How to Buy Monero UK – Beginner’s Guide

Looking to diversify your cryptocurrency portfolio by adding Monero? If so, there are several ways in which you can buy Monero from the comfort of your home.

In this guide, we show you How to Buy Monero UK in the safest and most convenient way possible.

How to Buy Monero UK – Step by Step Guide 2021

If you’re looking to buy Monero UK right now – the 4-step process outlined below will show you what you need to do.

  1. Open an account with Binance: At the time of writing, Binance is the best cryptocurrency exchange to buy Monero from. As such, visit the Binance website and open an account.
  2. Upload ID:  If you want to buy Monero UK with your debit/credit card – you will first need to upload a copy of your passport or driver’s license. If not, you can skip this step and trade Monero without providing any KYC documents.
  3. Deposit:  Enter the amount you wish to deposit into your Binance account.
  4. Buy Monero: Now that your account is funded – simply search for Monero, enter the amount you wish to buy – and confirm the order.

Once you have bought Monero from Binance – you then need to think about storage. Most traders will withdraw the coins out to a private Monero wallet. With that said, Binance also offers a more convenient web wallet that is backed by its Secure Asset Fund for Users (SAFU).

What is Monero?

What is Monero?Launched in 2014 – Monero is a cryptocurrency that focuses on privacy. That is to say, while popular digital currencies like Bitcoin (BTC) and Ethereum (ETH) are pseudonymous, Monero (XMR) allows users to send and receive tokens in a completely anonymous manner.

  • Like most cryptocurrencies, Monero is a decentralized project.
  • In simple terms, this means that no single person or authority has control over the Monero network.
  • Perhaps a key feature of Monero is that it a fungible currency. This is no different from traditional pound coins.
  • In other words, an individual XMR token cannot be blacklisted or linked to a specific transaction.

In terms of the fundamentals, it takes approximately 20 minutes for a Monero transaction to be fully confirmed by the network. This is slower than Bitcoin – which takes 10 minutes, and much slower than the likes of Ripple, which are pretty much instant. At the time of writing in April 2021 – Monero is a top-25 digital currency with a market valuation of over USD $6 billion .

Why Buy Monero? Monero Analysis

With thousands of cryptocurrencies now in existence, knowing which project to back can be challenging. In the case of Monero, the digital coin is one of the most established crypto assets in the space. Its core feature – privacy, is one of the best in this industry, too.

Why Buy Monero?

This is because of the ‘ring signature’ technology the network uses. In Layman’s Terms, this means that the identity and location of both the sender and receiver can not be revealed. In fact, it’s simply not feasible to extract this data – even if the team behind Monero wanted to.

Another reason why you might be looking to buy Monero UK is that the upside on this digital currency is potentially huge. After all, although the cryptocurrency carries a market capitalization of over $6 billion – this is small-fry in comparison to Bitcoin and other top-10 projects.

Monero Price – How Much Does it Cost to Buy Monero?

When Monero was first launched in 2014, it was worth in the region of $2.45 per token. Fast forward to early 2018 and the same digital currency hit all-time highs of over $540. This means that in the space of less than four years, Monero increased in value by over 20,000%.

In other words, had you purchased £500 worth of Monero coins back in 2014 – you would have been able to cash out at over £100,000 when the crypto asset peaked in January 2018. With that being said, Monero then went on a prolonged downward spiral after its peak – hitting lows of $35 in March 2020.

Those, however, that re-entered the market when Monero hit $35 are now looking at sizable gains. Based on current prices – which at the time of writing amounts to $373 – that’s 12-month gains of over 950%.

We should note that although this amounts to approximately £260 per Monero coin – you don’t need to invest this much. On the contrary and like most cryptocurrencies – you only need to purchase a fraction of one Monero. As such, if you want to get started with an investment of just a few pounds – you can do this with an exchange like Binance.

Ways of Buying Monero

There are many ways to buy Monero UK – some more convenient than others. While some prefer the convenience of using a debit/credit card – this can come with unfavorable fees. In other cases, if you already own a cryptocurrency like Bitcoin – you can often exchange this over to Monero at the click of a button.

Nevertheless, in the sections below we explain the most common ways of how to buy Monero UK.

Buy Monero with Debit/Credit Card

If you are looking for the easiest and fastest way to buy Monero UK – the best option on the table is to use a debit or credit card. We should note that very few exchanges allow you to buy XMR tokens this way – as they typically only support deposits in the form of crypto.

With that said, Binance now allows you to buy Monero UK with a Visa/MasterCard – albeit, the fees are somewhat high. Plus, the instant purchase option isn’t available on Monero, so you will first need to make a deposit and then manually purchase the coins.

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The specific fee to deposit with your debit/credit is 1.8%. So, a £1,000 deposit will set you back £18. On the flip side, this is cheaper than Coinbase and Coinmama, which charge 3.99% and 5% on debit card deposits – respectively.

