How to Buy Monero (XMR) in Australia? – Beginner’s Guide

Monero should be included in your portfolio for several reasons, including the fact that if governments crackdown on cryptocurrencies, anonymous coins such as Monero will have considerable value. That is why we will tell you how to buy Monero (XMR) in Australia.

Due to its many advantages, it is one of the most popular investments among investors today; as a result, in this post, we will explain how to buy Monero.

How and Where to Buy Monero in Australia – Step by Step Guide 2023

What is Monero (XMR)?

Monero was launched in 2014 as BitMonero, a hard fork of Bytecoin. As of 2012, it is one of the oldest digital currencies. On November 10, 2018, an anonymous member named thankful_for_today revealed he had created the fork after the community objected to “controversial” changes made to Bytecoin. Many anonymous de0velopers contributed to the creation of Monero, and there is a rumor that Satoshi Nakamoto, the creator of Bitcoin (BTC), created it.

Monero is a digital currency that uses security, privacy, and decentralization as its guiding principles. A primary goal of Monero’s website is to maintain as much privacy and security as possible. In addition, it should be as easy and efficient to use as possible. Since the blockchain is a public and transparent ledger, it can track the identities of parties involved in bitcoin transactions, for instance. On the other hand, Monero uses advanced cryptography to obscure the identity of each sender and recipient.

Since Monero was released, several improvements have been added by the developers. After developing blockchain technology approximately three years ago, the company has developed a completely new database structure to increase its flexibility and efficiency. A minimum size has also been established for the rings of ring signatures – the number of parties who can digitally sign a transaction, similar to the number of signatories on a joint account.

According to Monero’s original protocol, ring signatures, one-off keys, and two-way encryption were used to hide the blockchain’s origin, destination, and nature of transactions. However, following the developers’ implementation of Ring Confidential Transactions (RingCT) in January 2017, it is now possible to conceal transaction amounts. An antitrust authority has recommended implementing a ‘multi-layered linkable spontaneous anonymous group’ (MLSAG) ring signature to hide transaction details effectively using an open-source trustless coin generation method.

Monero’s network decided in October 2020 to switch from the MLSAG signature to a CLSAG signature, which resulted in a 20% speed increase in transaction verification and a 25% reduction in transaction size.

XMR is a cryptocurrency used for payment on the Monero blockchain. For mining XMR, the same proof-of-work algorithm is used for mining bitcoins. In addition, it uses a method of mining called ‘smart mining’ where many people run the miner simultaneously, ensuring network security. Due to the variety of sources for hashing, the network remained decentralized while maintaining a high hash rate. Instead of encouraging users to join large mining farms and pools that centralize the process, this new smart miner allows users to mine crypto on their computers using just their CPUs.

Over 5,8 million Monero coins were used to facilitate transactions between April 2020 and April 2021, with an average of 16,00 transactions per day, according to publicly available data on the Monero blockchain. According to the company’s website, it is unclear what costs were associated with facilitating these transactions. The total number of transactions between April 2019 and April 2020 was just over 2.8 million, or around 7700 transactions per day on average.

Monero wallets can also be downloaded directly from the cryptocurrency’s website. You can add coins to a wallet by mining them, working for Monero, or buying them with fiat currency.

The XMR cryptocurrency has been accepted by some Australian retailers online since July 2011, such as yoga accessories company YogiWay, cryptocurrency company bitgear, and clothing company Z1 Fashion. For online retailers using the CryptoAPI and CoinPayments payment gateways, there is also a Monero extension for the WooCommerce plug-in and a Monero extension for the CryptoAPI.

Your money is at risk.

Why Buy Monero (XMR)?

Using ring signatures and stealth addresses, cryptocurrency solves the privacy concerns associated with conventional banking. Senders can obscure their identity from others in the group by using ring signatures. An anonymous ring signature is a digital signature from one member of the group without revealing who signed the document.

Using the Monero platform, ring signatures are created by combining the account keys of a sender with the blockchain’s public keys. Using this method, you can create both a unique and private signature. However, because each group member used a different key, it is computationally impossible to determine who sent the message.

