The crypto market is becoming one of the most popular mid-market cap investment choices in the UK. It is capable of bringing unimaginable profits to those who invested in the right coin at the right time.
Many professional British traders are looking to invest in a secure alternative coin with favorable forecasts that can offer what other popular coins such as Bitcoin cannot - high security and anonymity features. That is where Monero (XMR) comes into play. If you are interested in buying Monero in the UK - follow our guide and get all the answers.
Monero is a decentralized open-source cryptocurrency that runs on its own blockchain and allows anonymous transactions. It is based on CryptoNote (ring signatures) technology. Monero is a fork of the Bytecoin cryptocurrency and was launched in 2014. The main difference from many other cryptocurrencies is the inability to track transaction information on the blockchain.
How to Buy Monero in the UK: Step-By-Step Guide
As a general rule, here is what you should do if you want to purchase XMR coins:
1
Take a look at our research on the most popular Monero exchanges and choose one that is optimal in your particular case.
2
Choose your Monero Wallet
3
Create an account on the selected exchange.
4
Verify your identity.
5
Make a deposit using a bank card or any other convenient payment method supported by the exchange platform.
6
Select your pair: GBP/XMR and indicate how many coins you’d like to acquire.
7
Press “Buy”.
8
Confirm your purchase.
Step 1. Choose Monero wallet
Ledger
Ledger was founded in 2014 and is a leading manufacturer of secure cryptocurrency storage devices.
A hardware wallet for cryptocurrencies serves for cold storage of digital assets on a secure physical device, that is, without constant access to the Internet. All of the user's private keys are stored remotely, in the security module (HSM), and are not moved to any servers or into the network at all. The device is usually no larger than a USB flash drive or a bank card, and does not take up much space. It consists of a circuit board, a microcontroller, and a security module. Hardware wallets provide the maximum level of protection for cryptocurrency assets and transactions.
Monero Hardware Wallets: Trezor, Ledger
Software wallets
Cryptocurrency developers provide users with a native cryptocurrency wallet to store and manage XMR. The program is available for download on the official website in the Downloads section. There are versions for Windows, MacOS, Linux. The application supports about 30 languages.
Monero Wallet features allow you to send and receive transactions, as well as control the history of payments and enter frequently used addresses in your contact book.
But the functionality is not limited to this. On the Advanced tab you can find the possibility of solo-mining, verification and confirmation of transactions, the use of RingDB - a tool to increase privacy.
In addition to the official Monero Wallet there are other options for storing cryptocurrency: Mymonero, Cake Wallet, Monerujo etc.
Add your Monero address
There are three main types of addresses used on the network:
Standard, also called raw. It used to be the only one possible. Mining rewards are sent to it.
Example: 4AdUndXHHZ6cfufTMvppY7JwXNouMBzSkbLYfpAV5Usx3skxNgYeYTRj5UzqtReoS44qo9mtmXCqY45DJ852K5Jv2684Rge
A subaddress, which is mostly used today. It is created uniquely for each new incoming payment in the wallet. Example: 6935a64945fb2a39247f39a4db26165c15ad5f64b55ada08a1b01470030e30b5
Integrated - for exchanges, companies, etc. Ideal for automated payment acceptance, such as in an online store. Example: 4LL9oSLmtpccfufTMvppY8JwXNouMBzSkbLYfpAV5Usx3skxNgYeYeTRj5UzqtReoS44qo9mtmXCqY45DJ852K5Jv2bYXZKQePHES9khPK
You can see the address in any wallet if you click "Receive".
Step 2. Buy Monero on an Exchange
We have gathered the best exchange platforms that support Monero and listed their main features, pros, and cons.
