Privacy-focused coin, Monero has one of the most loyal communities in the cryptocurrency industry. However, UK investors often have an issue figuring out how to sell Monero (XMR) for GBP.
This article solves the problem by disclosing exchanges where anyone can cash-out Monero. In other words, you’ll learn how to sell XMR for GBP or move from Monero to bank account within the shortest time possible.
Table of Contents
Quick guide on selling XMR for GBP on Binance
- Create a Binance.com account and complete their KYC verification.
- Go to Wallet > Fiat and Spot
- Search for XMR and click Deposit on the wallet.
- Copy the provided address and transfer the funds from your private Monero wallet.
- Once confirmed, go to Trade > Convert
- Select XMR as the coin to convert to BUSD (1 BUSD = $1)
- Enter the amount to convert to BUSD and complete the conversion.
- Once completed, follow the same process to convert the BUSD to GBP.
- Go back to Wallets > Fiat and Spot
- Click Withdraw on your GBP wallet
- Enter the amount to withdraw and provide your account or card details.
- Initiate withdrawal and Binance will transfer the money to the account you provided.
The above example assumes that you already own XMR in a private wallet and simply want to cash out. Read this guide if you’re looking for how to buy Monero (XMR) in the UK.
How to sell Monero for GBP
Binance is one of the world’s largest cryptocurrency exchanges and offers a number of trading pairs for Monero. Aside from the option mentioned in the Quick Guide, Binance also has another way for UK residents to cash out Monero via peer-to-peer (P2P) trading.
It is worth noting that you can trade cryptocurrencies on Binance without completing the identity verification process (KYC). However, verification is compulsory to access any of the fiat gateways, including P2P trading.
How to do it:
- Create a Binance account and complete the KYC process.
- Go to Wallet>Fiat and Spot.
- Search for your XMR wallet and click deposit.
- Copy the provided address and complete the transfer from your external wallet.
- Go to Trade>Convert and convert the XMR to USDT (You can also convert XMR to BTC)
- Go to Trade>P2P
- Change the currency option to GBP and toggle the provided Buy to Sell.
- Select USDT (or BTC if you converted to it) as the coin to sell.
- Choose an offer that matches the amount you want to sell and pick a buyer with a high completion rate.
- Click Sell on the order and add a payment method to your account.
Initiate the order and then wait for the seller to make the payment to your provided GBP account.
- Confirm receipt after you receive the deposit notice from your bank.
Withdrawal Methods: Bank Transfer, Credit and Debit Cards.
LocalMonero is a peer-to-peer platform for buying and selling Monero. The exchange is available to UK customers and is a great way to cash out Monero using a variety of fiat payment methods. Sellers can create separate offers or sell to any of the buyers with open order requests.
How to do it:
- Create an account on LocalMonero and complete email verification
- Click on the wallet option in the top right and then Receive.
- Transfer XMR from your external wallet to the provided address.
- Once confirmed, go to Sell Monero from the options on the left tab.
- Enter the amount to sell and search for online offers.
- Choose an offer that has the payment option you want to use to receive payments.
- Send a trade request and share your payment information with the buyer.
- Wait for the buyer to send the payment to the account you provided.
- Confirm the payment and release XMR to the buyer.
Supported Withdrawal Methods: Bank Transfer (UK), Neteller, Skrill, PayPal, Cash by mail, etc.
EXMO is based in the United Kingdom and has been around since 2013. The platform supports a handful of cryptocurrencies, including Monero. By transferring your XMR to their platform and selling it to BTC first, you can cash out Monero for GBP.
How to do it:
- Register on Exmo.com and complete their KYC verification process.
- Go to Funding and click Deposit on your XMR wallet.
- Copy the provided address and transfer the funds from your personal wallet.
- Go to Trade>Simple Trade and find the XMR/BTC pair.
- Click sell on the pair. Fill in the details and complete the sale.
- In the same simple trade, choose to convert BTC to GBP.
- Once successful, go to Funding and click withdraw on your GBP wallet.
- Input the amount to withdraw and select your preferred method.