XMR, the Monero cryptocurrency, cannot be tracked. As a result, Monero has no traceable history of transactions, unlike other cryptocurrencies, such as Bitcoin. Members of the platform are put into a much safer network due to this feature, and they are not at risk of being rejected or blocked by others.

If you are interested in cryptocurrencies, you might consider investing in Monero. The currency’s price soared by 233 percent between August 26, 2020, and August 26, 2021. Aside from that, it doesn’t require any special hardware to get started. It is a cryptocurrency that can be mined with your computer’s CPU, and Monero runs on all popular operating systems. Consequently, fees can be reduced as much as possible.

How Much Does It Cost to Buy Monero?

A characteristic of Monero is that it follows the same trend as the global cryptocurrency market. The market value of cryptocurrencies increased significantly in 2021, hovering around $2 trillion by August 2021, with an average daily price of $20 billion. Despite some investors expecting the bull run to continue well into 2023, cryptocurrency prices such as Bitcoin and Ethereum are still below the all-time highs achieved earlier this year. Monero is currently valued at $180.58 at the time of writing.

How to Buy Monero with PayPal

It is a simple yes or no question. There is also the option to sell your PayPal balance to LocalMonero or VirWox, where you can exchange your PayPal balance for Second Life Lumber (SLL), one of the currencies associated with Second Life.

For you to be able to buy Bitcoins, you must have your SLLs on the same platform you acquired them on. Once you have them, you will now be able to transfer them to any exchange so that you can get Monero.

How to Buy Monero with Bitcoin

The public increasingly uses Bitcoin and other cryptocurrencies to purchase various products and services as bitcoin awareness and adoption grow. Retailers and payment processors have been increasingly adopting bitcoin over the past year, encouraging. Nevertheless, many businesses still refuse to accept bitcoin. Several exchanges offer the option to purchase Shiba Inu Coins by using Bitcoins.

Buying Monero Safely

As one of the most reliable and robust encryption tools available today, Monero is among the most private and safe cryptocurrencies out there. As a result, it is available for trading on most decentralized exchanges. There is no need to reveal the sender or receiver of the transaction or the amount traded.

Your money is at risk.

In contrast to Monero transactions, Bitcoin transactions can be traced by anyone on the market, but Monero transactions cannot. Some cryptocurrencies, such as Zcash, have selective transparency regarding transaction information. Due to its unique value proposition, Monero is more attractive to traders than other cryptocurrencies on the market.

Risks of Buying Monero

Even though Monero is praised for further privacy, it also has several challenges. First, the non-traceability and privacy features can be used on questionable markets and disreputable activities, such as drug distribution and gambling. For this reason, dark web markets such as AlphaBay and Oasis showed an increase in Monero usage before they shut down.

According to CNBC, hackers have created malware designed to infect computers with Monero mining software and send it to North Korea for mining. Monero remains outside of capital controls and cannot be traced, making it primarily used for illicit purposes and evading law enforcement.

Selling Monero

You might, however, be interested in selling XMR in one of the two situations. Your first purchase of XMR may have resulted in a profit (or loss) depending on when it was made. Consequently, if you consider making this move, you should consider its impact on your finances before proceeding.

XMR works similarly to any other cryptocurrency in this regard. Due to this, the exchange price may differ depending on the date you decide to sell XMR. Since XMR’s value changes over time, it’s harder to compare it with other crypto assets (like BTC and TRX) and more traditional currencies.

It would be best to exchange your XMR on a powerful global exchange like Kraken (e.g., Bittrex), which allows you to see real-time updates of what buyers and sellers think is the best price for you to purchase XMR.

Monero Price Forecast

According to Wallet Investor, an algorithm-based website that predicts price movements, By the end of 2021, Monero’s price may reach $332.3. Moreover, the watcher estimates that it could reach $483.5 by the end of 2022. The bitcoin price could surpass $1000 in 2026, and it might even hit $1024.5 by the end of the year.

