Do you want to invest in digital currencies and diversify your cryptocurrency portfolio? Have you ever thought about the Monero (XMR)? An investment in this cryptocurrency could indeed prove to be very interesting for you. How to invest in Monero? Discover our guide to join the XMR trading community.
Why invest in Monero?
Monero (XMR) is a unique cryptocurrency by its primary ambition to offer completely confidential and untraceable transactions. Monero is best described as one of the best privacy coins (anonymous cryptocurrencies) available on the cryptocurrency market.
Among other things, purchasing Monero allows you to:
As with all cryptocurrencies, investing in Monero can be risky. Indeed, its status as an untraceable cryptocurrency could make it a victim of regulations on the part of certain governments. We recommend that you carefully assess the potential risks and consequences of investing in XMR before you start.
On which platforms to buy Monero?
Buying Monero can be a little more difficult when compared to other cryptocurrencies. Indeed, not all platforms offer lXMR exchange for Fiat currencies (euro, US dollar) and users must first acquire another cryptocurrency and then exchange it for Monero, respecting the list of pairs on the platform. Cryptocurrency is still listed on notable platforms, which gives you the ability to buy it securely.
How to buy Monero on Kraken?
Founded in 2011, Kraken is an American exchange platform with good implementation in the European market. One of the best trading and trading platforms, Kraken offers Monero in particular at competitive exchange costs.
Registration and login on Kraken
To register with Kraken, go to the registration page and fill out the form with your email address, username and password. Remember to validate your account by clicking on the link sent to your email address.
Before you start trading, you will first need to fill out give additional information to verify your identity and thus raise the level of your account. These checks are divided into 3 levels:
- Level 1, including your full name, email address, primary address and a telephone number;
- Level 2 where you will need to add your profession, an identity document, proof and a photo of yourself;
- Level 3 which will ask you for an anti-money laundering audit and your financial statements.
The higher your level, the more features your account will have. We recommend that you reach level 2 to be able to make deposits in cryptocurrency and Fiat currency. Feel free to follow our full guide to using the site.
Spotting Monero on Kraken
Once your verification is complete, go to the “Transaction” page, from which you can consult the exchange pairs concerning Monero: Monero / Euro (XMR / EUR), Monero / US Dollar (XMR / USD) and Monero / Bitcoin (XMR / XBT). Use the drop-down menu to find the right pair for you.
Purchase of Monero on Kraken
You must first deposit one of the currencies necessary to purchase Monero, that is, the euro, the US dollar or Bitcoin. If you use fiat currencies, use a bank card, or in the case of the euro, a free and free SEPA transfer which is made within 24 hours. Finally, Monero is purchased by selecting the “New order” tab on the “Transaction” page: select the currency pair of your choice and indicate the amount you want to get your Monero.
How to buy Monero on Binance?
Founded in 2017, Binance is a global exchange platform for trading Bitcoin and more than 100 altcoins (alternative cryptocurrencies), including Monero.
Registration and login on Binance
To register on Binance, go to its registration page, enter your email address and create a password. You will receive an email with a link to confirm your address.
Location of Monero on Binance
Monero is among the other cryptocurrencies on the “Markets” page. Select the market of your choice and type “XMR” in the search bar. You can buy Monero with Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH) or Tether (USDT).
Purchase of Monero from Binance
If the platform does not yet accept all fiat currencies, it has launched the crazy bet to authorize the trading of nearly 180 fiat currencies for 2020, to allow the greatest number of Internet users to invest in cryptocurrencies. . But until this project comes to fruition, you will first transfer one of the 4 cryptocurrencies previously listed on your account to purchase Monero. Then select the trade pair of your choice to purchase your XMRs.
How to buy Monero on Bitfinex?
Bitfinex, a cryptocurrency exchange headquartered in Hong Kong, also offers the purchase of Monero via Fiat currency or cryptocurrency.
Registration and connection on Bitfinex
To register on Bitfinex, go to its home page and click on “Sign up”. Create your username and password to authenticate yourself.
Locating Monero on Bitfinex
You can view Monero pairs on the main Bitfinex page. Select USD (US dollar) or BTC (Bitcoin) and look for the XMR symbol to start your transaction.
Buying Monero from Bitfinex
Before you can buy Monero on Bitfinex, you must first deposit USD or Bitcoin into your account. Then select the trade pair of your choice on the home page. An interface opens: you can do your exchanges and get your XMRs.
What to remember about the purchase of Monero?
Monero, which you can find for purchase on the Kraken, Binance Coin and Bitfinex platforms, is a cryptocurrency with unique privacy properties. Investing in this altcoin could prove to be very attractive. And while buying XMR is slightly more complex than other digital currencies, Kraken platform CEO Jesse Powell suggests a bright future for this anonymous cryptocurrency.