Want to buy Monero but not sure what to do? With this guide, you will be in possession of XMR tokens in just a few minutes using Binance, a regulated platform in France.
On which exchange can you buy Monero?
For buy monero, you must first choose the exchange on which you will make the purchase. Note that since XMR is a completely anonymous cryptocurrency, there are only a few exchange platforms that offer it.
You can nevertheless make your choice among those offering XMR according to many criteria such as purchase and withdrawal fees, or the ergonomics of the platform.
The most reputable platform offering Monero is Binance. It’s the industry leader with over 30 million active users in 2022. That’s why we recommend using Binance to buy XMR in just a few clicks.
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You will find below some data about Monero on the two main platforms to buy XMR crypto:
Buying Monero with Binance: How to
Here you will find the procedure for buy Monero with Binancea platform that has obtained the registration of PSAN with the Autorité des marchés financiers (AMF), which makes it a trusted exchange.
First, create an account on Binance by clicking the following button to get 10% off your fees for life:
The reference platform to buy and trade more than 600 cryptos
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On the page that appears, click on “Register by phone or email”, fill in the necessary fields, then click on ” Create an account “.
Next, verify your account, as required by the French regulator. To do this, bring an ID and follow the steps displayed on Binance.
Binance will review your request as soon as possible. Once your account is verified, it’s time to move on to buying Monero. So click at the top left of the Binance interface on ” Buy cryptos » :
This is where you select the deposit method: credit card (1.8% fee) or bank transfer (1 euro fee). In this tutorial, we choose “ Bank deposit » since the fees are the lowest with this payment method:
Check that you have selected the currency “ Euro then continue:
In this window, choose the right assets for your purchase, either “ USD ” in the framework of ” Spend ” and ” XMR ” in the framework of ” Receive “.
Then enter the amount in euros you want to invest in the XMR crypto. In this example, we buy for 100 euros, and the conversion to XMR is automatic.
Finally, you just have to make the transfer to the account indicated to finalize the purchase of your XMR tokens. If you choose the credit card to buy your XMR, fill in your information and make the payment as on an e-commerce platform.
Congratulation ! You are now in possession of XMR tokens! You are free to use them as you see fit now, such as sending them to an external wallet.
👉 Need more detailed explanations? Here is our opinion and complete tutorial on Binance
What is Monero?
the XMR is the crypto of the Monero blockchain. This is a project that has a sulphurous reputation since XMR is a cryptocurrency conferring complete anonymity by default to its users. In other words, transactions are untraceable there.
Monero was created for the purpose of preserve the privacy of its users, as opposed to Bitcoin. Indeed, the latter is only pseudonymous since it is possible to trace transactions to a wallet by analyzing the blockchain. This is completely impossible to do with Monero.
Thereby, crucial information is all hidden on the Monero blockchain: amounts and wallet addresses of the recipient and sender of a transaction. To do this, several cryptographic techniques are used: furtive addresses, circle signatures, confidential transactions or even bulletproofs.
Therefore, the XMR cryptocurrency has become a popular alternative for darknet payments and illegal activities (ransom demands for example). However, individuals who simply want to benefit from a high level of confidentiality are also likely to use it.
Finally, this is a project that has at heart a high level of decentralization. The Monero blockchain operates on a proof-of-work algorithm, and anyone can easily start mining XMR since, unlike Bitcoin and other cryptocurrencies using such algorithms, Monero does not require any specific hardware to mine. to be undermined. Most processors and graphics cards are capable of this.
👉 Want to know more? Here is our complete file on Monero (XMR)
Buying Monero in 2022, good plan?
Monero is located in 30th position in the ranking of cryptocurrencies the most valued on the market at the time of writing these lines. It is the most popular anonymous crypto, far ahead of its main competitor, Zcash.
However, the price of XMR has dropped about 77% since its peak in May 2021. Mainly attributed to the bear market that we are experiencing, this correction was less brutal than those of the price of most other cryptocurrencies, which could see falls of around 80 to 90%.
Monero thus has a little withstood this bear market better so far. It is therefore appropriate to ask whether this cryptocurrency still has potential in 2022. For this, we must look at its use and financial regulators.
In terms of its activity, an average of 25,000 transactions are processed every day in 2022, which shows consistent activity despite the bear market. Although activity has fallen slightly since 2021, it remains at a high level with even new peaks recorded, especially in summer 2022.
Monero also has a fairly high level of decentralization, thanks to its algorithm which makes its mining very accessible. The project is supported by a community with strong values in terms of privacy.
In addition, every six months, Monero undergoes a hard fork in order to constantly guarantee the security and anonymity of transactions.
This is very important since Monero also has many detractors who would like to see it fall: financial regulators in particular. It is the number 1 anonymous cryptocurrency and therefore the number 1 target of these regulators.
Thus, over the past few years, many (centralized) exchanges have had no choice but to remove XMR from their offer. There remain, to date, few platforms offering Monero, and this could potentially worsen in the future. It would then be more complicated to sell your XMR tokens legally.
Anyway, we advise you to do your own thorough research to decide whether to buy XMR is interesting in 2022.
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FAQ: frequently asked questions about Monero
How long has Monero existed?
Monero was launched in April 2014 as a fork of Bytecoin, a now discontinued cryptocurrency. It is thus one of the oldest cryptocurrencies on the market, which has been able to resist many bear markets.
Is XMR only used as currency?
Yes, Monero is a anonymous cryptocurrency that has no other purpose than to make transactions untraceable. Thus, the XMR token only allows you to transfer value, make a purchase or a sale, completely anonymously.
Are transactions with Monero truly anonymous?
Yes, transactions are completely opaque for anyone who would like to trace them. However, if you hold XMR tokens on an exchange, keep in mind that since your identity is linked to your account on the exchange, you will not benefit from any anonymity in this case.
It’s not only with an external wallet you can enjoy complete privacy with Monero. Finally, this is a rapidly changing industry, and it is unclear whether Monero’s architecture will be able to protect its users in the future. Since its creation (8 years) however, this has always been the case.
Can XMR be delisted from all exchanges?
This is a possibility to consider before buying XMR. It is quite possible that in the future, it is no longer possible to obtain XMR on an exchange platform as financial authorities around the world continue to regulate the sector. This type of cryptocurrency is indeed very badly seen by the latter.
Monero above all, given its reputation and its architecture which makes transactions opaque by default. If so, buying or selling XMR tokens will become much more complicated.
How to follow the course and price of XMR?
If you want to know XMR price in euros or dollars, our XMR crypto price monitoring page will meet your needs. It will also provide you with various essential information relating to Monero such as the graph of its price, the total valuation or the number of XMR tokens in circulation.
Securing your XMR, how to proceed?
If you want to protect your XMR, you must use a wallet supporting the Monero blockchain. The native wallets of Monero are therefore ideal for this: Monero GUI or My Monero.
For more security, you can turn to the physical wallets of the French company Ledgerdesigned to provide a high level of security for storing your XMR and other cryptocurrencies.
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A complete crypto experience, from buying to securing
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Master student in International Finance, I have been interested in cryptocurrencies since June 2017 and more particularly in fintech and decentralized finance. I aspire to make my contributions interesting for readers of all levels.
