How to Buy Monero on Binance: Quick and Easy Guide (Updated 2024)

TLDR

This guide will walk you through how to buy Monero on the Binance platform easily.

1. Create an account on Binance.
2. Deposit funds into your Binance account.
3. Locate Monero [XMR] on the platform.
4. Click on the [Buy] button and enter the desired amount.
5. Confirm the transaction.

Buying Monero on Binance

Here is how to buy Monero on the Binance within just minutes:

Most Used

5.0

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Tradable Coins

• 600+

Payment Options

• +3

Fees

• 0.1 – 0.5%

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More details

Binance is a great combination of low fees, deep liquidity and multiple cryptocurrencies and trading pairs. We have tested every aspect of it and it STILL holds its reign as the top exchange in the world. In our view, it is the perfect crypto exchange for both newbies and advanced traders alike.

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  Biggest exchange in the world.

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  Industry's lowest trading fees.

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  Advance trading options like leverage trading.

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  600+ crypto options, 150+ for the US.

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  Lucrative on-site staking options.

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  Hiccups in account verification.

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  Less regulated than some competitors.

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  The corporate structure is not transparently.

Step 1: Register on Binance

First, visit the Binance website. Then, click the [Register] button to sign up for an account.

Step 2: Select a signup option

Once you click the register button, a new pop-up will appear on your screen. Select the best option and fill in the required details.

We have selected the [Sign Up with Email or Phone option] for this guide.

Step 3: Enter email

Next, enter your Email address, and when done, click [Next].

Step 4: Verify email address

After that, Binance will dispatch a verification code to your registered email. Check your inbox for this code.

Next, enter the verification code and click the [Submit] button to activate your account.

Step 5: Set a password

Then, you will be asked to choose a strong password for easy access. When done, tap [Next].

Step 6: Go to the user dashboard

Following that, you will see an account creation pop-up on your screen. Click [Done] to go to your dashboard.

Step 7: Go to the buying page

Once you are at your dashboard, click [Buy Crypto].

Step 8: Search for Monero

Now, go to the receive option below. You’ll now find a search bar at the top of your dashboard.

Enter [XMR or Monero] into the bar, and a drop-down will display [XMR]. Select it.

Step 9: Finalize the purchase

Now, click [Buy XMR] to finalize the process. Allow some time for the transaction to finalize. You’re good to go to start buying XMR.

What is Binance?

Binance is the world’s largest exchange for buying cryptocurrencies and doubles as an online brokerage with a limited selection of stocks and ETFs.

Its extensive selection of 350+ cryptocurrencies stands out among many exchanges, with lower transaction fees of 0.015% to 0.3% and staking opportunities with up to 16% APY.

The world’s largest crypto exchange supports multiple payment methods to buy crypto assets, including crypto wallets, fiat currencies, bitcoin, hardware wallets, or credit or debit cards.

However, the journey has hurdles, including a lengthy ID verification process.

To create an account, you must provide your personal information and snap a selfie. Looking ahead, improvements in customer support, even lower trading fees, faster withdrawals, and a broader array of accepted payment methods would be welcome enhancements.

What are the fees for buying Monero on Binance?

Here is a breakdown of the current price and all the fees you can incur to buy or trade XMR:

• Trading Fee: For regular users, buying crypto incurs a standard fee of 0.1%. However, you can pay for trading fees using Binance Coin (BNB), which provides a 25% discount.
• Deposit Fee: Binance does not charge deposit fees for cryptocurrencies, including Monero. However, there may be network fees when transferring Monero from your external wallet to your Binance wallet.
• Withdrawal Fee: The withdrawal fee for Monero is 0.0001 XMR, which is approximately $0.02 at the current market price. It’s essential to be aware that this withdrawal fee may vary depending on network conditions and changes in the Monero price.

Is Monero worth buying?

Monero has become the leading privacy cryptocurrency that ensures anonymous transactions. It conceals outgoing transactions’ sender, receiver, and transaction value.

Since 2014, the Monero blockchain network has been under scrutiny because of its privacy features. Its current relevance as a cryptocurrency and an investment is emphasized by the growing wave of crypto regulations in several countries, the United States included.

