How to Buy Monero (XMR) in South Africa

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

Step 1 – Signup to Kraken

You will first need to purchase units of the top-tier currencies. Exchanges normally accept either Bitcoin or Ethereum in exchange for alternative Coins. Click the button below for registration and receive your welcome Bitcoin (BTC) or Ethereum (ETH).

Step 2 – Transmit Your Bitcoin or Ethereum to an Crypto Trader

Your ETH (Ethereum) or BTC (Bitcoin) will need to be sent over to an Crypto Exchange now. All exchanges have a deposit form that is alike. Monero (XMR) is accessible on Binance, so we're going to use that as an example. Unsure on how to send Coinbase funds to an Exchange? (Follow these easy steps)

Make sure you've selected the correct coin you would like to deposit.

Bitcoin must be sent to a BTC deposit address, ETH to an Ethereum deposit address, and so forth. If you are working with a decentralized exchange, such as Airswap or DDEX could be unlike (Just follow our how-to).

Step 3 – Locate (XMR) Monero

Once your deposit has been approved, you will instantly have access to your finances and you can start purchasing and trading. To invest in (XMR) Monero on Binance, you will want to hover over the tab which is called “Exchange” and after that mouse click on “Basic”.

In order to locate (XMR) Monero, you'll need to insert the short name of the asset (XMR) into the search box, which is marked in the graphic. Be certain of having choosen the correct pairing, we've marked this also. Click on “XMR/BTC” to go ahead.

Step 4 – Buying Monero (XMR)

Once you have spotted (XMR) Monero, you will be presented with a Price Chart (in the Center of the image) and some Order Books (Leftside of the picture). Next we're making our own Limit Order.

The “Price” field will be filled automatically with the latest tariff Monero (XMR) was traded for. This can be changed to your favoured rate. The field with the “Amount” tag is the volumen of XMR you like to purchase. The “Total” field is the total price in Bitcoin that you'll settle for the complete volumen of XMR.

When you're happy, make a mouse click on “Buy XMR”. Your order will be filled when a Vendor trades their XMR for the price you offered.

Step 5 – Withdraw (XMR) Monero

Unless you are frequently trading, best advise is not to keep coins on an Cryptocurrency Exchange for an longer time frame. To take off your Monero (XMR), go to the tab called “Funds” and mouse click on “Withdraw”. (XMR) Monero can be stored safely using a Wallet, for example MyEtherWallet. (MyEtherWallet Setup Guide)

Find Monero (XMR) by using the given drop-down box. Enter the quantity of Monero (XMR) you would wish to withdraw. Take into account the shown minimus/fees. Also make sure you have filled your correct withdraw address.

When you are satisfied, click on “Submit”. You may be asked for phone/email verification ahead of a take off.

Kudos! You've successfully purchased and safed Monero (XMR) in South Africa.

That's it!

Withdrawals from Crypto Trader can take anywhere from 1 – 30 minutes (rely on network usage). As soon as you've confirmed your take off using Etherscan.io or Ethplorer.io and the (XMR) Monero is stored in your wallet, you are all done.