Monero is not the first but definitely one of the popular and highly-regarded privacy coins currently on the crypto market. Designed to allow users to be their own banks, Monero is an example of freedom from outside control.
The project has made a name for itself during the past couple of years thanks to its unique and strong security features. While on other networks transactions can be effortlessly tracked via the transparent nature of the public ledger, Monero uses technology like “stealth addresses” to obfuscate the transaction amounts and destinations. This tech hides the true address of both sides of a transaction, making sending and receiving Monero a very private manner.
That said, if privacy and anonymity are some of your biggest concerns when transacting crypto, then Monero is definitely a very good choice. In this guide, we are going to explain how to buy Monero on Binance, the world’s most successful cryptocurrency exchange.
Step 1: Register an account on Binance
Step 2: Verify your account
Once the first step is finished, you will receive an email from Binance. Open your email client, and click the activation link provided within the said email. If you didn’t receive the email in a couple of minutes after the registration process took place, you should also check your Spam folder.
The service requires you to provide various verification documents such as National ID, driving license, and possibly even a photo of your passport.
Step 3: Log in to your account
Head back to the Binance website, and log in to your account with the provided credentials. This a good time to remind you that security is of the utmost importance, hence, you should take the time to set up the two-factor authentication to protect your account.
Step 4: Transfer funds to your Binance wallet
When it comes to buying XMR on Binance, the service only offers BTC/XMR and ETH/XMR trading pairs. Of course, you can transfer any other cryptocurrency to Binance, but if you want to buy XMR, you’ll have to first convert it into BTC or ETH.
To send coins to your Binance wallet, simply select “Funds,” then go to “Deposits.” Next, select the coin you wish to send from the dropdown menu and copy the provided wallet address for further use in the wallet you’re currency holding your funds and send them to Binance.
Step 5: Buy Monero
After the confirmation of your deposit (it may even take as much as a couple of hours), you can move to the exchange section of Binance. Select “Exchange” and then “Basic,” if you’re not interested in advanced trading techniques. From the right-sided search box, select the coin you are interested in (XMR) and the pair that comes up according to the currency you already have. Next, choose the amount of XMR you want to buy. Go to “Market”, enter the amount of XMR you want to buy, and click the “Buy XMR” button.
Step 6: Move your XMR to your secure wallet
Even though Binance boasts top-tier security features, and it has a world-class reputation, it’s recommended that you move your newly acquired XMR tokens directly to your secure wallet. Needless to say, that you’ll need a wallet that actually supports Monero. Ledger Nano S and Trezor are two of the most highly rated hardware wallets on the market and offer support for XMR, making them ideal for anyone who wants to hold Monero for long periods.
You can withdraw your funds by going to “Funds,” then by selecting the “Withdrawals” option. Choose XMR from the dropdown menu, add the address from your wallet, and the amount of Monero you want to withdraw. Always double check the address before clicking the “Submit” button. A new page that confirms that your withdrawal was a success should appear in your browser.
We hope this guide proved useful to you. We wish you all the best.