How to buy Monero (XMR)
Over the last decade, cryptocurrencies have gained popularity both as an investment option and as a method of sending money to somebody. Though we’ve talked much about Monero, it may still be tricky to buy XMR. Here is how you can do that.
1. Through the crypto exchange or investing platform
Today, not many traditional brokers and banks give their clients an opportunity to buy or sell Monero. However, you can do it at crypto exchanges. To buy Monero you should follow the steps below:
- Choose the crypto exchange or investing platform.
- Register and verify your identity.
- Fund your account.
- Choose the storage method.
Even though most crypto exchanges work the same way, they may have different fees, coins available, and safety features. Additionally, pay attention to deposit and withdrawal terms.
After you buy your first Monero, you need to choose the way to store it. You can do it in 3 ways: a trading platform (crypto exchange) account, a how wallet and a cold wallet. It’s recommended to keep on your platform account only the balance you are planning to trade soon. For large sums and long-term investments consider using hot or cold wallets. When you use a hot wallet, your wallet key is generated online and your funds are stored on an online-connected device. A key to a cold wallet (or a hardware wallet) is stored on the device not connected to the Internet or even on paper (a paper wallet). Cold wallets are much more secure, but require some hardware knowledge and more responsibility for the device's physical safety.
2. At Bitcoin (not only) ATMs
In the US more and more crypto ATMs are opening in many states. Despite the name “Bitcoin ATM”, you can buy and sell other cryptocurrencies as well. To buy Monero in crypto ATM you’ll need to insert cash, which will be used to purchase Monero.
3. Invest in crypto-related companies
If you want to invest in Monero without taking on so much risk, you may invest in publicly traded companies that operate directly with cryptocurrencies (PayPal, Coinbase), supply hardware for mining (Nvidia), or simply have a portion of crypto on their balance (Square).
4. Wait for Crypto ETFs
An ETF (Exchange-Traded Fund) is a “basket” of securities which is traded on a stock exchange. The price of an ETF changes corresponding to its components, but because of the large number of securities in the fund, an investor diversifies the portfolio hence hedging risk and decreasing potential losses.
Because of crypto regulation issues, at the moment, there are several crypto ETFs that are being reviewed by the SEC (the U.S. Securities and Exchange Commission). Some of them may include Monero and may be available to the public within a short period. Bookmark Myfin.us in order not to miss the moment when you can buy ETFs with Monero.
What are the main Monero financial metrics to look at
When you think of buying Monero we recommend paying attention to the following financial metrics:
- Monero price – the current price on the market, at which you can sell or buy XMR right now.
- Market capitalization – the total number of circulating XMR coins multiplied by the current Monero value.
- Trading volume – the total value of XMR traded within the period.
- Circulating supply – the total number of Monero in the market or private hands.
- Daily price change – the change of XMR price within 24h.
- Monthly price change – the change of Monero price compared to 30 days ago.
|Daily price change:||$-5.51 (-2.96811%)
|Monthly price change:||$34.3 (19.04%)
You can easily compare Monero metrics to other cryptocurrencies here.
What is the Monero price prediction for 2025
When investing in Monero (and other currencies) keep in mind that nobody can predict its exact price. Instead of doing this, you should focus on the fundamentals, such as trends, regulations, common sense, etc. Ask questions: what is the core Monero value, what is the driving force for XMR price, who will buy Monero in the future and for what purpose.
According to the Fortune Business Insights study the average annual growth rate for the cryptocurrency market in 2021-2028 is expected to be 11.1%. So there is a chance that the price of Monero will rise by 52% by the end of 2025.