How to Buy Monero with Credit Card or Debit Card
There are two ways to buy Monero with credit or debit card. One way is to convert currency into Bitcoin, then convert Bitcoin into Monero. This can be done on the exchange Binance. The second way is to use Changelly which is faster but has higher fees to purchase.
How to Buy Monero with Bank Account
There are two ways to buy Monero with a bank wire or transfer. See our tutorial below.
Method 1 - USD/EUR -> BTC -> Monero
Step 1: Buy Bitcoin
There are several exchanges through which you can buy Bitcoin.
Coinmama handles credit or debit card purchases. Coinmama is great because they have higher credit or debit card purchasing limits than Coinbase, as well as fast delivery of your funds.
Bitpanda. Bitpanda is an exchange that processes credit or debit card purchases. Their fees are slightly lower, but ONLY sells Bitcoin to residents of European Union (EU) countries.
Coinbase is the most beginner friendly while Coinmama is great for credit or debit transactions as it has higher purchase limits and quick delivery. BitPanda is great (but it only works in Europe) and has a 5% fee on credit or debit purchases.
We will use Coinbase in this example. Also, if you purchase over $100 of Bitcoin through the following link, you will receive an extra $10 BTC for FREE! Create an account on Coinbase if you don’t have one already and then add your payment method.
After creating your Coinbase account, you need to add a payment method. If you are going for the route with the lowest fees, it is best to use a bank transfer. If timing is more important, use a credit or debit card, as this is much faster!
The Coinbase signup process takes time, but this is to ensure security for customers. Click the Buy/Sell tab on the top/middle of your screen. From this page, you can easily purchase Bitcoin, Litecoin, or Ethereum. For this tutorial we will use Bitcoin.
Fiat to Bitcoin Exchanges
|Coinbase||USA||1.49% - Bank|
|Coinmama||Mostly Everywhere||5.5% Credit/Debit|
|Bitpanda||Europe ONLY||5% - Credit/Debit|
After hitting Confirm Buy, you are finished with this step! Next will be transferring the Bitcoin to a Monero exchange. Also, at this point, we strongly suggest setting up two-factor authentication (2FA) on all exchanges. Two factor authentication combines two different verification methods to ensure the real user is trying to access the account.
Bitcoin to Monero Exchanges
Step 2: Transfer your Bitcoin
Once you have Bitcoin, you will need to move it to an exchange that has BTC/XMR pairs. Binance is hugely popular due to its intuitive interface and solid customer support. Click the send button on Coinbase as seen in red highlight in the picture below. You will be asked for the recipient’s wallet address. Enter your Binance Bitcoin address, which you can find by going to the “Funds” tab on the Binance navigation bar, then clicking “Balances”. Once on this screen, you will see a list of coins. Scroll down to Bitcoin, and hit the “Deposit” button. Copy the address that appears and paste into Coinbase. Click send on Coinbase, and wait about 30 minutes for your BTC to arrive.
Step 3: Buy Monero
After you send bitcoin to Binance, go to the BTC/XMR trading page and enter a price with which you are comfortable. You can look at the order book to get a sense of the current rates. After your order is processed, you will see it in your Monero wallet balance in Binance!
Method 2 - How to Buy Monero with Changelly
Step 1: Create an account on Changelly. They have a relatively easy signup process and allow the use of Google, Twitter or Facebook logins to make the sign-up seamless.
Step 2: Upon creating an account, go to the main page as seen here, and use the conversion box to initiate an exchange. In this example, we are going to buy Monero with USD.
How to Buy Monero with PayPal
Due to Paypal’s chargeback feature, buying Monero with Paypal requires one extra step. VirWoX allows you to convert paypal balance into Bitcoin. Read our tutorial on this conversion. Once you have Bitcoin, you can send it to Binance as seen in the example above.
How to securely store Monero
How do I Mine Monero?
Read our in-depth monero mining guide!
Which Monero Mining Pool Should I Use?
Read our in-depth monero mining pool guide!
Can I Buy Monero on Coinbase?
Currently, Coinbase does not sell Monero. If you want to buy Monero, please follow the above steps. You can easily trade Bitcoin for Monero on Binance. If you don’t have any Bitcoin, use Coinbase to get started!
Why is Monero considered a Privacy Coin?
Monero enforces mandatory privacy by implementing a ring signature system and stealth addresses. Ring signatures are a type of digital signature that can be executed by any member in a group of users that are each holding the private keys. Thus, it is impossible to completely narrow down a transaction to one individual Stealth addresses are all one-time use addresses that are created on demand. Stealth addresses ensure that ONLY the sender and receiver in the transaction know the people involved.