Given the strict regulatory environment, many people are willing to prioritize transaction privacy. This emerging demand positions Monero distinctively, offering it a tangible purpose. As such, Monero appears as an underdog, poised to grow into success in the crypto domain.

Like other cryptocurrencies, investing in Monero coins has risks like price fluctuations and uncertain regulations. While they can offer portfolio diversification, cryptocurrencies typically appeal to those with a higher risk appetite.

Before delving into Monero, it’s important to research and evaluate your financial stability. Ideally, one should possess a robust emergency fund, controlled debt levels, and a comprehensive retirement plan. This is like everything else you invest in.

Spreading risks is crucial, so consider allocating only a portion of your portfolio to buy Monero. Our recommendation is less than 5%.

Why should you buy Monero using Binance?

Here’s why Binance is a top choice to buy Monero:

User-Friendly Interface

Binance offers basic and advanced trading interfaces, allowing you to choose any based on your experience. It also has a dedicated mobile app and a web interface to buy or sell Monero easily.

Multilingual Support

Binance is designed to accommodate a diverse user base with its support for 10+ languages.

BNB Native Token

BNB is Binance’s native token, and you can use BNB to cover your trading fees on the platform, participate in token sales, and enjoy various other privileges and services.

Speed and Reliability

Binance is known for its rapid and dependable commission, processing over 1 million orders per second. It ensures fast delivery and high liquidity for a seamless trade execution without concerns about slippage or delays.

User Verification Flexibility

Basic users can trade on Binance without mandatory verification, avoiding needing personal information, bank account, or documents. However, if you opt for KYC verification to increase your daily withdrawal limit and unlock additional features by providing ID and proof of address.

Multi-currency wallet

Binance stood out to us for its multi-currency crypto wallet, allowing you to store Monero and 150+ tokens safely. With it, you can expect quick withdrawals, deposits, and transfers without worrying about security lapses. Why? It has implemented measures of SSL encryption, cold storage for storing your assets, and a $300 million Insurance Fund to protect you in case of any mishaps.

Advantages of buying Monero

Monero (XMR) is one of the leading privacy-centric cryptocurrencies. Here are some of the key advantages:

• Enhanced Privacy: Unlike other platforms, Monero transactions are confidential by default. This ensures the details of the sender, recipient, and transaction amount remain anonymous.
• Fungibility: Due to its privacy features, each Monero coin remains indistinguishable, ensuring no coin carries a history.
• Decentralization: Monero blockchain is strongly committed to decentralization, with an ASIC-resistant algorithm that ensures a broader mining power distribution.
• Dynamic Scalability: Unlike Bitcoin, which has a fixed block size, Monero has a dynamic block size, which can adjust based on the transaction volume for better scalability.
• Resistant to Censorship: Given its privacy features, it’s extremely difficult for third parties to discern the specifics of a transaction, making Monero resistant to censorship.
• Regular Updates: The Monero community is active and regularly undertakes scheduled hard forks to upgrade the system and integrate new features or improvements.
• Multilingual Support: The Monero wallet and tools are available in numerous languages, making it more accessible globally.
• Active Community: Monero has a vibrant and dedicated community that continually contributes to its development, security, and global adoption.
• Transparent Development Process: All developments and proposals are open to public review and discussion. It ensures community participation in decision-making.
• Adaptive Block Size Limit: Monero’s block size can change based on transaction demand, ensuring that transaction times remain relatively consistent.

While Monero offers many advantages, especially in the realm of privacy, potential investors need to be aware of regulatory stances in their respective countries, as heightened privacy can lead to scrutiny by regulators.

Conclusion

Buying coins and Monero through Binance is a breeze, given its wide range of payment methods. Whether you lean towards using cryptocurrencies, conventional currencies, or standard bank transfer transactions, Binance covers it.

Thanks to its interactive design to clear dealings, it stands out as a secure wallet trustworthy platform for users. It’s particularly apt for those keen on buying Monero and starting their crypto journey.

Our experience with Binance as a platform and exchange for Monero acquisition has been secure, dependable, and notably more straightforward than many other crypto platforms and exchanges. The entire procedure is seamless, without any barriers, catering to newcomers and seasoned crypto aficionados.