Monero is a cryptocurrency that makes financial information and transactions private. It’s the first choice for many crypto holders looking for a more secure transaction that doesn’t require them to expose any of their details.
Digital currency is creating the way for fast and inexpensive payments online, making it much easier for people to carry out transactions globally.
Monero is also becoming increasingly popular, following the recent bull-run within the crypto industry. If you’re looking to buy the cryptocurrency and you don’t know where to begin, this guide will show you how.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY MONERO IN THE USA
- A step-by-step guide to buying XMR in the USA
- Store your Monero in a wallet
- How to sell Monero
- Things to consider when buying Monero in the USA
- Final words
QUICK GUIDE: HOW TO BUY MONERO IN THE USA
- 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 XMR in the USA
The following is a step-by-step process of buying and selling the Monero cryptocurrency in the USA.
Step 1: Open an Account with an exchange
To start buying Monero, the first thing you have to do is to locate a crypto exchange that offers Monero trading pairs and registers with them. Several exchanges in the USA offer trading pairs in cryptocurrency. However, not all will accept fiat currency (USD) as a payment method. If you don’t have a crypto wallet with another cryptocurrency, the right option for you is to look for an exchange that accepts fiat currency deposits.
Register with the exchange by providing an email address and a password for your account. Note that different exchanges have different registration requirements. While some may only request your email address, others may ask you to provide additional details such as your residential address, full name, and proof of ID. These additional details are to fulfill the Know Your Customer (KYC) requirements. Once the details are provided, your account will be created. You can then proceed to deposit funds into the account.
Step 2: fund the account
After creating an account with the selected exchange, the next thing is to deposit funds into the account. Since the exchange you’ve selected will allow you to deposit fiat currency, you should have different deposit options such as via credit card, debit card, PayPal, or through direct bank transfer.
Remember that each of these deposit options has different transaction fees charged to your account, with the most expensive being credit card deposits. So, you need to choose the option that is cheaper and more convenient for you. After entering the amount of funds you want to deposit in the accounts section, your exchange account will be debited when the transaction goes through.
Step 3: Buy Monero
Here comes the fun part where you can buy the amount of Monero tokens you want. The crypto exchange should have thousands of listed cryptocurrencies available for trade. But your interest is on the Monero token, so you should search and select the XRM/USD trading pair.
If the price of Monero suits your financial goals, you can select the total number of tokens you want to buy. Your exchange should offer different buying options like the market order or the buy limit order.
If you want to buy Monero when it falls to a particular price, you can select the buy limit order and choose the predetermined amount you are buying. The order will only be executed when XRM hits the predetermined amount.
Once the order is executed, an email notification will be sent to you confirming the transaction.
Store your Monero in a wallet
After buying the Monero (XRM) token, you may want to store it in a safe place. That’s exactly what a crypto wallet is used for. There are two major types of wallets you can choose from the hot wallet or the cold wallet. A hot wallet (also called an online wallet) is used to store cryptocurrencies when you intend to access them regularly online.
On the other hand, the cold wallet (offline wallet) is the safer option that is used to store cryptocurrencies for a longer time. It is kept offline in hardware, which keeps hackers and other online scammers out. So, if you’re looking for more security, a cold wallet is the ideal option to store your Monero tokens.
How to sell Monero
Selling your Monero tokens is pretty straightforward and simple, just like when you’re buying it on the exchange. All you need to do is head over to the market section of the exchange and choose the trading pair you want to exchange your Monero with. If it’s in USD, you should be selecting the XRM/USD trading pair. You will be asked to enter the details of the transaction and select the order type you want.
Do not fail to review the transaction to make sure the details entered are correct before submitting. Once the transaction is executed, the right amount will be credited to your exchange account. You can proceed to withdraw to your bank account or use it to buy another crypto asset if you want.
Things to consider when buying Monero in the USA
Although cryptocurrencies have existed for over a decade, it’s still a new and growing industry with some uncertainties surrounding the market. If you’re looking to buy a Monero token, the following are some of the things you should consider.
Consider the volatility in the market
There is no double that the crypto industry is one of the most volatile markets in the world. This means that the price of Monero can change suddenly and drastically, causing investors to gain massively or lose woefully. As a result, it’s important to tread with caution when buying and investing in the token.
Monero has other competing cryptocurrencies that are providing similar privacy features. So, in terms of quick and massive adoption, the high level of competition is preventing Monero from living up to its billing.
Regulation is one of the major issues facing the cryptocurrency industry. This is even more prevalent with a crypto asset like Monero, considered to be highly anonymous and encourages fraudulent transactions. It is something the developers have been battling with and want to address seriously.
As an open-source community project, Monero has gained wider acceptance within the crypto space due to its decentralized and privacy-focused nature. The token has also drawn increased interest from the mainstream, even though it still has critics in some quarters.
There is an increased rush to buy XRM in the US as more crypto exchanges start accepting the token for trades. If you’re looking to purchase, invest, or sell a crypto asset, the guide above is meant for you.
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