I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank GogolHow to Buy Monero
Updated on April 10, 2024
Written by
Written by
Reviewed by
Rohit Mittal
Reviewed by
Rohit Mittal
Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.
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At a Glance: Monero is a privacy-focused cryptocurrency designed for secure fund transfers. Unlike Bitcoin, it doesn’t support smart contracts. Monero’s blockchain ensures privacy by keeping account balances and transaction data hidden. To buy Monero (XMR), use a centralized cryptocurrency exchange, choose a Monero wallet for storage (hardware wallets being more secure but expensive), find an exchange that sells XMR (with potential restrictions), withdraw the purchased XMR to your wallet, and be aware of KYC regulations for identification. The value of Monero fluctuates, and credit card purchases may require additional steps.
One of the latest trends in blockchain technology is privacy. On the Monero blockchain, the balances and transaction history of every address cannot be viewed publicly. This privacy-first approach has led to a lot of interest in Monero in 2021. If you want to take advantage of this growing interest, read on to learn how to buy Monero.
What is Monero?
Monero is a currency-only blockchain, meaning its only purpose is to facilitate the transfer of funds between accounts. Like Bitcoin, Monero does not support smart contracts.
Monero is part of the new generation of public blockchains that emphasize privacy. Account balances and transaction data on the Monero blockchain are not publicly viewable.
Interest has been growing in Monero as a cryptocurrency that is closer than any other to the full anonymity of cash transactions.
How to Buy Monero
Monero is the native coin of the Monero blockchain. The only way to buy it is to use a centralized cryptocurrency exchange.
However, financial authorities around the world have been somewhat hostile towards Monero’s privacy concept. That means that it may be difficult for you to find a crypto exchange that will sell you XMR.
The instructions below will help you figure out how to buy Monero.
Choose a Monero Wallet
When you buy XMR from an exchange, you can choose to keep it in your account on the exchange or transfer it to a Monero wallet. It is considered best practice to store your crypto in a crypto wallet that you control.
In addition, hardware wallets are more secure than software wallets. This extra security is because a hardware wallet cannot be compromised if your computer gets hacked, whereas that is possible with a software wallet.
Unfortunately, hardware wallets are significantly more expensive than software wallets. Most crypto software wallets are free to use, whereas a hardware wallet can cost several hundred dollars.
However, if you can afford it, a hardware wallet is a valuable investment in the security of your crypto.
Many crypto wallets are compatible with multiple blockchains so you can use a single wallet to store lots of different assets.
The following are commonly used crypto wallets for Monero:
- MyMonero (software): MyMonero is a web wallet, which means it is a browser extension that you install and use through your web browser.
- Monero Core (software): Monero core is desktop software, which means it is a standalone application that you download and set up on your computer.
- Ledger Nano (hardware): Ledger Nano is one of the most popular hardware wallets on the market at the moment and supports multiple blockchains, meaning you can keep your bitcoin, ether, and Monero all in the same wallet. Ledger is currently the only hardware wallet that supports Monero.
Find an XMR Exchange
After you have set up your Monero wallet, you can go about finding a crypto exchange that will sell XMR to you. Even though Monero is one of the top 30 cryptocurrencies in the world, with a multibillion-dollar market value, you may find it challenging to find an exchange that will sell some to you.
This issue is because authorities around the world, including the United States, are generally against privacy-based blockchains, believing that they encourage and protect criminality by making tracking of financial flows impossible.
If you do find an exchange that sells XMR, there may be some restrictions in place. For example, you may only be able to buy it with another cryptocurrency, and not fiat currency.
You can try the following exchanges to buy XMR from:
- Kraken: A major U.S.-based crypto exchange
- Binance: One of the largest crypto exchanges in the world, but only supports crypto-to-crypto transactions. You cannot use USD or other fiat currencies to buy Monero on Binance
- LocalMonero: LocalMonero is more of a peer-to-peer marketplace that brings together Monero buyers with people who want to sell it.
Withdraw Your Monero
Once you have bought your XMR, you can withdraw it to the Monero wallet address you set up previously. Make sure that you withdraw to the correct address to avoid accidentally losing your investment.
Monero Privacy
If you are buying XMR specifically because you want to benefit from the privacy features to make payments, keep in mind that you may not be able to buy it from the crypto exchange anonymously.
To combat criminal activities like money laundering, many countries have KYC (know your customer) regulations. These regulations require financial institutions to record the identity and personal or business details of all the customers they do business with.
This process allows government officials to trace the identity of account holders if a crime is committed.
Since they provide crypto in exchange for fiat currency (normal cash), centralized exchanges based in the United States and many other countries require you to provide some form of official identification before you are allowed to use their platforms.
How to Buy Monero FAQ
Below are a few questions that people often ask about how to buy Monero.
How Much is Monero Worth?
Like all cryptocurrencies, the value of Monero relative to fiat currencies fluctuates a lot in a given period. In addition, Monero’s position in a regulatory grey area makes it even more sensitive to news of crypto regulation than other currencies.
However, as of early December 2021, the value of Monero relative to the U.S. dollar is 1 XRM to about 200 USD.
Can I Buy Monero with a Credit Card?
Yes, but probably not directly. If the crypto exchange supports credit card transactions, then you can choose to fund the exchange account with a debit card, bank transfer, or credit card. Then, you can swap the fiat currency you loaded for XMR.
However, your exchange may not support purchasing Monero with a credit card. You can get around this using the following steps:
- Buy Bitcoin or Ether using your credit card on Coinmama
- Transfer the coins you bought into a crypto wallet
- Create a Binance account
- Transfer the coins from the crypto wallet to your Binance account
- Buy XMR using your Bitcoin or Ether on Binance
- Transfer your XMR to your Monero wallet.
Read More
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
Final Thoughts
Monero is a privacy-based blockchain that attempts to mimic the anonymity of cash transactions. It has received both praise and criticism for its privacy features. In 2021, Monero gained popularity among crypto enthusiasts. If you want to buy XMR it may be difficult due to regulatory issues.
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.