A Step-by-Step-Guide on how to buy Monero (XMR)
Step 1 – Signup to Coinbase and get 10$ for free In the beginning you'll need to buy units of the top-tier currencies. Exchanges commonly accept either Bitcoin (BTC) or Ethereum (ETH) in exchange for Altcoins. Click the button below for registration and to get your welcome 10$.
Step 2 – Transmit Your BTC (Bitcoin) or ETH (Ethereum) to an Crypto Trader Your Ethereum (ETH) or Bitcoin (BTC) will need to be sent over to an Crypto Trader now. All exchanges have a deposit form that is identical. Monero (XMR) is obtainable on Binance, so we're going to use that as an sample. Unsure on how to send Coinbase funds to an Crypto Trader? (Just follow these easy steps) Make sure you have selected the right coin you want to deposit. BTC must be sent to a BTC deposit address, Ethereum to an Ethereum deposit address, etcetera. If you're working with a decentralized exchange, like Airswap or DDEX could be divergent (Just follow our guide).
Step 3 – Locate Monero (XMR) Once your deposit has been affirmed, you will now have access to your assets and you can launch buying and trading. To buy Monero (XMR) on Binance, you will want to hover over the ”Exchange” tab and after that click on “Basic”. In order to spot Monero (XMR), you will need to put the shortname of the coin (XMR) into the search box, which is marked in the picture. Be certain of having selected the right grouping, we've marked this too. Click on “XMR/BTC” to go on.
Step 4 – Purchasing Monero (XMR) As soon as you've spotted Monero (XMR), you will be presented with a Chart with Prices (in the Center of the image) and a few Order Books (on the Left of the image). And now we are going to make our own Limit Order. The ”Price” field will be filled automatically with the latest rate Monero (XMR) was sold for. This can be changed to your desired rate. The ”Amount” field is the amount of XMR you like to purchase. The ”Total” field is the total price in Bitcoin that you'll settle for the complete amount of XMR. If you're happy, click on “Buy XMR”. Your plan will be filled when a Seller trades their XMR for the price you gave.
Step 5 – Withdraw Monero (XMR) Unless you're frequently trading, best advise is not to keep your crypto coins on an Cryptocurrency Exchange for an extended period of time. To withdraw your Monero (XMR), go to the tab called “Funds” and click on “Withdraw”. Monero (XMR) can be safely stored using a Wallet, e.g. MyEtherWallet. (MyEtherWallet Setup Guide) Locate Monero (XMR) by using the provided drop-down box. Enter the volumen of Monero (XMR) you'd wish to withdraw. Take into account the shown fees/minimums. Also make sure you have filled your precise withdraw address. If you're satisfied, click on “Submit”. You could be asked for phone/email verification ahead of a withdrawal.