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 – Transfer Your Funds to an Exchange Your Bitcoin or Ethereum has to be sent over to an Exchange now. All exchanges have a deposit form that is identical. Monero (XMR) is available on Binance, so we will use that as an example. Not sure on how to send funds from Coinbase to an Exchange? (Just follow this how-to) Make sure you've chosen the precise coin you wish to deposit. BTC must be sent to a BTC deposit address, Ethereum to an Ethereum deposit address, and so forth. In the case you are dealing with a decentralized exchange, like Airswap or DDEX could be opposed (Follow our manual).
Step 3 – Find Monero (XMR) Once your deposit has been affirmed, you will instantly have access to your assets and you can initiate invest and trading. To purchase Monero (XMR) on Binance, you will want to go to the ”Exchange” tab and then mouse click on “Basic”. To find Monero (XMR), you'll need to put the cointype (XMR) into the search-box, which is marked in the image. Make sure you have selected the correct grouping, we've highlighted this too. Click on “XMR/BTC” to go on.
Step 4 – Buying Monero (XMR) As soon as you have located Monero (XMR), you'll be given a Chart with Prices (in the Center of the picture) and some Order Books (on the Left of the image). And now we're going to make our own Limit Order. The ”Price” field will be filled automatically with the most up-to-date rate Monero (XMR) was sold for. This can be changed to your preferred price. The ”Amount” field is the quantity of XMR you want to buy. The ”Total” field is the whole price in BTC that you will settle for the whole amount of XMR. If you are glad, make a mouse click on “Buy XMR”. Your order will be filled when a Seller sells their XMR for the price you introduced.
Step 5 – Withdraw Monero (XMR) Unless you're regularly trading, best advise is not to keep your coins on an Crypto Trader for an longer period of time. To take off your Monero (XMR), go to the ”Funds” tab and click on “Withdraw”. Monero (XMR) can be stored safely using a Wallet, for instance MyEtherWallet. (MyEtherWallet Setup Guide) Find Monero (XMR) by using the provided drop-down box. Drop in the amount of Monero (XMR) you'd wish to take off. Take into account the presented minimus/fees. Also make sure you have filled your correct withdraw address. When you're glad, make a mouse click on “Submit”. You may be asked for verfication via email/phone ahead of a withdrawal.