Where To Buy Monero in USA – Learn How To Buy Monero Today in 2023
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
2021 has been a massive year for Monero (XMR), just before the big crash that wiped almost 50% off the price of Bitcoin, Monero had done close to a 4x from the start of the year, with the coin still up around 70% from its price in January. This has left a lot of people wondering if it’s a good time to invest in Monero, and wanting to know how to buy Monero, which is why we created this handy guide, breaking down the best exchanges to buy Monero and some of the pros and cons of the coin.
Table of Contents
If you’re after a quick and easy guide to buy XMR, then this is the section for you. Just follow these simple steps and you’ll be ready to invest in under 5 minutes.
If you want to know which is the best Monero exchange, then you’ve come to the right place! It can be confusing trolling through all the information out there, which is why we’ve broken it down into easy-to-digest segments, to help you make an informed decision on the best way to buy Monero.
Since its launch in 2011, Kraken has quickly made a name for itself as a leading crypto exchange, with a variety of premium features. They’re regulated by several authoritative bodies and have a clear focus on keeping customer funds safe, so you can rest assured knowing your funds aren’t at risk. Kraken offers over 70 different cryptocurrencies, a range of order types, and is compatible with both mobile and desktop, so regardless of your goals Kraken has something for you.
The area that really sets Kraken apart from any competitors is its distinct focus on security. As with the vast majority of exchanges, they allow users to set up 2FA for withdrawals, an increasingly more important feature in the world of digital attacks. Another standard but crucial aspect Kraken performs well in, is protecting customer’s data, they implement 256-bit SSL encryption to make it almost impossible for someone to make use of this data if they were even able to get through Kraken’s strict physical security measures. Kraken keeps 95% of their funds locked away in cold storage, which is an important characteristic to look out for, as it means you don’t have to worry about losing any money, even in the event of a breach. The attitude Kraken takes toward physically securing their servers is starkly different from most other exchanges, they have armed guards standing at the ready in case an intruder tries to gain access to the servers, this means it’s near-impossible for a nefarious individual to tamper with any data.
One of the more advanced platforms on our list, Kraken has a very wide range of indicators and charting tools, so even the most technical of traders will be kept happy, while this can be a bit confusing for new users, it’s good practice to learn as easily as possible. While they do offer 24/7 support, you’re likely to be waiting a while for a response, the same goes for identity verification, both of which are unfortunately a big problem most exchanges with a lot of customers. Kraken is regulated by the FCA, FinCEN, and FINTRAC, so you don’t have to worry about any funds getting lost.
Fee Type | Amount |
Trading Fee | 0-0.26% (based on trading volume) |
Credit/Debit Card Fee | 3.75% + €0.25 |
Online Banking Fee | 0.5% |
Pros
Cons
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
Robinhood is a huge name in the world of finance in the US, before launching their crypto platform in 2018, Robinhood was well known for providing an easy way to invest in stocks. Robinhood has a stellar reputation in both the crypto world and the stock market, they’re regulated by FinCEN so you can rest assured knowing your money won’t go missing.
The Robinhood crypto platform is one of the easiest ways for a US resident to buy Monero, they provide a simple onboarding process and an intuitive interface. As a regulated platform, Robinhood faces strict rules in regards to data protection and offers insurance on USD balances in the event of a breach. If you’ve previously traded stocks then Robinhood makes a great platform to manage multiple types of assets under one account, and with no commission on trades it’s an attractive platform for both new and experienced traders. However, it’s important to keep in mind that Robinhood doesn’t currently allow you to withdraw any crypto, you’ll have to sell the asset for USD and withdraw that to a bank account.
Fee Type | Amount |
Trading Fee | 0% |
Credit/Debit Card Fee | 3.99% |
Spread Fee | Variable |
Pros
Cons
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
Cake Wallet launched in 2018 and since then has garnered a lot of interest from Monero enthusiasts due to their privacy-focused approach. Only available as an app on either Android or IOS, Cake Wallet isn’t the most accessible platform but it provides a much needed service for those trying to buy Monero easily on mobile.
The app is completely open-source, meaning anyone is free to look through the code and recommend fixes, therefore, it’s less likely any exploits will be found. Cake Wallet has a clear focus on privacy, which I’m sure anyone wanting to purchase a privacy coin like XMR will appreciate. As a non-custodial wallet, you have access to the wallets private keys and therefore have full-ownership of the coins, something not many platforms currently offer. You can purchase Monero either by depositing crypto and exchanging it. Alternatively, you can purchase Bitcoin with a credit/debit card using the integrated Wyre exchange (the same platform used by MetaMask) and then exchange that Bitcoin for Monero. The app is straightforward to navigate and makes this process very easy, taking only a few minutes.
Fee | Amount |
Debit/Credit Card | 3% |
Processing Fee | 0.75% |
Miner Fee | Variable |
Pros
Cons
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
We can’t speak about how to purchase Monero, a self-described privacy coin without mentioning a decentralized platform, like Bisq. Anyone with a computer can use Bisq by simply downloading the software and browsing through the available offers, making it extremely attractive to anyone wanting to remain anonymous when making purchases.You don’t have to provide any personal information, so you don’t need to worry about how your data is stored in the event of a breach.
Because Bisq uses a peer-to-peer system they’re fully compliant with US regulations and available in every state, this provides the clear benefit of greatly increased privacy, however, you will be dealing with strangers which some users may not be comfortable with. The Bisq software is completely open-source, so anyone can look through the code or even recommend improvements, this makes it much more likely for bugs to be found before they’re exploited. Buying from a peer-to-peer exchange like Bisq is the best way to ensure complete anonymity.
