Contents

How to Buy Monero – An Easy Guide to Getting XMR Coins

Monero logo

Introduction

Monero is a cryptocurrency which focuses on private and anonymous transactions. It is one of the more respected privacy coins. While many people think that Bitcoin is anonymous, it is not.

Bitcoin’s public ledger is public and fully transparent, meaning anyone can see transactions made from any wallet address. While personally identifying information is not attached to a Bitcoin wallet, it’s not difficult to ascertain the IP address from which transactions were made. This makes is easier to discover the identity of the wallet owner.

Monero aims to fix this problem by using an obfuscated public ledger, masking  the amount, destination and source of transactions.

Coin Metrics

As of the writing of this article, Monero’s (whose ticker is XMR) current metrics are:

  • Price – Over $130 per coin
  • Circulating supply – 16,247,032 XMR
  • Market Cap – $2,144,023,331 USD

How to buy Monero

Purchase with Fiat

There are several exchanges that allow you to buy Monero with fiat money. The most common method is to transfer fiat from a bank account, wire transfer or debit card into an exchange account. You can then buy Monero when the deposit has completed. Debit cards are typically instant while it takes 2-3 business days for bank transfers to go through.

Below are the exchanges we recommend for fiat purchases:

Coinspot logo

Fees:

Up to 2%

KYC : Yes

Ease of use : Easy

Speed : Fast

Privacy : Low

Reputation : Trusted

Payment methods :

  • Bank Account
  • Cash
  • Cryptocurrency

Founded in Melbourne in 2013. Coinspot offers an easy way for Australians to purchase a large variety of coins with cash. They also support BPAY and POLi payment deposits. The have a clean and easy to use interface. With no history of major hacks, Coinspot seems to be a well run cryptocurrency exchange. Their fees are competitive and they have one of the largest choice of coins among fiat to crypto exchanges.

  • Lots of coins
  • Easy to use
  • Founded in 2013
  • Transparent fees
  • Lengthy verification process
  • Deposits can be slow

Theycallitcrypto Rating

Kraken logo

Fees:

0.25%

KYC : Yes

Ease of use : Hard

Speed : Medium

Privacy : Low

Reputation : Trusted

Payment methods :

  • Bank Account
  • Cryptocurrency
  • Savings Account
  • SEPA
  • Swift
  • Wire Transfer

Kraken is one of the world’s largest cryptocurrency exchanges and one of the few that allow users to deposit fiat money into their account. Most crypto brokers charge high commissions and fees for this service, but Kraken does not. We really like their platform and their choice of coins.

  • Highly reputable exchange
  • Very low fees
  • High liquidity
  • Great choice of coins
  • Site has been known to crash
  • Not great for beginners
  • No credit card option
  • ID verification required

Theycallitcrypto Rating

Purchase with Crypto

The most popular way to buy Monero is to use another cryptocurrency you already own or purchased with fiat and exchange it for Monero. The reason this is more popular is due to the fact that there are many exchange choices that let you buy Bitcoin or Ethereum with fiat. And almost every major cryptocurrency exchange lets you trade Bitcoin or Ethereum for Monero.

Using this method gives you more control over your coins and access to better prices.

Step 1 – Buy Bitcoin or Ethereum

While it’s difficult to find exchanges that sell Monero for fiat, it’s not difficult to buy Bitcoin or Ethereum with a bank account or debit card. We recommend buying Bitcoin or Ethereum over other popular coins because they are more stable and most exchanges have Bitcoin/Monero and Ethereum/Monero trading pairs.

Below are the exchanges we recommend to buy your Bitcoin or Ethereum:

etoro exchange logo

Fees:

Up to 5%

KYC : Yes

Ease of use : Hard

Speed : Fast

Privacy : Medium

Reputation : Trusted

Payment methods :

  • Bank Account
  • Credit Card
  • Debit Card
  • Giropay
  • Neteller
  • Paypal
  • And more...

A “social” exchange offering CFD trading, allowing users to long or short positions. You can invest in cryptocurrencies based on opinions of others in the community. It’s a different and fun way to approach trading. You can also trade stocks, commodities and forex. There are not many platforms that offer those markets together. You can’t transfer the coins you purchase off the etoro exchange though. You would have to convert it back to fiat to withdrawal your funds. So they don’t actually offer wallet services.

