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It’s been a while since Monero was created, but its presence on cryptocurrency exchanges is still weak. The main reason for this is that it’s based on algorithms focused on privacy primarily, demanding considerable technological effort to implement effectively. Regardless, more and more crypto marketplaces offer Monero in exchange for numerous currencies, such as USD, GBP, and EUR. To buy Monero (and then sell Monero), you need to take the following steps:

• Choose the right cryptocurrency exchange for you
• Create an account at your chosen cryptocurrency exchange
• Purchase Monero in your currency of choice (USD, EUR)
• Store your Monero in a safe place

Let’s explore each of these in greater detail.

Choosing The Right Cryptocurrency Exchange For You

You have plenty of cryptocurrency exchanges to choose from, so how do you pick one for you? We’ve put together a list of points to keep in mind when looking for an exchange:

• Safety and security: Before you can start to buy XMR (Monero) safely, you need to find a secure cryptocurrency exchange. So, take the time to research the security credentials of any platform you’re considering, such as two-factor authentication or cold storage. Check out reviews from other users or trustworthy experts.
• Costs: Cryptocurrency exchange rates vary from one to another, ranging from 0.1 percent for a transaction to as much as 10 percent. Try to find an exchange offering a solid trade-off between the quality of its user experience and the fees. The cheapest exchange might be ideal if you’re a seasoned pro, but you may want to prioritize ease-of-use over cost if you’re a newcomer.
• Quality of experience: User experience is a key concern for any crypto investor searching for a quality platform. User interface and the range of features & functionalities have a huge impact on your experience. The more intuitive user interfaces help you utilize platforms effectively and reduce the risk of mistakes.
• Payment options: The right crypto exchange for you will accept payments through your preferred method, allowing you to buy Monero with a credit card, direct bank transfer, etc.
• Cryptocurrencies available: If you want to buy one or more other cryptocurrencies alongside Monero, take the time to browse the variety available at platforms you’re interested in.

Create an Account At Your Cryptocurrency Exchange

Setting up an account at a Monero exchange is quick and simple. Just input your personal details in the sign-up box provided. Typically, though, you’re asked to verify your identity by uploading ID documents (such as a quality copy of your passport or a bill) or a video call with a member of a support team.

Buy Monero In Your Currency Of Choice

Once you’ve completed setting up your account, another important step is to deposit funds into your exchange account. You need to use your preferred payment option: payments made via instant methods are usually added to your balance in real-time, but bank transfers can take at least a day.

For example, if you buy Monero with PayPal, this should be processed quickly for your convenience.

After your payment has been processed, you can start to buy XMR. This is the simplest part of this early stage, and is usually as easy as choosing the amount you want to purchase and hitting the ‘buy’ button.

Store Your Monero Safely

This step is optional, but it’s vital that you keep your Monero in a secure place. You should transfer Monero you’ve purchased to a trustworthy wallet, as crypto marketplaces can be targeted by hackers — putting your funds at risk.

A number of crypto wallets are recommended by the Monero foundation. Be careful to input the necessary details in the right forms (Wallet Address and Payment ID), and follow the directions when transferring funds. You may not be able to reverse transactions completed by mistake.