Fee Type | Amount (%) |
Maker | 0.1% |
Taker | 0.7% |
Pros
Cons
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
Launched in 2017, as the name would suggest, LocalMonero is very similar to LocalBitcoins, offering users a peer-to-peer-based platform to purchase Monero. This offers several advantages and disadvantages when compared to the standard broker model, with the main two being increased privacy, at the cost of dealing with strangers.
By design Monero, is a privacy coin, so it stands to reason the majority of people using it want to remain private. While there is still some degree of privacy offered by regulated exchanges, they often have to keep a record of their customers. This is where a service like LocalMonero shines, they offer a completely anonymous way to purchase Monero. They facilitate trade between 2 users, to make the transaction safe, both funds and tokens are kept in escrow by LocalMonero, only getting released when both parties have funded the trade. By operating this way, they are not subject to the same financial regulations as other exchanges and therefore get to bypass all the pesky ID verification.
Fee Type | Amount |
Trading Fee | 1% |
Pros
Cons
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
If you want to know how to buy Monero you’re probably also wondering if it’ll make a good investment. Since its release in 2014 XMR has increased in value by more than 100x, from just $1.73 to $230, it’s hard to ignore numbers like this, especially with a coin still down almost 50% from its all-time high. Historically, XMR tends horizontally for a long period before a big rally in the market pushes prices high, which is usually followed by a drastic correction and the formation of a new low. Since the huge price rally in May, XMR has dropped and continued this horizontal trend, so it could be a good time to buy XMR. That being said, it’s important to keep in mind any investment is subject to volatility, and the crypto market is especially well known for this, so it’s important to do your own research before making an investment.
Any coin that puts security back in the hands of the people is certainly interesting, especially one that has had price movements as drastic as Monero. There is no other privacy coin as popular as Monero, and with good reason, the privacy-enhancing technology they use gives it several key advantages over other cryptocurrencies.
Every investment comes with risks, and Monero is no different. Although it follows a model similar to Bitcoin it does have a few important differences which could potentially make or break the coin. You should keep in mind Monero is fairly volatile, even by crypto standards so it’s important to consider your investment carefully.
Currently, the price of 1 XMR is around $230, meaning if you were to invest $100 you would end up with 0.42 XMR. When investing, it’s important to keep in mind any fees that your chosen broker charges, as these could quickly eat into the amount of XMR you receive.
If you’re considering investing in Monero, it’s just as important to consider how you’ll pay for it. Most exchanges offer a variety of payment methods, so you should find out which will offer you the best balance of convenience, security, and low fees.
When purchasing Monero, using an e-wallet like PayPal could be the best choice for your needs. Typically, a credit/debit card will incur the greatest amounts of fees and offer minimal privacy in the event of a security breach at your chosen exchange. Using an e-wallet like PayPal gives you an additional layer of security between your information and the exchange, this can be crucial for privacy-focused individuals. The only downside with PayPal is you’ll need a broker that accepts it, luckily our pick for the best Monero exchange, XTB allows users to deposit and withdraw via PayPal.
Often thought of as the most convenient way to purchase anything, a credit/debit card rarely holds this title in the crypto space. Unfortunately, it’s common that you’ll be hit with steep fees when trying to figure out how to buy XMR easily via credit/debit card (usually 2-5%). If an exchange gets compromised, you also don’t have any barrier between your bank information and the exchange.
If you’re looking for an answer to the question “how to buy XMR easily”, then you’ve come to the right place! Below, we’ve given you an easy-to-follow guide on how to buy Monero USA.
If you’re looking for a quick and easy experience buying Monero, we recommend using Kraken, they verify new users quickly and have a simple to use platform. The first thing to do when buying Monero is navigate over to “Kraken.com”, press “Join Now” and fill in some basic details. Don’t worry, all the information you provide is SSL encrypted so nobody can steal your data.
Cryptoassets are highly volatile unregulated investment products. Proceed at your own risk.
Once you’ve filled in your details and signed up, you’ll need to verify your account by providing a couple of documents. You’ll need a photo ID (passport, driving licence), as well proof of address (bank statement, utility bill). This is standard practice, as Kraken is a fully regulated exchange.
After you’ve verified your documents, you’ll need to fund your account. You can use either a credit/debit card, crypto, or a bank transfer. Although it’s important to note a bank transfer is likely to take 4-7 days while the other methods are near-instantaneous.
For US residents, the minimum deposit is just $50.
After you’ve funded your account, you’re almost ready to invest in Monero. Just type Monero/XMR in the search bar and select the relevant result.
All that’s left to do is click the “trade” button, after doing this you’ll have access to the order terminal. From here simply enter how much Monero you wish to purchase, and hit “open trade”. There is a minimum investment of just $1 so make sure to select a number higher than that. A $25 investment would currently get you 0.106 XMR tokens.
To summarize, Monero is a privacy coin used to facilitate transactions in a similar way to Bitcoin, with the main difference being its focus on keeping transactions anonymous. After reading this guide, you’ll have all the information needed to answer the question “how to buy Monero”. When investing, it is important to select the best Monero exchange. We’ve chosen Kraken as our number 1 pick thanks to its great features for beginners and excellent blend of privacy, security, and ease of use. Although Kraken will be the perfect wallet for most, when storing large sums we recommend holding them on a hardware wallet, and storing a portion on Kraken to use for day-to-day activities.