Digital Coin predicts that Monero’s price will follow a similar pattern. According to the report, the XMR price will average $361.9 in 2021, $401.6 in 2022, and $964.18 in 2027, when it will average $964.18. By 2028, the price is expected to average $1,018.39.

It is unlikely that Coin Price Forecast will provide a much more positive view of XMR than they did earlier this year. It is not very optimistic in this regard. The company believes that by the end of 2021, the price of the indices will rise to $248, up from $438 predicted in April. In addition, the price is expected to rise by $228 by the end of 2022, by $436 by the end of 2025, and by $537 by the end of 2030. According to the Bank, estimates were as high as $2,151 as of April.

Therefore, the Economic Forecast Agency’s Monero prediction is bearish, predicting that the price will end in 2021 at $191, rise to $250 by the end of 2022, and rise to $339 by 2023. The report also predicts that the stock price will end at $234 by 2024 and $152 by 2025.

Where to Buy Monero – Reviewed

1. eToro – Overall Best Crypto Trading Platform in Australia

In our review of 50+ crypto day trading platforms, we found that eToro is by far the best. It is heavily regulated, which may be the most important factor. These licenses include FCA, ASIC, and CySEC – but eToro is also registered with and authorized by FINRA.

For traders in the United States and worldwide, eToro is, therefore, safe and secure. On eToro, you can buy and sell 18 popular cryptocurrencies, including Bitcoin, EOS, BCH, Ethereum, Uniswap, Ripple, Cardano, and Binance Coin. In addition, depending on where you live, you may also trade derivatives related to cryptos.

There are four fiat-to-crypto pairs in this category: the yen, euro, pound, and dollar. Besides crypto-to-crypto trades, you can also trade Bitcoin in pairs such as BTC/XRP and ETH/BTC. In addition, most eToro customers can trade crypto CFD derivatives – unless you live in the US, UK, or Hong Kong. However, eToro is a 100% commission-free cryptocurrency day trading site. Thus, there is no fee associated with entering and exiting the market as often as you like.

The registration process and payment methods are free. You will be charged a small currency conversion fee of just 0.5%. In addition, eToro’s user interface offers passive investment tools, making it one of the best crypto day trading platforms. CryptoPortfolios comprise a variety of digital currencies with varying weightings. Using eToro doesn’t have to worry about rebalancing your portfolio yourself.

Using the Copy Trading tool is another option for buying and selling cryptocurrencies. You will copy crypto traders who are skilled and proven investors at eToro. You will need a minimum of $500 to start. You just need $25 to make a crypto trade if you do it yourself. Then, open an account with eToro in minutes – and deposit with credit/debit cards, e-wallet like Paypal, and bank transfers.

Several exchanges have suspended markets for Monero rather than risk potentially violating US securities laws. eToro is one of them; Monero trading has been temporarily suspended on eToro.

eToro fees

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. OKX- The Best Platform Using Blockchain Technology To Buy Monero

OKX is a platform that was created in 2014 and is available in more than 100 countries. Nearly 300 cryptocurrencies are within the platform's offer to be purchased. One of them is Monero.

Once you buy Monero, your cryptocurrency is completely safe, as the platform keeps 95% of the client's funds, which makes it impossible for them to be hacked. Moreover, the platform is compatible with more than 30 fiat currencies that can be used as payment methods.

OKX has an app available for iOS and Android devices. The app allows users to buy and sell Monero, as well as display real-time values of Monero. Cryptocurrencies can be reserved in the built-in digital wallet itself. Its interface is easy to use for both beginners and experts.

The trading services offered by OKX comply with the VFAA, a Malta Financial Services regulated authority governing virtual financial assets or VFAA.

OKX fees:

Your Money Is At Risk.

3. Binance - The Best Monero Trading Platform For Small-Cap Pairs

Binance is likely to have the cryptocurrency you are looking for. The reason is that this cryptocurrency exchange conducts a huge volume of transactions every day, totaling billions of dollars.

The exchange offers several small-cap coins and hundreds of pairs. There are also hundreds of ERC-20 tokens available on the exchange. Your debit/credit card may be accepted depending on where you live.