Exchange Name:
PrimeXBT
Deposit Methods:
Cryptocurrency
Credit card
Debit card
Fiat currencies:
USD, EUR
Coins Supported:
BTC, ETH, LTC, XRP, LINK, ADA, DOT + 53 others
How to Buy Monero through PrimeXBT (click to expand )
1. Register
Enter email
Create strong password
Accept PrimeXBT terms of service
Click create account
You will also need to activate your account: to do this, go to the email and find the 6-digit confirmation code in the letter from PrimeXBT, which you specify on the site. After that, the system will redirect a new user to a personal account.
2. KYC
Next, you need to verify your identity.
3. Deposit
The account on the PrimeXBT exchange is deposited in Bitcoins. To make a deposit, you can use an address or a QR code by scanning it in your mobile wallet, or you can pay manually through the selected payment system of those supported by the operator Changelly. Mastercard/VISA debit or credit cards are available.
You can buy Bitcoin to transfer to PrimeXBT using cryptocurrency exchangers or exchanges.
Then you need to transfer funds to your trading account. You can do that by pressing the "Add funds to trading account" button in your personal cabinet.
Go to the "Trade" tab to access the terminal with information updated in real time and numerous functions.
After that you need to find the right XMR spot pair and make a transaction for the required amount.
How to Buy Monero through Binance (click to expand )
1. Create an account and finalize the verification process.
2. Go to “Funds” to make a deposit. Remember, it is not possible to buy Monero with a credit card. Therefore, you can buy BTC that you will exchange for Monero.
3. Exchange BTC to XMR and indicate how much you’d like to buy and select your pair. Press “Buy XMR” and confirm your purchase.
How to Buy Monero through Poloniex (click to expand)
1. Create and verify your account.
2. Buy USDT with fiat in the exchange window.
3. Select the USDT/XMR trading pair and indicate the amount of coins. With the open order, you will have to wait until a new sale on your indicated terms becomes available.
Exchange Name:
Kraken
Deposit Methods:
Cryptocurrency
Credit card
Debit card
Fiat currencies:
USD, EUR and others
Coins Supported:
BTC, ETH, SOL, ATOM, ETC, GMT + 190 others
How to Buy Monero through Kraken (click to expand)
1. Sign up for an account and verify your account.
2. Deposit crypto or fiat currency into your account and buy BTC.
3. Exchange BTC for XMR by filling out the order form and clicking “Convert”.
Exchange Name:
Crypto.com
Deposit Methods:
Cryptocurrency
Credit card
Debit card
Fiat currencies:
GBP
Coins Supported:
BTC, ETH, SOL, CRO, LTC, AVAX + 220 others
How to Buy Monero through Crypto.com (click to expand)
1. Create an account on Crypto.com and verify it.
2. Make a deposit in GBP to your account.
3. Select XMR in the list of crypto options or visit the Monero official website mentioned on crypto.com. Indicate the number of coins desired and click “Buy now”.
Exchange Name:
ChangeNow
Deposit Methods:
Cryptocurrency
Credit card
Debit card
Fiat currencies:
USD, EUR and others
Coins Supported:
BTC, ETH and others
How to Buy Monero through ChangeNow (click to expand)
1. Go to the main page and choose XMR as the “you get” currency. Indicate GBP XMR pair and enter your wallet address.
2. Confirm the information.
3. You’ll be redirected to a partner site to finalize the purchase - Simplex or crypto exchange.
Exchange Name:
Bitfinex
Deposit Methods:
Cryptocurrency
Credit card
Debit card
Fiat currencies:
USD, EUR and others
Coins Supported:
BTC, ETH, SHIBA, AVAX, SUSHI + 175 others
How to Buy Monero through Bitfinex (click to expand)
1. Create an account.
2. Make a deposit in fiat using your preferred payment method.
3. Go to the “Trading” section and indicate your pair: USD/XMR. Specify the amount of your order and click “Exchange Buy”.
