Best Monero Exchanges and Reviews for 2018
The Monero coin, referred to as Monero (XMR), is considered the most private cryptocurrency. Although its one of the top 10 cryptocurrencies, it is not supported by some major exchanges.
There are some exchanges that allow the purchase of Monero directly and in some exchanges you have to go through an extra step, of buying Monero with another cryptocurrency, rather than with fiat currency.
What Is Monero (XMR)
Monero is “the most private cryptocurrency”. Unlike most existing blockchain cryptocurrencies, where transactions are openly verifiable and traceable, Monero offers completely private, untraceable transactions.
Monero’s platform enables users to hide all transaction data, including the sender’s address, the receiver’s address, and the amount transacted.
Is There a Supply Limit to Monero?
Like Bitcoin there is a supply limit to Monero. The main Monero supply is about 18.1 to 18.4 million coins to be mined by May 2022. After this the main supply stops and the tailing supply will be at the rate of 0.6 XMR per two-minute block. The tailing will create a 0.87% yearly inflation around May 2022, so that miners will still have incentive after the currency is not mineable.
Your first step is to get a Monero wallet so you to send, receive and store your Monero. Once your wallet is ready, you can buy Monero through an exchange. Here you can read our full guide to Bitcoin and Altcoins wallets.
How to Buy and Sell Monero on different Exchanges.
The following review of the best Monero exchanges will give you some insights. first here is a list of Exchanges and their trading pairs that support Monero:
Poloniex trading pairs: XMR/LTC, XMR/XDN, XMR/BCN.
Poloniex is a US-based cryptocurrency exchange launched on 2014. It is a crypto-to-crypto exchange with a very high trading volume and a rich trading experience. Trading fees are flat 0.25% and deposit and withdrawal fees are subject to blockchain’s minimum transaction fee.
Changelly trading pairs: XMR/BTC
Bittrex trading pairs: XMR/BTC
ShapeShift trading pairs: XMR/BTC, XMR/Dash, XMR/Ripple, XMR/Nxt, XMR/Dogecoin
Once you have your trading pair, you can buy Monero.
With a few minor changes, these are the basic steps to buy Monero. For detailed guides look for each exchange user guide.
- Select BTC or the other altcoin you want to trade for monero.
- Than the amount of BTC or altcoin you want to exchange for XMR.
- All exchanges will automatically calculate your exchange rate and fee.
- Follow the exchange instructions, usually a simple step by step process.
- The most important part is entering your Monero wallet address.
- Confirm your details, and approve the buy.
How to Buy Monero with a Credit Card
You can Buy Monero with a Credit Card Just as you can buy Monero with fiat currency or altcoins.
Again it’s a bit more difficult to buy Monero directly with a credit card. So you first have to buy Bitcoin with the credit card through an exchange such as Coinmama.
Coinmama is one of the oldest services that made it possible to buy bitcoins using a credit card. For a detailed guide on how to buy Bitcoins with a credit card or debit card click here.
Once you have completed the Bitcoin purchase you can send it to one of the Monero exchanges, and follow the same steps as outlined above.