You've been following the cryptocurrency boom and want to get involved. After doing some research, you've decided that Monero (XMR) is the right coin for you.
Although the XMR token is not as accessible as other large caps (including Bitcoin, Ethereum and Bitcoin Cash), you can still get your hands on it fairly easily. The best method depends on whether you're willing to buy (paying XMR with currencies such as dollars or euros) or if you already own cryptocurrencies and are looking to trade them for Monero.
Binance is a great place to trade cryptocurrencies, as they offer Bitcoin or Ethereum exchanges for almost any coin worth knowing. It is also one of the best platforms to buy digital currencies, as it is one of the largest exchanges in the market.
There are hundreds of different exchange pairs and Monero has great liquidity in this exchange. The Monero can be traded on Binance for XMR/BNB, XMR/BTC, XMR/ETH, XMR/USDT, XMR/BUSD, and probably many more cryptos.
This crypto-currency exchange recorded $698 million in trading volume over the past 24 hours, making it the 9th largest exchange in terms of trading volume according to data provided by CoinMarketCap.
How much is Monero worth today?
How to buy Monero (XMR) on Binance
Binance is the world's best-known cryptocurrency exchange. Founded by Changpeng Zhao in 2017, it now has tens of millions of users worldwide.
1. Registration on Binance
To register on the Binance platform, click HERE. Remember, you must have:
- Your valid email address (You will need to verify your account via email).
- A secure and hard to find password
Registration is a similar process to any crypto exchange. Enter your contact information, set up your security measures and authentication (2-factor authentication is always recommended for added security), and submit several KYC documents.
Once you are logged in and your account has been verified, you will need to make a deposit at Binance.
2. Account verification
After creating your account, it's time to verify your identity. Cryptocurrency exchanges must do this with their customers to confirm their identity and prevent illegal activities, such as money laundering.
Again, the exact process depends on the exchange, but be prepared to provide the following:
- Date of birth
- physical address
- A scan of a valid ID, such as a driver's license or passport.
3. Purchase of Monero (XMR) on Binance
Finally, just go to the “Buying Cryptos” section in the navigation bar of Binance, then choose the “Debit/Credit Card” option (Best Option)
Once you are on the purchase page, the procedure is very simple, just select Monero (XMR) from the list, and then enter the amount in Euro (€) you wish to invest.
The last step is to simply click on “Buy XMR“; The total amount of your investment will be displayed right below, including fees. (5% off LIFETIME fees by clicking HERE)
All you have to do is make the payment. Don't panic if the XMR doesn't appear instantly on your account, there can be a delay of about ten minutes between the purchase and the reception of the cryptos.
There may be times when Binance does not allow direct purchase of Monero (XMR). Don't panic, they've got it covered, the procedure is just slightly different:
You might have noticed, Binance allows you to trade many cryptos against Monero (XMR). Take for example BNB/XMR, this means that it is possible to trade Binance Coin (BNB) against Monero (XMR).
In this case, simply get BinanceCoin (BNB) and then exchange them for Monero (XMR). To do this, followed the same strategy as in step 3 by choosing BinanceCoin (BNB) from the drop-down list.
Once you have your BNBs in your pocket, you need to access the trading system by clicking on “Markets” in the navigation bar; Type “XMR” in the search bar on the right, and then click on the “Trade” button on the “BNB/XMR” or “XMR/BNB” line.
A new page with a chart appears, although it may look confusing, don't worry, just enter the amount of Monero you want to buy below “Buy XMR“.
A progress bar is provided, if you want to exchange 100% of the BNB you bought before for XMR, just drag the slider to the right (up to 100%), then click the “Buy XMR” button.
That's it; You now have Monero (XMR) on your crypto wallet.
Should I buy some Monero?
Monero has several use cases and could pay off handsomely for those who hold its token if the platform is widely adopted.
However, digital currencies are highly speculative and volatile. Before investing in a crypto-currency, consider your personal financial situation and risk appetite.
Why use Binance to invest in Monero?
Most people looking to buy cryptocurrencies on Binance do so because this platform supports a significant number of cryptocurrencies. At the time of writing, you will find over 200 different cryptos and altcoins on the site that can be traded. Plus, you get a 5% discount on your cryptocurrency purchases!
These cryptocurrencies include both all the world's major cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.), and a wide range of some of the most common coins, including the Monero! This is actually one of the reasons why Binance is considered a great site for buying and trading crypto. Whether it's for beginners or for experienced traders who are considering expanding their asset portfolio!
When you buy your Monero on the platform, you'll discover another major benefit of Binance: You can do it with a credit or debit card instantly. You'll be hard-pressed to find a site that offers more features – Binance also accepts bank transfers, admittedly, less advantageous, as it will take some time to receive your Monero (XMR) to your account.
Although its interface design and variety of features are often considered complicated for most novice traders, that's where this “How to Buy Monero on Binance” guide comes in.