR on an exchange for an extended length of time is not recommended. Instead, it’s generally safer to set up a secure wallet for storage.
You can download the official Monero wallet for Windows, Mac, Linux and other operating systems. If you’re searching for mobile and light wallets, My Monero and Monerujo are two options worth considering. A dedicated Monero hardware wallet is still a work in progress.
Monero can trace its origins back to 2012 when Bytecoin, the first real-life use of the Cryptonote application layer protocol, was launched. However, the Bytecoin blockchain was later forked and, in April 2014, BitMonero was launched.
Eventually renamed Monero, this digital coin aims to offer a feature important to many cryptocurrency users: privacy. While the world’s most well-known cryptocurrency, bitcoin, is widely perceived by the general public to be completely anonymous and untraceable, this isn’t actually the case, and it’s this lack of privacy that Monero aims to address.
An open-source, crowdfunded project, Monero offers a decentralized and anonymous cryptocurrency that it claims is untraceable, unlinkable, secure, private and resistant to blockchain analysis. It relies on three key features to ensure the privacy of transactions:
This high level of privacy also means that Monero offers fungibility, which means that every coin has equal value and is interchangeable. Because no two Monero coins are distinguishable from one another, this removes the risk of XMR being refused by vendors or exchanges due to their association in previous transactions, for example theft.
Before buying any cryptocurrency, it’s important to be aware of just how complicated, speculative and volatile this asset class can be. You’ll also need to familiarize yourself with all the risks and potential benefits of a currency before you buy.
If you’re thinking of purchasing XMR, consider the following factors first:
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