Best Monero (XMR) Exchanges in 2020 | Easiest Ways to Convert Monero to USD
When looking to sell Monero, you will find on most exchanges that the coin is paired against BTC, USDT, and ETH. But if you are a new trader looking to exchange your XMR with fiat, you will find fewer options to convert Monero to USD.
However, there are still some exchanges where you can sell your XMR for US dollars. Here are some of the best Monero exchanges in 2020.
Kraken is one of the most popular exchanges on the market, supporting many crypto-to-fiat options, as well as contract and margin trading. This San Francisco exchange, that was launched in 2011, complies with US regulation and thus offers around 20 cryptos for trading, including Monero. Traders from all over the world and USA, except those based in New York, can use the platform and its services.
The exchange also supports direct USD/XMR trading. Users are able to fund their accounts with US dollars by wire or bank transfer. But while it is convenient to convert Monero to USD or vice versa, there is a disadvantage with Kraken, as it has rather low trading volumes on this pair. According to CoinMarketCap, the 24-hour trading volume, at the time of writing this article, was $208.037 for the XMR/USD pair.
If you plan on placing small orders of several hundred dollars, there won’t be much of a problem. But for larger orders, the issue of slippage might occur. Fees are based on the maker-taker model, with higher monthly trading volumes benefiting from lower fees. If you trade below $50,000 in monthly volume, the maker-taker fees are 0.16% and 0.26%, respectively. The higher your trading volume is, the more discounted your fees will be. The highest amount you can reach is $10,000,000 a month where the maker fee is zero, and the taker fee becomes 0.10%.
While you can open an account on Kraken and trade cryptocurrencies without passing the KYC or AML, the withdrawal limits are low and you cannot deposit or withdraw in any of the available fiat options if you have not completed your KYC.
Other fiat currencies supported by Kraken are GBP, EUR, and CAD.
The withdrawal fee for Monero is 0.0001 XMR, with a min amount set at 0.01 XMR.
The USD withdrawal fees vary based on the method or partner selected, as well as the processing times:
|20 USD||5 USD||1-3 business days|
|150 USD||35 USD||1-5 business days
|50,000 USD||5 USD||<1 business days
(cutoff at 3pm EST)
|150 USD||35 USD||3-5 business days
|50,000 USD||5 USD||2-5 business days|
Exmo is an Estonian-based exchange that started out in 2013. The company has offices in London, Kyiv, Moscow, and Istanbul, and claims to have more than 1.6M users and 50K active daily traders. The centralized exchange supports more than 160 trading pairs, including XMR/USD. In addition to the US dollar, Exmo supports 5 other fiat currencies: EUR, RUB, PLN, UAH, TRY.
Traders from countries such as China, Japan, Syria, and the US are not allowed to use the services of EXMO because of regulatory prohibitions that either ban trading activity with regulated brokers outside the state or forbid crypto trading altogether.
On Exmo, users can buy XMR or convert Monero to USD via a number of payment options:
- Credit/debit cards;
- Perfect Money;
- Bank wire transfers (SEPA).
Exmo has also created a proprietary payment system called Ex-Code (Exmo Internal Currency Exchange system), which enables users on the exchange to convert crypto into fiat currency using third-party exchanges. Another way traders can withdraw in fiat is through CryptoCapital.
Exmo charges fees based on a maker-taker model as well, but other fees may be applied by the payment processing company you select when making the withdrawal.
|Payment Method||Deposit Fees||Withdrawal Fees|
|Frick Bank||0 USD||–|
The XMR/USD pair has a maker fee of 0.4%, and a taker fee of also 0.4%. The minimum amount that can be traded is of 0.01, while the maximum is of 10000. The minimum price is 0.001, while the maximum price is 1000. The minimum and maximum amounts are 0.1 and 500000, respectively.
Withdrawals times depend on the payment method selected, with some methods taking days to execute, while others might take hours.
BitFinex is among the most established cryptocurrency exchange companies on the market. The platform boasts one of the highest USD liquidity for Bitcoin and offers a diversity of trading and ordering options. Currently, Bitfinex has the highest XMR/USD volume, with $565.927 traded in the last 24 hours.
The exchange has more than 72 market pairs that can be traded against USD, as well as EUR, BTC, and ETH. The XMR/ USD pair is also supported on the site.
There are a number of ways in which deposits and withdrawals can be carried out on the platform. You can convert Monero to USD and then withdraw via debit or credit cards and bank wire.
Bank wires can have a deposit and withdrawal fee of 0.1% that can go up to 1% if you want to reduce processing times.
The maker is between 0.1% and 0.0%, while the taker fee ranges between 0.2% and 0.055% depending on your 30-day trading volume.
Trading under USD 500,000 has higher rates, and to be able to get the lowest fees you would have to trade at least 30 million dollars in a month.
While not exactly an exchange, LocalMonero is a P2P trading platform that allows the exchange of Monero for fiat currencies. The website has been active for several years now, having quite a developed user base of sellers and buyers.
There are many ways people can convert Monero to USD by using the platform. The first option would be to meet in person with the buyer and receive cash for your XMR.
Another method is to receive cash from the buyer via the USPS mail system. This method is rather risky for the buyer, but if they trust you, maybe they will go for this option.
There are also several online payment methods, such as Western Union, MoneyGram, PayPal, etc. that can be used to receive USD to your account.
If you are looking to cash out your Monero to USD, then these exchanges are the best options that you can find.
Featured image: cyware.com