How to Buy Monero (XMR) Beginners Guide + Anonymous Options!
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Have you been thinking about buying the popular privacy coin Monero? It is another cryptocurrency, just like Bitcoin. But it is a bit different from Bitcoin. In fact, is a very unique cryptocurrency that is known for its privacy features.
If you want to both find out more about what kind of cryptocurrency it is. And what are the best options to buy Monero, then this guide will have you covered.
We will help you learn more about where to best purchase it. And what are some of the most commonly used and popular wallets out there!
So if you are wondering how and where do I buy Monero and should I invest in Monero then do read on to learn more about it right here!
What is Monero?
It is one of the leading privacy coins in today’s crypto space. It is known amongst crypto enthusiasts, traders, and developers for its core privacy features.
As mentioned Monero is a fully-fledged privacy coin by default. Where other coins have privacy-enabled features that users can add on, Monero has all those features built-in and enabled from the start.
Monero is a bit like Bitcoin a pioneer in its own right. It is known for being the leading privacy cryptocurrency.
It’s core privacy features allow you to for example:
- Keep your balance a secret from others (no one can see your balance or any previous transactions
- It keeps your transactions hidden (even the ones you send your cryptos to can’t see where they came from – unless you shared that information with them)
Learn more about how Monero works here.
Step by step instructions for purchasing Monero (XMR)
- Find a good wallet for your coins
- Find an exchange, site or marketplace to purchase XMR from
- Send your XMRs to your wallet
Part 1 – Find a good wallet for Monero
We think it is important to decide where to store your cryptos before you actually get them. Even though technically you could trade some at an exchange and then leave them there.
But that kinda defeats the whole purpose of this privacy coin, it removes the secrecy part of it!
So instead we recommend that you look into which wallet to use for storing your cryptos first via. But don’t worry we have listed here some of the most popular ones out there.
So go through the list and pick your favourite!
Wallet option #1 – Monero Gui
One very popular option amongst Monero users is to use the Monero Gui client.
The Gui is a Graphical User Interface that lets you store your coins easily on the blockchain but also run your node, set up payment options for merchants, and it is compatible with Ledger and Trezor (find out more below at the Ledger section).
And, of course, send and receive coins.
The Gui is available for download to Windows, macOS, and Linux
Wallet option #2 – MyMonero wallet
MyMonero is one of the most popular wallets. It is nice looking and lightweight, which is simple to use.
With the MyMonero, you don’t need to download the full client like a node needs to.
Instead, remote servers do the work for you. But you can use MyMonero like normal. The only thing shared from your wallet with the servers is your “view key” otherwise it is all kept hidden and private.
It is a multi-device and platform option (macOS, Windows, Linus and iOS and also a web).
- Download and get started with it here.
- Check out the GitHub page for it here
- Use the web interface to interact with your coins here
Wallet option #3 – Ledger Nano S + Monero Gui
Another option that you have is to store your coins on the blockchain using the Ledger Nano S. The Ledger hardware device is an excellent secure crypto hardware wallet. Which adds another layer of security to storing your Moneros!
And you can combine using the Ledger device by using the Monero Gui software!
So what you need to use the Ledger device with the Gui is:
- One Ledger Nano S device with the USB cable (you can get it here)
- One computer with Ledger Live application (download here)
- Added Monero application (in the app catalog)
- Download the software (download here)
To get started with Ledger and Monero Gui:
Download the applications (Ledger Live and Monero Gui).
Add the Monero application in Ledger Live.
And then follow the process in Monero Gui from when you click on Create new wallet.
Wallet option #4 – Trezor Model T + Monero Gui
And you can also store your coins safely on blockchain using the Trezor device (Model T). Which is a superb hardware device!
You can easily create your own secure blockchain wallet for your XMRs using the secure Trezor device and then use the software.
To get started using the Trezor device with Monero you first need to:
- One Trezor Model T (you can get it here)
- Update the latest firmware to your Trezor Model T – you can do it here
- Download the software (download here)
To get started with Trezor and Monero Gui:
Download the Gui and Create a new wallet – follow the guided step by step process to connect it with your Trezor device.
For additional support look at Trezor’s website
Wallet option #5 – TAILS wallet (cold storage)
If you are not planning to use your cryptos anytime soon you could look into keeping them safely on the blockchain using an offline option, or cold storage wallet.
And one option that you have is to generate safe cold storage via a TAILS setup (“The Amnesic Incognito Live System”).
It basically is an operating system that you could download and run from a USB drive and then in a safe offline mode generate a new Monero wallet. It definitely adds another protective layer to the mix.
You could ask but what about if the computer or USB drive had been tampered with already. And that’s fair, if you are really concerned about it then you could wipe the computer, and/or invest in a completely new one.
The same goes for the USB drive. And never connect either to the internet.
Part 2 – How to buy Monero XMR – 4 different options
Now when it comes to this famous priovacy coin seasoned fans might tell you a few things they hold dear. Which is to avoid KYC like the plague. And only deal with sites and exchange that lets you purchase some anonymously.