However, fees range from 3 to 4%. Despite this, Binance is one of the most fee-friendly exchanges in the market. Binance Coins (BNB) holders will pay even less, just 0.1%  on the platform. Binance is a great choice if you enjoy performing technical analysis, as it offers many charting options and order types.

Binance fees

Your money is at risk.

4. Coinbase - Good Selection of Digital Currencies

Coinbase, a cryptocurrency trading, and investing platform offer over 100 tradable cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. Coinbase has over 73 million users and over $255 billion in assets under management.

Beginners prefer simple buy and sell orders on the original Coinbase platform. However, all Coinbase users have access to Coinbase Pro, which offers more advanced features and order types.

Generally speaking, digital currencies are an emerging asset class that can be risky and volatile, making them unsuitable for all investors. However, if you're into cryptocurrencies, Coinbase is an excellent option for beginners and veterans.

Coinbase fees

Your money is at risk.

5. Kraken – One of The Largest Cryptocurrency Exchanges to Trade

Kraken is an exchange platform that offers over 50 cryptocurrencies, which makes it one of the oldest and earliest exchange platforms. Since its launch, it has been one of the world's biggest stock exchanges. Over the years, it has attracted several crypto investors.

By using Kraken, you can not only invest in cryptocurrencies and pairs, but you can also stake your cryptocurrencies to earn interest in them as well. In addition, when it comes to Kraken, there is no minimum deposit required, and they provide you with 24/7 customer service for any concerns or issues that you may have.

Kraken fees

Your money is at risk.

6. Crypto.com - Fast and Secure Cryptocurrency Exchange

The cryptocurrency exchange Crypto.com has experienced rapid growth. Because of the large team of developers and marketing professionals, this site has the fastest transaction speeds and the most secure ones. More than 40 cryptocurrencies and stablecoins are in circulation and staking stablecoins yields 14% per year.

CRO is the twelfth most popular coin on Crypto.com, with a market capitalization of $16.6 billion. The company also offers margin and derivatives trading, which is also beginning to enter the NFT market. The minimum investment at Crypto.com is one dollar per transaction.

Crypto.com fees

Your money is at risk.

Where to Buy Monero in Australia – Fee Comparison

Best Way to Buy Monero – eToro Tutorial

Monero can be purchased on an online exchange. However, Monero is relatively new and still gaining traction, but it is unavailable on all major brokerages. Instead, crypto can be bought from a regulated exchange like eToro and then exchanged on other exchanges such as Huobi, where it is listed. Still, due to the ease with which eToro manages your crypto, it is the best option for you to use.

Step 1: Open an Account

By clicking the green "Join Now" button at the center of the screen, you will first be redirected to the eToro website, where you will be asked to register for an account. The following information must be provided:

• Full name
• Nationality
• Date of birth
• Address
• Contact Information
• Password and Username

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Step 2: Upload ID

Following government regulations, eToro requires a copy of your driver's license or passport. Additionally, utility bills or bank statements will be required to verify the provided address. Once these documents are uploaded, the address will be verified automatically.

Step 3: Deposit Funds

The minimum deposit on eToro is $50. Several different deposit methods are available, including:

• Debit and credit cards
• PayPal
• Skrill
• Bank transfers
• Neteller

Deposit fees are not charged by eToro. Therefore, it is less expensive than some of its key competitors, such as Coinbase, which charges 3.99 percent for purchasing Bitcoin with a debit card.

eToro does not offer Monero purchases directly. To purchase Monero, first purchase Bitcoin. All deposit methods, except for bank transfers, instantly credit your account.

Step 4: Buy Monero

By now, you should have funded your eToro account. You can now buy Monero. Visitors to Monero's website can easily join the investor group. Additionally, Binance is a decentralized exchange that allows you to buy cryptocurrency.

Type the amount you wish to invest in the 'Amount' box ($25 minimum). After that, you can buy Monero on Binance with Bitcoin or Ethereum.

eToro – Buy Crypto Then Trade Them For Monero in Australia With 0% Commission

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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