How to Buy Monero (XMR) in Nigeria

A Step-by-Step-Guide on how to buy Monero (XMR) in Nigeria

Step 1 – Join Kraken

You will first need to purchase units of the major coins. Exchanges normally accept either Bitcoin or Ethereum in exchange for any other Cryptocurrency. Click below to register and receive your welcome Bitcoin or Ethereum.

Step 2 – Send Your Funds to an Exchange

Your Ethereum or Bitcoin will need to be sent over to an Crypto Exchange now. Every exchange has a deposit form that is identical. Monero (XMR) is obtainable on Binance, so we're going to use that as an illustration. Unsure on how to send Coinbase funds to an Cryptocurrency Exchange? (Just follow this guide)

Make sure you've chosen the precise coin you want to deposit.

BTC must be sent to a Bitcoin deposit address, Ethereum to an ETH deposit address, etc. If you're working with a decentralized exchange, such as Airswap or DDEX could be divergent (Follow our guide).

Step 3 – Find (XMR) Monero

As soon as your deposit has been affirmed, you'll directly have access to your funds and you can initiate purchasing and trading. To purchase Monero (XMR) on Binance, you will want to hover over the tab which is called “Exchange” and after that click on “Basic”.

To spot Monero (XMR), you will need to insert the short name of the asset (XMR) into the search-box, which is marked in the image. Make sure you have choosen the right grouping, we've highlighted this also. Click on “XMR/BTC” to go ahead.

Step 4 – Purchase (XMR) Monero

After you have discovered Monero (XMR), you'll be presented with a Chart with Prices (in the Center of the picture) and some Order Books (Leftside of the picture). And now we're going to make our Limit Order.

The field with the “Price” tag will be filled automatically with the up-to-date valuation Monero (XMR) was traded for. You can change this to your preferred rate. The field with the “Amount” tag is the volumen of XMR you want to buy. The field with the “Total” tag is the aggregated price in Bitcoin that you'll settle for the whole amount of XMR.

If you are glad, click on “Buy XMR”. Your order will be filled as soon as a Seller trades their XMR for the price you gave.

Step 5 – Withdraw (XMR) Monero

Unless you're frequently trading, never keep your coins on an Exchange for an extended time period. In order to take off your (XMR) Monero, hover over the tab called “Funds” and click on “Withdraw”. Monero (XMR) can be stored safely using a Wallet, e.g. MyEtherWallet. (MyEtherWallet Setup Guide)

Find Monero (XMR) by using the given drop-down box. Put into the quantity of (XMR) Monero you'd like to withdraw. Don't forget the displayed fees/minimums. Also make sure you have entered your precise withdraw address.

When you are happy, make a mouse click on “Submit”. You may be requested for phone/email verification ahead of a withdrawal.

Congratulations! You have successfully bought and stored (XMR) Monero in Nigeria.

That's it!

Take offs from Exchange can take anywhere from 1 – 30 minutes (rely on network usage). As soon as you've proved your take off with Etherscan.io or Ethplorer.io and the Monero (XMR) is safe in your wallet, you are finished.