Exchange Name:
Huobi
Deposit Methods:
Cryptocurrency
Credit card
Debit card
Fiat currencies:
USD, EUR and others
Coins Supported:
BTC, ETH, DOGE, AVAX, FIL, APE + 620 others
How to Buy Monero through Huobi (click to expand)
1. Create an account and go through ID verification.
2. Make a GBP deposit to your account.
3. Select GBP in the list of currencies XMR in the list of digital assets. Click “Buy XMR”.
Exchange Name:
Libertex
Deposit Methods:
Cryptocurrency
Credit card
Debit card
Fiat currencies:
USD, EUR and others
Coins Supported:
BTC, ETH and others
How to Buy Monero through Libertex (click to expand)
1. Create a Libertex account and verify your account
2. Select a payment method and deposit fiat
3. Select XMR from the list of available crypto options, indicate how much of XMR you’re buying, and confirm
Step 3. Withdraw your coins
Withdraw bought on the exchange Monero to your wallet address. Your purchase is complete, have a good deal.
Where to Buy Monero? - Best Exchanges
PrimeXBT Review 2022
PrimeXBT is not a scam, Established in 2018 and serve traders more than 150 countries
User-friendly
Great customer service
Low trading commissions, take Profit and Stop Loss possibility
Margin Trading
An extra layer of security through the use of two-factor authentication
Rollover fee for Monero in EUR, USD, BTC: 0.02% per 4 hours
Deposit fees: free with FPS/BACS and SWIFT Etana Custody. 21 GBP deposit fee for CHAPS and 3GBP for SWIFT (Bank Frick).
Withdrawal fees for XMR: 0.0001 XMR
Cryptocurrency limits:
Deposits: unlimited for all levels
Withdrawals: 5,000 USD or around 3,585.98 GBP for starter, 500,000 USD or around 361,475 GBP for intermediate and 10,000,000 USD or around 7,230,500 GBP for pro
Fiat currency limits:
Deposits: starting with 9,000 USD or about 6,504 GBP for beginners
Withdrawals: starting with 9,000 USD or about 6,504 GBP for beginners and 10,000,000 USD or around 7,230,500 GBP for pro
XMR withdrawal limits: 0.01 XMR
Pros
Cons
Fair transaction fees
A good selection of fiat currencies, including GBP
Low XMR withdrawal fees
Mediocre customer support
Opening fee for XMR not indicated in GBP
Crypto.com
Payment methods:
Debit card, credit card
UK bank transfers via Faster Payments Service
Supported deposit currencies: more than 30 currencies, but deposits only in GBP and EUR
Trading fees at Crypto.com are different at various levels:
At Level 1, the Maker fee is 0.10%, and the Taker fee is 0.16%
At Level 2, the Maker fee is 0.09%, and the Taker fee is 0.15%
At Level 3, the Maker fee is 0.08%, and the Taker fee is 0.14%
At Level 4, the Maker fee is 0.07%, and the Taker fee is 0.13%
At Level 5, the Maker fee is 0.06%, and the Taker fee is 0.12%
At Level 6, the Maker fee is 0.04%, and the Taker fee is 0.10%
For credit card purchases via Simplex: 5% for each sale for Simplex charges and 1% for ChangeNow
There are no extra fees for buying XMR with GBP. For instance, if you spend 1,000 GBP, you will get 3.596 XMR with no extra fees.
When you purchase XMR with a bank card, the following limits apply: the purchase must be a maximum of 20,000 USD or around 14,404 GBP. The daily purchase limit is 20,000 USD or around 14,404 GBP, and the monthly purchase limit is 50,000 USD or about 36,010 GBP per person.
Huobi system converts withdrawal limits of all fiat currencies into BTC.
Verified users get a limit of 100 BTC in 24 hours.
Unverified visitors get a limit of 1 BTC in 24 hours.