The typical process of buying Monero with a debit/credit card at Binance is as follows:

  • Open an account with Binance and then upload a copy of your passport or driver’s license
  • Elect to make a debit/credit card deposit in GBP
  • Once the deposit is processed, you’ll need to obtain Monero by first swapping your GBP balance into USDT (Tether)
  • Then, search for XMR/USDT
  • Finally, enter the amount of USDT Monero you wish to purchase

As you can see from the above you need to obtain Monero via USDT as there is no direct GBP market.

Buy Monero with PayPal

Buying Monero with Paypal is possible – but the direct route is fraught with risk. This is because the few cryptocurrency exchanges that do support Paypal are unregulated. As such, your capital is at risk.

If Paypal is the only payment type that you are preferred to consider – then you are advised to initially use eToro. Although eToro doesn’t yet offer a market on Monero, it does support 18 popular digital currencies. Plus, eToro is commission-free and regulated by the FCA.

Ultimately, you will need to buy another cryptocurrency at eToro using Paypal – and then transfer the coins into Binance.

An overview of the process can be found below:

  • Register with eToro and deposit funds using Paypal
  • Buy Bitcoin commission-free at a minimum stake of $25
  • Withdraw your Bitcoin to the eToro wallet
  • Transfer the Bitcoin over to your Binance wallet
  • Exchange Bitcoin into Monero

Although the above process might appear somewhat long-winded – it doesn’t need to be. For example, the process of buying Bitcoin at eToro and then transferring the coins over to your Binance wallet can be completed in less than 30 minutes. Then, it’s just a case of exchanging Bitcoin over to Monero – which at Binance, will cost you a commission of just 0.1%.

Buy Monero with Bitcoin

The process of buying Monero with Bitcoin is very similar to the step-by-step walkthrough we gave in the section above. That is to say, you will need to deposit Bitcoin into your Binance wallet.

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Then, you will need to search for the XRM/BTC market and subsequently – swap your Bitcoin balance for Monero.

Where to Buy Monero in the UK

In this section of our guide – we are going to discuss the best stock brokers to buy cryptocurrency in the UK.

1. eToro – Overall Best Crypto Platform (FCA Regulated)

etoro logoIf you are looking for a top-rated brokerage firm that is regulated by the FCA and offers a full suite of cryptocurrencies – eToro is by far the best trading platform in this market. Crucially, not only is eToro a safe space to invest in digital assets – but it offers a super-low cost way of doing this.

In fact, eToro does not charge any commissions when you buy and sell crypto. This is in stark contrast to cryptocurrency exchanges like Coinbase – which charges a trading commission of 1.49%. You need to pay this when you buy your chosen digital coin and again when you cash out. In fact, you will pay 3.99% at Coinbase when depositing funds with your debit/credit card.

At eToro, you will only pay 0.5% when depositing funds in GBP. What we also like about this FCA-regulated broker is that you can buy Bitcoin and other digital currencies at a minimum stake of just $25 – or about £17. This ensures that you are not required to invest more than you can afford to lose in this highly volatile and speculative trading sector. You might also be interested in the eToro Copy Trading feature if passive crypto-investing is what you seek.

This allows you to actively trade cryptocurrencies without needing to research or place any orders. Instead, all positions that your chosen trader enters will be reflected in your own eToro account. Additionally, there are also CryptoPortfolios at eToro. These are professionally managed by the eToro team and will get you access to a full basket of digital currencies. In terms of payments, eToro supports debit/credit cards, Paypal, Skrill, Neteller, and local bank transfers.

Pros

  • Buy and sell cryptocurrencies commission-free
  • More than 20 million people using the platform
  • Accepts debit/credit cards, e-wallets, and bank transfers
  • Minimum investment of just $25 per crypto trade
  • Supports copy trading to automate your crypto trades
  • Fully regulated in the UK by the FCA
  • Over 2,400 stocks and 250+ ETFs

Cons

  • A small withdrawal fee of $5
  • The platform operates in US dollars

67% of retail investor accounts lose money when trading CFDs with this provider.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

 

2. Binance – Largest Cryptocurrency Exchange for Trading Volume and Liquidity

Binance LogoIf you are looking to buy Monero UK from Binance, you have various options to achieve this goal. Perhaps the most simple is to initially deposit funds into your Binance account with a debit/credit card – which will cost you 1.8% in transaction fees. Bank transfers are also supported and there is no fee attached to this payment type.

Once you have funded your account, you can access Monero through a supported pair. This includes pairs that consist of Bitcoin, Tether, and Ethereum. The trading commission payable when you exchange one of the aforementioned coins with Monero is just 0.1%. Then, you can withdraw your Monero coins to a private hardware wallet.

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In terms of the fundamentals, Binance is now the largest cryptocurrency exchange in terms of trading volume. In fact, a whopping $97 billion of trading activity has gone through the exchange in the past 24 hours alone. If you are looking to diversify your portfolio – Binance also allows you to buy Ethereum, Ripple, Dash, Bitcoin Cash, EOS, and many other popular digital currencies. Finally, Binance is also a good option if you wish to trade crypto derivatives – with the platform supporting Bitcoin futures and options.

