How to Buy Monero (XMR) in the UK

Monero (XMR) is one of the first cryptocurrencies to emerge after the breakthrough introduction of Bitcoin in 2011. As its price rises modestly, it continues to attract traders and investors all over the world.

Monero is an open-source coin with enhanced privacy. In fact, it is one of the best coins for anonymous transactions, an important reason for its continuous adoption. The privacy-oriented importance is also a big reason why people want to buy Monero in the UK.

However, buying Monero in the UK can be frustrating, especially if you don’t know the right way. But don’t fret, it is very simple and straightforward, and this article will take you through all the steps.

Quick Guide: Buying Monero in the UK

Binance is the most reputable exchange for buying Monero easily. However, you can’t buy XMR directly with GBP fiat currency as it is currently unavailable on the platform.

You can enjoy Binance’s benefits by using crypto deposits and utilising its low fee transactions. Therefore, you can complete a fast transaction by holding the available XMR pairs such as BTC, ETH, BNB, BUSD, or even USDT.

To buy Monero with these pairs, follow the steps below:

  • Sign up for a new account on Binance.com. You can log in if you have an existing account.
  • Complete your information and verify your identity.
  • Once you’re done, search for Monero (XMR) under Spot Market.
  • Choose the preferred pair and input the desired amount.
  • Once your transaction has been completed, check your portfolio in the Overview or SPOT section of the wallet.
  • Afterward, you can quickly secure your XMR by withdrawing it to an external wallet.

Where to Buy Monero (XMR) With GBP?

Buying Monero with GBP fiat currency is more convenient and straightforward in the UK. Although Monero is available on many exchanges, it is recommended that you choose one of the following popular and best exchanges globally.

Binance

Buy Monero in the UK - Binance

Don’t know where to exchange your GBP for Monero? Stress no more. As mentioned earlier, Binance is a top exchange, especially for UK users. To buy Monero with your GBP fiat, follow the steps below:

  • Sign up for an account on Binance.com. You can also log in if you have an existing account.
  • Complete the KYC and identity verification.
  • Choose Buy Crypto from the options on the upper menu.
  • Select Monero as the preferred coin and choose from its trading pair, including but not limited to BTC.
  • Pick a payment method and enter your payment details which must match your account info. Also, enter the amount and confirm the transaction.
  • Once the transaction is successful, the XMR pair you chose will reflect in your account.
  • The last step is to change your XMR pair to Monero.

Alternatively, you can deposit GBP directly and buy a matching pair of XMR directly with your GBP balance. To do this:

  • Register and verify a new account. You can log into your existing account.
  • New users must complete the KYC process.
  • Open the Buy Crypto tab and select GBP as the preferred currency. 
  • Proceed by selecting a preferred payment method.
  • Enter the preferred amount and choose any XMR trading pair (USDT, BNB, BTC, ETH, BUSD)
  • Make sure to confirm the details before executing the transaction.
  • After the trading pair has been deposited in your wallet, exchange it with XMR by following the steps above.

Kraken

Buy Monero with Kraken in the UK.

Kraken is another popular platform to buy Monero in the UK. The exchange is one of the world’s most popular exchanges and an excellent alternative to Binance.

It supports more than 100 crypto listings in addition to Monero. To buy XMR from Kraken, follow the instructions below:

  • Register and verify a new account on Kraken.com.
  • Choose the Buy Cryptocurrency option in the top menu.
  • Select the deposit option with GBP. Also, choose Monero from the list of cryptocurrencies.
  • Enter the preferred amount of GBP you want to exchange with Monero.
  • Execute the transaction by pressing buy XMR with GBP.
  • Check the detailed summary and complete the transmission.

Meanwhile, you can also fund your account with GBP and buy XMR directly like Binance. You can do this by going to the Funding Tab > Deposit option. Enter the payment details and proceed with the transaction.

Buying XMR With Other Cryptocurrencies

Apart from using GBP, many UK users prefer to buy their coins with other cryptocurrencies or trading pairs. The steps to buying XMR with other currencies are very similar to that of Binance. Although there may be slight differences.

The following steps demonstrate how to buy Monero with other coins on different exchanges:

  • Register an account with the exchange. You can also log in to your existing account.
  • Proceed to the crypto section and check trading pairs for XMR. You can quickly exchange if you have the other pair in your wallet; otherwise, deposit the trading pair to the exchange.
  • Open the Exchange or Market section.
  • Select the appropriate trading pair.
  • Enter the preferred amount and confirm the transaction.
  • Upon completion of the transaction, Your Monero will be reflected

Things to Consider Before Buying Monero

Typically, cryptocurrencies are very volatile financial assets, which we all know. Apart from this, there are certain things to consider before purchasing Monero and they are:

  • Make sure you have an idea of what you are buying. Also, ensure you make a proper price analysis before diving into the investment.
  • Select a reliable exchange platform and a highly secured wallet to store them.
  • Wait for a significant price drop before investing. Don’t jump into the trend or FOMO.
  • Make sure you also decide how long you’ll be holding your investment and access if you’ll profit from it.

How & Where to Store XMR

Since Monero is one of the most popular cryptocurrencies on the market, finding a secure and compatible wallet is easy. If you want to store your coins away, you can consider using the following wallets:

  • Inbuilt Monero wallet on any reliable exchanges
  • High secure hardware wallets like Trezor or Ledger Nano.
  • Exodus Wallet for PC and mobile devices.
  • Paper Wallet for Monero
  • Official Monero Wallet, which is a product of its ecosystem.
  • Monero CLI Wallet

Privacy and Security Tips

It is known that losing purchased coins to security blunders is an unpleasant experience no trader wants to go through. However, here are steps you can follow to escape the trap:

  • Double-check wallet address and payment details.
  • Check and confirm you input the correct profile and account details to prevent loss of investment.
  • Ensure you buy Monero on high-rated and reliable platforms only.
  • Protect your account with an extra layer of 2FA security.
  • Ensure you prioritize your device safety by checking for malware and following safety measures.
  • Protect your details with VPN or Tor Browser.
  • Keep your Monero safe by withdrawing and storing it in a secured place, preferably a cold wallet.

Final Thoughts

Monero is available on many exchanges. Apart from debit/credit card and bank transfer, you can also buy Monero in the UK with ePayment services like PayPal.

However, make sure you choose a reliable and trustworthy platform that accepts cryptocurrency or GBP. The guide applies to most exchange platforms, although some exchanges may have slight differences.

Team

Our UK-based team writes articles to help beginners understand the world of cryptocurrency. We are firm believers that Blockchain technology has great application in our future.

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