How to buy Monero (XMR) in Australia

It's now relatively tricky to buy the pioneering privacy coin from Australia.

XMR to AUD

AUD
1 XMR ≈ 0
XMR

How to buy Monero in Australia

Despite what you might read elsewhere, it's now relatively difficult to buy and sell Monero from Australia.

Because of concerns over the traceability of Monero transactions, regulated crypto exchanges are unable to list XMR for trading in Australia.

This means you'll generally need to buy a separate cryptocurrency from an exchange and then exchange that crypto for Monero using an international exchange like KuCoin.

Services like LocalMonero, which facilitated buying and selling of Monero between individuals have now ceased operations.

Our picks for the best places to buy

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

What's the cheapest way to buy Monero?

While no AUSTRAC-registered exchanges will let you buy or sell Monero in Australia (we checked them all), signing up with one may still be the easiest and cheapest way to buy Monero.

To do so, first deposit AUD on an exchange that offers free bank deposits and low trading fees where you can exchange it for a US stablecoin like USDC or USDT.

Then use those funds to buy XMR on a non-Australian regulated exchange.

You can compare Australian crypto exchanges for buying USDC or USDT below:

10 of 24 results
Deposit methods Fiat currencies Cryptocurrencies Disclaimer
Coinbase logo
Debit card, Bank transfer, Paypal, Cryptocurrency
7
315
ENDS SOON!
$100
$100
VISA CARD REWARD
1
Join Finder
2
Sign up to Coinbase and make a trade
3
Get card from Finder
Ends by. T&Cs apply.
Go to site View details
Compare product selection
Kraken logo
Kraken
Finder Award
Debit card, Credit card, Bank transfer, Paypal, Cryptocurrency
10
457
Go to site View details
Compare product selection
Webull logo
4
100
ENDS SOON!
$100
$100
VISA CARD REWARD
1
Join Finder
2
Sign up to Webull Pay and make a trade
3
Get card from Finder
Ends by. T&Cs apply.
Go to site View details
Compare product selection
CoinSpot logo
CoinSpot
Most Loved
Debit card, Credit card, Bank transfer, Paypal, Cryptocurrency
1
537
Get $20 in BTC when you make a deposit. T&Cs apply.
Go to site View details
Compare product selection
Bitcoin.com.au logo
Bitcoin.com.au
Debit card, Credit card, Bank transfer, Paypal, Cryptocurrency
1
37
Get $20 worth of Bitcoin when you sign-up, verify and trade. T&Cs apply.
Go to site View details
Compare product selection
Crypto.com logo
Bank transfer, Credit card, Cryptocurrency, Debit card
11
441
Go to site View details
Compare product selection
Swyftx logo
Swyftx
Finder Award
Bank transfer, Credit card, Cryptocurrency, Debit card
3
450
Get $20 in BTC when you verify your account. T&Cs apply.
Go to site View details
Compare product selection
eToro logo
Bank transfer, Credit card, Cryptocurrency, Debit card
27
130
Go to site View details
Compare product selection
Digital Surge logo
Bank transfer, Cryptocurrency
1
442
Receive $10 BTC on sign-up and verification. T&Cs apply.
Go to site View details
Compare product selection
Independent Reserve logo
Bank transfer, Credit card, Cryptocurrency, Debit card
4
37
Get $20 of Bitcoin when you sign-up, verify and trade. T&Cs apply.
Go to site View details
Compare product selection
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Showing 10 of 24 results

What will I need to buy Monero?

If you're planning on buying another crypto and then exchanging that for Monero, you'll need the following to get started:

  1. An ID document. Despite being the privacy-focused coin, you'll still need to verify your identity if you want to trade Monero on a crypto exchange. To do so, you'll need to submit an ID document like a passport or drivers licence when creating your trading account.
  2. Payment method. In order to buy Monero, you'll also need a payment method. Many exchanges let you deposit funds via bank transfer without charging any fees, which means it's normally the cheapest way to deposit money. You may also be able to deposit via debit or credit card, but will likely be charged a fee to do so.
Thomas Stelzer's headshot
Our expert says: Why is it so hard to buy Monero in Australia?

"Despite being one of the largest cryptocurrencies, Monero can't be easily traded in Australia. This is because of the fact that Monero transactions are untraceable and can potentially be used to aid things like money laundering."

Thomas Stelzer's headshot
Journalist

What is Monero (XMR)?

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.

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).

Frequently asked questions

Fred Schebesta's headshot
To make sure you get accurate and helpful information, this guide has been reviewed by Fred Schebesta, a member of Finder's Editorial Review Board.
Thomas Stelzer's headshot
Written by

Journalist

Tom Stelzer is a journalist with 6 years of experience covering personal finance, specialising in investment and cryptocurrency. With a Master of Media Arts and Production and a Bachelor of Communications in Journalism from the University of Technology Sydney, Tom provides expert analysis on digital assets and market trends, helping readers navigate the fast-evolving world of finance. See full bio

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