Monaco

How to buy, sell and trade Monaco (MCO)

A beginner’s guide to the Monaco (MCO) cryptocurrency and how to buy MCO in Australia

Monaco is a payments and cryptocurrency platform that offers prepaid Visa cards that can be loaded with bitcoin, Ether and a range of fiat currencies. These cards are designed to allow you to hold, spend and exchange multiple currencies using one card as well as provide access to interbank exchange rates and give you the ability to buy, spend and earn cryptocurrencies.

Monaco also has a native cryptocurrency token, MCO, which can be earned as cashback at a rate of 2% whenever you use your Monaco card. Let’s take a closer look at how MCO functions and how you can buy MCO in Australia.

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. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance 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 cryptocurrencies discussed.

Where can I buy, sell or trade MCO?

You can buy and sell MCO on a number of popular cryptocurrency exchanges, including the following:

Name Product Deposit Methods Fiat Currencies Supported Cryptocurrencies
Cash, BPAY, POLi, Cryptocurrency
AUD
BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG & over 100+ more
CoinSpot is an Australian-based marketplace that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
Cryptocurrency
BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, ICX, BNB, ZRX, APPC & 80+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.
Credit card, Debit card
USD, EUR, RUB
BTC, BTG, BURST, BYC, CANN, CFI, CLAM, CLOAK, CLUB, COVAL, CPC, CRB, CRW, CURE, CVC, DASH, DCR, DCT, DGB, DMD, DNT, DOGE, OMG & 140+ more
Use your credit or debit card to buy bitcoin and other cryptocurrency without having to verify your identity.
Huobi.pro Cryptocurrency Exchange
Cryptocurrency
-
BTC, ETH, HT, LTC, PAI, BCH, XRP, DASH, IOST, EOS, TRX, ETC, OCN, ONT, ELF, ABT, CMT, ELA, ZEC, OMG & 75+ more
Huobi.pro is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Bittrex Digital Currency Exchange
Cryptocurrency, Wire transfer
USD
BTC, ETH, XVG, SC, XRP, DOGE, STRAT, XMR, ADA, OMG, ETC, BCC, XLM, DGB, UKG, QTUM, ZCL, RDD, LTC, NEO, XRP & 120+ more
Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
YoBit Cryptocurrency Exchange
Cryptocurrency, Payeer, AdvCash, Perfect Money, Capitalist, QIWI* Only available for RUB deposits
USD, RUB
BTC, BTG, DASH, ETH, LTC, DOGE, WAVES, LSK, BCC, TRX, ABYSS, PAC, ZEC, XVG, EOS, ETC, RDD, TOKC, B2X, TTC & 400+ more
Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
KuCoin Cryptocurrency Exchange
Cryptocurrency
-
BTC, BCH, DAG, ETH, XRP, EOS, LTC, ADA, TRX, NEO, ONT, STEEM, BTM, BCD, ZINC, VET, OLT, NUSD & 50+ more
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Qryptos Cryptocurrency Exchange
Cryptocurrency
-
BTC, BCH, DRG, UKG, LIKE, ENJ, TRX, LDC, MGO, AMLT, EZT, LALA, IPSX, FLIXX, STU, 1WO, TPAY, ETH, WIN, LTC, SPHTX, RKT, UBTC, ETN, ECH, QASH, NEO, HAV, XRP, ETC, STAC, FLUZ, VZT, XEM, XLM, VET, BMC, ONG, FDX, XMR, DENT, MCO, IND, GAT, ZEC, CAN, STX, QTUM, OAX, IXT, STORJ, MTN, REP, FCT, DASH
Owned by the team behind QUOINEX, QRYPTOS is a global crypto-to-crypto platform which supports over 50 cryptocurrencies and offers negative trading maker fees to generate liquidity.
Credit card, Debit card
USD, EUR
BTC, BCH, ETH, XMR, ZEC, DASH, XRP, ETC, LTC, DOGE, XLM,1ST, ADX, AMP, ANT, BAT, BCN, BNT, BTG, CFI, CVC & 70+ more
Access competitive crypto-to-crypto exchange rates for more than 35 cryptocurrencies on this global exchange.
Livecoin Cryptocurrency Exchange
Cryptocurrency, Payeer, Perfect Money, Qiwi
USD, EUR, RUB
BTC, BCH, ETH, LSK, LTC, XMR, XEM, DASH, BCC, DBIX, CLOAK, EMC, NEO, TIME, SHIFT, STRAT, DOGE, DTR, DGB, VOX, ESC, MONA & 140+ more
Trade at an exchange that has an extensive offering over 160 coins and numerous fiat and altcoin currency pairs.
Altcoin.io Decentralised Exchange
Cryptocurrency *Powered by atomic swaps
-
*Note that while the platform is under development, it is expected to support BTC, ETH, REP, ANT, BAT, EOS, SALT, CVC, DNT, SNT & 20+ more
Launching in 2018, Altcoin.io is a decentralised peer-to-peer cryptocurrency exchange powered by atomic swaps. Sign up now for early access.
BigONE Cryptocurrency Exchange
Cryptocurrency
-
BTC, ETH, EOS, OMG, USDT, ADX, AE, AIT, ATN, ATT, BAT, BCDN, BIG, BTM, BTO, CANDY, CDT, CHAT, AT, CPS & over 60+ more
A crypto-to-crypto exchange listing over 100 pairings and low trading fees.
OKEx Cryptocurrency Exchange
Cryptocurrency, Bank transfer, Alipay, WeChat Pay
USD, CNY
BTC, ETH, LTC, EOS, TRX, ETC, BCH, TRUE, XRP, ABT, HSR, MITH, BTM, AUTO, IOST, & over 119+ more
Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.

