5 min read

🟠 How to Buy Monero (XMR) in the UK

Monero is one of the first digital currencies to appear in the market and it has risen significantly in its cost over time. This is one of few cryptocurrencies belonging to the top 10 that guarantees absolutely anonymous transactions too. No wonder so many people try to find out how to buy Monero in the UK. Do you also want to know reliable ways of getting Monero (XMR) in the UK? Both crypto holders and people with fiat money can do that, and this article describes the most popular and secure approaches. 

monero

A quick guide on buying Monero in the UK

Binance is a recognized crypto exchange where crypto enthusiasts can purchase Monero (XMR) quickly and easily. Unfortunately, you can’t buy instantly with GBP on Binance since the number of coins to purchase for fiat money is limited. However, you can complete a fast transaction if you have the following coins on your balance: BTC, BUSD, BNB, ETH, and USDT. The exchange offers trading pairs with all of these coins and XMR. You should complete the following steps to buy Monero:

  1. Sign up to the Binance exchange or enter the existing account if you have one.
  2. Pass through the KYC verification process.
  3. Select the Markets category in the upper menu and opt for Spot Markets.
  4. Enter Monero (XMR) in the search bar to see all the available pairs.
  5. Select the pair to meet your requirements and buy Monero.
  6. Wait for your Monero coins to arrive at the balance.
  7. Check the amount by opening the Wallet.
  8. Withdraw your XMR to an external wallet for better security.

The maximum trading fee on Binance is 0.1%.

How to buy Monero (XMR) with GBP

Naturally, it is more comfortable to buy XMR for fiat money and the best place to buy this coin are the two most trusted and popular exchanges.

Binance

binance

Where to buy Monero for pounds? It is not the fastest and the cheapest way to buy XMR with GBP on Binance, but still, it is possible to do that following the procedure described:

  1. Sign up to the Binance exchange or enter the existing account if you have one.
  2. Pass through the KYC verification process.
  3. Press the Buy crypto button in the upper menu.
  4. Select currency and payment method.
  5. Select BTC or any other coin that makes up a pair for XMR.
  6. Enter payment details, the amount to spend, and confirm the transaction.
  7. Your BTC or other coins will land your balance when the transaction is completed.
  8. The next step is to exchange BTC or other coins for XMR on the Spot Market.

However, it is not the only way to do that. Registered users can also deposit pounds to the Binance GBP wallet and only then purchase cryptocurrency that males pairs with XMR. The procedure looks as follows:

  1. Sign up to the Binance exchange or enter the existing account if you have one.
  2. Pass through the KYC verification process.
  3. Open the Buy crypto tab.
  4. Select the Pay With Bank Deposit option.
  5. Select GBP as a currency for a deposit.
  6. Enter the amount to deposit using Faster Payments.
  7. Provide the Reference code and confirm the transaction.
  8. Deposit money from the bank using the details provided.
  9. Wait for the money to be delivered to your GBP wallet on Binance. 
  10. Press the Buy Crypto button and prefer the Buy with GBP balance. 
  11. Complete the purchase of HTC or other suitable coins and exchange them for XRP using the steps described.

Kraken

kraken

The second world’s most popular trading and exchange platform is Kraken. It supports a wide range of coins and Monero is among them. You can proceed with buying Monero there following these steps:

  1. Register an account on Kraken.
  2. Verify your account to be able to make transactions.
  3. Press the Buy cryptocurrency button in the upper horizontal menu.
  4. Select GBP from the list of fiat currencies to pay with and Monero from the list of coins you want to buy.
  5. Enter the amount of XMR to buy and GDP to sell.
  6. Complete the transaction by pressing the Buy XMR with GDP button.
  7. Check order details and confirm the transaction.

Like with Binance, it is also possible to fund the Kraken GDP wallet with cash. You can go to the Funding tab and proceed with the transaction by pressing the Deposit option. Funds are deposited after you complete the information with account details. 

How to buy XMR with other cryptos

In fact, many exchanges offer UK citizens to buy XMR with another cryptocurrency. The procedure is similar to one described with the example of Binance exchange. However, there might be some differences too. The traditional step-by-step guide looks as follows:

  1. Register an account on the exchange that trades Monero or enter the existing account.
  2. Check if you have any coins traded with XMR on your balance.
  3. If not, deposit cryptocurrency to the exchange wallet.
  4. Open the Market tab that can be also called Exchange on some platforms.
  5. Select the trading pair suitable for you.
  6. Enter the amount of cryptocurrency you want to give and the amount of XMR to receive.
  7. Confirm the transaction.

Wait for the delivery of Monero coins to the wallet.

Things to consider before buying Monero

Cryptocurrency is known for its volatility, but it is not the only problem associated with buying. When you decide to purchase Monero, consider the following information:

  1. Check the latest price changes and ensure what its future looks like reviewing predictions of blockchain experts and the history of the token.
  2. Prefer secure and safe storage for your new coins.
  3. Wait for the period of time when Monero has a significant drop in price for it to recover in the closest future. 
  4. Decide how long you are going to keep Monero and whether you will be able to get profits thanks to that.

Where to store XMR

monero

The range of wallets to support Monero is quite big since it is one of the most popular coins in the modern market. Therefore, you can consider the following variants:

  • Monero wallet on any exchange;
  • The official Monero wallet developed as a part of the coin ecosystem;
  • Hardware wallets including Ledger and Trezor;
  • Desktop and mobile Exodus wallet;
  • Monero CLI wallet which is a text box powered by written commands;
  • Monero paper wallet secured with a seed phrase.

Privacy and security tips

Will you agree that losing just purchased coins can’t be called a pleasant experience? If you do not want to get in this trap, remember the following tips:

  • Double-check addresses of wallets you send coins to as well as payment details to prevent errors and money losses;
  • Buy Monero only on trustworthy and high-rated exchanges;
  • Try to withdraw XMR from the exchange wallets immediately after you complete the transaction and store it in a more secure place;
  • Enable 2FA to protect your tokens;
  • Ensure device safety: check it for malware, the latest protection measures, etc;
  • Use VPN and Tor browser to avoid being tracked. 

Conclusion

Montero is a popular token that can be purchased not only with debit cards or cryptocurrency but also other banking options as PayPal, for example. However, you should remember that trusted exchanges are more likely to exchange XMR for another cryptocurrency and sometimes for British Pounds first of all. The procedure is similar on the majority of these platforms, so you will see that it does not take much effort to get XMR.