Table of contents:
- 1 Buy Monero – how to get the crypto currency XMR
- 1.1 XMR as good crypto currency for profitable trading
- 1.2 Buying Monero at a crypto exchange: How is registration done?
- 1.3 The encryption of the data allows a high level of privacy
- 1.4 Buy Monero with PayPal, Skrill or Neteller?
- 1.5 Buying Monero with a credit card: What do I need to know?
- 1.6 When is the classic bank transfer suitable?
- 1.7 Buy Monero with another coin
- 1.8 Buy XMR: A calculator is an important tool
- 1.9 Receive as Monero-Miner XMR with transaction processing
- 1.10 Earn Monero with faucets on your own – how does that work?
- 1.11 Buying a Monero
- 1.12 That is why technical analysis will help you in making purchase decisions
- 1.13 Keep a cool head when buying Monero
- 1.14 Conclusion: The direct purchase of XMR requires equity and a wallet
Buy Monero – how to get the crypto currency XMR
Behind Monero is a crypto currency with a high degree of anonymity. The Internet currency known by the abbreviation XMR has existed since 2014. It has become well known because of the good protection of the users’ privacy. The disadvantage is that it is difficult to buy the coin anonymously on a crypto exchange. The Exchanges ask for personal data of the buyers during the registration. A better data security offers the Monero Blockchain. As soon as you buy Monero, the network encrypts the transaction information. In this way, it achieves a high level of privacy, as the addresses of the senders and recipients remain hidden. To buy digital currency directly, use fiat money or another crypto currency.
- To buy Monero anonymously, you make the trade in the block chain, which displays all transactions encrypted
- The anonymous purchase of the crypto currency at a stock exchange is difficult
- Monero is an Internet currency with the highest level of privacy
- To pay the coin, use real money or payment options such as credit card and PayPal
XMR as good crypto currency for profitable trading
Anonymous trading of the Internet currency Monero works only to a limited extent with crypto exchanges. Although your anonymity is retained in the block chain, personal data is transferred to third parties through transactions on the exchange. If you register at a reputable trading place, the system asks for your name, age and place of residence. In addition, you provide your e-mail address to numerous exchanges. In order to protect your privacy, for example, you trade at cryptomarketplaces based abroad. In some cases, these do not require verification. Although there is a security risk, many traders appreciate this type of purchase. They favor the high anonymity with the crypto currency. The traders refuse to give it up. XMR trading on a crypto exchange is accompanied by good security standards. It is suitable for risk-conscious investors. To buy Monero and other virtual currencies, the stock exchanges are a recommended place to go.
Before you start trading, log on to the platform. You will need seed capital for trading with the crypto currency. This is risk capital, the loss of which will not affect your standard of living. In addition, you need a wallet and a trading account. Some Monero exchanges offer the purchase of coins for fiat money. Others allow various crypto currencies as means of payment. Mainly the exchange of Bitcoin for Monero is a common trading option. Depending on the payment method, the account capitalization is done with real money. Euro and US dollar are among the most commonly accepted currencies. To pay with digital money, link your trading account to the corresponding crypto-wallet. At the exchange, anonymous transactions are possible to a limited extent. If they take place via the registered account, the crypto exchange stores the deposited data as well as confirmed transfers.
Buying Monero at a crypto exchange: How is registration done?
To start trading with the virtual currency, open a trading account at a crypto exchange of your choice. Make sure that the platform supports trading with XMR. When you register, you deposit your personal data. Then you confirm your identity. For this purpose the information is verified. This is done by sending a copy of your ID and proof of address to the exchange. After the registration process you capitalize your account. For example, you transfer any amount of money. For a successful start of trading, it is advisable to have a starting capital in the three to four-figure range. The platform stores the data deposited with the Exchange for the duration of the trading activity. The data will not be disclosed to third parties without the consent of the traders. Accordingly, you benefit from good data protection at a renowned crypto exchange.
INFO: During a purchase transaction it is not apparent which trading partners are involved. The reason is the encrypted data, for example the wallet address.
The encryption of the data allows a high level of privacy
Before a transaction is fully processed, it is confirmed in the block chain. The network records all transfers in the individual blocks. Therefore Monero represents a clear and transparent crypto currency. This transaction transparency is one of the advantages of the Internet currency compared to classical money. Furthermore the Coin exhibits a decentralized structure. The payment system does not depend on governments or banks. Proponents of virtual means of payment see this independence as a future-oriented technology. In contrast to Bitcoin, Monero transactions are not recorded using wallet addresses or alias names. Since Bitcoin enables all network participants to trace transfers in this way, it is a pseudo-anonymous crypto currency. XMR uses the block chain hash to record trading activities. In this way, the digital currency is very different from other coins. With it, the privacy protection of the user is the top priority.
