How to Buy Monero (XMR) | Step by Step Guide

How to Buy Monero XMR

While there are a number of privacy focused cryptocurrencies, Monero (XMR) currently has the largest market capitalization in this group of coins. As such a popular coin, there’s plenty of cryptocurrency exchange options for those looking to invest in Monero. In this guide, we’ll show you step-by-step how to buy Monero using another Cryptocurrency (Bitcoin, Ethereum, etc.) or fiat currency (USD, EUR).

You can navigate this guide using the following links:

If you’re interested in buying Monero, chances are you already own other cryptocurrencies. Using Bitcoin (BTC) or Ethereum (ETH) to trade for Monero is arguably the easiest ways to obtain Monero.

The following exchanges are our preferred options to trade another crypto for Monero:

Exchange Accepts U.S. Residents Deposit / Buy Methods Trading Fees Withdrawal Limits
Binance logo

Visit Binance

Yes Cryptocurrency 0.1% 2 BTC / 24 hours for unverified accounts

100 BTC / 24 hours verified accounts

Bittrex Logo

Visit Bittrex

Yes Cryptocurrency 0.25% 0.4 BTC / 24 hours for basic verified accounts

100 BTC / 24 hours Enhanced Verified Accounts

Visit Bitfinex

No Cryptocurrency /

Bank Wire

0.2% or less Unlimited Cryptocurrency Withdrawals

Fiat users must verify accounts which takes 6-8 weeks.

If you don’t already own either of these cryptocurrencies, you can learn how to buy Bitcoin and Ethereum here.

Buying Monero on Binance with Bitcoin or Ethereum (Step-by-step Guide)

Unless you’re already signed up to one of the other exchanges in the table above, Binance should be the easiest way to buy Monero with cryptocurrency. Binance requires very little information to create an account and currently allows unverified users to withdraw the equivalent of 2 BTC every 24 hours. Assuming those limits suit your needs, you should only have to provide Binance with your email address and create a password to use their services.

Read our complete Binance Review for more info about this exchange.

1) Create Your Binance Account

The first step is to sign up for a Binance account. Registration is simple, only requiring an email address and to create a password.

Binance Sign up Register

Once you've submitted the registration form, you'll need to verify your email address. This is simply done by clicking the link Binance has emailed you.

Binance Email Sent Sign Up Confirmation

2) Secure Your Binance Account

Upon logging into your account for the first time, you'll likely be prompted to enable 2-Factor Authentication (2FA). While this is not required, it's highly recommended.

Binance 2FA Prompt

2FA helps to secure your account by requiring an additional passcode when login attempts are made.??Binance offers 2FA through the Google Authenticator App and SMS text messaging. We recommend using Google Authenticator, as SMS 2FA has known security vulnerabilities.

Once you select Google Authenticator, Binance will show you step-by-step how to set it up.

Binance Google Authenticator Set Up

You can also set up 2FA at any time from your "Account" page.

Binance Account Page

From your "Account" page, you'll also be able to submit verification documents, should you need higher withdrawal limits than the default 2 BTC equivalent per 24 hours.

3) Deposit Bitcoin or Ethereum to Binance

Locate the "Deposits" page, under "Funds" in the main menu. Here you can search for the cryptocurrency you want to deposit. We recommend Ethereum over Bitcoin, as it's faster and has lower network fees (fees from their respective networks, not Binance).

In this example, we'll be depositing 1 ETH.

Binance Deposit Ethereum Step 1

Once you've selected the cryptocurrency you want to deposit (in our case Ethereum), Binance will give you an address where you can send your deposit.

Binance Deposit Ethereum Step 2

After you've sent funds to the given address from your cryptocurrency wallet, your deposit will soon show up as pending while it completes the required number of block confirmations. For our ETH deposit, it took about 5 minutes for our deposit to be completed. Other cryptocurrencies like Bitcoin, that have longer block confirmation times, will take longer to deposit.

Binance Pending ETH Deposit New

Step 4) Buy Monero on Binance Using Bitcoin or Ethereum

Once your deposit has been completed, locate the exchange (1). The Binance exchange has a “basic” and “advanced” view. As the name suggests, the basic version is simpler to use and is what’s shown in the image below.

Next, locate the trading pair you’re looking for (2). This should be either “XMR/BTC” or “XMR/ETH”.

After going to the Binance exchange page for your trading pair, you can place your order in the “Buy XMR” section (3). You have the option to place a market or limit order.

Binance How to Buy Monero XMR

A market buy order, like the one I made in this example, will automatically buy the amount of Monero you’ve entered at the best possible price.

A limit order allows you to enter the amount of XMR to purchase, while also allowing you to set a limit as to what price you’re willing to pay. Keep in mind, there’s no guarantee your limit order will get filled as there may be no other exchange users willing to sell at your specified price.

After your purchase is complete, your Monero will be available in your Binance Monero Wallet. Click “withdrawal” to send your XMR to a wallet outside of Binance.

