How to Buy Monero (XMR) in 2024 – 5 Easy Steps

Monero (XMR) is one of the leading privacy-focused cryptocurrencies currently in the market. Despite dropping by over 70% from its record high, many remain optimistic about its future prospect when the next altcoin season starts.

As such, many investors are exploring ways how to buy Monero in order to capitalize on the dip in price. In this guide, we’ll walk you through what you need to do to buy XMR in just five simple steps. Whether you’re a beginner or an experienced trader, purchasing Monero has never been easier.

What is Monero?

Founded in 2014, Monero (XMR) is a decentralized cryptocurrency known for its strong focus on privacy and security. Unlike Bitcoin, which offers pseudonymous transactions, Monero provides enhanced privacy features by blurring or obfuscating transaction details such as sender, recipient, and amount.

This means it is harder to track transactions using Monero, giving participants in the trade greater anonymity.  Due to this, Monero is often described as a fungible private coin, where 1 token has similar features to physical cash, as the origins of the banknote are obscure.

At the time of writing this, Monero has a total market capitalization of $2,552,075,526, with one token costing $137.29. In May 2021, the price hit a record high of $517.62 per token.

How to Buy Monero in 5 Easy Steps

Now that you have some background knowledge let’s take you through these simple steps to buy Monero (XMR). and start your journey into the world of privacy-focused cryptocurrencies:

1) Choose a Crypto Exchange

Knowing where to buy Monero can be difficult, hence why it is the first step in the process. Find a crypto exchange that supports Monero trading. Look for exchanges with a solid reputation, high liquidity, and a user-friendly interface. We like MEXC for these reasons and its 0.1% spot trading fees.

Simply visit the MEXC official website and click “Sign Up.” You will then be given multiple options to register.

2) Complete Verification

Once you’ve chosen an exchange and created an account, you will then need to complete the necessary verification process. This will require you to provide personal information and verify your identity to adhere to regulatory obligations.

3) Deposit Funds

After completing verification, you can now deposit funds into your exchange account. Most exchanges offer various deposit methods, including bank transfers, credit/debit cards, and cryptocurrency deposits. However, this can vary with crypto deposits, and some exchanges only accept USDT.

4) Prepare Order

So you now have a funded account. Navigate to the trading platform on the platform and locate the XMR Monero trading pair. This will be USDT or USD. Enter the amount of Monero you wish to purchase and review the order details before proceeding.

5) Buy Monero

Finally, place your buy order to acquire Monero. Once the transaction is complete, the purchased XMR will be credited to your Monero wallet.

Where to Buy Monero in 2024? The Best Places

Now that you know how to buy XMR, let’s explore the best exchanges to use to complete your purchase. There is an array of centralized exchanges to use to buy Monero with a debit card. Finding the right one for you can be difficult as there are many aspects to consider.

From transaction fees, reputation, safety, and security amongst other factors. We have reviewed three exchanges that provide a good alternative to buy XMR and other cryptocurrencies.

1. MEXC – High Liquidity Exchange with Low Fees and a Wide Range of Markets

MEXC is a leading cryptocurrency exchange known for its high liquidity and competitive trading fees. It provides a seamless trading experience and supports various deposit options, making it convenient for users worldwide. It supports Monero and offers a streamlined way of buying Monero. Users can also trade Monero with thousands of other assets.

Since its inception in 2018, MEXC has gone on to obtain over 10 million customers from as many as 170 countries across the globe. It has done this by offering a comprehensive trading experience with over 2,000 different crypto pairs for investors to choose from.

It also offers customers a competitive fee structure and charges 0.10% for spot transactions. Additionally, MEXC is licensed in Australia, Canada, and Switzerland.

Pros

• Over 2,000 crypto pairs
• Bonuses for new customers
• Competitive commission
• Staking

Cons

• High withdrawal fees

Visit MEXC

 

2. eToro – Social Trading Platform with Transparent Fee Structure

eToro is a user-friendly platform that offers a wide range of cryptocurrencies and is perfect for beginners in the market. Leveraging its intuitive interface and social trading features, eToro customers are able to copy trades from more experienced investors. It’s one of the best social trading platforms on the market.

Its fees for crypto trading are very transparent, charging a 1% fee for opening and closing a transaction. There are no other commissions for buying and selling crypto on eToro.

eToro is one of the biggest centralized exchanges in crypto trading, with over 30 million users on its proprietary platform. At present, it has 70 tradable cryptocurrencies and is regulated in all major jurisdictions, including the United States and Europe.

Pros

• Transparent crypto fees
• Social and copy trading tools
• 24/7 customer service

Cons

• $5 withdrawal fee

Visit eToro

3. Binance – Well-known and Global Centralized Exchange for Beginners

Binance is one of the largest and most popular cryptocurrency exchanges globally, offering a robust trading platform and extensive selection of cryptocurrencies. This includes over 1,500 trading pairs and 402 other major cryptocurrencies.