If a user looks into the block chain, he cannot draw conclusions about the identity of the traders. This applies equally to the sender and receiver. The network does not pass on information about individual traders. It is suitable for all investors who attach great importance to data protection. If you invest anonymously, protect yourself against hacker attacks, for example. Unauthorized persons do not get an overview of your trading activities. The Monero Blockchain allows you to pass on private information. You arrange for this at your own discretion. Accordingly, you enjoy a high degree of self-determination with the crypto currency. There are several alternatives to the stock exchange. For example, you can choose a crypto marketplace. In some cases, registration with these platforms is subject to few regulations. Mining offers a high protection of your privacy. The term stands for the mining of coins. For this purpose you need:
- the mining hardware,
- technical understanding,
- sufficient time and
- a PC with high computing power.
Buy Monero with PayPal: Means of payment at crypto exchanges
If you invest fiat money on a Monero stock exchange, there are various payment options to choose from. The most common variants include:
- the classic bank transfer,
- electronic purses and
- credit cards.
For beginners the question arises which alternative is recommendable. A general answer does not exist. All payment options have advantages and disadvantages. Your individual needs and preferences decide which option suits you best. If you prefer electronic wallets, you can also buy from Monero and use PayPal, just like with Bitcoin PayPal. Only a few crypto exchanges offer the payment service provider as an option. A more frequently offered electronic wallet is Skrill. There are parallels between both variants. With the service providers it requires a registration on the respective Internet side, in order to open an account. For private users this is done without additional costs. If you buy Monero and use PayPal, you will benefit from fast and secure transactions. These do not require any minimum amounts.
TIP: If you are only interested in PayPal as a payment service provider, a crypto exchange comparison is recommended. In this comparison, you can search for a platform with this payment method.
Buy Monero with PayPal, Skrill or Neteller?
Besides PayPal, Skrill and Neteller are electronic payment systems. Please note that the majority of crypto exchanges do not support transactions with PayPal. The reason is the easy way to revoke a money transfer. In addition, the provider prohibits trading with crypto currencies in its general terms and conditions. He may freeze or delete your account if you buy Monero through PayPal. To avoid this, look for an alternative payment method. Compared to PayPal, service providers like Skrill are available at many exchanges. They allow deposits in a flexible and secure environment. As soon as you register with a payment service provider of your choice, you connect the account with a credit card. Alternatively, you can use the separate credit of the respective service for transactions. Once capitalized, you can use the account without restrictions. Remember that electronic wallets have their own peculiarities. For successful trading with Monero, you should be familiar with them.
Before you use an electronic purse, find out about the costs and limits. If you deposit money with Neteller or Skrill, there are no fees. However, the payment transactions are subject to fixed limits. Some crypto wallets require a minimum deposit of 50 Euros if you choose these payment methods. The situation is similar with the payouts. Here the limits are more flexible with Skrill or Neteller than for example when paying with a credit card. With regard to the additional costs – fees for currency conversion – eWallets are cheaper than other payment methods. For cost reasons, it is advisable to open the trading account with Monero stock exchanges in your own national currency. In this way you avoid unnecessary additional costs and long transfer times.
Buying Monero with a credit card: What do I need to know?
The credit card is widely used as a payment option at the crypto exchanges. The focus is on the two well-known providers Mastercard and Visa. Diners Club and American Express are very popular worldwide. They are not used at European crypto trading exchanges. To fund your account, use a credit card that is commonly used in your home country. There are several factors to consider when choosing this method of payment. For example, there are limits for payment by card. Compared to other payment methods, these prove to be less flexible. The providers realize deposits with amounts from 50 to 100 Euro. The same applies to withdrawals. Furthermore, additional costs arise. These are percentage-based charges. With numerous stock exchanges the traders reckon with handling fees of two or more per cent of the disbursed sum. Although all crypto exchanges support credit card payment, this is only conditionally recommended. It strongly limits the traders. Expenses for a currency conversion are not uncommon.
When is the classic bank transfer suitable?
To buy XMR, you can choose between credit card payment, PayPal instant bank transfer and classic bank transfer. With a bank transfer, the transfer time takes longer than with other payment options. Sometimes it takes one or two days for the money to reach the recipient. The account capitalization takes up to five working days. By comparison, when paying by credit card, it takes only a few hours. If you would like to have a faster method of transfer, the immediate transfer is an option. This option is not available for the payment of winnings. Furthermore, please remember that you need a current account for a bank transfer. This you open at a branch or direct bank. Both financial service providers will ask for your personal data when you open an account. You also save transaction information. Bank transfers incur additional costs, the amount of which depends on the financial institutions involved.
