Monero is a cryptocurrency launched in 2014 that has become extremely popular amongst users who wish to keep the details of their transaction private as well as with miners who do not want to compete with the ASIC miners of the likes of Bitcoin.
This article is for investors who do not want to go through the hassle of mining but are interested in buying and trading in the currency on a Monero exchange.
How to buy Monero
Monero is being hailed by some as one as one of the cryptocurrency investments for 2018. The fast-rising popularity of this coin has see its value grow exponentially over the last four years, in particular in 2017 when it was listed on one of the major Korean exchanges. Buying Monero is simple, you need to:
- Find an exchange that trades in Monero
- Get yourself verified
- Download a Monero wallet
- Buy your coins
The following exchanges are trading in Monero and are recommended on the official Monero site (http://monero.org/services/exchange/). Due to the anonymity of Monero, you will receive an id with which to trade.
- Poloniex (https://poloniex.com/exchange#btc_xrp)
trades in almost all cryptocurrencies available, including XMR. Fees are charged to Makers (those who have orders on the books before the trade) and Takers (those who place an order to match the Makers orders and effectively take it) depending on the size of the transactions. Fees are calculated on the average trading over the last 30 days. Deposits are stored offline and the site is monitored and audited 24 hours a day for suspicious behaviour to keep hackers out. Poloniex claims to be the most active digital exchange in operation. They exchange however does not have a mobile app for trading.
- Shapeshift (https://shapeshift.io/#/coins)
, allows you to buy currencies with your credit card as well as exchanging one cryptocurrency for another. Unlike other exchanges, you do not need to create an account to trade on Shapeshift and the funds are transferred directly into your wallet. Shapeshift advertises that there are no fees for trading on their platform and the exchange rate you see is the rate you get, however they do deduct a “miner fee”. Shapeshift also offers exchanges on Monero, Bitcoin and other altcoins. Shapeshift offers a mobile App.
- Bithumb (https://www.bithumb.com/)
is one of the largest exchanges based on trading volume. Based in Korea, Bithumb offers an extra service know as Bithumb Cash, which is a wallet that can be loaded on your mobile device and offers instant trading and makes trading faster and easier.
The above list is only a small percentage of the exchanges that can be used for buying and trading in XMR and are amongst the biggest and most popular. It is advisable to investigate the exchange before you start trading as the there have been reports of hacked exchanges and unverified transactions that can cause loss of your investment. Happy trading!