How to Buy Monero Online in 2021

With the price of Bitcoin surging, many investors are looking for alternative cryptocurrencies to invest in. One that might stick out compared to others is Monero, which has had a couple of noticeable peak values in its lifetime. 

Before investing in Monero, learning about the currency, and the different platforms you can buy it on is always a good idea. This guide will show you everything you need to know about buying Monero, where you can buy it, and how to store it. We’ll also teach you about online safety and much more. 

Best brokers to buy Monero from in 2021

When looking for online platforms to buy Monero from, you’ll find several choices. With the numerous options, you may find making a decision difficult. We’ve listed the best places to buy Monero in 2021 below to save you hours of research: 

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What is the difference between buying and trading Monero?

When looking at how to buy Monero online, you’ll most likely run into the terms “buying” and “trading”. The two differ slightly. Below you’ll find a brief explanation of them both: 

  • Buying Monero: You own the coin outright after purchasing. When you buy Monero, it’s a good idea to store it in a wallet for security purposes. Typically a long-term investment.
  • Trading Monero: You buy the coin with the intention of selling it for profit when it increases in value. Usually, a shorter-term investment strategy.

How to buy Monero online

To buy Monero online, you’ll need to sign up for a cryptocurrency exchange. To do this, we’ve listed the steps for you to follow below: 

  • Find a cryptocurrency exchange and verify your identity
  • Sign up for your exchange of choice
  • Decide on how you want to trade — do you want to go for something short-term, or are you more interested in the long term?
  • Make a purchase

How to trade Monero

If you want to trade Monero instead, you’ll need to follow these steps. 

Below, you’ll find the steps you need to follow. 

  • Find a broker
  • Deposit money into your account
  • Decide on how you want to trade. Again, you can pick short and long-term strategies 
  • After putting together your plan, start buying and selling Monero

What are the different ways to pay for Monero?

When you’re ready to pay for Monero coins, you can choose one of several methods. To help you pick the best choice for you, we’ve listed the main options below:

PayPal

PayPal is a popular digital wallet with over 300 million active users worldwide. Several trading platforms let you deposit into your account using the service, though finding centralized exchanges that do likewise is a little more difficult. 

Pros 

  • Signing up for a PayPal account is easy 
  • Transactions are fast 
  • Useful if you want to trade rather than buy

Cons

  • Not many cryptocurrency exchanges accept PayPal 
  • Potentially hefty fees 

Other Cryptocurrencies 

Besides fiat currency payment methods, you can also buy Monero with other cryptocurrencies – including Bitcoin. 

Pros 

  • Fast, borderless transactions 
  • Several platforms allow you to buy Monero with other cryptocurrencies 
  • No need to share your bank and card details 

Cons 

  • Exchange rates may vary depending on where you buy Monero 

Bank Transfer 

Bank transfers are a reliable way to fund your exchange account to buy Monero. All you need to do is enter your details and confirm the amount you wish to transfer before submitting a buy order. 

Pros 

  • Widely accepted 
  • Transactions are convenient 
  • Bank transfers are generally secure

Cons

  • Need to share your bank details online

Debit and Credit Cards

Another convenient way to buy Monero is by using your debit or credit card. You can use this payment method across most centralized exchanges, while decentralized exchanges will also let you pay in this way. 

Pros 

  • Accepted across most cryptocurrency exchanges 
  • Easy to use 
  • Most transactions are fast 

Cons 

  • Have to share your card details online 
  • Often have to pay higher fees – especially if you use a credit card 

Cash 

Some platforms will let you buy Monero using cash. You’ll often place the order online before meeting the seller to exchange the fiat money and complete the cryptocurrency transfer. 

Pros 

  • Higher levels of anonymity than the other payment methods mentioned in this section 
  • Won’t have to pay fees for using your card, etc. 
  • Less risk of an online hack revealing your bank or card details

Cons 

  • Cash payments are difficult if nobody in your local area is willing to meet up 
  • Transactions can take longer to complete 

Skrill

Skrill is a popular digital wallet that you’ve probably heard of if you’ve tried online gambling in the past. The service has been more accommodating towards cryptocurrencies than several other payment methods, but it is still in its early days. 

Pros 

  • Skrill has a free loyalty program where you can earn points for using your account 
  • Fast transactions 
  • Easy to use 

Cons 

  • Not accepted at all online cryptocurrency platforms
  • Need to pay fees to move your money

Neteller 

Neteller is somewhat similar to Skrill which is unsurprising considering they’re both owned by the same company. With Neteller, you can fund your digital wallet and use that money to buy Monero.

Pros 

  • Easy to use
  • Fast transactions 
  • Like Skrill, Neteller has a free loyalty program

Cons 

  • Not widely accepted at centralized cryptocurrency exchanges 
  • Fees 

What to consider when buying Monero

When buying Monero, you need to make room for several considerations. 

If you’ve already invested in some cryptocurrencies, you might notice some overlap between them and Monero. However, talking points aren’t universal, and you should continue reading to make sure you’ve covered everything.