The additional fees arise for the classic bank transfer as well as for the instant bank transfer. They depend on the banks that initiate and process the payment process. If the transaction passes through several stations, the processing time is extended. Expect high fees. These arise, for example, from the conversion of currencies. In order to keep costs low, keep your account on the crypto exchange in the currency of your bank account. This measure helps you to avoid long processing times. Compared to PayPal and credit card, the limits for bank transfers turn out to be high. There are no upper limits for a deposit with the multitude of crypto platforms in this way. Paying by bank transfer is suitable for investors who trade on the crypto stock exchange with a high equity capital. Another alternative is to purchase XMR with another crypto currency.
Buy Monero with another coin
At crypto exchanges and marketplaces, you can easily buy Monero with a different crypto currency. Bitcoin is a popular virtual means of payment. The oldest Internet currency has existed since 2009 and enjoys a high level of acceptance. A coin has a high value. At the end of November 2019, it is around 6,800 euros. For one Bitcoin, investors receive 135.94 XMR. Several steps are required to acquire Monero with another digital currency. First of all, you need the digital means of payment in the wallet. This is where a significant difference to the Fiat currencies becomes apparent. If you use Euros or US dollars for payment, you need a link to the crypto-wallet. If you choose Bitcoin or another crypto currency as payment option, you link the wallet of the trading platform to your digital wallet. Once filled, nothing stands in the way of the transaction. For security reasons, an offline wallet is recommended if you keep large crypto assets.
When paying with digital currencies, the exchange rates are important. The Monero-Coin ends up in the wallet in different ways. In addition to direct purchase, you can use Monero Mining or Faucets, for example. With all variants, the current exchange rate affects the trade. This indicates how many Bitcoin, Litecoin or Ripple you have to invest for XMR. Compared to the common crypto currencies, Monero is inexpensive. In terms of market capitalization, Bitcoin is in first place. Monero occupies twelfth place. This order changes through supply and demand within minutes. Besides the conversion, pay attention to the additional costs when paying with Internet currencies. The fees arise from network processing when you convert one virtual currency into another. For this reason, buying Monero with Bitcoin is price-intensive.
TIP: Consider whether paying for XMR with another digital currency is worthwhile. Beginners who lack an overview of the 2,500 crypto currencies may decide in case of doubt to pay with fiat money.
Buy XMR: A calculator is an important tool
Before buying the crypto currency Monero, it is a good idea to calculate the price with an online calculator. With just a few clicks, traders can determine which deposit option is worthwhile for them. With the multiplicity of the crypto stock exchanges these computers are available free of charge. Alternatively, you can find a Monero calculator on other platforms or freely available on the Internet. You will need the current exchange rates for use. The program then calculates the fees for purchasing XMR or for other transactions. In this way, you will get a quick overview of the costs you will incur. The measure helps you to act confidently in the cryptomarket. A similar calculative principle exists when mining the Internet currency. Here you earn Coin with the help of special programs and arithmetic tasks. With the necessary software you will be able to mine Monero and enter transactions into the block chain. For this service you will receive a salary in the form of a transaction fee.
Receive as Monero-Miner XMR with transaction processing
The purchase of Monero involves additional costs. In order to avoid these, users with an affinity for technology decide to use mining. Mining the coin leads to financial success in XMR and other digital currencies. The prerequisite is the right software and hardware as well as technical expertise. With the crypto currency, mining meets goodwill due to the high remuneration. However, it requires a high computing effort. Furthermore, the required hardware causes high acquisition costs. Due to the invested sum the Mining is not profitable for all participants of the network. To improve the chances of success, several users join together to a pool. They bundle the computing power. In return, costs for membership arise. Compared to Bitcoin mining, XMR mining is faster and cheaper. The reason is the less powerful hardware with which the creation process works.
If you decide to buy a Monero Miner, you can start digging within a short time. After installing the software on your PC, nothing stands in the way of mining. In this variant of obtaining XMR, for example, you provide your private computer. The situation is different when you purchase the mining service. You can find several providers via cloud mining. The principle is uncomplicated. The traders buy a certain computing power. The amount depends on the amount you invest. All the Monero Coins earned in this way end up in your digital wallet. The server farms required for the calculation are located in countries with low energy costs. These include:
- Russia or
Due to the low energy prices, mining in these regions is worthwhile. Cloud mining is a quick and easy way to get to Monero.
Earn Monero with faucets on your own – how does that work?
In addition to mining and the direct purchase of Monero, there is another option. XMR Faucets are a popular way to get the coin. The term stands for projects that run on mobile applications or on websites. With other crypto currencies they exist for several years. The effort of the users keeps limits. They invest no money, but their time. Partially the Faucets do without the time investment and spend the Coin automatically. Inexperienced traders fear a trap. However, the majority of faucets have no pitfalls. They serve to spread the Internet currency and ensure its improved acceptance. To this end, many users should be able to secure free coins without much effort. They store these in the wallet. The activities of the various faucets differ.