Binance Monero XMR Wallet and Withdrawal

Buy Monero on Binance

The Alternatives

If you choose to use Bittrex or Bitfinex you can expect a very similar process as shown above for Binance. Here’s a few things you should know when considering those options:

  • Bittrex is a great option for trading cryptocurrencies. Like Binance, Bittrex offers a cryptocurrency only exchange with many cryptos available for trading. The downside when compared to Binance is you’re required to provide more personal information to be able to withdraw funds. Considering this is a guide to buy a privacy focused cryptocurrency, it’s likely some of you reading this would rather avoid that. We do not condone using Monero or any cryptocurrency for illegal activities, but we do respect your right to privacy. Even disregarding privacy, Binance simply offers an easier and faster process for buying Monero with cryptocurrency than Bittrex.
  • Bitfinex requires very little information to use their exchange (comparable to Binance). They however no longer accept U.S. residents and will not allow you to create an account if they detect a U.S. based IP address. Users also must have a minimum account equity equivalent to $10,000 to use the Bitfinex platform.

Unfortunately for those looking to buy Monero with fiat currency (USD, EUR) rather than cryptocurrency, there’s a very limited number of options available.  Of the options that do exist, Kraken is the only one we currently feel comfortable demonstrating. A large list of Monero markets can be found here, but please keep in mind any alternatives we haven’t listed may be new exchanges, have low trade volume, or have a subpar reputation in the cryptocurrency community.

Before starting the guide, it should be noted we feel that Kraken can be a pain to use. The account creation and verification process can be tedious. We also view the functionality of the site as being overly complicated and poorly designed.

With that said, here’s a step by step guide on how to use Kraken to buy Monero with U.S. dollars and Euros.

Step 1) Sign up to Kraken

On the homepage of Kraken, you’ll find a signup form prominently displayed. This form requires an email, username, and password.

Kraken Sign Up

In my experience signing up, I was taken to an additional signup form shown below. Here I was required to enter my country of residence and timezone. You’ll also have the ability to set up a “Master Key” at this point, which can be explained further by clicking on “What’s this?”.

Kraken Sign Up Continued

After submitting all signup form, you’ll be required to verify your email address by following the instructions Kraken has emailed you at this point.

 Step 2) Secure and Verify Your Account

After you first login, you’ll be taken to the following page of your Kraken account:

Kraken Post First Login View

When setting up an account at any cryptocurrency exchange, it’s always recommended to enable 2-Factor Authentication (2FA) before depositing any funds. 2FA provides an extra layer of security for accessing your account.

This can be done by navigating to “Security > Two-Factor Authentication”. Personally, we favor using Google Authenticator, but Kraken offers a variety of 2FA options. At minimum, you should at least enable 2FA for account login.

Kraken 2FA

Next, you’ll need to locate the verification page of your account. Kraken has 4 tiers of verification (shown in the following two images).

Assuming you want to deposit fiat currency like USD or Euros, you’ll need to be verified to tier 2 or tier 3 depending on your location. Residents of the United States will need to reach tier 3 verification if they are “using domestic USD funding”.

Kraken Account Identity Verification 1

Kraken Account Identity Verification 2

Tier 3 in particular can be a pain, as you’ll be required to upload the following images:

  • Government issued ID
  • Proof of residence (Utility bill, bank statement, credit card, etc)
  • A picture of you holding your ID with a piece of paper where you’ve handwritten “only for trading digital currency on”.

Step 3) Deposit Funds onto Kraken

Once you’ve reached the necessary verification tier, you’ll be able to make a deposit. Deposits can be made by accessing “Funding > Deposit” in your Kraken account.

Kraken accepts fiat deposits in USD, EUR, CAD, and JPY. Currently Kraken only accepts these deposits through bank transfer and does NOT accept credit cards, paypal, or any similar methods.

Depending on your location and bank transfer method, the time and ease of your deposit may vary.

Kraken Funding Deposit Fiat USD, EUR, JPY, CAD

Step 4) Buy Monero on Kraken

After your deposit is completed and funds are available in your account, it’s time to (finally) buy Monero.

Locate your trading pair using the drop-down menu in the upper left-hand corner. Monero (XMR) is currently traded in EUR, USD, and Bitcoin (labeled as XBT) on Kraken.

Next click “New Order” to be taken to the order form. Kraken has three order form options – “Simple”, “Intermediate”, and “Advanced”. The simple version is of course the easiest to use and the one demonstrated in the example below.

You’ll have the option to place a market order or limit order. I chose to place a market order for simplicity.

When placing a market order, enter the amount of Monero (XMR) you want to purchase and click “Buy XMR”. Your order should automatically purchase the specified amount of XMR at the best available price.

Kraken How to Buy Monero With USD and Euros

This experience was very “buggy” for me. Nothing happened the first two times I attempted to place an order. Finally, after my third attempt of refreshing the form and placing an order, my order was filled.

The Monero I purchased was then available in my “Balances” and viewable in “Trade > Overview”.

Kraken Monero Balance

With Kraken being “buggy”, be careful not to place duplicate orders and buy more than your desired amount. Due to this poor experience using Kraken, I’d recommend that you consider using Bitcoin or Ethereum to make a Monero purchase from another exchange. We’ll be sure to update this page when we feel there’s a better method to buy XMR with fiat currency.

Buy Monero on Kraken

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