Pros

  • Largest cryptocurrency exchange UK in terms of trading volume
  • Hundreds of cryptocurrency pairs supported
  • Trading commission of just 0.1%
  • Supports UK debit/credit cards and bank transfers
  • Great reputation in the cryptocurrency scene
  • Ideal for advanced traders that seek sophisticated tools and features

Cons

  • Not great for newbie investors
  • A standard charge of 1.8% on debit/credit card deposits

Your Capital is at risk.

How to Buy Monero Tutorial

If you’re ready to buy Monero UK right now but need a little guidance – the step-by-step guide will walk you through the process with ease.

Step 1: Open an Account

Visit the Binance website and begin the account opening process. You will initially be asked to provide an email address and a strong password – nothing else. This will remain the case if you are planning to deposit and withdraw funds in cryptocurrency only. But, if you want to buy Monero UK with a debit/credit card or bank transfer – you’ll need to complete a KYC process first.

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Your Capital is at risk.

Step 2: KYC

As noted above, if you wish to deposit funds into your Binance account with a debit/credit card or bank transfer – you will first need to have your identity verified. This is to ensure that the cryptocurrency exchange remains compliant with anti-money laundering regulations.

To do this, you will need to provide a copy of your passport or driver’s license – much like you would with a conventional stock broker or forex trading platform.

If you are using your desktop computer or laptop – Binance will ask you to hold the document in front of your webcam. If the quality of your webcam is insufficient, you might find that Binance cannot verify it. If this is the case, then you will need to download the Binance app and take a picture of the document with your phone’s camera.

Step 3: Deposit Funds

You will be able to deposit funds into your Binance trading account once the exchange has verified your documents. This is usually completed fairly quickly – so expect a confirmation email to arrive within the hour.

BUY MONERO BINANCE

Once it does, you can deposit funds with a debit/credit card (1.8% fee) or via a bank transfer (free). If opting for the latter, Binance will show you the account details that the funds need to be sent to.

Step 4: Exchange GBP into USDT

As we briefly covered earlier, there is no Monero pair that includes GBP. As such, you will need to exchange your GBP balance into a supported cryptocurrency. This includes Ethereum and Bitcoin, but Tether (USDT) is the best option as this Monero pair attracts the most liquidity.

Step 5: Buy Monero 

At this stage of the step-by-step guide – you should now have USDT in your Binance account. All you need to do now is exchange your USDT tokens into Monero. For this, you will need to search for XMR/USDT.

Click on the market that loads up and select how many Monero coins you wish to buy. If you want to use your entire balance – select the ‘100%’ button.

how to buy monero UK

Finally, confirm the order and the Monero coins will be added to your Binance wallet.

eToro – Best Broker to Invest in Crypto – Commission-Free

Monero is a popular top-25 cryptocurrency that has increased in value by almost 1,000% since April 2020. As such, more and more investors in the UK and looking at adding this digital asset to their portfolio.

If you are looking to start buying cryptocurrencies right now – FCA-regulated broker eToro is a great option. Not only can you buy and sell digital currencies without paying any commission – but the minimum stake per trade is just $25. This allows you to buy cryptocurrency in a sensible and risk-averse way!

67% of retail investor accounts lose money when trading CFDs with this provider.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

FAQs

Should I buy Monero?

Monero has gone through many ups and downs since the digital currency was launched in 2014. Over the past 12 months alone, the crypto asset has increased by almost 1,000%. However, Monero - and all digital currencies for that matter, are highly speculative. As such, just make sure you keep your stakes conservative and never invest more than you can afford to lose.

How can I buy Monero instantly?

Buying Monero instantly isn't an overly straightforward process - as you will first need to deposit funds into an exchange like Binance or Kraken with your debit or credit card. Then, you need to manually purchase Monero via a supported pair - such as XMR/USDT.

How can I buy Monero anonymously?

If you want to buy Monero anonymously - you will need to obtain it through a cryptocurrency exchange. You won't, however, be able to buy Monero with a debit/credit card, e-wallet, bank transfer, or any fiat currency payment type without uploading some ID. Instead, you'll need to swap Monero for another cryptocurrency like Bitcoin.

What can I buy with Monero?

Monero is the digital currency that is used to fuel the blockchain network of the same name. As such, outside of the Monero network, the coin has little purpose. On the contrary, most people buy Monero on a speculative basis.

What are the risks of buying Monero?

The overarching risk of buying Monero is that you can lose money. Sure, the digital currency is enjoying a prolonged upswing trend at present. But, there is every chance that the value of Monero can also move in the opposite direction.

Is it safe to buy Monero?

The safest way to buy Monero UK is to use a regulated broker. You also need to think about how you intend on storing your Monero coins.

About Kane Pepi PRO INVESTOR

Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Academically, Kane holds a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and he is currently engaged in a Doctorate Degree researching the money laundering threats of the blockchain economy. Kane is also behind peer-reviewed publications - which includes an in-depth study into the relationship between money laundering and UK bookmakers. You will also find Kane’s material at websites such as MoneyCheck, the Motley Fool, InsideBitcoins, Blockonomi, Learnbonds, and the Malta Association of Compliance Officers.

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