Do you know the difference between a Monero wallet and a Monero exchange?
Well, it’s not confusing at all, it’s just grammar. A Monero exchange refers to a platform where you can purchase, trade, or exchange the Monero (XMR) cryptocurrency for any other cryptocurrency or fiat.
On the other hand, the Monero wallet refers to a place where you store your Monero coins.
For instance, Richard sign’s up on Binance. He buys some amount of stable cryptocurrencies from a vendor and starts contemplating on which cryptocurrency to buy. He finally makes up his mind to exchange/buy the Monero cryptocurrency (XMR) with his stable “Binance united states dollar (BUSD. After successful transactions, he then clicks on his wallets and finds out that his Monero Coins were comfortably sitting in his Monero wallets on Binance.
From the foregoing, you can see that while Binance in itself is an exchange, Binance provides various wallets to store any cryptocurrency you purchase on the platform. It will therefore not be wrong to say that exchanges are websites, platforms, or applications, housing wallets for various cryptocurrencies including the Monero (XMR) cryptocurrency.
It is likened to a “bank as a whole” with various types of account types ranging from; savings, domiciliary, current, etc. In that same way is an exchange with various wallets for various cryptocurrencies.
What is Monero?
For beginners, Monero (XMR) is a cryptocurrency that focuses on being untraceable and private. In some ways, Monero is designed a little differently from other cryptocurrencies since its transactions are not traceable, but it has similar features as any cryptocurrency, It can be used as a medium of exchange for buying and selling, and it can be exchanged for other coins or tokens. As already mentioned, one of Monero XMR coin selling features is privacy and anonymity, so transactions with XMR coins can be fully anonymous, like physical cash. Monero was created in 2012, and it is a fork of the Bytecoin blockchain, which was initially named Bitmonero.
To cut the long story short let’s get on with the main focus;
7 Best Exchanges to Buy Monero XMR
The change-now platform is one of the instant cryptocurrency platforms where you can purchase cryptocurrencies without the need for registration. The advantage is huge since you might want to remain anonymous after you perform transactions. Hence, you can purchase without bothering about registering.
This is one of the busiest exchanges so far. Binance provides a smooth experience when you wish to purchase the Monero cryptocurrency. The only challenge you might face is the need to completely register.
The Huobi pro exchange is counted among the leading digital asset exchange that’s been serving global traders since 2013. Monero transactions can be performed on the Huobi platform.
Since the last quarter of 2017 year, gate.io began to gain lots of traction. Presently, the XMR also known as Monero cryptocurrency can be purchased on this platform.
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Bitfinex is included among the most popular and largest crypto exchanges where you can purchase different popular digital assets. Purchasing the Monero cryptocurrency is made easy on this platform.
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The Monero for cash shares similarities with the p2p(peer-to-peer) features on exchanges. The only difference is the high risk involved since no escrow feature guarantees transactions are fraud-free.
This is the best way for crypto newbies to go about purchasing the Monero coins. To effectively achieve this, you must have some bitcoin/alt-coins in your possession for a perfect exchange.
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