Monero is basically an upgrade on Bitcoin’s central ideologies of decentralization as well as secrecy.
It is completely untraceable through the use of stealth addresses as well as ring signatures.
The digital currency has been around for several years now, and has grown from under $4 to over $43.61. In this short guide, we are going to discuss the most authentic approach to buy Monero with a Bank transfer.
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Purchasing BTC/ETH on Coinbase
Monero is only sold on Bitcoin and Ethereum pairs, which means that one must buy Bitcoin or Ethereum first on an exchange like Coinbase using Bank Transfer to purchase Monero.
Now, this means that any payment method that you can purchase Bitcoin or Ethereum with is what can allow you to get Monero.
Let’s go Step-by-Step –
- Create an Account on Coinbase and confirm your email
- Confirm your phone number by typing in the sent code
- You will be asked to verify your identity by filling several fields
- Click the settings tab on the nav bar and then click “Link a new account.”
- Choose “Bank Account” as your payment method
- Click the buy/sell tab on the navigation bar to continue. Enter a BTC/ETH amount to Buy some
Congrats! Now, you own Bitcoin or Ethereum. Now, you will need to send these Bitcoins or Ethereum to an exchange, like Binance, where Monero is sold.
Monero is purchasable for Bitcoin and Ethereum on several exchanges, but Binance is the best as it has the lowest fees.
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Buying Monero on Binance
Binance is a leader in trading volume for several digital currencies. It has some of the lowest fees of any exchange at .05%.
Binance is an exchange limited cryptocurrency, so we need to send Bitcoin or Ethereum to the exchange.
Let’s go Step-by-Step –
Step 1: Sign up to Binance, mouse over the funds and then click Deposits.
Step 2: Locate your deposit address for the Bitcoin or Ethereum you purchased on Coinbase, and copy the address as you will need it for the next step.
Step 3: To send Bitcoin or Ethereum from Coinbase, you will require to go to the accounts tab and click send on the cryptocurrency that you are sending to Binance.
Step 4: After your BTC or ETH arrives to Binance, you will require to go to the trading pair of the currency that you sent.
Step 5: In case you sent Bitcoin, then you should go for the BTC/XMR trading pair. And, if you sent Ethereum, then you should go for ETH/XMR trading pair.
Step 6: Once on the correct page, enter your order in the bottom middle section. If you don’t wish to deal with order books, then you can also click the market tab and buy Monero at the ongoing rate.
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If you would prefer making your own price, then use a limit order. Enter the amount of Monero you are willing to buy or click the 100% to do the max amount.
To get a better idea of Monero’s ongoing rate, you can use the order book or the chart.
Once your order is filled, you have successfully purchased Monero. You can hold onto this cryptocurrency as its value should only go up in the near future.
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