Do you consider yourself a pioneer in cryptocurrency trading? You probably already know that the crypto frontier encompasses a lot more than just Bitcoin and Litecoin. There are thousands of smaller coins in the market that have made waves among investors – including the privacy-centric Coin Monero (XMR). Stepping on the scene in 2014, Monero has quickly gained prominence in many cryptocurrency exchanges and markets, reaching an overall market Capitalization of over $ 1.1 billion. But what makes Monero so popular and how can you get involved?
Today we’re taking a look at some of the best cryptocurrency exchanges that trade Monero. We’ll show you the key features of each exchange and help you learn more about this popular coin.
Best Monero Exchanges
Ready to Buy and Sell Monero? First, take a look at some of our favorite exchanges that support this.
Changelly
Best for
Immediate exchange
Just getting into the world of cryptocurrency trading? Changelly is a great place to start your career. Buying Monero from Changelly is incredibly easy and beginner-friendly. Create an account, link your payment method, set your purchase order and buy Monero.
Changelly connects with some of the most popular crypto-to-crypto exchanges in the world to complete your transaction. You can see your Monero in your Changelly wallet. You can only purchase $ 50 at a time through Changelly’s platform.
Frequent traders will enjoy Changelly’s reasonable fee structure, flat rate of 0.25% per transaction in total. Changelly also supports a wide range of over 60 of the market’s most popular coins, making it one of the most impressive exchanges out there. Changelly offers a convenient and quick way to start trading Monero with transparent fees, an average processing time of around 15 minutes and an intuitive platform.
Disclosure
* Other fees may apply.
Voyager
If you are the type of trader who loves managing cryptocurrencies on the go, you will love the Voyager app. The Voyager app allows you to buy and sell some of the best coins on the market and track the value of your portfolio over time.
Like Changelly, the app is easy to use and suitable for beginners. Just link your bank account, add funds, and trade Monero or any other top 20 coin.
Voyager also offers advanced charting capabilities and data that more experienced traders may find useful in planning upcoming market moves.
Voyager’s enhanced security features are impressive, featuring offline storage and government regulated security procedures to keep your coins safer.
Voyager is open to dealers in the US and plans to expand internationally in late 2019. The app gives you an easy way to trade Monero wherever you are.
Fixed float
Best for
Non-US citizens
The best thing about FixedFloat is how easy it is. Think for a moment that you’d like to trade in ours from Monero. Visit FixedFloat and choose between fixed and floating rates. The fixed interest rate is 1% and the variable interest rate is 0.5%.
Choose the parameters of the swap and FixedFloat will close the deal asap. Track your order retrospectively or contact the FixedFloat team via live chat or email. You can also talk to the team on Twitter or Telegram.
There’s no need to enter your personal information or waste your time registering for an account. Exchange as much as you need to properly build your crypto portfolio while including Monero.
Overview: what is Monero?
Monero is more than just a simple cryptocurrency – it’s an open source exchange item that focuses on privacy and anonymity. Investors like Monero because the coin uses advanced privacy and security measures over Bitcoin. Unlike Bitcoin, Monero transactions come with layers of encryption and coding, making it impossible to keep track of how much Monero is moving and where it is going.
Understanding Bitcoin and how it works is important to understand what makes Monero unique. Bitcoin is the most popular cryptocurrency in the world and the first to be introduced to the entire market. Every Bitcoin owner has an individual Bitcoin wallet address. In this example, let’s say your wallet address is XXX. Every Bitcoin wallet address is absolutely unique – if you have a wallet address XXX, that means nobody else has this wallet address. When you send bitcoin, it is recorded on a publicly accessible ledger called the blockchain.
One of the reasons Bitcoin transactions cannot be tampered with is that everything is recorded on the blockchain. The blockchain contains information about which wallet addresses send Bitcoin, which ones receive it and how much money moves from wallet to wallet. When you use the wallet address XXX to send a bitcoin to a friend with the wallet address YYY, all of this information goes through the blockchain before the transaction is complete. This means that someone who knows your wallet address can add up how much Bitcoin you hold by analyzing the blockchain.
Monero also uses a public blockchain to record transactions. However, when you send or receive Monero, the transaction is automatically recorded as a random mix of numbers and letters instead of your real wallet address. Monero’s system uses a mix of multiple addresses and public ledger keys to create a unique address that is recorded on the blockchain for both you and the sender. This is known as the “ring signature” and makes the Monero blockchain opaque and anonymous.
Monero also uses automatically generated “Steal addresses “ to hide the identity of the person you are sending coins to. This makes it impossible to keep track of whose wallet you are sending Monero to as stealth addresses are only used once.
Let’s look at how a Monero transaction differs from a Bitcoin transaction. Imagine you have the bitcoin wallet address XXX and your friend has the wallet address YYY. You want to send your friend a bitcoin. You enter your friend’s wallet address and send the bitcoins from your wallet to his. In the public ledger, you can see a transaction showing that XXX sent 1 bitcoin to YYY.
Next, let’s say you’re broadcasting Monero. Imagine you have the Monero address XXX and your friend has the address YYY. When you send Monero, the blockchain automatically generates a ring signature for you that hides your transaction. Your friend can also use a stealth address that hides their real wallet address. You may see a record that says Wallet address ZZZ has sent a Bitcoin to wallet address AAA on the blockchain – if XXX was actually sent and YYY was received. This system makes it impossible to track or trace Monero transactions.
How do you trade Monero?
You can buy and sell Monero just like any other cryptocurrency in the market. The easiest way to buy Monero is to create an account on an exchange that supports fiat currency storage and Monero transfers.
This is how it works. First, create an account with the exchange of your choice. You may need to provide some personal information (like your address or a scan of your photo ID) before you can start buying and selling coins. Then link a payment method such as a bank account or credit card. Keep in mind that many cryptocurrency exchanges do this charge an additional fee when buying coins with a credit card. Take a look at the market and decide when to buy Monero. Then send an order to buy the desired amount to Monero.
Cryptocurrency exchanges function largely like exchanges. The exchange will execute the order on your behalf when someone sells their Monero at the price you specify. Your order may take some time to fulfill if no one is selling their Monero when you place the order.
Some exchanges (like Binance) don’t support direct cryptocurrency purchases. If you decide to go to an exchange that doesn’t allow fiat currency transfers, you’ll need to create a secondary account with another broker or exchange that does. Then buy a transitional currency. Most merchants use Bitcoin because it is universally supported. Finally, transfer your transitional currency to your exchange account and convert it to Monero. It will take longer, but depending on which country you are in, this might be your only option.
Navigate the cryptocurrency market
Still Learning How To Trade Cryptocurrency? It can be tempting to dive right into the market and figure things out over time. The volatility of the cryptocurrency market is exciting – and with large fluctuations in value on a daily basis, there is plenty of scope to make money buying and selling coins. One of the most important things to understand when trading cryptocurrencies is that there is also a great potential for loss.
In contrast to the stock exchange, there is no central control point that manages the cryptocurrency market. Pump-and-dump systems and man-made price inflation can cause you to lose money. Stay smart, plan the market, and learn about crypto trading strategies before making your first trade. Remember never to invest more money than you are ready to lose.
Related Content: How To Buy Monero (XMR)
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