What is Monero?
Unlike Bitcoin where all your transactions are recorded publicly, Monero is a private and untraceable currency system.
How do your transactions remain private? Monero uses special cryptography so that no one can trace a transaction back to you.
How to buy Monero on CoinSwitch
Now that you’re ready to start buying Monero on CoinSwitch, you will first need to get a Monero wallet. You will need the Monero wallet address to send the XMR to your wallet.
What kind of Monero wallet should you choose?
CoinSwitch has a list of recommended wallets. The rule of thumb is to have a hardware wallet rather than a software wallet. Hardware wallets are safer and if you want to make a long-term investment, it is definitely worth the buy. If you are just venturing into the world of cryptocurrency, then you can get by with a software wallet. Software wallets are free and great for on-the-go applications.
Locate your Monero wallet address. This is a string of letters and numbers.
Now that you have your wallet ready, here’s what you have to do.
Use your MasterCard or Visa credit card and purchase Bitcoin first using USD/EUR. You can also buy Ethereum, Bitcoin Cash, Litecoin, Ripple or Binance Coin.
Then perform a BTC to XMR exchange. Or convert the crypto coin you bought to Monero. CoinSwitch does not allow you to purchase Monero directly so this step is necessary.
Once you complete the exchange, you can send it to your Monero wallet for safekeeping.
Unlike other exchanges, CoinSwitch does not make you wait for days to verify your credit card or make you sign up for an account.
You will have to convert at least 50 USD/EUR to a crypto coin of your choice. The upper limit is 20000 USD/EUR.
How to sell Monero on CoinSwitch
For this, you will have to create an account and use the ‘Sell’ tab available in your account. Again, you will find the best exchange rates possible given that CoinSwitch continuously checks for the best rate on all the exchanges around the world.
How to exchange Monero (XMR) on CoinSwitch
This is as easy as ABC.
Use the homepage to check out the exchange rate. Click on ‘View All Offers’ to find the recommended and other offers. Choose the rate and enter your wallet address. So, if you want to perform an XMR to BTC exchange, enter your Bitcoin wallet address and initiate the transaction.
Again, you do not need an account or log in to do this.
Why CoinSwitch is the best exchange to buy, sell and exchange Monero
Here are a few things that make CoinSwitch the best place to trade Monero –
- User-friendly: CoinSwitch is extremely user-friendly. CoinSwitch caters to both advanced crypto users and people just starting out. It has has clear instructions on how to trade and is self-explanatory.
- Best Resources: CoinSwitch offers plenty of information that will help you understand crypto better, tell you about the hottest new coins and bring you all news updates from the crypto market.
- Customer Support: CoinSwitch has 24×7 customer support to help you resolve every issue quickly.
