How to Buy Monero (XMR) Right Now • [Step by Step] • Benzinga

Want to jump straight to the answer? You can buy XMR on Robinhood and Kraken.

Monero is a leading cryptocurrency that specializes in making transactions and financial information private. Popular digital currencies such as Bitcoin and Ethereum have transparent blockchains that are openly verifiable. These transactions can be tracked by anyone in the world at any time. But unlike such cryptocurrencies, Monero uses cryptography to shield the sender’s address, receiver’s address and the amount transacted. 

As a digital currency, Monero is paving the way for fast and inexpensive online payments to and from people globally. Monero is among the few cryptocurrencies that are safe from capital controls and other regulations that may restrict the flow of its digital transactions.  

Monero is an open-source community project. It is built by more than 500 volunteers and community-funded contributors who have dedicated their time to making Monero transactions seamless at every step. Monero can also be traded on cryptocurrency markets called exchanges.

Brief History of Monero

Launched in 2014, Monero was introduced to the digital world on Bitcoin Forum. After a few months of its launch, the Monero blockchain migrated to a different database structure to provide greater efficiency and flexibility to its owners. In the same year, Monero underwent a cyber attack but quickly recovered. 

The Monero blockchain network was upgraded in 2017 to adjust its minimum block size and dynamic fee algorithm. The website was also redesigned within a couple of months to reflect the changes. In the same year, it also introduced multi-signature support to verify online transactions. 

In 2018, the website had published its content in several languages such as French, Polish and Arabic to facilitate global investors. Hardware digital wallets such as Ledger had also started to support the emerging cryptocurrency. It also implemented the Monero Messaging System to automate multi-signature wallet information exchange. 

Monero had extended its full support for blockchain pruning by 2019. By that time, many hardware e-wallets such as the Trezor Model T and Ledger Nano X were optimized for Monero transactions. 

Here’s a step-by-step guide to help you get started with trading Monero. 

Step 1: Open an Online Account.

To start buying and selling cryptocurrencies, you’ll need to register yourself on an online broker or a crypto exchange. These crypto exchanges will help you buy, sell and store your digital assets from a secured location. 

Take a look at these top crypto exchanges on the digital market.