How to buy Monero (XMR) in Australia

Learn how to buy Monero (XMR) on 6+ crypto exchanges in our step-by-step guide.

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Thomas Stelzer

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Monero (XMR) is a privacy-focused cryptocurrency that was first launched in 2014. Its proof-of-work blockchain allows transactions to be anonymous and hard to trace, making it popular with cypherpunks, but also attracting the attention of law enforcement agencies.

Monero (XMR) is the 46th largest cryptocurrency by market cap, valued at US$3,524,776,706.

Monero is a highly volatile asset capable of major price swings in a single day. Today XMR is trading for $191.23 USD, which is higher than yesterday's trading price of $185.57 USD. Over the past year, Monero's price has seen an increase of 13%.

So before you buy Monero, make sure you understand these unique risks as well as its legal and tax status here in Australia.

If you're ready to get started, read on for step-by-step instructions on how you can use to buy Monero.

This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

How to buy Monero in 5 steps

The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.

  1. Compare crypto exchanges
    The easiest way to buy Monero is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
  2. Create an account
    To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
  3. Make a deposit
    Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
  4. Buy Monero
    You can now exchange your funds for Monero. On beginner-friendly exchanges, this is as simple as entering the AUD or XMR amount you want to purchase and clicking "buy".
  5. Secure your Monero
    Consider transferring your XMR to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.

Where to buy Monero in Australia

Find an exchange to buy, sell and trade XMR by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.

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KuCoin
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Credit card, Cryptocurrency, Debit card, P2P

5

840

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Capital at risk

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Gate.io
Gate.io logo
Bank transfer, Credit card, Cryptocurrency, Debit card, PayID

64

2447

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Capital at risk

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How we keep this Monero guide up-to-date

  • XMR price data is regularly updated through data feeds so you always have the latest information.

What is Monero?

Monero (XMR) is a decentralised, untraceable digital currency designed to provide secure and private transactions. A fork of Bytecoin, Monero is built on the CryptoNote protocol and uses a number of features to obscure the origin, amount and destination of transactions.

This digital coin aims to offer a feature important to many cryptocurrency users: privacy. While the world's best-known cryptocurrency, Bitcoin, is widely perceived by the general public to be completely anonymous and untraceable, this isn't actually the case, and it's this lack of privacy that Monero aims to address. An open-source, crowdfunded project, Monero offers a decentralised and anonymous cryptocurrency that it claims is untraceable, unlinkable, secure, private and resistant to blockchain analysis.

This high level of privacy also means that Monero offers fungibility, which means that every coin has equal value and is interchangeable. Because no two Monero coins are distinguishable from one another, this removes the risk of XMR (the native token of the Monero network) being refused by vendors or exchanges due to its association with previous transactions such as theft.

How do I find the best places to buy Monero?

Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.

Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.

What will I need to buy Monero?

To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.

An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Monero.

  • This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
  • Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing XMR with your local currency then you will need to pass KYC.
  • Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.

What are the best ways to buy Monero?

Once you've created an account, you will need to deposit funds to buy XMR with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy XMR:

  • Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
  • Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
  • Cryptocurrency: You can usually purchase XMR by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for XMR on the spot market to see what cryptocurrencies it can be traded for.

What is the easiest way to buy Monero?

The easiest way to buy XMR is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.

Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.

Before buying XMR, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Monero has been performing recently.

Best Monero wallets to store your XMR

You can keep your XMR on the exchange you purchased it on, or move it to a personal wallet:

  • Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
  • Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your XMR below.

Ledger Nano X Wallet

Trezor Model T Wallet

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Go to site

Supported assets

5,500+

Supported assets

1,000+

Price (USD)

$149

Price (USD)

$77.20

Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Is Monero a good investment?

As with any investment, it is vital you understand the risks and potential upside of the asset before making any financial decision. With regards to XMR, here are a few things you should consider:

  • Criminal concerns. As a coin valued for its privacy and anonymity, Monero has been reportedly linked with criminal activities. For example, whoever was behind 2017's WannaCry crypto-ransomware worm is thought to have exchanged their Bitcoin for Monero, while reports have also nominated XMR as the currency of choice on the dark web black market. This public perception of the coin's links with illicit activities could potentially hamper its widespread adoption.
  • Regulation. The threat of new regulations and crackdowns on cryptocurrency from several governments around the world could potentially create increased demand for privacy coins like Monero among people looking to avoid tax and legal barriers. On the other hand, this also leads to fear that privacy coins will themselves be the subject of regulations, which is worth keeping in mind when thinking of buying XMR.
  • Competition. Monero is far from the only privacy coin that aims to offer security and anonymity to users. Other similar coins include Dash (DASH), Zcash (ZEC) and Verge (XVG).

Today's Monero price versus ATH

Compare today's price of Monero ($191.23 USD) against its all-time-high price of $542.33 USD on 09 January 2018. The closer the bar is to 100%, the closer XMR is to reaching its ATH again.

Monero's price: $191.23 USD
ATH date: January 09, 2018
35.26%

Monero ATH: $542.33 USD


How to trade, convert or sell Monero

You can convert or sell your XMR with the same exchange you bought it through:
  1. Sign in to the exchange you have XMR on.
  2. If you store your Monero in a digital wallet, compare crypto exchanges to convert or sell it on.
  3. Choose Sell or Convert and place a sell order.
  4. Choose the amount of XMR you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of Monero.
  6. Complete your transaction and move your XMR to a crypto wallet for storage.

How to buy other cryptos

BitcoinBitcoin symbol
EthereumEthereum symbol
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BNBBNB symbol
SolanaSolana symbol
DogecoinDogecoin symbol
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CardanoCardano symbol
TRONTRON symbol

Disclaimer: Cryptocurrencies, including Monero, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of XMR is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Monero or any other cryptocurrency discussed.

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Publisher

Tom Stelzer is a publisher and writer for Finder, covering investing and cryptocurrency. He previously worked for Finder as a writer in Australia and the UK, covering things like personal finance, loans, investing, insurance as well as small business and business loans. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney. See full bio

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