Below is a bulleted list of the factors you must keep in mind when purchasing Monero: 

  • Volatility: Cryptocurrency markets are volatile, and Monero is no exception. So far, the currency has had two big value spikes: in 2017 and 2021. In between those spikes its value has changed regularly. 
  • Long-term Prospects: Some experts have predicted that Monero will surpass $1,000 in value by 2025. As such, it might be worth investing in and holding in the long run. 
  • Places Monero Can Be Used: Cryptocurrencies still aren’t as widely accepted as fiat currencies, but the list of merchants accepting Monero is growing. However, you might need to dig a little deeper to buy a product or service compared to the GBP.
  • Short-term Investments: At the time of writing in October 2021, Monero has dropped from its most recent significant spike in May 2021. Its price changes regularly, so you’ll need to keep tabs on the market if you want to invest short-term. 
  • Fees Involved in Buying Monero: When depositing and withdrawing money at crypto exchanges, you’ll often need to pay fees. Similarly, some platforms will demand commissions when you sell. Remember to do your research before signing up somewhere.
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Minimum Deposit
$250
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User Score
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Trade the global markets. Trade with real-time execution and professional tools
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Is it safe to buy Monero online?

Monero prides itself on confidentiality and security. As long as you buy Monero from a reputable exchange, it’s safe to purchase the coin online. But even then, it’s crucial to remember that cryptocurrency services are prone to security threats – as proven by the Monero supply chain hack in November 2019. 

Fortunately, you can minimize your risk. Ways you can do this include: 

  • Adding two-factor authentication to everywhere you’ve stored your Monero coins
  • Only asking for help on secure and reputable websites
  • Reading reviews before picking a place to buy Monero from 
  • Keeping your cash in a wallet, preferably a cold wallet 

How to store Monero

After buying Monero, we recommend that you don’t leave your coins where you purchased them. Doing so could allow a hacker to take your money. 

You can store your purchased currency in several kinds of wallets. The most common ones are: 

  • Cold Wallet: These wallets are offline and can either be on hardware or a piece of paper with a code written on it. Wallets of this kind are the safest version you can use, but you need to remember their sign-in details. 
  • Online Wallet: Often, the exchange you use will offer an online wallet. However, you have additional wallets to choose from to store your coins in as well. Be sure to search online to see which wallet aligns with your preferences. You’ll also need to keep in mind that you’ll need to verify your identity each time you sign in.

How to sell Monero

If you’re buying Monero for investment purposes, you’ll want to sell it at some point. When you’re ready to do so, you can pick one of several methods. 

You’ll find the best ways to sell Monero below:

Centralized Cryptocurrency Exchanges

Centralized cryptocurrency exchanges are the easiest place to sell Monero. If you’re more advanced with cryptocurrency investing, we recommend picking a platform that allows you to customize your selling orders more specifically. 

Pros 

  • Easy to sell Monero  
  • Secure transactions
  • Fast-selling execution

Cons  

  • Trading fees and commissions often apply
  • Market rates may vary depending on the platform you choose 

CFD Trading Brokers 

Contract-for-difference (CFD) brokers allow you to sell assets rather than buying Monero coins outright. You can often submit various customised selling orders while also automating the entire process if you want. 

Pros 

  • Sell Monero quickly 
  • Great for long and short-term selling strategies 
  • Customize your selling preferences 

Cons 

  • Market rates might not be the best
  • Trading fees and commissions may apply 

Decentralized Cryptocurrency Exchanges 

Centralized cryptocurrency exchanges are convenient but have their flaws. In some cases, you might prefer to use a decentralized platform instead. The primary difference with these is that you usually sell to an end-user directly without an intermediary getting involved. 

Pros 

  • No middleman involved 
  • Sell Monero for cash (in some instances) 
  • You’ll often have more withdrawal options 

Cons 

  • Scams are possible

Is it worth buying Monero right now?

Before we start, remember that crypto markets are volatile, and you make any purchase at your own risk. 

Monero is a secure cryptocurrency that has enjoyed growth in 2020 and 2021. Its value is expected to continue rising over the next four years. At the moment, the coin’s price is still relatively low compared to the major cryptocurrencies. 

Overall, Monero has the capacity for continued success and is worth investing in if you’re looking for a long-term investment.

Conclusion

Monero has become well-known in the world of altcoins, with some tipping it for a prosperous future. Having read this guide, you should know where you can buy the currency and what to look out for when doing so. 

With everything considered, we recommend using a bank transfer to buy Monero. Besides its widespread acceptance, it’s also secure and poses a lower risk of accruing hefty fees.  

1
Minimum Deposit
$250
Exclusive Promotion
User Score
8.1
Trade the global markets. Trade with real-time execution and professional tools
Follow and copy Naga's top traders who have mastered their trading strategies
Free personal account manager
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.48% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FAQs

Can I buy Monero in any country?
Monero has been used on the dark web, so legality is naturally a huge talking point. In most cases, you shouldn’t have trouble buying Monero. However, some countries have banned cryptocurrencies, so research your local laws before buying coins. 

Is there a limit to how many Monero coins I can buy?
Online platforms will often limit how much you can spend within specified periods. Make sure you read the terms and conditions for each platform you want to use before signing up. 

Can I buy Monero without an ID?
Monero transactions are anonymous, and you might be able to buy the coin without showing identification if you use a decentralized exchange. However, centralized services will ask that you verify yourself using a photo ID like a passport. 

Can I buy Monero instantly?
Yes. Monero transactions are instant once you’ve funded your account and made a purchase. 

What is Monero?
Monero is a cryptocurrency that launched in 2014. 

How does Monero work?
Monero uses various technologies to ensure anonymous transactions. The currency is open-source, and miners can use their computer processing units (CPUs) instead of an application-specific integrated unit (ASIC).