  • Social trading platform
  • Trading with the community
  • Buy more than just crypto
  • Good development team
  • Price spreads are high
  • Not available in the US
  • Can't trade crypto to crypto
  • CFD trading confusing for beginners

Theycallitcrypto Rating

Gemini exchange logo

Fees:

Up to 1%

KYC : Yes

Ease of use : Medium

Speed : Fast

Privacy : Medium

Reputation : Trusted

Payment methods :

  • ACH
  • Bank Account
  • Cryptocurrency
  • Savings Account
  • Swift
  • Wire Transfer

One of the original and most trusted cryptocurrency exchanges. They are headquartered in New York. Gemini works with both individual and instuitional investors, so their trading platform is very robust. Among exchanges, they are frontrunners in security and compliance. All USD accounts are insured by the FDIC. Our only gripe is that trading fees are a bit confusing and they favor high volume traders. But their fees are very competitive when compared to other fiat to crypto exchanges.

  • Highly reputable
  • High liquidity
  • Instant bank deposits available
  • Highly secure
  • Small selection of coins
  • Confusing trading fees
  • Customer service needs work

Theycallitcrypto Rating

Coinspot logo

Fees:

Up to 2%

KYC : Yes

Ease of use : Easy

Speed : Fast

Privacy : Low

Reputation : Trusted

Payment methods :

  • Bank Account
  • Cash
  • Cryptocurrency

Founded in Melbourne in 2013. Coinspot offers an easy way for Australians to purchase a large variety of coins with cash. They also support BPAY and POLi payment deposits. The have a clean and easy to use interface. With no history of major hacks, Coinspot seems to be a well run cryptocurrency exchange. Their fees are competitive and they have one of the largest choice of coins among fiat to crypto exchanges.

  • Lots of coins
  • Easy to use
  • Founded in 2013
  • Transparent fees
  • Lengthy verification process
  • Deposits can be slow

Theycallitcrypto Rating

Kraken logo

Fees:

0.25%

KYC : Yes

Ease of use : Hard

Speed : Medium

Privacy : Low

Reputation : Trusted

Payment methods :

  • Bank Account
  • Cryptocurrency
  • Savings Account
  • SEPA
  • Swift
  • Wire Transfer

Kraken is one of the world’s largest cryptocurrency exchanges and one of the few that allow users to deposit fiat money into their account. Most crypto brokers charge high commissions and fees for this service, but Kraken does not. We really like their platform and their choice of coins.

  • Highly reputable exchange
  • Very low fees
  • High liquidity
  • Great choice of coins
  • Site has been known to crash
  • Not great for beginners
  • No credit card option
  • ID verification required

Theycallitcrypto Rating

Coincorner logo

Fees:

4%

KYC : Yes

Ease of use : Easy

Speed : Fast

Privacy : Medium

Reputation : Trusted

Payment methods :

  • Bank Account
  • Credit Card
  • Cryptocurrency
  • Debit Card
  • Neteller
  • Savings Account
  • And more...

Based on the Isle of Man, this is a great choice for beginners in Europe. They have transparent pricing and the purchase process is very easy. Their site design is clean, modern and well thought out. They offer a decent mobile app as well.

  • Regulated by the UK
  • Competitive fees
  • Exchange rate is lower than most brokers
  • Lots of payment options
  • Identity and address verification required
  • Supports only 4 coins
  • Not available in US

Theycallitcrypto Rating

Canadian Bitcoins logo

Fees:

Up to 30%

KYC : Yes

Ease of use : Easy

Speed : Medium

Privacy : Medium

Reputation : Trusted

Payment methods :

  • Bank Account
  • Cash
  • Debit Card
  • Flexespin
  • Interac Online
  • Savings Account

An older and trusted exchange that’s based in Canada. They act as a broker between buyers and sellers. They charge a very high margin on coin prices, upwards of 30%. But they are on of the few that allow cash purchases. You can even mail or drop off cash at their office! Because of their high prices, we recommend them for selling your coins rather than purchasing.

  • Buy with cash
  • Easy to use for beginners
  • Can deliver payments in person
  • Fast cryptocurrency transfers
  • Very high margin fees
  • Antiquated site design
  • Only available to Canadians

Theycallitcrypto Rating

bitstamp logo

Fees:

Up to 5%

KYC : Yes

Ease of use : Medium

Speed : Fast

Privacy : Medium

Reputation : Trusted

Payment methods :

  • ACH
  • Astropay
  • Bank Account
  • Credit Card
  • Cryptocurrency
  • Debit Card
  • And more...

Bitstamp is a well known exchange where you can buy and sell major cryptocurrencies with a checking account or credit card. You can also trade major crypto pairs. It is easy to use and has an advanced trading platform for more experienced traders.

