How to Buy Monero (XMR)
A Step by Step Guide
This guide will teach you how to buy Monero (XMR). We know that so many methods are available, so we made your life a little easier. Keep on reading!
*There’s a few parts to this guide (feel free to skip any depending on your needs):
Step 1. Choosing the Best Monero wallet
*If you already have a Monero wallet, you may skip to: Choosing a Monero Exchange.
Also, you don’t really need a wallet because the exchange you’re using to buy Monero already has one. It’s just safer to get one.
Choosing a wallet is pretty easy. Either go for a digital (online) wallet, or a Hardware (physical wallet). Keep in mind, hardware wallets cost money. They are the safest type of wallets though.
You can download the official Monero wallet here. (I’ll teach you how to set this up now)
There is no hardware wallet for Monero yet, but they are working with Ledger to add Monero to the Ledger Nano S!
Monero Wallet Setup
1) First, you need to download the Official Monero Wallet here. Choose the correct wallet for your operating system. Download should take around 5-10 minutes.
2) You will be asked to approve the wallet connecting to the internet through your firewall. Just check the first box (as shown below) , and click “Allow Access”.
3) You will now be asked to choose your language.
4) Now click “Create a new wallet”.
5) On the next screen, you will have to choose a wallet name. Name it whatever you want but something easy to remember!
You will also see your private seed (about 24 words); Copy this down and store it somewhere safe! Your seed is used to recover your wallet in case your computer breaks down! Anyone with access to this seed can access your wallet!
You will also be able to choose where you want your wallet file to be stored on your computer. Theres a default setting so you don’t have to do anything. Just remember where it’s being stored.
6) Now you will have to create a password. Make it secure and easy to remember. When you’re done, click the right arrow.
7) You’re done! You should now see a summary of your wallet. Make sure everything is correct! Click “Use Monero” when done.
8) You should be redirected to your wallet now. Your wallet will now need to synchronize with the Monero blockchain.
*This can take a while. The Monero blockchain is about 12-14 gigabytes. I recommend leaving your computer running overnight for it to finish downloading.
Fortunately, you can still receive Monero coins while its synchronizing!
9) To receive Monero, just click the “Receive” button.
You will now see your Monero address (a long series of letters and numbers).
When sending Monero, you will send it to the address you just generated.
Congrats, your now ready to start buying Monero coins!
Keep your wallet open or copy down your Monero address. We’ll be needing this soon.
Step. 2 Choosing the Best Monero Exchange
2) You will need to verify your e-mail. After, you will now be able to buy Monero!
The first thing you will see is a search box. Just type how much Monero you want to buy (in USD) , what country you’re from , and what payment method you’d like to use.
3) Now you will see a bunch of offers from different sellers.
Choose a seller with good feedback and a low exchange rate.
Click “Buy” next to the seller you want to buy from.
4) Choose a Trader with good reputation. Remember, you’re trading with other people so you need to start a trade and wait for a response.
6) After you click “Buy”, you will now be prompted to choose how much Monero you to buy (in USD).
After you type in how much you want to buy, review the “Terms of Trade” with the seller (Top right of screen).
If everything is to your liking, click “Send Trade Request”.
7) Make Payment. For whatever payment method you chose, make the payment as soon as possible and click the “I have paid” button. Keep your receipt as well.
Seller should be able to verify your payment within a few minutes.
Don’t worry about being scammed. When you start a trade, the seller’s Monero is held in Escrow. Only the buyer and LocalMonero staff can cancel the transactions.
So, as long as you send the payment, there is nothing to worry about.
Congratulations! But, how about when you’re ready to sell your Monero coin? It’s simple, you just reverse the steps.
*I always sell my Monero on LocalMonero. It’s easy and you sometimes you can make a profit!
*Feel free to ask us any question at our digital help desk!
Exchanging Bitcoin & other Cryptocurrencies for Monero
For buying Monero coin on Binance, you have to exchange Bitcoin or other Cryptocurrencies. Simply put, you deposit Bitcoin into Binance, and exchange it for Monero coin.
If you have Bitcoin, great, continue reading.
If you don’t have Bitcoin, read our Step-By-Step Bitcoin Buying Guide.
2) Register. Fill out your E-mail, and Password. Click “Agree” , and “Register”.
Go to your e-mail, and confirm registration with the link they sent you.
2) Deposit Bitcoin. On the top of your screen, click “Funds” then “Balances”. You should now see a list of all your wallets.
Search “Bitcoin” and hit “Deposit”.
3) Now you will be directed to your Bitcoin (BTC) wallet.
You should see your BTC Deposit Address (as shown belown). Deposit your Bitcoin to that address.
4) After you deposit your Bitcoin, you will get an e-mail when it has arrived. Usually 15-30 minutes.
You are now ready to trade your Bitcoin for Monero!
Go Back to your home Screen.
- Click “BTC Markets”.
- Type “XMR” in the search bar.
- Click “XMR/BTC”
5) You should now be on the Exchange Platform.
On the bottom left, you will see “Buy XMR”
Just type in how much Monero or “XMR” you’d like to buy and click “Buy XMR”.
Your order will go in and it will be fulfilled shortly.
Congratulations! But, how about when you’re ready to sell your Monero? It’s simple, you just reverse the steps.
*I always sell my Bitcoin on LocalMonero. It’s easy and you sometimes you can make a profit!
*Feel free to ask us any question at our digital help desk!