The cryptocurrency Monero (XMR) has been around since 2014, and what makes it particularly interesting is the strict anonymity of the transactions it is used in. In this text, we first check if Monero can be bought with Paypal -in order to show better alternatives after that.
Buying Monero with Paypal via Virwox
It is actually possible – at least indirectly – to get Monero with a payment by PayPal. However, this method is not recommended, as it is not only inconvenient, but also costs a lot of money. First, you have to register on VirWoX, where you can buy Linden dollars (SLL) with PayPal. The Linden dollars can then be exchanged for Bitcoin on VirWoX. At this point, you haven’t got any Monero yet, but you have already paid three times – the Paypal fees and twice for exchange transactions on VirWoX! To finally get your Monero, the VirWoX Bitcoins have to be transferred to a platform to trade them against XMR. One possible place to do this is the Changelly crypto exchange. If you think there has to be a better way to buy Monero – yes, there is, and we’ll talk about it below.
Buy Monero through Coinbase and Binance
Buy Bitcoin or Ethereum on Coinbase
Coinbase is one of the largest crypto exchanges. Although you can only buy and sell Bitcoin, Ethereum and Litecoin at the moment (which may change soon, since Coinbase recently announced they explore the inclusion of five additional crypto currencies), these can then be simply exchanged for Monero on another platform. On Coinbase, the cryptocurrencies can be bought with the US dollar, the euro or the British pound, but trading just between cryptocurrencies is also possible. In order to be able to trade there yourself, you must verify your account with an identification document and the help of a webcam. Once you have deposited funds into your account at Coinbase, you can buy Bitcoin or Ethereum to exchange it for Monero later. How and where, that’s in the next section.
Change Bitcoin or Ethereum into Monero on Binance
On Binance, you can only exchange cryptocurrencies with each other, so you cannot buy them with euros or USD. Trading cryptocurrencies there is in fact possible without verification by an identification document, but in that case withdrawals are limited to an equivalent of two Bitcoins per day.
Once you have opened an account on Binance with a valid email address, you can send your Bitcoins or your Ethereum you bought on Coinbase to Binance.
When logged into your Binance account, to send Bitcoin or Ethereum to your Binance account, go to Funds in the top bar and then select Deposits:
In the next window you can then choose the cryptocurrency you would like to deposit (in the screenshot below it is Bitcoin):
The deposit address you can find on the page and that is specific to the chosen cryptocurrency has to be entered on the platform which you are sending the Bitcoins to Binance from, that would be Coinbase in our example. After successful completion of the transaction, you can review the details on the Binance page under Funds -> Transaction History.
The next step is trading your Bitcoins for Monero/XMR. To do this, select the trading pair on Binance and then enter the details on the page for that trading pair:
If you don’t have a lot of experience in trading cryptocurrencies (or in trading on exchanges in general), it is a good idea to check out some general information and specific options for trades on the relevant page provided on the platform.
Should I buy Monero?
The anonymity of Monero transactions is guaranteed by always disguising them through so-called ring signatures, making it practically impossible to trace them. This feature of the Monero blockchain gives the crypto currency a decisive advantage in the eyes of those who attach particular importance to the protection of their privacy. And of course the Monero team itself points out this advantage. If you are convinced by this concept and would like to invest in cryptocurrencies, Monero should definitely be on your shortlist.