TIP: Do not get the Monero-Coin for free, click on certain buttons or take part in surveys. Afterwards, the respective program will spend the smallest amount of Monero. Faucets are suitable for traders who have time and stamina. Over several weeks they collect a crypto asset and store it in their digital wallet. They then sell the capital at a profit at a fixed price or a dynamic market price.
Buying a Monero
If you log on to a crypto exchange and capitalize your account, the question of the best trading times arises. In order to find out when it is worth buying the crypto currency, take a look at its price development. The Monero exchange rate tells you whether the market conditions are favorable for the purchase of the coin. Experienced traders try to transfer many XMR-Coin into the wallet with little equity capital. For this reason, a low price is a suitable time to buy. This occurs when the supply exceeds the demand. As a result, the price is in a downward trend. In order to forecast this trend and to use it to your own advantage, technical analysis is recommended. Due to its uncomplicated structure, it is suitable for investors with little experience. Before you start trading with Monero, you should read up on the basics of the Internet currency. You will find a number of technical articles and tips on the Internet.
That is why technical analysis will help you in making purchase decisions
The technical analysis uses data from the past to create a Monero forecast for the course. Users decide which historical time frame to use as a basis for valuation. Historical prices examine chart analysis for patterns and possible trends. It is not clear when and whether these will be repeated in the future. However, the approach of the analysis is based on the assumption that every price development will occur again sooner or later. A mistake in crypto currency trading is to buy with pressure. If you run after a trend, you risk financial losses. Sometimes it happens that investors miss a downtrend because the technical analysis takes a long time. In this case, those affected need patience to wait for the next price low. If you buy the coin at an unfavorable time, you pay too much money. Likewise it applies to prove with the sales of the crypto currency commercial intuition. During a downtrend it makes little sense to sell XMR.
If the Monero price slides down, the traders decide to buy the coin. At best, the downward trend occurs in several phases, so that it lasts for a longer period of time. Beginners tend to buy hastily as soon as the downward trend begins. The behavior is accompanied by advantages and disadvantages. Investors make sure that they get the Internet currency cheaper than in the previous uptrend. However, they take the chance to buy Monero at lower prices. If the price continues to fall, the cost of a coin drops. Prove patience and profit from a lucrative deal. Professional traders wait with the purchase until the price is about to reverse the trend. This way they buy Monero at the lowest price. Keep in mind that this strategic application is associated with a high risk. If you miss the right time to trade, you miss an investment opportunity. This knowledge leads to psychological pressure on traders.
Keep a cool head when buying Monero
Investors use fundamental analysis to monitor and forecast price developments. It closes a significant gap that exists in technical analysis. It does this by taking into account the current market situation. Chart analysis keeps historical data in view. The second type of analysis deals with the current market sentiment. Combined, the analysis techniques provide a good basis for trading decisions. Besides these tools, investors need psychological strength. When trading, they keep a cool head and hide emotions such as fear or greed. If they take over, there is the threat of rash buying and selling. As a result, those affected suffer financial losses. If you pay attention to a solid trading strategy when trading, the risk of loss is kept within limits. For beginners the development of a trading strategy is one of the most important and difficult tasks.
The following criteria are considered:
- the individual risk appetite,
- the investment horizon,
- the available equity capital and
- the personal experience in trading.
If you have little or no trading experience, you will benefit from an uncomplicated strategy. For chart observation, technical analysis is the best choice. This supports beginners for example in trend trading. It is easier for them to trade an upward or downward trend than to react to a sideways trend. Risk appetite and trading experience are related. Investors, who are well versed in crypto currency trading, take a risk more easily. If you are inclined to take risky trades without basic knowledge, you risk wrong decisions and financial losses. Investors with the necessary foresight recognize trends and opportunities confidently. They act less emotionally and erratically. Whether beginner or professional – both try to limit their losses. In order to be able to compensate for these in an emergency, it is advisable to act on the market with little equity.
Conclusion: The direct purchase of XMR requires equity and a wallet
A large number of crypto exchanges allow investors to buy Monero. Under the abbreviation XMR led, the Coin belong to the world-wide most well-known crypto currencies. Predominantly the high anonymity and the protection of the privacy inspire the traders. Compared to other Internet currencies, for example Bitcoin, Monero is inexpensive. The price is subject to high volatility. Accordingly, a successful trading decision requires intensive price observation. Technical analysis, fundamental analysis and the Monero Profit Calculator are suitable for forecasting a trend. In addition to the direct purchase, there are other options for accessing the digital currency. Faucets offer users free coin. Alternatively, you can opt for mining. To mine Monero, you need the appropriate software and technical knowledge. The situation is different if you use cloud mining. With this option, you purchase computing power. The coins created with this power go into your wallet.
With the classic purchase of the crypto currency at an exchange, you have several payment options to choose from. Many crypto wallets accept credit cards, electronic purses and bank transfers.