For the past couple of years, cryptocurrency was quickly gaining the attention of people. You may be more familiar with names such as Bitcoin, and Ethereum. There are many cryptocurrencies in the market. Monero is yet another emerging cryptocurrency actively being traded all around the world. Its price is expected to rise after a few years since cryptocurrency is getting popular. There are more than 119 companies accepting Monero as a payment method and this number is increasing every year.
There are a lot of scammers who might scam you when you try to buy Monero. You have to pick the trading platforms wisely in order to prevent fraudulent sites from stealing your money. In this guide, I am going to explain how we can buy Monero safely on the internet. You can use these coins safely in stores or just as an investment for the future.
What is Monero?
Monero also known as XMR is one of the leading cryptocurrencies with a goal on personal and censorship-resistant trades.
Most cryptocurrencies present on the internet, such as Bitcoin and Ethereum, have transparent blockchains, meaning that transactions are publicly verifiable and traceable by anybody on the planet. What’s more, receiving and sending addresses for all these trades could be linkable into an individual’s real history identity.
Monero uses cryptography to protect receiving and sending addresses, in addition to transacted amounts. Monero is the best cryptocurrency in terms of privacy and security. You don’t have to worry about people trying to track your transactions.
How to buy Monero (XMR) with credit card?
Every trading platform doesn’t allow you to buy Monero with cash. There are less reputable companies that sell Monero with cash but there might be risks in doing so. To buy Monero safe as possible we are going to do it with the help of two leading cryptocurrency trading platforms Binance and Coinmama
Step 1: Register an account on Binance
Make sure you have the referral code entered to earn a 10% kickback.
Step 2: Obtain your bitcoin wallet address
Get your bitcoin wallet address by clicking the Wallet Tab and then Clicking the Deposit tab.
Make sure to copy it down in a notepad or Wordpad for future use
Step 3: Register an account on Coinmama
Coinmama is a leading bitcoin broker for buying bitcoins with credit cards. They accept customers worldwide and you can buy bitcoins instantly. You need to verify your identity in Coinmama and it will take only 10 minutes to get verified if your planning to buy bitcoin for less than $10000.
Step 4: Verify Your Coinmama Account
Verify your account with documents specified by the coinmama.
Step 5: Buy BTC and send it to the wallet address we obtained from Binance
Choose Bitcoin(BTC) as your preferred cryptocurrency
Coinmama offers a lot of payment processors from credit cards to bank transfer. Choose a method that you’re comfortable with.
Use the wallet address we obtained from Binance and complete the payment.
Step 6: Buy Monero from Binance
Once you have bitcoin in your Binance, it’s time to convert it to Monero.
Head over to Binance and login if you haven’t
Click the Exchange tab and choose Basic
On the right side type XMR on the search bar and you will see XMR/BTC. Click that and you will have option to buy XMR.
Enter your desired amount and click Buy XMR
That’s all. Now you will have Monero in your balance. You can use these in stores or just wait until the price increase.