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4 Best Crypto Exchanges to Buy Monero

Cryptocurrencies are not designed to be anonymous, because crypto transactions are usually 100% traceable. This is why you can use a crypto address or transaction ID to track what is happening with a certain transaction.

However, there’s a group of cryptocurrencies known as privacy coins. While all cryptocurrencies have cryptographic programing that hide certain information such as the private keys, privacy coins can make an entire transaction untraceable.

Monero (XMR) happens to be the king of this group of cryptocurrencies, because it was the first of its kind and also the biggest by market cap currently. If you’re looking to carry out confidential transactions, you may need to use XMR, and here are some of the top crypto exchanges where you can still buy and trade it.

Poloniex

Last on the list but certainly not the least is Poloniex, a U.S based cryptocurrency exchange. As most crypto exchanges do not permit American residents to buy or trade crypto assets, Poloniex caters primarily to Americans and is based in San Francisco, California.

Like most of the other exchanges, Poloniex does not allow the use of fiat to buy XMR, but supports three trading pairs for USDT, BTC, and USDC. The exchange is also easily accessible by crypto investors and traders from all parts of the world and is also known for its high liquidity.

Its policy of only accepting crypto deposit is a weakness that may make it not so suitable for newbies who are not used to crypto transactions yet.

Bitfinex

Bitfinex is one of the most popular cryptocurrency exchanges known to crypto investors. First founded in Hong Kong in 2012, it is now registered in British Virgin Islands. Bitfinex is known primarily for its connection with Tether (USDT), which is issued by the founding company, iFinex Inc.

It is also available in the U.S and is one of the few exchanges that complies with the peculiar regulatory requirements of many U.S states and regions. You can buy XMR with USd on Bitfinex, as well as trade it with BTC and USDT.

Although Bitfinex has had issues in the past with hacks and stolen funds, it is still currently one of the most reputable crypto exchanges globally.

CoinEx

CoinEX is a global cryptocurrency on a simple mission to build “a highly secure, stable and efficient digital coin exchange for global users.” With its headquarters in Hong Kong -an administrative region of ant\crypto China, it is rather remarkable that the exchange supports a privacy coin like XMR.

There are three trading pairs for XMR on CoinEx, namely, XMR\USDT, XMR\USDC, and XMR\BTC. Of course, you cannot use fiat to buy XMR on CoinEx, you can only trade them against the listed pairs.

Hotbit

Hotbit offers XMR traders three trading pairs. These include XMR\USDT, XMR\BTC, and XMR\ETH. Like CoinEx, this exchange is based in Shanghai, China where cryptocurrencies are not very popular. As expected, users cannot buy the privacy XMR using fiat.

With several million users across the globe, Hotbit has a high demand for these trading pairs, so you can confidently trade without fear of running out of liquidity. There are six supported languages including English, Russian, Chinese, Korean, Thai, and Turkish, plus U.S residents can use it among many other countries.

Trade Monero on Top Crypto Exchanges

You can easily trade XMR on these exchanges which all have high liquidity for XMR pairs and are available to users from all countries of the world. Your choice will depend on whether you wish to use fiat or cryptocurrency to buy XMR.

They all seem to have similar trading pairs, but some have certain variations that others don’t have. For example, Bitfinex stands out as one that allows the use of USD to buy XMR directly, so you should consider that when picking the platform to use.

Although XMR transactions are relatively cheap generally, this may also vary from one exchange to another, so you should factor that in when choosing your platform.

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