How to Buy Monero (XMR) Right Now • Benzinga Crypto

Want to jump straight to the answer? You can buy XMR on Robinhood and Huobi Global.

Monero is a leading cryptocurrency that specializes in making transactions and financial information private. While other blockchain assets like Bitcoin and Ethereum are only pseudo-anonymous, Monero is a truly private cryptocurrency. Anyone can see one’s Bitcoin or Ethereum wallet address and they’re transaction history, including the amount of cryptocurrency one sends.

But unlike such cryptocurrencies, Monero uses cryptography to shield the sender’s address, receiver’s address and the amount transacted. 

As a digital currency, Monero is paving the way for fast and inexpensive online payments to and from people globally. Monero is among the few cryptocurrencies that are safe from capital controls and other regulations that may restrict the flow of its digital transactions.  

Monero is an open-source community project. It is built by more than 500 volunteers and community-funded contributors who have dedicated their time to making Monero transactions seamless at every step. Monero can also be traded on cryptocurrency markets called exchanges.

Brief History of Monero

Launched in 2014, Monero was introduced to the digital world on Bitcoin Forum. After a few months of its launch, the Monero blockchain migrated to a different database structure to provide greater efficiency and flexibility to its owners. In the same year, Monero underwent a cyber attack but quickly recovered. 

The Monero blockchain network was upgraded in 2017 to adjust its minimum block size and dynamic fee algorithm. The website getmonero.org was also redesigned within a couple of months to reflect the changes. In the same year, it also introduced multi-signature support to verify online transactions. 

In 2018, the website getmonero.org had published its content in several languages such as French, Polish and Arabic to facilitate global investors. Hardware digital wallets such as Ledger had also started to support the emerging cryptocurrency. It also implemented the Monero Messaging System to automate multi-signature wallet information exchange. 

Monero had extended its full support for blockchain pruning by 2019. By that time, many hardware e-wallets such as the Trezor Model T and Ledger Nano X were optimized for Monero transactions. 

Here’s a step-by-step guide to help you get started with trading Monero. 

How to Buy Monero

  1. Open an exchange Account.

    To start buying and selling cryptocurrencies, you’ll need to register yourself on an online broker or a crypto exchange. These crypto exchanges will help you buy, sell and store your digital assets from a secured location. 

    Take a look at the top crypto exchanges for Monero listed below, or the general top crypto exchanges on the digital market.

  2. Buy a wallet (optional).

    You’ll need a digital wallet or an e-wallet to start trading Monero. Digital wallets help you store your digital assets in a safe and private location. You should consider the cryptocurrencies supported by the wallet and their transaction fees before you buy. 

    There are many types of digital wallets for you to choose from. Software, hardware, mobile, web and paper wallets are frequently used by crypto traders all around the world. Benzinga has handpicked these wallets to help you begin trading Monero.  

  3. Make your Purchase.

    Once you’ve set up your account with an exchange, you can browse through thousands of listed cryptocurrencies available for trade. If you want to buy Monero, you can select it from the list. You can also enter Monero in the search bar to find it faster. 

    If the price of Monero suits your financial goals, you can then decide the total number of tokens you want to buy. When you’re ready to make the trade, you can set the volume of tokens you want to purchase and click the buy button to execute the order.  

Best Exchanges for Monero