Planning to buy Monero? Well, cryptocurrency investment is essential to greater success. We’ve made it easy with our complete guide on how to buy Monero in the UK.
As one of the first digital assets to ever appear in the market, Monero has grown both in popularity and value. It’s a decentralized digital currency that provides secure and private transactions.
The cryptocurrency has seen increased demand in the U.K., with lots of exchanges offering its trading pairs. If you’re looking to buy Monero, the guide below provides all the details you will need.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY MONERO IN THE UK
- A step-by-step guide to buying Monero in the UK
- How to sell XMR
- Which wallets can I use to hold Monero?
- How Monero works
- Key things to consider before you buy Monero in the UK
- Final words
QUICK GUIDE: HOW TO BUY MONERO IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Monero.
- Enter how many Monero XMR coins you want to buy.
- Check the details and confirm your purchase.
A step-by-step guide to buying Monero in the UK
If you would like to start investing in Monero (XMR) then you have to follow these steps:
Step 1. Open an account with an exchange
The first step you have to take if you’re considering buying Monero in the UK is to look for a crypto exchange that lists Monero (XRM) as a trading pair. Monero is very popular as a cryptocurrency for financial transactions, so you will see a handful of exchanges allowing trades on the token.
Once you’ve seen the right crypto exchange, create your account by providing your email address and creating a password. However, some exchanges may require you to provide your full name, a valid form of photo ID, and contact details to satisfy the Know Your Customer (KYC) laws. Also, ensure that you enable two-factor authentication (2FA) to provide more security to your account. After providing these details, your account will be created.
Step 2. Deposit funds into your account
This is where you have to decide how you want to deposit funds into the exchange. It’s easier to do that if you have another crypto exchange like Bitcoin (BTC) or Ethereum (ETH) in a wallet. In this case, you can deposit the crypto asset directly to the exchange account and buy Monero using the token.
But if this is your first time buying cryptocurrency, you would need to choose an exchange that accepts direct fiat deposits. There are few exchanges in the U.K. that offers this option.
You will have the option of depositing funds using your credit card, debit card, PayPal, or direct bank transfer. Choose the option with the most convenient deposit fees. Once the deposit is accepted and approved, a confirmation notice will be sent to your email.
Step 3. Buy XMR
After depositing funds into the exchange account, navigate to the section of the market on the platform and click on the currency pair you want to buy, for example, GBP/XMR. Follow the steps to buy XMR and enter the amount of token you want to buy.
There are different order options for those looking to buy Monero, but the most popular are the buy limit and market orders. The market order is preferred when buying at the current price. But you can choose the buy limit option if you want to buy at a predetermined price.
After entering the details, review before finalizing the transaction. The amount of XMR tokens you ordered will be deposited into your account and an email notification will be sent to you.
How to sell XMR
Now you’ve bought the Monero token and waited until it has surged in price, you may be considering selling it to make a profit. It’s very easy to sell your Monero as it takes a similar process in step 3 above. If the exchange doesn’t allow you to sell the XMR directly in exchange for fiat currency, you can trade it with BTC before exchanging with GBP, which is acceptable in all exchanges.
Go to the market section of the exchange and click on the currency pair you want to exchange. Enter the details and review before clicking the “execute” button. Once the exchange is approved and executed, you will receive an email notification.
Which wallets can I use to hold Monero?
It’s not advisable to keep your Monero in a crypto exchange due to the security risk. Your funds may be compromised if the exchange.
That’s why you need a crypto wallet to hold your Monero intact. There are two major types available: the hardware (cold) wallet or the software (hot) wallet. The former is more secure because it is not stored online where it will be exposed to hackers. On the other hand, you should get a hot storage wallet if you plan to access the Monero tokens regularly.
How Monero works
Monero was the product of Bytecoin after it was forked from the Cryptonote application layer protocol. It was initially named BitMonero on its launch, and eventually names Monero.
It offers complete privacy, which is a very important feature to many crypto users.
It has become the main crypto asset for people who want the privacy of transactions. While Bitcoin is considered untraceable and completely unanimous, it isn’t the case by practical application. However, Monero is the closest crypto that can be termed completely anonymous in the industry when it comes to transactions. This explains why its use has grown in popularity while its value has increased as well.
Monero’s decentralized cryptocurrency is secure, unlinkable, private, untraceable, and resistant to blockchain analysis.
Key things to consider before you buy Monero in the UK
The following are some of the important things to consider before buying Monero (XMR) in the U.K.
One favorable thing about Monero is the wide level of acceptance. Several cryptocurrency exchanges offer XRM trading on their platform, which makes it one of the fastest crypto assets to use for transactions.
Monero is not the only crypto asset that tries to offer anonymity and security to users. There are a bunch of other cryptocurrencies with similar features, including Verge (XVG), Zcash (ZEC), and Dash (DASH). Since they are competing for the same group of users, the growth and wider adoption of Monero may be hindered.
There have been widespread concerns about the use of Monero for criminal transactions, considering its anonymity. This has also affected its wider adoption, as some users are not very confident to accept or use the token to receive funds.
Monero is no doubt one of the most popular cryptocurrencies in the market today. That is because of the high level of anonymity and privacy it gives users. It has also led to an increase in its demand as well as an increase in its price on exchanges. If you’re looking to buy Monero (XRM), the guide above provides a step-by-step process of buying the token through a crypto exchange in the U.K.
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