The best Monero exchanges are the ones that will be able to offer you the quickest route to buying Monero. They will support the storing of fiat currencies and facilitate Monero transfers. Monero’s initials are XMR, and to sign up for an XMR exchange is simplicity itself. You’ll just need to create an account using typical personal information like photo ID and your address. Once you’ve added a credit card or bank account, you’ll be ready to get started.
Do be aware that a lot of crypto exchanges will sting you with an extra fee if you decide to use a credit card to buy your currency, but however you decide to pay, once you decide that the time is right to buy, it’s just a matter of submitting an order for however much Monero you would like.
At the fundamental level, cryptocurrency exchanges are not all that different from traditional stock exchanges. Their job is to match buyers to sellers, so that when you submit an order to buy Monero at a certain price, the exchange matches you with a seller who is looking to offload theirs for that amount and then fulfils the order for you. Obviously, you could be waiting a long time if nobody is looking to sell when you are hoping to buy.
Another problem that you may run into is that a few exchanges won’t allow you to purchase cryptocurrency directly, and the Binance exchange is one of them. In cases like this where you can’t use fiat currencies to complete your order, you’ll need to use another account to act as your go-between. The majority of traders use Bitcoin for this purpose because it’s supported universally, so you’ll probably find that you need to transfer it to your exchange account so you can convert it to Monero. This is a long way of doing it, but it may be your best option depending on which country you live in.
Our Recommendations for The Best Monero Exchanges
Ready to begin trading? Here are some of the best Monero exchanges.
As one of the best XMR exchanges, the Changelly exchange is hard to beat. Just create your account, link your payment method, set up a buy order and you’ll soon have your Monero.
The Changelly exchange links to a few of the Best crypto-to-crypto exchanges out there to facilitate your transaction. Once it’s done the Monero will show up in your Changelly wallet, and you can buy from as little as $50 worth if you prefer.
If you plan to use Changelly as your regular Monero exchange, you’ll be pleased to know that you’ll only need to pay a fixed fee of 0.25% per transaction. Changelly exchange also supports over 60 of the market’s most popular coins, which makes it one of the most versatile exchanges on the market. Changelly makes XMR exchange quick and convenient, allowing you to start your career as a Monero trader with clear pricing, an average 15 minutes transaction processing time, and an intuitive platform.
The Voyager exchange is another one of the best Monero exchanges available and that’s partly because it comes with an app that’s designed to help people to trade while they’re on the move. It’s a convenient way of trading a wide selection of the most popular cryptos and keeping track of them all.
Voyager exchange’s app is not difficult to use, which beginners will appreciate. Just link your bank account, add funds, and start buying and selling.
If you are a more advanced trader then Voyager’s app has plenty to offer you too, including the kind of advanced charting features and data points that make planning your upcoming market moves that much easier.
To earn its place among the best XMR exchanges, Voyager exchange has been conscientious about security by adding off-line storage and government-approved security procedures.
Voyager exchange is only open to traders in the U.S. at the moment (with the exception of New York State), but it does have plans to expand to other territories at some point in the near future. Its app is easy to use and is one of the many great features that helps to put it up there among the best Monero exchanges.
Bitfinex exchange is based in Hong Kong, and it’s aimed at the kind of traders who deal in large quantities of coins. Bitfinex can facilitate Monero trades thanks to its wide range of other coins. Its 30-day trading volumes often exceed $4 billion, which is a healthy level of activity by anyone’s standards. With so much liquidity on tap it’s likely you will have no trouble buying and selling your coins.
Another advantage of Bitfinex is its trading platform, which boasts a customizable user interface, so you can set it up in whatever way works best for you and see only those coins that you want to trade. Having everything where you want it means that you will be able to execute your trades much more efficiently.
Bitfinex exchange is one of only a handful of crypto platforms that allow you to trade on margin, offering leverage up to 3.3x using peer-to-peer financing options. Bitfinex exchange mobile app offers real-time data and is highly responsive. It’s a challenge to learn if you’re a beginner, but once you’re up to speed you’ll find that Bitfinex is an ideal professional choice.