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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 are virtually impossible to track.

How to sell Monero?

You can sell Monero on cryptocurrency marketplaces. Before you can sell Monero, however, you need to open an account and verify your identity with a marketplace. Additionally, you might need to setup a Monero wallet to store your coins of the marketplace does not offer a wallet service. The process of selling Monero, including account creation, identity verification and payment can take from few minutes to several weeks, depending on the marketplace.

Where to sell Monero?

There are different kinds of cryptocurrency marketplaces where you can sell Monero.

Exchanges resemble traditional stock exchanges such as the NASDAQ and allow you to sell Monero from other traders - and without any personal contact with one another. This process is called matchmaking, i.e. finding a price of Monero with sufficient sellers and sellers to fill all orders. Cryptocurrency exchanges are oftentimes tailored towards professional traders and offer advanced trading features which can be hard-to-use and confusing for beginners.

Contrary, brokers sell Monero out of their own asset stock. This means that when you sell Monero from a broker, there is no transaction with other traders, but the broker service. While cryptocurrency usually offer a easy-to-use interface and many different payment methods, they charge a markup and/or fees which is higher than those cryptocurrency exchanges.

Lastly, peer-to-peer (P2P) directories are platforms where you can sell Monero directly from other traders. However, it is more risky to sell Monero on a P2P directory due to the lack of a third party.

What to consider when selling Monero

At last, you might be left with the question: “What’s the best marketplace for me?” Res assured, you’ve come to the right place: Cryptoradar lists popular places to sell 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 copy of your passport) and proof your permanent residence (e.g. by uploading a recent utility bill) before you will be allowed to sell 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 you’re new to cryptocurrencies, it may be a good idea to choose a marketplace that provides a built-in wallet service. Please note, however, that a wallet that you are managing yourself is usually a safer option. You can learn more about different types of wallets here.

Prices & Fees: The price of Monero is determined solely by the market forces of supply and demand. This means that the price changes based on the number of people willing to buy and sell Monero. Broker services usually align their prices on current prices and charge a markup and fees for their services. In addition to trading fees, there may be fees to deposit and withdraw Monero.

Payment method: You need to deposit money at a marketplace before you can sell Monero. Most exchanges only offer wire transfer, while broker services often offer a larger number of more convenient payment methods such as credit cards or Skrill for an additional payment fee.

Security: When investing into cryptocurrencies, security plays a major. Cryptoradar helps you filter marketplaces for security features such as two-factor authentication (2FA) or cold storage. We also advise you not to store significant amounts of fiat or cryptocurrencies on marketplaces as they may be subject to cyber attacks.

When to sell Monero?

Is now a good time to sell Monero? We don’t know. However, if you are looking at a specific price at which you would like to sell 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.