Buying Monero is very easy these days. If you want, you can use cash, card – even PayPal! However, you still need to follow a few steps to do it – that’s why we made this easy tutorial for you! It is separated into parts – just follow the one that matches your purchase method.
- Buy Monero with Credit Card or Debit Card
- Keep your Monero secure with hardware wallet
- Frequently Asked Questions about Monero
How to Buy Monero with Credit Card or Debit Card?
No matter what people say, it’s easy to buy Monero with a credit card.
Your first step will always be buying Bitcoins or Ethereum with your credit card. They can then be converted to Monero.
Follow these steps:
- Buy Bitcoin or Etherium at an exchange you like.
- Transfer Bitcoin or Etherium to an exchange that supports Monero currency.
- Finally, exchange Bitcoin or Etherium to Monero.
Please follow our step by step guide bellow to buy Monero.
1. Create an Account on Coinbase
To buy Ethereum from Coinbase – which you will exchange for Monero (XMR) later – you have to create an account at Coinbase. Click this link here to create an account .
Click ‘sign up‘ button and fill out the form. Enter your name (it has to be exactly the same as it’s written on your photo ID), email, password and location.
Coinbase is regulated by the US government and follows strict financial rules. As such, they have to verify your identity. It takes some time and effort, however, this makes Coinbase the reputation of the must trustworthy way to convert regular currency into cryptocurrency.
Verify The Coinbase Account
Since Coinbase needs to verify your account, you have to give them your phone number, upload an image of your photo ID and verify your card (credit or debit) or back account. Only then will you be able to buy cryptocurency.
If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It is cheaper to use bank transfers, but it is slow – it can take up to a week to get your coins.
When your payment details are verified, click ‘buy/sell’ button on the top menu.
Select ‘Ethereum’, and enter how much money you want to spend/how many coins you want to buy in the windows on the bottom of the page.
Once you have done that, click the ‘Buy‘ button.
You will now have to confirm you purchase.
Do this by pressing the ‘Confirm Buy‘ button.
You now own some Ethereum. However, don’t close Coinbase yet – we’re going to use it later!
2. Exchange your Ethereum for Monero (XMR)
As we mentioned, you need to exchange your Etherium to Monero. In our tutorial, we’re going to use Binance as the website to exchange Ethereum for Monero.
Click this link to go to Binance, then click ‘Register’ on the top right.
3. Create an Account on Binance
An email will be sent to confirm your email address. Click the link in the email to proceed.
Clicking the link will take you back to Binance and confirm your email address. Press ‘Login’. You will now be taken to a log in form. Enter the email address you used to sign up and the password, then press ‘Login.’
A pop-up will show up to advise you to set up 2FA – two-factor authentication – on your account.
Do this to protect your money – even if a hacker gets your Binance password, the second level of verification will almost certainly prevent him from getting into your account.
Our recommendation is to use Authy app available on your smartphone or web browser.
4. Get Ready To Transfer Ethereum from Coinbase to Binance
Hover the mouse cursor over ‘FUNDS’ on the top menu, then click ‘Deposits’.
The new screen will show how many coins you have stored on Binance – currently, you have none.
Type ‘Ethereum’ in the search box.
Find Ethereum in this list.
You will be given a long string of numbers and letters – this is your Ethereum deposit address.
Copy this address and save it/write it down somewhere safe. You’re going to need it soon.
Note: Make sure that you really selected Ethereum (ETH) – sending your coins to the wrong wallet will destroy them. if you send your coins to the wrong wallet you will lose them.
5.Transfer Ethereum From Coinbase To Binance
Get back to Coinbase. If you followed our advice, it should still be open.
Click ‘Accounts’ from the top menu bar and find your Ethereum wallet on the left.
Paste/write in the Ethereum wallet address from Binance into the ‘Recipient’ box.
In amount box, type in the amount of Ethereum you want to transfer (if you want to send it all, use the ‘use max’ option).
Coinbase can ask your for a confirmiation via password/phone. Follow the instructions and Coinbase will confirm that the Ethereum coins are sent.
You will have to wait for a few minutes for the Ethereum coins to be move to Binance.
Usually, it takes between 20 and 60 minutes for coins to appear in your Binance wallet. This depends on network load and it might take longer during busy times. Don’t panic.
Binance will update automatically – you don’t need to refresh the page.
6. Exchange Ethereum for Monero (XMR)
Once the Ethereum shows up in your ‘available balance’ on Binance, you are read to exchange/trade it for Monero.
Click this link to go straight to straight to the XMR/ETH exchange on Binance.
Do not be alarmed! Not everything on the exchange page is important to us. We are only going to use a small part of it.
You can buy coins in two ways:
‘Limit’ order: you can set the price at which you want to buy XMR yourself.
‘Market’ buy: fills out your order at the best price available automatically.
Market buy is more simple, so we are going to use that.
Find the big green ‘Buy XMR’ button.
Click the ‘Market’ option in the window above the button.
Fill in the amount of XMR you want to buy into the input box labeled ‘Amount.’ You can use the percentage buttons under the box to make the process easier. For example, if you want to trade 50% of your Ethereum for XMR, click the 50% button.
Once you have entered the amount you want in the box, press the buy button.
Your order will be carried out immediately.
7. Check Your Monero (XMR) Balance
You should now click ‘Funds‘ in the menu bar on the top, then go to ‘Balances’.
Type XMR in the search box. This will display the amount of XMR in you now have in your XMR Binance wallet.
You can now leave your coins on Binance, where they should be reasonably safe. However, exchange site hacks happen and people get robbed of their money. We recommend keeping your coins in a personal wallet.
Secure Monero (XMR) Hardware Wallet:
Cryptocurrency Exchanges are always on hackers radar, so it’s always safer to keep your cryptocurrency in a wallet.
Ledger Nano S
- Supports Multi-Currency
- Built-in Display
- Multi Apps
- Backup & Restoration
Frequently Asked Questions
Can I Buy Monero With PayPal?
You cannot directly buy Monero with PayPal at this time. If you wish to use PayPal, you will have to buy bitcoin first and then exchange bitcoins for XMR by using a service like Binance.
Can I Buy XMR With Cash?
You cannot directly buy Monero with cash. Even if some ATMs support Monero, they are less than 1% of all cryptocurrency ATMs.
If you want to buy with cash, you will have to buy bitcoin first and then exchange bitcoins for XMR using a service like Binance.
Can I Buy Monero With Bitcoin?
Yes, you can do that easily by using Binance to exchange bitcoins for Monero.
Can I Buy XMR With Skrill
Europeans can use BitPanda to buy bitcoins or ethereum with Skrill. Ethereum or BTC can then be converted into Monero on Binance.
Can I Buy Monero With Ethereum
Yes, you can do that easily by using Binance to exchange Ethereum for Monero.
Which is the best payment method to use?
The cheapest way to do it is to buy bitcoins with bank account (or Monero directly with bank account) and exchange the BTC for Monero.
The fastest way is to buy Monero with a credit card, but you will be charged higher fees.
How Can I Protect XMR Once I Purchase It?
You should store your Monero in a secure wallet. Leaving Monero on an exchange just puts you at risk of losing money if the exchange gets hacked. Your account could also get hacked, which is why it’s important to use 2FA.
How Can I Sell Monero (XMR)?
Binance and Changelly are good places to exchange your XMR to any other cryptocurrency. If you want to exchange it to regular currency, trader XMR for bitcoin and exchange BTC into dollars, euro, or other currencies.
Can I Mine Monero Instead Of Buying It?
You cannot mine Monero as it has a different network structure than Bitcoin. You can only purchase Monero from an exchange.