And truth be told it is up to each and everyone and their personal preferences. We are going to present a few different options. KYC and anonymous options. And it is up to you to decide which one suits you the most.
When it comes to buying Monero, like for many other cryptocurrencies you usually have three common ways of doing so:
- Option 1 – Buy another cryptocurrency like BTC/ETH/XRP at a Fiat gateway site like Coinbase or Binance (Jersey) and then transfer those BTC/ETH to another cryptocurrency exchange which has XMR (Binance) and get it there
- Option 2 – Find cryptocurrency exchanges or brokers that have Monero and get it directly there – for example, Binance or Kraken (Buy with BTC/ETH)
- Option 3 – B some from another person – find people via for example LocalMonero (can be anonymous)
- Option 4 – Buy Monero anonymously (via a Bitcoin ATM + exchange / OR via Bisq
Option 1 Get some BTC/ETH and then XMR
But you could anonymize your cryptos later on using a Monero wallet and thus remove the link between your initial BTC/ETH transaction.
If you want to follow this process then read on. We would say that this makes acquiring it fairly easy and it is common practice in the cryptocurrency space.
There are a lot of guides and help from others for this option.
Step 1 – Get Bitcoin or Ether via Coinbase first
If you want to use the popular U.S based cryptocurrency exchange Coinbase then follow this guide:
- Head over to their site www.coinbase.com and create yourself an account.
- Either you get BTC/ETH directly with your credit card or debit card or you can deposit money from your bank account. Either way, you need to link your card or bank account to Coinbase – go to setting and linked account to do so
- After that, you can get BTC/ETH at Coinbase
- When you have bought some Bitcoin or Ether there you can then move on to the next step and send it to an exchange that trades it
Step 1 – Buy Bitcoin or Ether via Binance Jersey first
Another option for a Fiat gateway site for EU citizens is to use Binance Jersey. It is created by the Binance team.
To start with Binance Jersey follow these steps:
- Go to www.binance.je and create an account with them
- You will need to verify your identity and address first before getting some BTC or ETH at Binance Jersey (User Center -> Address Verification/Identity Verification)
- When verified you can then deposit funds from your bank account via – ‘Funds’ and ‘Deposits’ – complete the deposit
- Purchase BTC/ETH via Binance Jersey
- Send it to an exchange site to acquire some XMR
Step 2 – Send BTC/ETH to a site/exchange
So this step is once again not that focused on avoiding KYC. So if that is important to you then you could go for option 4 on this list instead.
But if you don’t mind the KYC-part then read on. Because the next step is to send your BTC/ETH from where you bought it (Coinbase or Binance Jersey) and then send it to another exchange that trades it.
In this example, we will be using Binance, but there are plenty of other exchanges that trade it (find more here).
Follow this step by step process to sending your Bitcoin or Ether to Binance:
- If you don’t have an account with Binance yet then create one over at www.binance.com
- When you have created an account with them navigate to your account’s deposit page to send the BTH or Ether to it
- Go to ‘Wallet‘ and ‘Exchange wallet‘ – find BTC or ETH in the list and click on ‘Deposit‘
- You will then see your BTC or ETH address. Copy this and go back to your Coinbase/Kraken/Binance Jersey account and send your BTC/ETH to Binance
Step 3 – Buy Monero at Binance
The next step for this option is, of course, to invest in some at Binance. Nothings complex.
Follow the guide that we have listed step by step here below:
- Go to your Binance account and when the money has arrived from Coinbase, Kraken or Binance Jersey head over to the trade section
- Click on Exchange and Basic – and then find the XMR/BTC or XMR/ETH trading pairs – depending on what you bought previously
- Now some XMR at Binance
That is it! Now you have bought yourself some Moneros! Congratulations are in order.
Now it is just about sending your coins to the wallet of your liking!
Option 2 – Buy XMR directly at a Binance or Kraken (+ Kraken Pro)
One is a US-based exchange (Kraken) that has been around since 2011 and the other since 2017 and has now grown to become one of the biggest exchanges in the world.
This is how you can buy XRM at Binance:
- Go to www.binance.com and create a new account
- Fund your account by either buying BTC or ETH with a credit or debit card, or by funding your account with a bank transfer and then buying XMR directly
- Buy XMR at the spot exchange – either with classic or advanced version – they are all different interfaces otherwise the same market
- That’s it!
To start with Kraken for Monero then follow this guide below:
- Go to www.kraken.com and create a new account
- Go to the funding page when logged in and select deposit and the deposit option (bank transfers only)
- When the deposit is done you can then purchase it directly from Kraken Pro (a pro-version of Kraken)
And then when your funds from the bank have been deposited and credited to your account you can then make the transaction directly!
For XMR directly from Kraken you can use their Kraken Pro version.
So simply click on the Kraken Pro button. And then you will be redirected to that site.
Tip: If you start with BTC/ETH from a site like Binance or Kraken then they will have that record of your transaction (buying BTC/ETH and/or XMR).
So what you could do is swap your BTC/ETH to XMR via a site that doesn’t do KYC and is anonymous.
By doing this you could then move on to ‘clean’ your cryptos by using a good wallet and then there will then be no record tracing back to you!
