How to trade Monero?

What is Monero (XMR)?

Why should I trade Monero?

XMR is one of the most popular cryptocurrencies and is consistently included in the top ratings by capitalization, there are two main reasons for trading coin:

  1. The increased volatility of XMR gives a high potential for earning and applying various trading strategies. In addition, XMR is the leader among anonymous coins, so users for whom this factor is crucial continue to use the coin, which makes XMR a stable and profitable tool.
  2. In May 2022, Monero will switch to a new emission mechanism called “tail emission”. The issue of coins will slow down and miners will receive 0.6 XMR per block. This on the one hand will preserve the interest of miners, and on the other hand will limit its supply on the market. The restriction of supply leads to demand for an asset, and to an increase in price.

Where to trade Monero?

  • Binance — a whole ecosystem that allows an experienced trader to use numerous rating strategies: from spot trading to trading with leverage and much more.
  • Available coins: +350.
  • OKEx — a large exchange that provides an opportunity for verified users to comfortably trade many cryptocurrencies, as well as work with fiat.
  • Available coins: +250.
  • 7b — the best crypto broker, with competitive and transparent commissions. Provides a secure and convenient environment for trading more than 400 cryptos.
  • Available coins: +350.

How to trade Monero using the 7b crypto broker app?

On 7b, a trader has the opportunity to buy or sell numerous cryptocurrencies quickly, easily, and most importantly securely. You can track the price chart of the coin directly in the app. In order to trade XMR, just follow the instructions below:

  1. Download 7b broker from Google Play.
  2. Register an account and pass verification.
  3. Deposit one of 400 coins to your balance.
  4. Choose XMR for trading.
  5. Fill in the required fields.
  6. Confirm the transaction.

Monero Exchange

Where to exchange XMR?

To date, the exchange of XMR cryptocurrency is available on numerous platforms: exchanges, brokers, swap platforms, P2P platforms, and more. Swap with the help of an exchange is more complex, while swap with the help of a broker is more expensive. P2P and swap platforms allow you to quickly and easily exchange XMR. Let’s look at the main advantages and disadvantages so that it will be easier for you to make a decision:

P2P exchange platform:

Pros Cons Anonymity of participants The risk of running into an unscrupulous individual Transactions without intermediaries Limited choice of available coins Low commissions

Swap platform:

Pros Cons The security of a reliable swap platform is several times higher Fees are higher than on the P2P platform More coins to exchange The reserve of coins on some platforms is limited Ease of use

  • LocalMonero — a P2P platform for buying, selling, or exchanging XMR. Users can meet and exchange coins for cash or simply exchange coins online with a local merchant.
  • Service fee: 0.25%.
  • Changelly — a secure instant exchange platform where you can exchange XMR at a fixed or floating rate.
  • Service fee: 0.25%.
  • ChangeNOW — a reliable exchange platform, with the best exchange rate according to the developers. There are no limits on the exchange.
  • Service fee: included in the exchange rate.

What to know before exchanging Monero?

Well, the exchange platform has been selected. But before clicking on the “Swap”, it is advisable for the trader to make sure that all precautions are kept:

  1. If you have chosen a P2P exchange, pay attention to the number of transactions and the seller’s rating.
  2. If you have chosen a swap platform, pay attention to the exchange rate, as well as reviews about the service.
  3. Before confirming the transaction, check the correctness of the entered wallet address. Blockchain operations are irreversible.

How to buy Monero for fiat?

In order to buy XMR coins for fiat, you can use the already named LocalMonero. If for some reason the service does not suit you, you can also easily and quickly make a fiat-to-crypto purchase using the services of exchanges with support for a fiat gateway, for example Kraken. Or use an instant cryptocurrency exchanger such as Changelly or ChangeNOW. The last option is the simplest and fastest:

  1. Choose a fiat currency.
  2. Select XMR from the list of cryptocurrencies.
  3. Fill in the required fields.
  4. Confirm the transaction.

Monero token use cases

  • As a means of anonymous exchange. Monero can process a large number of transactions per second, while maintaining low transaction fees.
  • As a means of payment for services. At the moment, more than 1000 companies, services, and stores accept payments in XMR.
  • As a means of reward for miners. Monero is one of the most popular cryptocurrencies for CPU mining.
  • The use of XMR coins as an investment and speculative tool. Cryptocurrency has good growth prospects, as well as an excellent field for applying trading strategies.

FAQ

Is Monero a good investment?

Yes, XMR is a private, secure, and untraceable cryptocurrency that is in great demand on the network. The coin has been on the market for a long time and has managed to prove itself extremely positively. There are a number of factors that contribute to the increase in the cost of XMR.

How do I invest in Monero?

Before investing, decide on the amount. It should be free money that you can afford to freeze for a while. To buy for fiat, you can use Changelly or Kraken. On 7b, you can make a crypto-to-crypto purchase. Select the currencies to exchange, enter the amount and the address of your wallet.

How to trade XMR for beginners?

It is extremely easy and secure to trade cryptocurrency on 7b, since we do all the difficult work for you. However, before you start trading XMR, it is recommended to conduct your own analysis of the cost and the reasons for the rise or fall in price. You can analyze the price chart in the 7b app. To trade: transfer, e.g. BTC, to a 7b account, select XMR, enter the amount, and confirm the transaction.

What is Monero Blockchain?

Monero is a cryptocurrency that aims to ensure confidentiality, security, and the impossibility of tracking transactions. Thanks to 3 technologies: Stealth Addresses, Ring Signatures, and RingCT, it is possible to hide the participants of the transaction, as well as its amount.

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