Completing A Trade
Completing a trade on an exchange can take anywhere from a few minutes to a few days depending on the number of steps completed prior to following the steps here.Thankfully the most time consuming aspect, getting verified, only has to be done once.
- Make sure to have a personal monero wallet set up. Click the button below to find a wallet now!
- Decide how much is going to be traded (don’t invest more than you can lose)
- Have ID and a utility bill near by.
Choosing An Exchange
Choosing an exchange isn’t to difficult. Go with whatever public opinion says at the time is good. Where is a majority of trading happening? Signing up for obscure exchanges is not recommended. Pictures in this guide are from Binance using the pair XMRBTC. To see other exchanges recommended click the button below.
Most exchanges should make this easy. Make sure to get clear pictures everything needed (usually ID and a copy of a utility bill). Use a scanner if possible.
If depositing a fiat currency (USD, EUR) the exchange will provide the banking information needed to initiate a wire transfer. It will take a few days depending on the bank to complete.
If depositing a cryptocurrency the exchange will provide a public address (right) for the currency being deposited. The exchange will wait for a given number of confirmations before allowing the deposit to register (below). In the case of Bitcoin it’s 2 confirmations. Be sure not to deposit the wrong cryptocurrency to the wrong address!
Once funded it’s time to place a trade! Navigate to the pair being traded (XMRBTC). Find the order form and fill in the form. The form may already be filled in with the lowest asking price or it may give the option to auto fill it. Next, enter how much XMR is looking to be bought. Most exchanges will give an option to use all available funds or a percent to save time. See the right for an example of a filled out buy order.
Keep an eye on the order in the “Open Orders” section.
Once the trade has been filled it’s time to withdrawal it to the safety of a personal wallet. Navigate back to the balances page and find Monero on the list and click “Withdrawal” (right). Once the exchange processes the withdrawal the balance will update in the wallet (down).
Note: The total amount withdrawn is less then the amount bought due to trading fees from the exchange (about 0.2%) and then network fees for the withdrawal (about 1 cent).
Congrats on making a trade!! Any questions, don’t hesitate to contact me on social media via the links below.