💁‍♀️ How to Sell Monero (XMR) for GBP in the UK

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.

The reason is not far-fetched. Many leading cryptocurrency exchanges have delisted Monero because of its strong privacy features. Additionally, new regulations in the U.K. means that most cryptocurrency exchanges do not support UK users, or offer limited features to customers in the region. 

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 a bank account within the shortest time possible. Note that in some cases, one must sell Monero for BTC and then transfer them to an exchange that supports BTC/GBP trading to convert to cash.

A quick guide on selling XMR for GBP 

• Go to Simpleswap.io and signup for a new account.
• Using the swap widget, create a new exchange transaction
• Input the amount of Monero to swap for BTC
• Click Exchange and proceed to the next page.
• Provide a Bitcoin address to receive the BTC (preferably a self-custodial wallet, not an exchange)
• Add a refund XMR address incase an issue arises and also an email if you wish to get notification.
• Click on Create Exchange
• Transfer XMR to the address provided by Simpleswap and wait for confirmation
• The exchange will send the stipulated BTC amount to your address.
• Once received, you can transfer BTC to an exchange like Bitget to convert to GBP. 

The above example assumes that you already own XMR in a private wallet and 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

LocalMonero

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 various 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 the 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 with the payment option you want to use.
• 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.

Bisq

Bisq is a decentralized exchange protocol that enable anonymous trading. Given Monero's high privacy feature, Bisq is probably the best place to sell Monero if you want to maintain high privacy. Interestingly, the platform also offers an option to add fiat payment methods for selling XMR for GBP.

How to do it:

• Install the Bisq desktop client (Getting started guide here)
• Create a Bitcoin wallet and back up your keys
• Create a GBP fiat payment method and an Altcoins Instant account (allows 1-hr trades.
• Review account limits for newcomers and extend limits based on your preference.
• Make an offer to sell Monero for GBP using your designated fiat payment method.
• Wait for someone to take your offer.
• Transfer XMR to the user's address and provide a confirmation (transaction key, recipients address, and transaction hash)
• Wait for the user to confirm and pay GBP using your account details
• Confirm the transaction once successfully received.
• In case of any issues, you can see Bisq's official guide for Monero trading.

Payment Method: Bank Transfer, Cash by Mail, Capitual, Faster Payments, etc.

ChangeNow

ChangeNow is another platform that offers a simple option for selling your XMR into other cryptocurrencies like Bitcoin and ETH. Similar to Simpleswap in our Quick Guide, the platform does not mandate user registration or KYC. Also, you can move the received cryptocurrency to another exchange to off-ramp into cash.

How to do it:

• Go to Changenow.io
• On the homepage widget, select XMR as the coin to exchange for BTC
• Input the amount to swap and click Exchange
• Provide a BTC payout address to receive your coins on the next page (preferably a self-custodial wallet)
• Provide an XMR refund address in case something goes wrong during the exchange.
• Initiate the exchange process by clicking Confirm
• Transfer XMR to the address provided by ChangeNow
• Wait for confirmation, and ChangeNow will transfer the BTC to your designated address.
• Once received, transfer the BTC to an exchange like Bitget to sell for GBP. 

Conversion Method: Cryptocurrency to GBP.

BestChange

BestChange is a currency exchange aggregator platform where users can sell Monero for GBP using a list of vetted exchangers. The platform supports XMR to GBP exchanges whereby the buyer remits payments to your UK account using Visa/Mastercard as a payment method.

While some of the listed exchangers may require identity verification, some do not, making it a viable option for those who want to sell Monero anonymously. 

How to do it:

• Go to Bestchange.com using the linked URL.
• Alternatively, you can visit the website directly
• Select XMR as the coin to give and GBP Visa Mastercard as the current to receive.
• Choose an exchanger from the list 
• Provide the required details on the exchanger's site
• Transfer XMR to the designated exchanger address
• Wait for the exchanger to transfer payment to your bank account using provided details.
• Complete the trade.

Supported Withdrawal Methods: Visa/Mastercard.

Selling XMR for cryptocurrency on a DEX

If all you want is to exchange your Monero for BTC or any other cryptocurrency, then you can do so on BasicSwapDEX. Note that this process is for traders with some development experience, or at least a willingness to learn some simple technical step. by doing the following:

• Go to BasicSwapDEX.com 
• Follow the guidance on their official documentation to install the DEX protocol on your computer
• Run the BasicSwapDEX application
• Enable XMR and BTC as tradable coins
• Create a New Offer to sell Monero
• Input the amount of coins to sell and the amount in BTC to receive based on current rates
• Wait for sometime to receive bids and accept one that matches your order details
• Complete the coin transfer and wait to receive coins to your designated address.

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, 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 reuse XMR addresses. Always generate a new address for transactions, as this makes it challenging 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 and Bisq 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 the 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.

Conclusion

This article explained how to sell Monero (XMR) for GBP, providing a list of exchanges where investors can access this option. 

Although Monero's robust 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 and privacy and security tips that can help users make the most out of when they choose to hold XMR in their cryptocurrency portfolio.