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Monero is an anonymous coin that recently gained in popularity on increased interest from Korean buyers. For those interested in purchasing some holdings of Monero, finding the right wallet may not be so straightforward. The choice is more limited for Monero, compared to other leading cryptocurrencies.

How to Buy Monero

Monero is popular enough that you will not need to go through an exchange and place orders. If you already own a popular coin- Bitcoin or one of the larger altcoins, you can use the Shapeshift and Changelly services.

The other easy way for European buyers is to go through Litebit.Eu, and buy the altcoin for cash.

Monerodirect.com is not operational right now, due to problems with the payment processing service.

Kraken is an exchange, but offers a direct pairing of EUR/XMR and allows for purchase for accounts with the right verification.

As of August 2017, localmonero.co is available, where you can find sellers or buyers in your vicinity to directly move Monero between wallets, for cash. This is the most confidential service, though it may involve some risk related to unstable offer prices.

The service of Localmonero.co is still rather new and despite the many search features, for now it does not produce any sellers. But in the future, if it takes off, there may be local sellers or buyers for your Monero needs.

Monero Wallets

Unfortunately, there are no hardware wallets that support Monero. Despite its high price in 2017, only a year ago Monero was considered a minor project, and while other cryptocurrencies managed to get a representation with LedgerNanoS or Trezor, Monero is still out in the cold.

The other type of wallets is the web interface, in which you hold the private key hashed from a 13-word mnemonic phrase. This is the easiest and fastest way to acquire a Monero wallet.

Other approaches to storing Monero require much more technical knowledge and effort. Unfortunately, the official Monero page did not have a working link to a GUI wallet, and only contained a core wallet requiring the use of a command prompt. And Windows 10 will not love your new Monero wallet, and will try to prevent you from running it. Run it anyway, and the usual Windows console will open.

Unfortunately, running this wallet is extremely difficult- for anyone but advanced users. Instructions are not easily found on the internet, and even a simple transaction may require much troubleshooting.

So if you are uncertain, it is much better to use a simpler wallet for Monero. After all, technical difficulties and mistakes may cost your money. But the command prompt wallet may be suitable for miners, and if you spend some time learning the commands, you may send and spend Monero, or even view your private keys more easily and send them to a paper wallet.

A command prompt wallet gives a lot of freedom over transactions, but is definitely not user-friendly. And there may be issues while synchronizing to the blockchain and connecting to a node. If you are ready to play around and learn the commands, this is one way to handle Monero.

Monero Light Wallet

Because using a command prompt wallet, or a full GUI is somehow problematic, there is a web service available with a 12-word mnemonic seed. This service is best used for storing small amounts of Monero.

Make sure to write down your 12-word seed to avoid loss, and go on to use the online version for small amounts of Monero. The usage of this wallet service is similar to other light client wallets.

Monero Speculation

If you are buying Monero just in the hope of a next price spike, remember that the recent doubling of the price may be a one-off phenomenon. Monero seems to be a coin more suitable for advanced users, who are used to tracking transactions. Since Monero is an anonymous coin, the blockchain is not transparent and it is much harder to track funds. So avoid Monero if you cannot deal with the risk of loss, either through market fluctuation or technical risk.

Monero can be temporarily stored on exchange wallets like Bittrex or Poloniex, with all the included risk of sites closing or temporary service lags due to DDOS attacks.