Monero is a privacy coin that was created on 18 April 2014 by Nicolas van Saberhagen. Monero has more privacy than Bitcoin. Transactions on the Monero blockchain are not shown publicly on the blockchain which begs the question, can Monero be traced?

There are a lot of rumors that Monero transactions can be traced by SEC in the future. Monero transactions are private which has attracted, Isis, hackers, and money laundry schemes to use Monero to protect their identity.

It is also important to know that Monero was used to pay for items on silk road back in 2015. Monero is great for users who want privacy or want to pay for transactions anonymously.

How can I buy Monero (XMR)?

There are several ways to buy Monero, Monero (XMR) can be bought with a credit card, bank transfers, gift card and can be bought anonymously. In this article, you would learn how to buy monero from 5 different platforms: Binance, Kraken, Changelly, Localmonero.co, Bitfinex.

1. How to buy Monero (XMR) on Binance

To buy Monero from Binance you would need to have a Binance account, deposit fiat or cryptocurrency to make your exchange at any time.

Binance

Binance is a cryptocurrency exchange created in 2017, it is currently the biggest exchange in the world and has a high trading volume. Binance has over 200+ cryptocurrencies available to trade making it one of the best exchanges in the world.
The company is owned Changpeng Zhao and its headquarters is in Malta.

Monero supported pair

XMR/BTC
XMR/ETH

Supported cryptocurrency: BTC, XRP, BCH, and +200 more.

Support fiat currency: EURO, USD, GBP, and +50 more.

Visit website: Binance.com

Binance pros

  • Support multiple customers
  • Support multiple fiat currencies

Binance cons

  • Needs KYC to purchase with credit card
  • Slow customer support team

2. How to buy Monero (XMR) on Kraken

To buy Monero from Kraken you would have to own a Kraken account, if you have created your Kraken account, you should deposit fiat currency or cryptocurrency into your Kraken and start trading.

Kraken

Kraken is a cryptocurrency exchange company based in the United States, created on 28 July 2011 Kraken is one of the best exchanges in the US. the company has the option for traders to buy cryptocurrency with a credit card and bank transfer.

Monero trading pair

XMR/BTC
Kraken supported cryptocurrency: BTC, XRP, ETH, LTC, and +50 more.
Visit website: Kraken.com
Kraken supported fiat currency: USD, EUR, CAD, AUD, GBP, and +10 more.

Kraken pros

  • Multiple trading pair for traders
  • Support multiple fiat currencies

Kraken cons

  • The company has a slow verified process
  • High withdrawal fee

3. How to buy Monero (XMR) on Changelly

To buy Monero on Changelly.com you would need to own BTC or ETH in your wallet, this would enable you to quickly swap your cryptocurrency on Changelly.

Changelly

Changelly was created in 2013 by Konstantin Gladych, the platform allows users to quickly exchange crypto without the need for KYC or creating an account.

Changelly supported trading pair: XMR/BTC, ETH/XMR, and more.

Visit website: changelly.com

Supported fiat currency: Non

Changelly pros

  • Fast exchange for beginners
  • The exchange is beginner-friendly and easy to use

Changelly cons

  • High exchange fee

4. How to buy Monero on Localmonero.co

To buy Monero on Localmonero.co you would need to create an account and confirm your email, after creating your account and choose the person you want to trade with click “Buy Monero”

Localmonero.co

Localmonero.co is a peer-to-peer trading platform that allows users to buy monero anonymously. the platform doesn’t require KYC making it the best way to buy Monero anonymously.

trading pair: cash transfer, bank transfer and more.

supported fiat cryptocurrency: USD, GBP, EURO, JBP and more.

Visit website: Localmonero.co

Localmonero.co pros

  • No KYC required at all, buy monero anonymously
  • Platform support escrow to protect users fund

Localmonero.co cons

  • Low amount of people to trade with
  • Low fee for trading

5. How to buy Monero (XMR) on Bitfinex

To buy Monero on Bitfinex on you would need to create a Bitfinex account, deposit fiat currency or cryptocurrency into your account after your account is created you can choose to exchange XMR to BTC.

Bitfinex

Bitfinex is a cryptocurrency trading platform that allows users to trade multiple pairs of cryptocurrency. Users can also deposit fiat currency to their Bitfinex account. Created in 2012 Bitfinex is a crypto exchange based in Hong Kong.

trading pairs: XMR/BTC
Bitfinex supported fiat currency: USD, EURO, GBP, JPY, and more

Visit websites: Bitfinex.com

Bitfinex pros

  • Reasonable fee
  • Fast support
  • High trade volume

Bitfinex cons

  • Not beginner-friendly

Faq

Q. What is Monero?

A. Monero is a privacy coin that allows users to send it to coin privately without a way to trace its transactions. Monero is a well-known privacy coin that allows users to make transactions privately.

Q. Is Monero a good investment?

A. Monero is a privacy coin that delivers anonymous and untraceable transactions to its users. Monero is a good investment and is a well-known privacy token

Q. Is Monero traceable

A. Monero transactions are very difficult to trace when compared to Bitcoin. It is a privacy coin and provides privacy to users.

Q. Is Monero mining profitable?

A. Yes, Monero mining is still profitable, although it depends on your electric cost, watts usage, and how much your GPU or ASIC miners cost.

Final thought

Monero is a well-known privacy coin that provides anonymous transactions to kt users if you can buy Monero Coinbase wallet doesn’t support Monero so you would need to get a reliable Monero wallet.

I recommended you use Ledger Nano a secure hardware wallet that protects your assets from malware attacks and hackers.

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