With its advanced trading tools and security features, Binance is a preferred choice for experienced traders. This is mainly due to the platform’s liquidity, with its 24-hour trading volume above $65 billion.

Each trade carries a standard fee of 0.1% for its regular users, in addition to a margin interest fee for carrying over a position from one day to the next. This varies depending on the crypto being traded.

Pros

• Global brand
• 24/7 customer support
• High market liquidity

Cons

•  3.75% fee for debit card deposits

Visit Binance

How We Ranked The Best Places to Buy Monero

So we’ve now looked at how to purchase Monero and the best places to do so, but how did we judge this? We evaluated the cryptocurrency exchanges above based on several key factors to determine the best places to buy Monero. Our methodology considered factors such as Monero trading volume, exchange history, reputation, trading fees, and deposit options to ensure a comprehensive assessment.

Monero Trading Volume – 25%

Trading volume is a crucial indicator of liquidity and market activity. Exchanges with higher trading volumes typically offer better price stability and faster order execution, making them more attractive for traders. We prioritized exchanges with substantial Monero trading volume to ensure optimal trading conditions for users.

MEXC is near the top 10 of all crypto exchanges when it comes to Monero trading volume. Its daily average currently stands at $3.4 million.

Exchange History and Reputation – 25%

Secondly, the history and reputation of an exchange play a significant role in determining if it’s trustworthy and reliable. We conducted thorough research to assess each exchange’s track record, including factors such as security incidents, regulatory compliance, and user feedback. Exchanges with a positive reputation and a proven history of secure operations received higher rankings.

Along with MEXC, eToro has a great reputation and has been around since 2007. As a result of its reputation, Elon Musk’s platform X (formerly Twitter) agreed to enter a partnership with the exchange, allowing users to trade using the platform.

Lowest Trading Fees – 25%

Especially for beginners trading fees can significantly impact your trading profitability. We compared the fee structures of different exchanges, including maker and taker fees, withdrawal fees, and other applicable charges. Exchanges offering competitive and transparent fee structures were given preference in our rankings.

All three platforms offer competitive and transparent fee structures, with MEXC standing out by offering favorable fees of 0.10% per trade.

Most Deposit Options – 25%

Lastly, having a wide range of deposit options provides users with greater flexibility and convenience when funding their accounts. We assessed exchanges based on the variety of deposit methods they offer, including bank transfers, credit or debit card, and cryptocurrency deposits. Exchanges with the most diverse deposit options received higher rankings.

How to Safely Store Your Monero

After purchasing Monero with an exchange, it’s essential to store it securely to protect your investment. Although some exchanges offer an easy way to buy Monero anonymously, they can be susceptible to hacks. For example, HTX suffered a hack of $258 million in 2023. As a result, it can be advisable to find a different Monero wallet to hold your XMR.

If you plan on holding your XMR for a while, consider using a reputable self-custody cryptocurrency wallet, such as a cold wallet like Ledger Nano or Trezor or a software wallet like Zengo. These wallets offer robust security features to safeguard your Monero against unauthorized access and potential cyber threats.

Many investors use centralized exchanges to day trade whilst using self-custody software or hardware wallets to store the majority of their XMR tokens.

Where Can You Spend Monero?

Monero’s privacy features make it ideal for various use cases, including private transactions, online purchases, and donations. While its acceptance is not as widespread as Bitcoin, an increasing number of merchants and online platforms are beginning to accept Monero as a payment method.

One example of this is HostMeNow, which allows users to buy domain names, web hosting, and VPNs using XMR tokens. Travala lets you use XMR to book your next holiday through their online travel agency.

Conclusion

This guide should have taught you how to get Monero and emphasized the importance of choosing the right exchange. By considering factors such as trading volume, exchange reputation, trading fees, and deposit options, you can choose an exchange that meets your needs and preferences.

With the right exchange, you can confidently purchase Monero and explore the world of privacy-focused cryptocurrencies. Aside from Monero, here are some of the best altcoins in 2024 that you may also consider.

FAQs

How do I buy Monero with a debit card?

Several cryptocurrency exchanges, such as MEXC, allow users to buy Monero with a debit card. Simply sign up for an account, complete verification, and deposit funds using your debit card to purchase Monero.

What is the best way to buy Monero?

The best way to buy Monero depends on your preferences and location. Consider factors such as exchange reputation, trading fees, supported deposit methods, and security features. Mexc is at the top of our list as a platform to buy Monero.

What is XMR for?

Monero (XMR) is a privacy-focused cryptocurrency designed to provide anonymous and untraceable transactions.

Where are the best places to buy Monero?

Some of the best places to buy Monero include reputable cryptocurrency exchanges like eToro, Mexc, and Binance. These exchanges offer competitive trading fees, high liquidity, and reliable services for buying and trading Monero.

References

1. Twitter enters partnership with eToro (CNBC)
2. Crypto exchange HTX suffers $258 million hack (Bloomberg)