A Step-by-Step-Guide on how to buy Monero (XMR)
Step 1 – Join Kraken In the beginning you'll need to buy units of the bigger currencies. Exchanges normally accept either ETH (Ethereum) or BTC (Bitcoin) in exchange for any other Cryptocurrency. Click the button below to register and getting Ethereum (ETH) or Bitcoin (BTC).
Step 2 – Transmit Your Bitcoin (BTC) or Ethereum (ETH) to an Crypto Trader Your Bitcoin (BTC) or Ethereum (ETH) has to be sent over to an Exchange now. Every exchange has a deposit form that is similar. Monero (XMR) is available on Binance, so we will use that as an sample. Not sure on how to send Coinbase funds to an Exchange? (Just follow these easy steps) Make sure you've selected the exact coin you wish to deposit. BTC must be sent to a BTC deposit address, Ethereum to an ETH deposit address, et cetera. If you're working with a decentralized exchange, like Airswap or DDEX could be different (Follow our guide).
Step 3 – Locate Monero (XMR) As soon as your deposit has been affirmed, you'll directly have access to your funds and you can launch purchasing and trading. To purchase Monero (XMR) on Binance, you will want to go to the ”Exchange” tab and then mouse click on “Basic”. In order to spot Monero (XMR), you will need to insert the cointype (XMR) into the search-box, which is highlighted in the graphic. Make sure you have choosen the proper grouping, we have marked this too. Click on “XMR/BTC” to go on.
Step 4 – Buying Monero (XMR) Once you've located Monero (XMR), you will be given a Chart with Prices (in the Center of the picture) and a few Order Books (Leftside of the picture). Next we're going to create our own Limit Order. The ”Price” field will be filled with the most recent valuation Monero (XMR) was sold for. This can be changed to your preferred price. The ”Amount” field is the volumen of XMR you like to buy. The field with the “Total” tag is the aggregated price in Bitcoin that you'll settle for the complete amount of XMR. If you're happy, make a mouse click on “Buy XMR”. Your order will be filled as soon as a Vender sells their XMR for the price you offered.
Step 5 – Withdraw Monero (XMR) Unless you are regularly trading, best advise is not to keep crypto on an Crypto Trader for an longer period of time. To withdraw your Monero (XMR), go to the ”Funds” tab and mouse click on “Withdraw”. Monero (XMR) can be safely stored using a Wallet, e.g. MyEtherWallet. (MyEtherWallet Setup Guide) Find Monero (XMR) by using the given drop-down box. Enter the amount of Monero (XMR) you'd like to take off. Take into account the presented minimus/fees. Also make sure you have entered your correct withdraw address. When you are glad, click on “Submit”. You could be asked for verfication via email/phone before a take off.