How to buy Monero XMR in 3 steps?

Monero XMR is a privacy-focused cryptocurrency that emphasizes the secrecy of transactions and the anonymity of its users. Monero was launched in 2014 as an open-source project with the main idea to solve some of the privacy issues of Bitcoin. Monero XMR works on a decentralized network, just like most cryptocurrencies, but its protocol allows for increased privacy and anonymity.

Don't know where and how to buy Monero XMR? Just follow the next simple steps.

Step 1: Choose a Monero Exchange

Find an exchange that supports Monero blockchain and trade XRM easily. Here are three options to consider:

• Local Monero: a peer-to-peer marketplace that offers a wide variety of payment options to buy and exchange Monero, including bank transfers, cash deposits, and PayPal. The platform offers excellent security features that ensure safe transactions. 
• Coinbase, Kraken, Binance: Each of these exchanges allow you to buy Bitcoin or Ethereum with fiat, and then exchange it for Monero. This is a cost-effective way to buy Monero but bear in mind that this method requires more steps to complete the purchase.

Step 2: Withdraw your Monero from the exchange

Leaving your Monero on an exchange carries a certain level of risk. Most crypto exchanges are centralized, meaning that they are controlled by a single entity, making them vulnerable to attack or hacking attempts.

Buy Monero and withdraw it from an exchange to a personal non-custodial wallet to minimize the risks.

Step 3: Choose a Monero Wallet

Before you buy Monero tokens, you need to set up a crypto wallet that supports Monero blockchain.There is a variety of crypto wallets that support Monero, but they all can be divided into two main types: hot wallets and cold wallets. Each type has its advantages and disadvantages.

Source: Arctic Wallet Team

Cold wallets

Cold crypto wallet is a physical tool for keeping information about cryptocurrency. These can be a paper wallet or a USB drive that lets you make any transactions when they are used on a computer.

As such wallets store all the information offline it makes them more secure because they are less likely to be accessed online by hackers.

Hot wallets

Hot crypto wallet is a piece of software, you can’t hold such a wallet in your hands. The great advantage is greater convenience for crypto traders.

Hot wallets can be:

• Desktop wallets
• Mobile wallets
• Web wallets

The best choice is a software non-custodial wallet, because it gives you the security of cold wallets and the convenience of hot wallets. Take a look at Arctic Wallet. It is a multi-chain wallet that supports more than 250 crypto assets, has built-in exchange and buy/sell options.

You can find such features as:

• Portfolio and full history tabs
• Address book
• Integrates charts to follow the price in real-time;
• Lower fees than any exchange wallets;
• Fee customisation for sending assets;
• 15 min exchange freeze;
• Ensures privacy as all the data is encrypted and stored on your device, not authority servers;
• 24/7 support chat.

Source: Arctic Wallet App

Why is Monero so popular?

Monero's main feature is its privacy and anonymity, which are achieved through ring signatures, stealth addresses, and confidential transactions. Unlike Bitcoin, where all transactions and balances are public and exposed on the blockchain, Monero blockchain transactions are obfuscated by mixing several transactions in a single ring signature, making it impossible to identify which transaction belongs to whom.

Stealth addresses used in Monero also ensure that no single Monero address is directly linked to a particular user. These features make tracing and surveillance of Monero transactions almost impossible, ensuring that users can transact with complete anonymity.

The popularity of Monero has grown significantly in recent years, now it is in the top-25 cryptocurrencies by market capitalization. 

Source: CoinMarketCap

Many crypto investors recognize the value of privacy-focused cryptocurrencies like Monero, especially now when there is increased surveillance of online activities. With Monero, users can make transactions and be sure that their identity will remain anonymous.

Overall, Monero has privacy-focused features have contributed significantly to its increasing popularity in the cryptocurrency market. Its rising popularity suggests it will continue to be a significant player in the crypto market for the near future.

Conclusion

Buying Monero is easy, especially if you follow the steps above. 

Become Monero Investor in three steps:

1. Choose the service and the payment method
2. Place an order
3. Make sure the purchased Monero is stored safely

To ensure security, always enable two-factor authentication on your crypto accounts. Always research and understand the asset that you're investing in and the risks that you're taking.