  • One of the oldest exchanges
  • Low fees for bank transfers
  • Very low trading fees
  • Fast ID verification
  • Credit card fees are 5%
  • Limited coins supported
  • Slow customer service

Theycallitcrypto Rating

paxful logo

Fees:

1% and up

KYC : No

Ease of use : Medium

Speed : Fast

Privacy : High

Reputation : Trusted

Payment methods :

  • ACH
  • Alipay
  • Astropay
  • Bank Account
  • Cash
  • CashU
  • And more...

A global exchange that does not operate in a traditional way. It allows users to trade coins with one another similar to the way an online auction site works. Users can search through buy and sell offers made by other users and choose they one they prefer. They also accept a huge number of payment methods. We really like Paxful trading concept.

  • Many payment methods
  • Low fees
  • USA based. Reputable
  • No KYC required
  • Only supports Bitcoin
  • Screen sellers thoroughly
  • Watch for scams
  • Lacks traditional features of a trading platform

Theycallitcrypto Rating

coinhouse logo

Fees:

4.9%

KYC : Yes

Ease of use : Easy

Speed : Fast

Privacy : Medium

Reputation : Trusted

Payment methods :

  • Bank Account
  • Debit Card
  • SEPA
  • Wire Transfer

A popular and reputable exchange in the EU. They operate as a broker so you’re buying crypto directly from them. They charge a premium on their prices as well as fees. So they are more expensive than many of their competitors. They do not offer a wallet service, so coins are deposited directly into your own wallet. You can also sell your coins back to them.

  • Very easy to use
  • Fast delivery of coins
  • Well established
  • Very secure
  • High fees and premiums
  • No altcoins
  • No wallet service
  • Requires creating your own wallet

Theycallitcrypto Rating

bitpanda logo

Fees:

1.49%

KYC : Yes

Ease of use : Easy

Speed : Fast

Privacy : Low

Reputation : Trusted

Payment methods :

  • ACH
  • Bank Account
  • Checking Account
  • Credit Card
  • Debit Card
  • Giropay
  • And more...

Extemely simple and clean interface. Well established. Great for rookie investors and EU customers. Among the cheaper exchanges with easy buy and sell functionality. Lots of payment options. No way to trade cryptocurrency pairs and lacking more advanced trading options. US customers are not allowed.

  • Very easy to use
  • Many payment options
  • Fairly low fees
  • Constantly improving development
  • Lack of crypto trading pairs
  • Some fees are baked into crpyto price
  • ID verification is a pain
  • USA not allowed

Theycallitcrypto Rating

Bitquick logo

Fees:

2%

KYC : Yes

Ease of use : Easy

Speed : Fast

Privacy : High

Reputation : Trusted

Payment methods :

  • Bank Account
  • Cash
  • Moneygram
  • SEPA
  • Western Union

Bitquick acts as a 3rd party escrow service between buyers and sellers. Unlike most exchanges, buyers deposit cash directly into the seller’s bank account. Bitquick holds the seller’s Bitcoin until the payment has been verified and then sends it to the buyer. It’s a very simple and low risk process for those wanting to use cash.

  • Very simple
  • Highly trusted
  • Escrow means low risk
  • Great for cash buyers
  • Only Bitcoin offered
  • Prices can be high
  • Cash deposits only
  • Over $400 requires KYC

Theycallitcrypto Rating

Coinbase Pro logo

Fees:

0.30%

KYC : Yes

Ease of use : Easy

Speed : Fast

Privacy : Low

Reputation : Trusted

Payment methods :

  • ACH
  • Bank Account
  • Checking Account
  • Cryptocurrency
  • Savings Account
  • SEPA
  • And more...

Formely known as GDAX, Coinbase Pro is the trading platform ran by Coinbase. While Coinbase targets regular consumers wanting to buy and hold crypto, Coinbase Pro targets more experienced investors that trade more often. Fees for trading are much lower on Coinbase Pro than on Coinbase.

  • Well established
  • Easy trading platform
  • Cash is FDIC insured
  • High trading volume
  • High trading fees
  • Supports only major coins
  • KYC is required
  • Charts need improvement

Theycallitcrypto Rating

CEX.io logo

Fees:

3.5%

KYC : No

Ease of use : Easy

Speed : Medium

Privacy : Medium

Reputation : Trusted

Payment methods :

  • ACH
  • Astropay
  • Bank Account
  • Checking Account
  • Credit Card
  • Cryptocurrency
  • And more...

