Published on July 29th, 2019 | by Sumit Bhowal0
How to Buy, Sell, Trade Monero (XMR) at the Best Rates
Before we jump into how you can start trading Monero, let’s do a quick recap of what Monero is.
Monero is a secure, private and untraceable currency system. The special cryptography used ensures that all transactions are unlinkable and untraceable.
Given how transparent Bitcoin is, it is easy to see why users find Monero appealing.
To buy, trade or sell Monero, you will first need a Monero wallet.
Image credits: Coin Revolution (https://coinrevolution.com/monero-adopts-the-bullet-proofs-tech-for-privacy-scalability/)
Monero wallet: There are many options to choose from but you should always consider a hardware wallet over software wallets. Hardware wallets are safer because they are offline and hackers are not able to skim your information as easily as a software wallet. However, if you plan to trade regularly, a software wallet may be more up to your speed. Software wallets are always connected and good for on-the-go applications. And they are free. Hardware wallets are an investment and help you keep your holdings safe and if you have a large amount of Monero holdings, it is best to consider a hardware wallet.
Next, you should locate your Monero wallet address.
Wallet addresses are usually a string of letters and numbers that you will need when you trading to send Monero coins or when you want to use XMR to make a purchase or a conversion.
Now, you need to find a good cryptocurrency exchange.
A cryptocurrency exchange is where you are able to sell or buy Monero. But not all exchanges are built the same. So here are few things to look out for.
- User friendly: You want an exchange that is user friendly. There are exchanges that only cater to advanced crypto users which are not ideal for someone just starting out. You should look for an exchange that has clear instructions on how to trade and is self explanatory. Creating an account (if required) should not be an arduous task.
- Resources: Not only will you spend a ton of time on the exchange trading but you will also require assistance from time to time. Look for an exchange that had plenty of blogs or content that helps you understand crypto better, hottest new coins and all news updates from the crypto space.
- Customer Support: When blogs aren’t enough, you should have access to real live chat to quickly address all your issues. A 24×7 customer support is ideal but any form of assistance should be considered.
- Credible: For site credibility, make sure that a few basics are in place. The site must be secure in HTTPS format. The user reviews on a third-party site must be hugely positive and it should ideally be safe from hacks. If the site was hacked, look at the resolution offered to its customers. Did they offer to reimburse all of their money or was it only a small part? Never use an exchange that has been through multiple hacks or has bad reviews even if they offer lower exchange rates.
- Exchange Rates: The exchange should have the best exchange rates, low or zero transaction and withdrawal fees.
There are plenty of exchanges like Coinmama, Coinbase, Bittrex that allow you to exchange Monero but CoinSwitch fits the bill completely. CoinSwitch is an exchange aggregator and tracks data from all the other exchanges to offer you the best price everytime.
To buy Monero, you can use fiat currencies or a credit card. You will have to purchase Bitcoin or Ethereum first and then convert it to Monero. You can also exchange coins for Monero.
To sell Monero, try converting it into Bitcoin first and then using a site like LocalBitcoin to find a buyer.