What is Monero?
Monero (XMR) is an open-source, blockchain-based cryptocurrency with focus on privacy, decentralisation and
scalability. Unlike many other cryptocurrencies, Monero is not based on the Bitcoin protocol, and possesses
significant algorithmic differences that improve privacy through blockchain obfuscation. Monero transactions
virtually impossible to track.
How to buy Monero?
You can buy Monero on cryptocurrency marketplaces. Before you can buy Monero, however, you need to open an
and verify your identity with a marketplace. Additionally, you might need to setup a Monero wallet to store
coins of the marketplace does not offer a wallet service. The process of buying Monero, including account
identity verification and payment can take from few minutes to several weeks, depending on the
Where to buy Monero?
There are different kinds of cryptocurrency marketplaces where you can buy Monero.
Exchanges resemble traditional stock exchanges such as the NASDAQ and allow you to buy
other traders -
and without any personal contact with one another. This process is called matchmaking, i.e. finding a price
Monero with sufficient sellers and buyers to fill all orders. Cryptocurrency exchanges are oftentimes
towards professional traders and offer advanced trading features which can be hard-to-use and confusing for
Contrary, brokers sell Monero out of their own asset stock. This means that when you buy
from a broker, there
is no transaction with other traders, but the broker service. While cryptocurrency usually offer a
interface and many different payment methods, they charge a markup and/or fees which is higher than those
Lastly, peer-to-peer (P2P) directories are platforms where you can buy Monero directly from
it is more risky to buy Monero on a P2P directory due to the lack of a third party.
What to consider when buying Monero
At last, you might be left with the question: “What’s the best marketplace for me?” Res assured, you’ve come
right place: Cryptoradar lists popular places to buy Monero from all around the world. Simply define your
requirements and use our filters to find a marketplace that meets your needs. Things to consider are:
Verification: Most marketplaces require you to verify your identity (e.g. by uploading a
your passport) and
proof your permanent residence (e.g. by uploading a recent utility bill) before you will be allowed to buy
cryptocurrency. This process can take between few minutes to several weeks.
Wallet Service: A Monero wallet is a piece of software where you can store your Monero. If
cryptocurrencies, it may be a good idea to choose a marketplace that provides a built-in wallet service.
note, however, that a wallet that you are managing yourself is usually a safer option. You can learn more
different types of wallets here.
Prices & Fees: The price of Monero is determined solely by the market forces of supply and
This means that
the price changes based on the number of people willing to sell and buy Monero. Broker services usually
prices on current prices and charge a markup and fees for their services. In addition to trading fees, there
fees to deposit and withdraw Monero.
Payment method: You need to deposit money at a marketplace before you can buy Monero. Most
only offer wire
transfer, while broker services often offer a larger number of more convenient payment methods such as
or Skrill for an additional payment fee.
Security: When investing into cryptocurrencies, security plays a major. Cryptoradar helps
for security features such as two-factor authentication (2FA) or cold storage. We also advise you not to
significant amounts of fiat or cryptocurrencies on marketplaces as they may be subject to cyber attacks.
When to buy Monero?
Is now a good time to buy Monero? We don’t know. However, if you are looking at a specific price at which
like to buy Monero, we can help you to not miss a favourable opportunity: Sign up for a Cryptoradar account and set
up a price alert to get notified when Monero trades below or above your target price.