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How to buy Monero (XMR) in Australia

Everything you need to know about privacy coin Monero and how to buy XMR in Australia.

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Swyftx Cryptocurrency Exchange

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Monero (XMR) is a decentralised and 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.

If you want to find out more about how this cryptocurrency works or how you can buy Monero in Australia, keep reading.

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.
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Quick guide: How to buy XMR

  1. Register for an account with a cryptocurrency exchange like Swyftx.
  2. Verify your account.
  3. Go to the deposits section
  4. Select your preferred payment method and confirm.
  5. Go to the buy section and select the cryptocurrency you want to buy.
  6. Enter how much you want to buy, or how much you want to spend.
  7. Double check the details and confirm your purchase.
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This is our quick guide to just one way to buy XMR. Compare some other options in the table below.

Where to buy, sell or trade XMR

You can buy Monero on an extensive range of cryptocurrency exchanges, including:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Credit card,Cryptocurrency,Debit card,Osko,PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 23+ more

204
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Electronic Funds Transfer,Wire transfer,Osko,PayID,Ethana Custody
USD, EUR, GBP, JPY, CAD, CHF, AUD

43
cryptocurrencies

Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Credit card,Cryptocurrency
USD, EUR, AUD, CAD, CHF, CZK, DKK, GBP, HUF, ILS & 20+ more

115
cryptocurrencies

Trade various coins through a global crypto to crypto exchange based in the US.
Cryptocurrency
USD, EUR, GBP, JPY

164
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
HitBTC Multi-currency Exchange
HitBTC Multi-currency Exchange
Bank transfer (SEPA),SWIFT
USD, EUR

212
cryptocurrencies

Buy crypto with fiat (USD/EUR) and trade over 150 other digital assets on this Europe-based exchange platform.
Credit card,Cryptocurrency
USD, JPY, RUB, EUR

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
Credit card,Debit card
USD, EUR, GBP, AUD, CAD, CHF, HKD, JPY, PHP, ZAR & 30+ more

146
cryptocurrencies

Access competitive crypto-to-crypto exchange rates for 150+ cryptocurrencies on this global exchange.
Credit card,Cryptocurrency,Debit card
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

210
cryptocurrencies

Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Huobi Cryptocurrency Exchange
Cryptocurrency
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+MORE

234
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Indacoin Cryptocurrency Exchange
Credit card,Debit card
USD, EUR, RUB

158
cryptocurrencies

Use your credit or debit card to buy bitcoin and other cryptocurrency without having to verify your identity.
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Compare up to 4 providers

How to buy XMR

If you want to buy XMR, here’s how to do it:

Step 1. Register for an account with an exchange that allows you to buy XMR

The first thing you’ll need to do is search for an account that lists XMR in one or more currency pairings or choose from our list above. Once you’ve found a suitable exchange, provide your email address and create a secure password to register for an account.

On some platforms, this is all you need to do before you can start trading. However, many exchanges require additional information, including your full name, contact details and a valid form of photo ID, to satisfy KYC (know your customer) laws. You’ll need to provide those before you can buy any Monero, and it’s also a good idea to enable two-factor authentication on your account for extra security.

Step 2. Deposit funds into your account

Unfortunately, many cryptocurrency exchanges don’t allow you to exchange fiat currency, such as Australian dollars (AUD), for XMR. As a result, you may need to own or buy a crypto that’s listed in a currency pairing with XMR, such as Ethereum (ETH) or bitcoin (BTC), before you can exchange it for Monero.

However, CoinSpot is one exchange that does allow you to trade AUD for XMR. On your CoinSpot account dashboard, click the “Deposit AUD” link and enter your desired deposit amount. Alternatively, you can deposit cash at a newsagency via Blueshyft.

Step 3. Buy XMR

Navigate your way to the markets section on your chosen exchange, then search for the currency pairing you want, for example, BTC/XMR. If you’re using CoinSpot, you’ll need to click on the “Buy/Sell” link at the top of the page and then search for “XMR”. Once you’ve clicked on “Buy XMR”, you can enter the amount of NEO you want to buy or the amount of AUD you want to spend.

Before finalising your purchase, make sure you review the full details and total cost of the transaction.


How to sell XMR

If you want to sell your XMR, look for the “Sell XMR” link on your chosen exchange and then follow a similar process to that detailed in Step 3 above. However, remember that as exchanges don’t list every potential currency pairing, it may not be possible to trade your XMR for the currency you want straight away.


Which wallets can I use to hold Monero?

Due to the security risks associated with cryptocurrency exchanges, storing your XMR on an exchange for an extended length of time is not recommended. Instead, it’s generally safer to set up a secure wallet for storage.

You can download the official Monero wallet for Windows, Mac, Linux and other operating systems. If you’re searching for mobile and light wallets, My Monero and Monerujo are two options worth considering. A dedicated Monero hardware wallet is still a work in progress.


How Monero works

Monero can trace its origins back to 2012 when Bytecoin, the first real-life use of the Cryptonote application layer protocol, was launched. However, the Bytecoin blockchain was later forked and, in April 2014, BitMonero was launched.

Eventually renamed Monero, this digital coin aims to offer a feature important to many cryptocurrency users: privacy. While the world’s most well-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. It relies on three key features to ensure the privacy of transactions:

  • Ring signatures protect the sender’s identity.
  • Ring confidential transactions (RingCT) obscure the amount sent.
  • Stealth addresses protect the identity of the recipient by ensuring that their funds can’t be linked to their wallet.

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 being refused by vendors or exchanges due to their association in previous transactions, for example theft.

Learn more about Monero in our step-by-step guide.


Key things to consider if you’re thinking about buying Monero

Before buying any cryptocurrency, it’s important to be aware of just how complicated, speculative and volatile this asset class can be. You’ll also need to familiarise yourself with all the risks and potential benefits of a currency before you buy.

If you’re thinking of purchasing XMR, consider the following factors first:

  • Supply. According to CoinMarketCap at the time of writing (15/02/18), the circulating supply of Monero was 15,722,547 XMR. There’s also a permanent fixed production of 0.3 XMR per minute to counteract lost coins.
  • Value. Monero gets its value from the number of people who are willing to buy it. From the FAQs on the Monero website: “If no one is willing to buy Monero, then it will not have any value. Monero’s price increases if demand exceeds supply, and it decreases if supply exceeds demand.”
  • Acceptance. A critical factor that will help determine the value of Monero is the number of merchants that accept XMR as a form of payment. You can find an extensive list of places where Monero is accepted on the coin’s website.
  • 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.
  • Competitors. 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). Check out our comparative analysis of privacy coins for more details.
  • 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.
Disclaimer: 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.

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