Option 3 – Buy XMR anonymously from LocalMonero
Another option that you have is to sign up for a peer-to-peer marketplace like LocalMonero and trade some directly from another person.
By using this open marketplace you could potentially keep the purchase hidden and protect your identity. This is if you would pay in cash, by meeting in person, by mail, use an ATM or send a gift voucher that you bought anonymously.
Not everyone will accept these terms so you have to check for the sellers in your country to find out!
To go with LocalMonero follow these steps:
- Go to localmonero.co and create a new account with them
- Check if there are any open orders on the marketplace – otherwise create your own
- Depending on the number of sellers you could either find a trade straight away or wait a bit until you could find a seller
- Find a seller – give them your address
When purchasing from another person via the marketplace make sure you have created your own wallet already!
Option 3 – Buy XMR anonymously from Bisq
Another very popular option amongst Monero-enthusiast is to keep the entire process anonymised and hidden from others. And another option that you could do this via is Bisq.
Bisq is a decentralised marketplace or exchange for trading cryptocurrencies. It is an open-source project organized as a Decentralized Autonomous Organization (DAO).
Bisq like LocalMonero just connects you with the seller.
So you could use Bisq to first invest in some Bitcoin from someone else using an agreed and anonymous payment method. And then after that, you can purchase some XMR by trading it with your Bitcoin.
Follow these steps to do purchase via Bisq:
- Go to bisq.network and download the software (you can check the available markets first here
- Find a seller of Bitcoin and your preferred Fiat currency (USD, EUR, etc)
- Agree on payment method with the seller
- Buy some Bitcoin
- Then go to Bisq to trade Bitcoin for some Monero
- Send your coins to your address!
That is it! That’s how you can go with a range of different services and platforms to potentially buying it privately and anonymously.
Once more we’d like to repeat that you could invest in some other cryptocurrency like Bitcoin via KYC and then, later on, get Monero XMR via another site/exchange/platform and then keep the second part anonymously and thus create that privacy aspects.
Option 4 – Acquire Monero anonymously from Bitcoin ATM + Bisq/LocalMonero
The other option that we have for buying anonymously is to first buy some Bitcoin via a Bitcoin ATM and then XMR from a site without KYC.
This could work up to certain transaction limits, sometimes it might be $500 USD for some Bitcoin ATMs (learn more about them and how they work here).
So see if there are any Bitcoin ATMs in your local area and then check what KYC rules those ATMs have.
You can find nearby Bitcoin ATMs by using this site.
Please note that using a Bitcoin ATM usually have much higher fees. Sometimes it can be up to 20% of the transaction. Also worth thinking about that not all allow anonymous transactions.
So best to check these things first if possible.
But the next step to buying Monero using this option would be to take your Bitcoin ATM wallet and buy XMR using another site, exchange or marketplace.
So use either of those two guides above to get some coins there!
Option 3 – Buy Monero anonymously from LocalBitcoin + Bisq/LocalMonero
And for good measure we will add another option on the list for buying Monero anonymously. Which is to go with Local.Bitcoin and then first purchase some Bitcoin Cash!
And then, later on, head over to either Bisq or LocalMonero again for XMR.
Not to confuse with LocalBitcoins.com and Bitcoin.
Because LocalBitcoins have now added full KYC for everyone investing for a minimum of €1000 (EUR) per year.
And for the ones that don’t go up to those sums they will still have to give LocalBitcoins.com their full names, country of residence, email address, and phone number.
This way you could keep the entire process without any need for KYC or giving away your name and address!
Before we depart we thought it could be helpful to share some last-minute tips for you as you are about to start buying and using your cryptos!
So some recommendations from us and other fans are to:
- Never share your balance with anyone else – you picked this cryptocurrency for a reason. It’s strong privacy features. So don’t undo the great skills by sharing to the world that you own it and store it on X wallet
- Never share your private keys or tx-keys with anyone. There should if so be a very good reason to do so. You just can never know when it comes to sharing those with someone else
- Keep up with news and information from the developers and community once in a while. Maybe a new upgrade is coming out or other important news (hard fork) that might affect your coins.
We hope that his guide on where to buy Monero and how to store your XMRs was helpful!
We know that it is a bit different to other cryptocurrencies. And it is common to have fairly will-strong individuals in the community that truly believe in the anonymous rights that this crypto protects.
People that don’t necessarily are criminals. But people that just value their right to privacy.
Therefore in this guide, we added a few anonymous options. It is not something we have focused too much on when writing guides for other cryptocurrencies.
But there are no rights or wrongs according to us when it comes to buying XMR and storing it. It is a decision that belongs completely up to you.
If there is anything that you are unsure about regarding this guide, or if you have any Monero-related questions then please feel free to leave a comment below. And we will come back to you as soon as we can!
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Hello and welcome to Go Cryptowise.
My name is Per Englund and I’m a long-term fan and investor and trader of Bitcoin and other cryptocurrencies. I caught the attention of Bitcoin like many other several years ago, but it was first around 2016/2017 that I truly got into cryptocurrencies and blockchain technology.
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