Monero has proven to be one of the strongest and most powerful digital coins. The demand for this virtual currency is very high in the UK and a number of platforms allow users to buy and sell XMR in the UK.
The currency has seen both ups and downs and is very easy to buy. We will talk about all there is to know about XMR in this article and answer all questions you may have about buying Monero UK.
Now without much ado, let’s start with our buy Monero UK guide. However, before we start, let us be clear that investing in digital currency can be very risky and you must do so diligently.
What is Monero (XMR)?
Monero is a name that needs no introduction. It is a decentralized cryptocurrency that uses a unique public distributed ledger with a number of privacy-enhancing technologies that improve fungibility and anonymity. Monero makes it hard for observers to decipher information such as addresses trading Monero, transaction histories, transaction amounts, or address balances.
Released in 2014, Monero currently trades at around $186 and has a market capitalization of over $3,373,410,883. The company hit its highest in April 2022 when it reached the $280 mark, however, it has taken a hit in recent times but is still doing better than some other options including Bitcoin and Ethereum.
The coin is designed to improve security, privacy and anonymity and appears to be quite in demand. A large number of markets now accept XMR and many experts believe that this currency has the potential to challenge Bitcoin.
Monero is based on an open source ecosystem and uses a proof of work algorithm to validate transactions. The coin, however, has been in controversy as well. It is a very popular medium of exchange on the dark web. But, this has not impacted its popularity and the coin is still considered a solid investment option.
How to Buy Monero – Step by Step Guide
Wondering about how to buy Monero in the UK? It is very easy and you will not have to do much to get some XMR in your digital wallet. Since it’s a cryptocurrency, you will not be able to get it in physical form. You’ll have to buy it online and store it in a supported wallet.
The exact process changes from platform to platform but here’s a small guide to give you an idea of how to buy Monero.
Look for a Suitable Broker or Exchange
You will need to find an exchange or broker that offers XMR in the UK. First of all, brokers and exchanges are different and operate differently but the process is very similar.
Both brokers and exchanges charge a fee for their services that can greatly vary. We suggest that you compare available options and pick a platform that fits all your requirements.
You will have the option to buy XMR from other sellers or through brokers. Platforms differ based on fees, reliability, safety, etc. We will cover some of the best options later in this article so you can know exactly how to buy Monero in the UK.
Sign Up for an Account
Now that you have selected a platform, it’s time to create an account so you can purchase XMR. Some platforms may allow you to buy XMR without having an account, but it’s usually a prerequisite. Signing up will cost you nothing and the process usually takes just a few minutes.
You will be asked to provide personal details including your email and name. Make sure to pay special attention as incorrect information could cause issues since you will be required to verify your account to be able to trade freely.
Even if you are allowed to trade without an account, we suggest that you create one as being a member will typically give you more benefits including fewer limitations. The verification process differs from exchange to exchange.
Most will require you to submit identity documents and a selfie holding a specific code or date. The process can take anywhere between 24 and 48 hours but some websites can be slower.
Add Money to Your Account
You will need to add money to your account in order to buy Monero. This is not always a must as some platforms may allow you to directly pay through a card or other such options but having money in your account can make the process faster and easier.
You’ll typically have the option to choose from a number of payment methods including PayPal, cards, and bank transfers. Not all websites may offer all deposit methods.
Get a Monero Wallet
This is important even if you have an existing wallet as not all may support Monero. Search the web and find a wallet that allows you to add Monero and pay special attention to security features so that your coins can stay safe.
This is not always a requirement as some platforms have built-in wallets that can hold your XMR.
Buy Monero UK
Once everything has been set up, you can go ahead and buy Monero. Here’s a step-by-step guide to help you get started:
- Go to your desired platform (website or app) and enter your login details. The app is usually quicker and not all platforms allow buying and selling through the web portal.
- Head to the ‘Buy’ section and find Monero (XMR) so you can make a purchase.
- Look at available pairs such as GBP and XMR. This will allow you to convert one currency (GBR, for example) to another (XMR). However, GBP is not always available and you may have to first buy USDT or BTC in order to buy XMR UK.
- Decide how much you wish to buy and how you want to pay for the transaction.
- Based on your platform, you might be asked to enter the target address. Be careful as even a small error could cost you a lot.
- Review and execute your transaction.
Your coins will now appear in your wallet in a few minutes.
Where to Buy Monero in the UK
Ready to buy Monero and wondering where to buy Monero UK? We have covered some of the best platforms for you to choose from. Here’s all you need to know:
Binance is usually the first platform people think of when they plan to buy Monero (XMR). The company has proven to be reliable and is one of the most popular names in the UK, but it has been a part of some controversies.
Now a global name, Binance has had some issues in the UK. It was banned by The Financial Conduct Authority (FCA) in 2021 and is still dealing with the effects of the ban. The ban prohibits Binance Markets Limited (BML) from conducting any ‘regulated activity’ in the region. However, you will still be able to use the platform to buy XMR.
