This guide will cover buying Monero in-depth, and the basics of storing and mining the currency.
Buy Monero with Credit Card and Debit Card
There are two methods of buying Monero with credit and debit cards. The first way, is by buying Bitcoin or Ethereum on a crypto to fiat exchange such as Coinbase and then converting the purchased currency into Monero on a crypto to crypto exchange like Binance.
The second method, uses Changelly a shapeshifting service that allows direct conversion of fiat and cryptocurrencies.
Buy Monero with Bank Transfer
Just like for credit and debit cards, there are two methods of obtaining Monero with a bank transfer. One way to do so is by using a fiat to cryptocurrency exchange such as Coinbase to purchase Bitcoin or Ethereum, and then sending the Bitcoin or Ethereum to Bittrex, where Monero is sold on Bitcoin and Ethereum pairs.
Another somewhat easier method of obtaining Monero with a bank transfer involves the shapeshifting service Changelly, where you can trade USD, EUR or even other cryptocurrencies for Monero.
If this sounds confusing, both methods are explained below!
Step 1: Aquire Bitcoin or Ethereum
There are several exchanges to buy Bitcoin and Ethereum on.
The reason we have to purchase this way is because most cryptocurrencies are only traded on Bitcoin and Ethereum pairs. This will be further explained in step 2.
Coinbase is a very beginner friendly US based exchange, that sells cryptocurrency to most countries and all US states. Expect a 1.49% fee on bank transfer purchases, and a 3.99% fee for credit and debit purchases.
Coinmama is another option that focuses on credit and debit card purchases. Coinmama is great because they have higher debit and credit card purchasing limits than Coinbase, as well as instant delivery. Coinmama’s fees are around 5.5%.
Bitpanda is an exchange that also focuses on credit and debit card purchases. Their fees are between 3%-4%, and only sells Bitcoin and Ethereum to European countries.
How to Buy Cryptocurrency on Coinbase
If you signup to Coinbase through this link, you will recieve an extra $10 worth of Bitcoin on your first $100+ order.
After creating your Coinbase account, you will want to add a payment method. If you are trying to get the most bang out of your buck, I would reccomend using a bank transfer. If time is a concern, maybe go with credit or debit card, as there is instant delivery!
Click the Buy/Sell tab at the top/middle of your screen. From this page, you can easily purchase Bitcoin, Litecoin, and Ethereum.
After hitting Confirm Buy, we are ready to go to the next step!
How to Buy Cryptocurrency on Coinmama
After your account is verified, you can go to the navigation bar and purchase Bitcoin or Ethereum, using USD or EUR.
Send the purchased cryptocurrency to the address of the exchange you decide to use in the next step.
Step 2: Moving Bitcoin or Ethereum to Binance
After aquiring Bitcoin/Ethereum, you will need to move it to the cryptocurrency exchange Binance.
Most cryptocurrency exchanges only allow cryptocurrency to be purchased with Bitcoin or Ethereum. That is why we need to convert our money to cryptocurrency, and then send the purchased cryptocurrency to an exchange where our coin is sold.
In order to send your newly purchased crypto to Binance, you will need locate your Binance deposit address.
This can be found on Binance by going to the navigation bar, mousing over “Funds” and clicking Deposit Withdrawals. This page has the deposit addresses for every coin on their exchange.
Locate Bitcoin or Ethereum, depending on what you purchased and copy the address.
Now that we have our deposit address, we will need to send it from Coinbase. Click the send tab as seen below, and enter it into the recipient box. Click confirm and wait for your currency to arrive to Binance!
Step 3: Buy some Monero!
After your cryptocurrency arrives, you will have a balance to purchase Monero with. Head to the cooresponding page depending on what currency you purchased:
Once on the correct page, click the market tab, and enter the amount of Monero you would like to purchase. You can only purchase as much Monero as your balance allows.
Congrats, you now own Monero, learn how to store Monero in the section below!
Buy Monero with Changelly
Step 1: Create an account on Changelly. They have a relatively easy signup process and allow the use of Google, Twitter or Facebook for faster signups.
Step 2: After creating an account, you will want to go to the main page as seen here, and use the conversion box. In this example, we are going to buy Monero with USD!
Buy Monero with PayPal
Due to Paypal’s chargeback feature, buying Monero with Paypal takes a few extra steps. The exchange VirWoX allows you to convert paypal balance into Bitcoin. Read our tutorial on this conversion. Once you have obtained Bitcoin, you can send it to Binance just like the above example!
How to Store your Monero, Securely!
How do I Mine Monero?
Read our in-depth monero mining guide!
Which Monero Mining Pool Should I Use?
Read our in-depth monero mining pool guide!
Can I Buy Monero on Coinbase?
At the time of this writing, Coinbase does not sell Monero. There have been several rumors however, and many think that in early 2018 we will see several new coins, including Monero, added to Coinbase.
Why is Monero considered a Privacy Coin?
Monero makes privacy mandatory by using a ring system and stealth adresses. Ring signatures are a type of digital signature that can be executed by any member of a group of users that each have keys. It is impossible to narrow down a transaction to an individual because of this system. Stealth adresses are one time use adresses, created on demand. Stealth adresses make it so that only the sender and receiver know who was involved in a transaction.