- Initiate the cashout by filling in the details and clicking Withdraw.
Supported Withdrawal Methods: Faster Payments and CHAPs.
Kraken is one of the most popular cryptocurrency exchanges, and one of the very few from the industry’s early days to not have suffered a security breach. Kraken supports Monero trading, offering XMR pairs against EUR, USD, and BTC.
Hence, you can also cash out Monero via Kraken by selling it to BTC first, and then converting it to GBP.
How to do it:
- Create a Kraken account and complete the user verification process.
- Go to Funding and click Deposit on your XMR wallet (Remember to toggle Show All Assets).
- Copy your address and make the transfer to Kraken from your external wallet.
- Once successful, go to Markets>BTC and search for the XMR/BTC pair.
- Click Trade on the pair and switch the order type to Sell.
- Enter the amount of XMR to sell and confirm the trade.
- Next, go back to Markets and find the BTC/GBP pair (GBP is available under the More tab)
- Input your order amount to sell BTC for GBP and confirm the transaction
- Go back to Funding and click Withdraw on your GBP wallet.
- Provide details for the withdrawal account and wait for approval from Kraken.
- Once successful, you can initiate a withdrawal to the bank account you provided.
Supported Withdrawal Methods: Faster Payments, CHAPs, SWIFT.
Selling XMR for cryptocurrency short step-by-step guide (Binance)
If all you want is to simply exchange your Monero for BTC or any other cryptocurrency, then you can do so on Binance by doing the following:
- Create a Binance.com account and verify your email or phone.
- Go to Wallet>Fiat and Spot.
- Find your XMR wallet and click Deposit.
- Transfer funds from your external wallet to the provided address
Go to Trade>Convert
- Choose to convert XMR to BTC or any of their supported coins.
- Preview and complete the conversion.
- If you wish, you can go back to Wallet>Fiat and Spot to withdraw the coins you just purchased.
Things to consider before selling Monero
- Time in the Market: Like every other cryptocurrency, the price of XMR is volatile and often marked by periods of bullish and bearish performance. It might not be a good idea to sell your assets if you had purchased them at a higher price. A little patience and good market recovery (which seems almost inevitable) might put you back in profit in the long-term. It is always good advice to invest in crypto only an amount you won’t need for a long time. That way, you do not have to worry about liquidating your assets to resolve emergencies.
- Tax Implications: Depending on where you live, you might have to pay capital gains tax or file other tax returns, especially if the value of XMR increased during the period you invested in it. It is usually best to consult a crypto tax expert or use a tax software solution if offered by your cryptocurrency exchange.
- Privacy Ethos: For individuals who strongly believe in user privacy, Monero is more than just another cryptocurrency. They consider it a bet on a future where people can control their money without state surveillance, and will always hold a position in the asset. If you share similar sentiments, then you might want to consider it before deciding whether or not to sell XMR.
Privacy and Security tips
Although Monero provides built-in privacy for transactions, users can further keep their transactions private and secure by applying the following tips:
- Do not re-use XMR addresses. Even on an exchange wallet, always generate a new address for transactions, as this makes it difficult to trace fund movement on-chain.
- If you hold significant amounts of XMR, consider investing in a hardware wallet such as Ledger or Trezor. These devices store your assets offline, making it almost impossible for hackers to access your funds remotely.
- At the time of writing, LocalMonero offers the best form of privacy for buying and selling Monero anonymously. Users only need an email or password to access the platform.
- Always double-check the addresses before hitting the send button. Malicious malware on your device might swap the copied address on your clipboard with that of a hacker, resulting in permanent loss of your funds.
- Do not publicly disclose your crypto holdings in social media groups and communities. Such behaviour makes you a target for miscreants.
This article explained how to sell Monero (XMR) for GBP, providing a list of exchanges where investors can access this option.
Although Monero's strong privacy features mean regulators kick against it and many exchanges cannot list it, it remains one of the best bitcoin alternatives for sending and receiving private transactions.
We also shared what to consider when selling Monero, as well as privacy and security tips that can help users make the most out when they choose to hold XMR in their cryptocurrency portfolio.