You’ll have to register for an account on Binance.com and follow the process explained below. Binance.com works in the country as it doesn’t fall inside the FCA’s UK remit.
Here’s how to buy XMR on Binance:
- The first step is to sign up for an account. You will have to verify in order to purchase Monero through Binance in the UK. Verification can be a little slow as Binance is a very busy site and it can take more than 48 hours for a profile to be fully verified. You’ll be asked to submit valid identity documents and address proof. Plus, some users may also have to submit a selfie.
- Wait for your account to be verified and set up 2FA for added security.
- Go to the Banking section and add a payment method. Binance supports multiple payment options but Monero can only be bought through bank transfers and credit cards.
- There is no need to sign up for a wallet as Binance will be able to hold your account. Simply go to the buy page and choose how many XMR you wish to buy. The limit is between 15 – 11000 GBP. You can select from a variety of pairs including GBP and XMR
- Review your order and confirm.
The coins will land up in your wallet in just a few minutes. You will face no trouble during the process but feel free to get in touch with the company if you do. It offers excellent customer support.
Kraken is one of the most secure online exchanges to buy Monero in the UK. It offers a large number of cryptos including XMR and has been operating since 2021. The company has a U.K. license and offers all its services in the country.
Here’s how to buy Monero through Kraken in the UK:
- Create and verify your account. You will not be able to buy XMR till you have a verified Kraken account. You’ll be asked to submit valid documents for verification. In addition, you might also have to link your Kraken account to your existing accounts, such as a bank account.
- Choose a funding option. Kraken offers several deposit methods including crypto and cash.
- Next, go to the XMR page and choose your desired pair. You can select fiat currencies such as USD or EUR or digital coins such as BTC or ETH.
- Decide how many XMR you wish to buy, review your order, and complete the transaction.
- Wait for XMR to show up in your account.
Buying XMR through Kraken is safe and easy. It can hold your coins but the platform recommends getting an external wallet.
Originally called OKex, OKX is a Seychelles-based exchange with permission to operate in the UK. Founded by Star Xu in 2017, the platform is safe and has an international user base. It has, however, been a part of several controversies but is said to be safe to use.
Here’s how you can buy Monero through OKX:
- Sign up for an account and set up 2FA so you can use it. You will have to verify your account before you can use it to buy Monero.
- Add money to your account by going to the Assets section. You will have to choose from available options including USDT, BCH, ETC, ETH, LTC, and BTC.
- Next, you will have to move your deposited currency to your Spot Account. This will be done by moving to ‘My Assets’ and choosing ‘Transfer’. The process will be completed instantly.
- You’ll now have the option to buy Monero. Go to ‘Trade’ and choose ‘Spot Trading’.
- Choose Basic or Advanced and select the currency you had originally deposited.
- Find a relevant pair and decide how many XMR you wish to purchase. You can create a market order (executed instantly) or a future order.
- Wait for XMR to show in your account.
OKX is more complicated than other options discussed above but it works well.
Best Ways to Buy Monero
Let’s now talk about the best ways to buy Monero UK. In this section, we’ll talk about where to buy Monero and which payment method to use. This is important because each has its own pros and cons.
Buy Monero With Debit Card
You can buy Monero with a debit card and a lot of people choose this option due to its pros but it does come with some cons as well. Here’s a small breakdown for your understanding:
Almost all exchanges and brokerages accept debit cards (MasterCard, Visa, etc.). Your card, however, must be enabled for online purchases for it to work. This can be a great option when you are in a hurry but remember that fees can be as high as 3 percent and you may also have to face conversion charges since not all platforms support GBP.
Buy Monero With Credit Card
Not many crypto buyers choose this option despite its many pros, however, we feel that the cons overshadow the pros in this case. Here’s a small breakdown:
Not all issuers support crypto purchases with this method. We suggest that you avoid using credit cards as additional costs can be very high. Also, just like debit cards, there’s a high risk of your financial details reaching unsafe hands.
Buy Monero With Paypal
When we talk about PayPal, we are talking about all digital wallets such as Skrill and Samsung Pay. Here are some of the main benefits and disadvantages of using this method:
Paypal didn’t support crypto purchases in the past but now you can use it to buy Monero. Also, most e-wallets will allow you to use not just your existing balance but additional payment options as well.
Buy Monero With Bitcoin
Lastly, you can purchase Monero using digital coins such as Bitcoin. Here are some of the pros and cons of this method:
Technically speaking, you will be covering one coin into another with this method.
How and Where to Buy Monero UK – Conclusion
We have now reached the end of our How to Buy Monero Coin in the UK guide. To sum it up, it is possible to buy Monero UK online. You will only have to find a reliable platform, sign up for an account, deposit money, and make a purchase. The entire process can be completed in less than five minutes and you will have Monero in your account for you to use.