How to buy Monero (XMR) in the UK
Current Price: £76.09 24hr: 4.13%
In order to buy Monero (XMR), we need to acquire Bitcoin (BTC) first. The below guide will show you how to buy XMR with BTC. If you already have Bitcoin to hand, skip Step 1. If you’re looking for peer-to-peer local currency buying and selling, check out LocalMonero; though it is a relatively small-scale marketplace for now.
Step 1: Buy Bitcoin
In this method, you will trade BTC for XMR using Bitfinex. Thus, in order to begin, you first need to acquire some Bitcoin (BTC)…
Buy Bitcoin: You can do this via the following self-explanatory services:
Click here for a detailed guide on buying BTC in the UK
Step 2: BTC -> XMR with Bitfinex
Binance Instructions (Recommended)
- Register for a Binance account here
- Deposit Bitcoin into your account by heading to Funds -> Deposits Withdrawals in the top menu
- Click the + next to Bitcoin to reveal the wallet address – send Bitcoin here
- Once Bitcoin has reached your Binance wallet, head to Exchange -> Basic via the top navigation bar
- Use the panel to the right side of the screen (which shows many currency pairs alphabetically, starting AMB/BTC, ARK/BTC, etc.)
- Click the XMR/BTC link to reach the market page
- See the Buy XMR panel, set your Buy parameters, and click the big green button
- This places an order, which can be watched via the Orders tab in the top navigation bar
- When your order is filled, the exchange is complete, and your Monero coins will appear in your Monero wallet under the Funds tab
Now that you have BTC, the process for buying Monero on Bitfinex exchange is as follows…
- Create an account at Bitfinex here
- Deposit BTC into your Bitfinex wallet…
- Click Deposit on the top bar menu
- Click Bitcoin
- Copy your Exchange Wallet address
- Send Bitcoin to this address, and wait for the transaction to receive the required confirmations
- Now that you have Bitcoin in your Bitfinex account, use the Trading menu option in the top-right of the screen to select XMR then XMR/BTC.
- Complete the Order Form on the left side to exchange your Bitcoin for Monero. Order form notes…
- Use Limit if you would like to set a price for your order – you can then type in values, or choose the highest bid or lowest ask using the green and red buttons above your BTC price
- Using Market will result in the order executing immediately according to the best market price available when the order is placed. Using this option ensures your order is fulfilled most rapidly, though you are unable to specify your desired price as in Limit
- Use the green button above AMOUNT XMR to use as much of your BTC balance as possible in the order, unless you wish to keep some Bitcoin on the exchange for other trades
- Click Exchange Buy to send your order to market, and wait for it to be filled. If you used a Limit order that isn’t being filled, you can always cancel the order and set a new one at a different price.
- When your order is fulfilled, your Monero (XMR) will appear in your Wallets area
Congratulations, you purchased Monero!
Modelled on LocalBitcoins, LocalMonero links prospective Monero buyers to sellers in their local currency. For now, the number of sellers is relatively low, but this will surely rise in time as the coin becomes more popular.
- Sign up for an account here
- Head to the Buy Monero page
- You can use the drop-down boxes to filter the buy options
- Relevant information for each seller is shown in the format of the annotated image below
- Click BUY to head to the offer page
- Make sure you have all of the requirements for the trade, for example ID to hand, your bank login details, etc.
- Fill in the amount you wish to buy, and the click the big green button
- Follow the instructions to make the transfer, and your Monero will show up in your LocalMonero wallet
Congratulations, you purchased Monero!