A Step-by-Step-Guide on how to buy Monero (XMR)
Step 1 – Signup to CEX.io You will first need to purchase units of the major currencies. Exchanges commonly accept either ETH (Ethereum) or BTC (Bitcoin) in exchange for Altcoins. Click below for registration and getting your ETH (Ethereum) or BTC (Bitcoin).
Step 2 – Transfer Your ETH (Ethereum) or BTC (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 similar. Monero (XMR) is obtainable on Binance, so we will use that as an sample. Unsure on how to send Coinbase funds to an Exchange? (Just follow this guide) Make sure you've chosen the correct coin you want to deposit. BTC must be sent to a BTC deposit address, Ethereum to an Ethereum deposit address, etc. In the case you are using a decentralized exchange, such as Airswap or DDEX could be unlike (Just follow our manual).
Step 3 – Find Monero (XMR) Once your deposit has been confirmed, you will instantly have access to your finances and you can start buying and trading. To buy Monero (XMR) on Binance, you will want to go to the ”Exchange” tab and mouse click on “Basic”. In order to locate Monero (XMR), you will need to put the short name of the asset (XMR) into the search box, which is marked in the picture. Make sure you have selected the right grouping, we've marked this also. Click on “XMR/BTC” to advance.
Step 4 – Purchasing Monero (XMR) As soon as you have spotted Monero (XMR), you'll be presented with a Price Chart (in the Center of the image) and some Order Books (on the Left of the image). Next we're going to create our own Limit Order. The field with the “Price” tag will be automatically filled with the most up-to-date rate Monero (XMR) was sold for. This can be changed to your preferred rate. The ”Amount” field is the volumen of XMR you like to purchase. The field with the “Total” tag is the total price in Bitcoin that you'll settle for the complete volumen of XMR. When you're happy, click on “Buy XMR”. Your order will be filled as soon as a Seller trades their XMR for the price you gave.
Step 5 – Withdraw Monero (XMR) Unless you are regularly trading, never keep your coins on an Exchange for an longer time period. In order to take off your Monero (XMR), go to the ”Funds” tab and mouse 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. Drop in the volumen of Monero (XMR) you'd wish to take off. Don't forget the demonstrated minimus/fees. Also make sure you have entered your correct withdraw address. If you are satisfied, click on “Submit”. You may be asked for verfication via email/phone before a withdrawal.