Beginner friendly and once of the easiest exchanges to buy cryptocurrencies with Us Dollars, Euros, Pounds or Rubles while also offering a good trading platform more more advanced users. We love the clean layout and ease of use. The have a solid security record as well.

  • Supports many countries
  • Well established
  • Good choice of coins
  • No KYC for basic level
  • High purchase fees
  • Customer service needs improvement
  • $1000 daily limit for basic level

Theycallitcrypto Rating

Localbitcoins logo

Fees:

Free

KYC : No

Ease of use : Medium

Speed : Fast

Privacy : High

Reputation : Trusted

Payment methods :

  • ACH
  • Bank Account
  • Cash
  • CashU
  • Chase Quickpay
  • Checking Account
  • And more...

LocalBitcoins connects sellers and buyers of Bitcoin together. Rather than buying directly from an exchange like Coinbase, you are buying directly from another person. It is one of the oldest, most trusted and most private crypto platforms. You can pay other for their Bitcoin online or with cash in face to face meetings. It doesn’t get more private than that.

  • Can buy with cash
  • High level of privacy
  • Great team and support
  • Well established
  • High Bitcoin prices
  • Beware of scams
  • Intimidating at first

Theycallitcrypto Rating

Coinbase logo

Fees:

4%

KYC : Yes

Ease of use : Easy

Speed : Fast

Privacy : Low

Reputation : Trusted

Payment methods :

  • ACH
  • Bank Account
  • Chase Quickpay
  • Checking Account
  • Credit Card
  • Debit Card
  • And more...

Coinbase is one of the largest and oldest crypto exchanges. Customers can purchase cryptocurrency with regular fiat money using credit and debit cards as well as their bank account. Coinbase is good for new investors or those wanting to quickly buy coins with US Dollars or Euros. That being said, it’s not our favorite due to the high fees.

  • Easy sign-up
  • Cash is FDIC insured
  • Highly trusted
  • Great for beginners
  • Very high fees
  • Low privacy
  • Not great for trading
  • ID verification is slow

Theycallitcrypto Rating

Cubits Exchange logo

Fees:

Up to 5%

KYC : Yes

Ease of use : Easy

Speed : Medium

Privacy : Medium

Reputation : Use Caution

Payment methods :

  • Bank Account
  • Checking Account
  • Credit Card
  • Debit Card
  • Neteller
  • OkPay
  • And more...

A fiat to crypto exchange located in London. They offer an easy way to purchase Bitcoin using several payment methods, including bank transfers and credit card. They advertise as being one of the easiest ways to buy or sell Bitcoin. Based on online reviews, there are some complaints about slow ID verification and problems with withdrawing funds. So exercise caution. We always suggest trying a small test purchase and withdrawal first.

  • Clean design
  • Simple to use
  • Very secure
  • Only offers Bitcoin
  • Fees are a little high
  • ID verification can be slow

Theycallitcrypto Rating

Step 2 – Trade cryptocurrency for Monero

Now that you own some crypto, it’s time to transfer it to an exchange that trades Monero. The transfer process is very easy and similar on most platforms. All you need is your wallet address on the exchange you wish to transfer the coins to. Just enter that wallet address when you withdraw the coins.

We recommend transferring your Bitcoin or Ethereum to the exchanges below. Each will allow you to trade your coins for Monero:

binance logo

Fees:

0.1%

KYC : No

Ease of use : Medium

Speed : Fast

Privacy : High

Reputation : Trusted

Payment methods :

  • Cryptocurrency
  • Tether Coin (USDT)

Based in Malta. They are one of the largest and most popular cryptocurrency exchanges in the world. Binance offers an advanced trading and charting platform. They supports a large and growing number of coins, all of which have high liquidity. Binance is a wonderful trading platform.

  • Experienced team
  • Great trading platform
  • High liquidity
  • Lots of coins
  • No fiat to crypto trading
  • Can't deposit fiat
  • Some security questions in past

Theycallitcrypto Rating

Please also check out our exchange comparison tool. By entering your desired payment method and location, it shows you the best choices of where to buy Monero.

Summary
How to Buy Monero - An Easy Guide
Article Name
How to Buy Monero - An Easy Guide
Description
Monero can be purchased with fiat or exchanged with other cryptocurrencies. We recommend buying a major cryptocurrency like Bitcoin and exchanging it for Monero.
Author
Publisher
Theycallitcrypto.com

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