Pros
Cons
Lower than average maker and taker fees
Great options for payment methods including Faster Payments for the UK users
0 deposit fees for XMR
Huobi has suspended and resumed XMR sales multiple times
High limits for unverified users
Libertex
Payment methods:
Credit/debit card
Skrill e-wallet
Sofort
SEPA
Neteller
Giropay
Trustly
iDeal
Multibanco
Rapid transfer
Supported deposit currencies: EUR
Fees:
Transaction fees vary per case, there is an opportunity to unlock discounts depending on the level
Inactivity fees
Rollover fees vary per case
Limits:
Minimum withdrawal fee is 10 EUR or 8,57 GBP
Minimum deposit amount is 10 EUR or 8,57GBP
Minimum investment amount for any tradable instrument is around 10 EUR or 8,57 GBP
Pros
Cons
Low minimum deposits
Regulated
Opportunity to pay in pounds
Easy to navigate from Windows PC, Android, or Mac
Fees that vary
Inactivity fee
The lack of peer-to-peer
Where to Store Monero?
The best places to store XMR are Trezor Model T, Monero GUI, and Ledger Nano.
Trezor Model T
Trezor Model T is a premium cryptocurrency hardware wallet where you can store most of the available crypto coins, including XMR. It supports the integrated version of the official Monero GUI wallet with enhanced Trezor security features that protect against all forms of hacking and third-party invasions.
Monero GUI
Monero Graphical User Interface wallet is the official wallet offered by the Monero community as it was created and maintained by developers-volunteers. Among the key characteristics of this option are downloadable blockchains, advanced ways to send and receive transactions, and excellent functional possibilities for the advanced crypto developers when accessing the official website via the browser.
On the downside of it, the Monero GUI wallet is well-known for bugs and technical issues that may appear from time to time. Therefore, regular, timely updates are a must.
Ledger Nano
Another offline wallet that offers decent security features and directly links you to the official Monero GUI wallet if needed. The top characteristics are offline password requests, long-lasting battery, easy plugin, and advanced mobile connectivity.
Cryptocurrency Regulations in the UK
If you are looking for an exchange that is 100% legal in the UK and complies with the UK rules, check for the following criteria:
It must be registered with the Financial Conduct Authority (FCA) and receive the notifications.
It must comply with Know-Your-Customer regulation.
It must be aware of the UK escrow regulations.
It must comply with the UK Anti-Money Laundering regulation.
It should not allow crypto derivatives as those are illegal in the UK.
Wide range of pricing plans and 14-day demo account
Start Trading!
Monero's Perspectives
Let's highlight the key advantages of Monero cryptocurrency, which influence its success, demand and future prospects:
Anonymity of transactions.
Lack of restrictions on issuance.
Resistance of the algorithm to ASIC hardware.
Vast area of partnership.
Final Thoughts
The world’s leading financial analysts, brokers, and crypto custodians predict a significant increase in XMR digital asset price in the next couple of years, making it an attractive investment to make in 2021.
There are plenty of exchanges where you can buy Monero XMR in the UK and store it safely and anonymously in your digital wallet.
FAQ
What Is the Best Exchange to Buy XMR?
The leading exchanges in the UK where you can buy Monero XMR are Binance, Poloniex, and Kraken.
Where Can I Buy Monero?
At the moment, not every exchange supports Monero XMR trading. You can buy XMR in the UK from Bitfinex, ChangeNow, Binance, Poloniex, Kraken, or elsewhere.
Is Monero a Good Investment in 2022?
The forecasts for Monero XMR are optimistic. XMR is expected to reach 648 GBP in 2023 and 1,000 GBP in 2025, making it one of the best investments in crypto for 2022.
Can Monero Make Your Rich?
Crypto investments in Monero XMR can make you rich if you buy it for cheap at the right time and sell it at the peak of the price. The price prediction for XMR is signalizing a steady growth in the next couple of years, creating a good window of opportunity already this year.
Can Monero Reach 10,000 USD?
According to brokers and investment analysts from Coindesk, the price for XMR will reach a 10,000 USD mark already in the next 3 years.
Disclaimer:
You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.
I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.