Compare up to 4 providers

How to buy MCO: Step-by-step instructions

If you want to buy MCO tokens, here’s what you need to do:

Step 1. Create an account on a cryptocurrency exchange that allows you to trade MCO

Search for a crypto exchange that lists MCO in one or more currency pairings. Once you’ve found a suitable platform, register for an account. You’ll need to provide an email address and password to sign up, while some exchanges may also require your full name, contact details and proof of ID before allowing you to trade.

Don’t forget to also enable two-factor authentication on your account before making any deposits.

Step 2. Deposit funds into your account

At the time of writing (January 2018), no crypto exchange allows you to exchange Australian dollars (AUD) for MCO directly. As a result, you’ll have to first acquire a currency that’s available in a pairing with MCO, such as bitcoin (BTC) or Ethereum (ETH), before you can exchange it for MCO.

To deposit funds, log in to your account and click on the “Deposit” button to generate a wallet address. You can then transfer funds into your trading account from whichever exchange or wallet is holding your coins.

Step 3. Buy MCO

The final step is to exchange your BTC, ETH or other cryptocurrency for MCO. The buying process varies between exchanges, but you’ll usually have to search for your chosen pairing (such as BTC/MCO) and then click on “Buy MCO”. After entering the amount of MCO you want to buy, review the full details of the transaction and finalise your purchase.

How to sell MCO

If you want to sell your MCO tokens, you can do so by essentially following the same process as outlined in step 3, except in reverse. However, it’s worth remembering that crypto exchanges don’t list every possible currency pairing, so it often won’t be possible to directly exchange MCO for the currency you want.

Which wallets can I use to hold MCO?

For security purposes, you should never store cryptocurrency holdings on an exchange; you’ll need to find a secure wallet you can use to store your MCO. As MCO is an ERC20 token on the Ethereum blockchain, you’ll need to choose an Ethereum-compatible wallet such as one of the following:

How Monaco works

Based in Hong Kong and founded in June 2016, Monaco aims to help bring cryptocurrency into the mainstream. It does this by providing prepaid Visa cards that can be topped up with BTC and ETH as well as fiat currency that can be used anywhere Visa is accepted.

