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 – Send Your Ethereum or Bitcoin to an Exchange Your Bitcoin (BTC) or Ethereum (ETH) will need to be sent over to an Exchange now. Every exchange has a deposit form that is identical. Monero (XMR) is obtainable on Binance, so we will use that as an illustration. Unsure on how to send funds from Coinbase to an Exchange? (Just follow this guide) Make sure you have selected the precise coin you wish to deposit. Bitcoin must be sent to a Bitcoin deposit address, Ethereum to an Ethereum deposit address, and so forth. In the case you are using a decentralized exchange, like Airswap or DDEX could be divergent (Just follow our how-to).
Step 3 – Locate Monero (XMR) As soon as your deposit has been confirmed, you will immediately have access to your finances and you can commence buying and trading. To buy Monero (XMR) on Binance, you will want to go to the ”Exchange” tab and after that click on “Basic”. In order to discover Monero (XMR), you will need to insert the short name of the asset (XMR) into the search box, which is highlighted in the image. Be certain of having selected the proper grouping, we have highlighted this too. Click on “XMR/BTC” to proceed.
Step 4 – Purchase Monero (XMR) Once you've spotted Monero (XMR), you will be given a Price Chart (in the Center of the picture) and a few Order Books (Leftside of the picture). For now we are making our Limit Order. The ”Price” field will be filled automatically with the most recent valuation Monero (XMR) was traded for. This can be changed to your desired price. The field with the “Amount” tag is the quantity of XMR you want to purchase. The ”Total” field is the whole price in Bitcoin that you'll settle for the whole quantity of XMR. If you are satisfied, click on “Buy XMR”. Your order will be filled as soon as a Vender trades their XMR for the price you offered.
Step 5 – Withdraw Monero (XMR) Unless you are regularly trading, best advise is not to keep crypto coins on an Crypto Trader for an extended period of time. To take off your Monero (XMR), go to the tab called “Funds” and click on “Withdraw”. Monero (XMR) can be securely stored using a Wallet, e.g. MyEtherWallet. (MyEtherWallet Setup Guide) Locate Monero (XMR) by using the given drop-down box. Drop in the quantity of Monero (XMR) you would wish to take off. Don't forget the presented minimus/fees. Also make sure you have entered your precise withdraw address. When you are satisfied, click on “Submit”. You could be requested for verfication via phone/email before a withdrawal.