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 Cryptocurrency Exchange Your Bitcoin or Ethereum will need to be sent over to an Crypto Trader now. All exchanges have a deposit form that is alike. Monero (XMR) is available on Binance, so we will use that as an example. Unsure on how to send Coinbase funds to an Crypto Trader? (Just follow this how-to) Make sure you've selected the right coin you would like to deposit. BTC must be sent to a BTC deposit address, Ethereum to an Ethereum deposit address, etc. If you are using a decentralized exchange, such as Airswap or DDEX could be divergent (Just follow our how-to).
Step 3 – Locate Monero (XMR) As soon as your deposit has been verified, you'll immediately have access to your finances and you can launch purchasing and trading. To purchase Monero (XMR) on Binance, you'll want to hover over the ”Exchange” tab and after that mouse click on “Basic”. In order to discover Monero (XMR), you will need to put the short name of the asset (XMR) into the search-box, which is highlighted in the image. Be certain of having choosen the proper grouping, we've marked this also. Click on “XMR/BTC” to continue.
Step 4 – Purchasing Monero (XMR) Once you have spotted Monero (XMR), you will be given a Price Chart (in the Center of the picture) and some Order Books (on the Left of the image). For now we're making our own Limit Order. The field with the “Price” tag will be automatically filled with the most up-to-date rate Monero (XMR) was traded for. You can change this to your desired rate. The ”Amount” field is the amount of XMR you want to purchase. The field with the “Total” tag is the whole price in Bitcoin that you will pay for the complete quantity of XMR. If you are happy, click on “Buy XMR”. Your order will be filled when a Vendor sells their XMR for the price you submitted.
Step 5 – Withdraw Monero (XMR) Unless you're frequently trading, best advise is not to keep crypto coins on an Crypto Exchange for an extended time period. In order to withdraw your Monero (XMR), go to the ”Funds” tab and click on “Withdraw”. Monero (XMR) can be safely stored using a Wallet, for instance MyEtherWallet. (MyEtherWallet Setup Guide) Locate Monero (XMR) by using the given drop-down box. Enter the volumen of Monero (XMR) you would like to take off. Take into account the presented fees/minimums. Also make sure you have filled your right withdraw address. When you're satisfied, make a mouse click on “Submit”. You could be asked for phone/email verification ahead of a withdrawal.
Kudos! You've successfully purchased and stored Monero (XMR).That's it! Withdrawals from Exchange can durate between 1 – 30 minutes (rely on usage of the network). As soon as you've confirmed your withdrawal with Etherscan.io or Ethplorer.io and the (XMR) Monero is stored within your wallet, you are all done.
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