The card can be topped up via bank account transfer, bank account linking, credit/debit card or cryptocurrency transfer. Monaco says it offers the following benefits to users:

  • The ability to hold multiple fiat and cryptocurrencies
  • No transaction fees (limits apply)
  • Access to interbank exchange rates anywhere in the world
  • Earn cryptocurrency (MCO at a rate of up to 2% cashback) every time you spend using your card
  • The ability to use the Monaco app to send money to other people at interbank exchange rates without any fees

There are four different cards available:

  • Obsidian Black. This Platinum metal card offers 2% cashback on all purchases, unlimited monthly interbank exchange rates and a $1,000 monthly free ATM withdrawal limit. You’ll need to purchase and hold 50,000 MCO for 6 months to qualify for this card.
  • Precious Metal. This Platinum metal card offers 1.5% cashback on all purchases, a $10,000 monthly limit on interbank exchange rates and an $800 monthly free ATM withdrawal limit. You’ll need to purchase and hold 500 MCO for 6 months to qualify for this card.
  • Ruby Steel. This Platinum metal card offers 1% cashback on all purchases, a $4,000 monthly limit on interbank exchange rates and a $400 monthly free ATM withdrawal limit. You’ll need to purchase and hold 50 MCO for 6 months to qualify for this card.
  • Midnight Blue. You can get this plastic card without buying or holding any MCO tokens. It doesn’t allow you to earn cashback and it has a $2,000 limit on monthly interbank exchange rates and a $200 monthly free ATM withdrawal limit.

Monaco has plans to roll its cards out globally; Asia is the first step, followed by Europe and then North America. An MCO token sale was held in May and June 2017, raising US$26.7 million in funds.

Things to consider when buying MCO

Crypto coins and tokens are complex, speculative and risky, so it’s essential that you thoroughly research any cryptocurrency before buying. If you’re thinking of purchasing MCO, make sure you consider the following factors first:

  • Supply. According to CoinMarketCap, at the time of writing (30 January 2018), the circulating supply of MCO was 13,195,542 out of a total supply of 31,587,682 MCO.
  • Availability. MCO is listed on a wide range of cryptocurrency exchanges (17 at the time of writing). If you want to buy one of Monaco’s Platinum cards, you’ll need to hold MCO tokens.
  • Cashback. Monaco Platinum cardholders earn cashback in MCO on every transaction they complete with their card. You can convert MCO to BTC, ETH or fiat currencies, allowing you to spend the cashback you earn. You will also be able to purchase MCO directly through the Monaco app.
  • Additional functionality. At the time of writing, Monaco’s website FAQ section revealed that the company was “working on additional functionalities” for its tokens. Monitor Monaco company announcements and reputable cryptocurrency news sites for details of what those uses may be.
  • Market competition. You’ll also need to stay abreast of other companies offering similar products. For example, TenX and a range of other cryptocurrency debit card providers will compete for their share of the market.
  • Potential crackdowns. In January 2018, Visa terminated its relationship with cryptocurrency card provider WaveCrest, which affected Bitwala, Xapo, Wirex, TenX and others. Monaco wasn’t affected by this crackdown as it contacts the Visa payment system via Wirecard, a provider based in Germany. However, it’s still important to be aware of the risk for future disruptions or Visa policy changes that could have a big impact on the value of MCO.
  • Code rewrite. Past performance is never a reliable indicator of future performance, but it’s always a good idea to look back at the historical performance of a crypto to find out what affects its value. For example, in November 2017, MCO experienced a sharp drop in value after Monaco announced a code rewrite that would remove an asset smart contract scheme from the project.
  • Roadmap. Want to know what’s next for Monaco to stay abreast of factors that could affect the value of MCO? Check out the roadmap and milestones on the Monaco website.

By taking all of these factors into account, you’ll be able to make an informed choice about whether to buy MCO.

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping Australians find the right home loans and savings accounts. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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