Monero is currently the king of privacy coins, leading all coins in this category in terms of both market capitalization and real-world adoption. In this article, we will show you how to buy Monero with a credit card and highlight the most important pros and cons of using this Monero purchase method.
Main highlights:
- You can buy Monero with your credit card using platforms such as Kraken, KuCoin, ChangeNOW, and Atomic Wallet
- Buying cryptocurrencies with credit card is very convenient and fast
- However, this method of purchasing cryptocurrencies is also expensive in terms of fees and is not private.
Privacy implications of purchasing Monero with a credit card
Naturally, privacy is a very important topic when discussing anything related to Monero. After all, Monero's main goal is to function as a completely private digital currency.
If you buy XMR thinking the price will go up, purchasing with a credit card may be justified. However, if you are concerned about your privacy, purchasing Monero using a credit card is not a good idea.
Services that allow you to purchase XMR with a credit or debit card require you to pass an identity verification process. Once you withdraw your XMR from an exchange and start using it in your own wallet, your Monero transactions will be private, but the exchange will always have information about when you purchased XMR, how many coins you purchased, and when you left the exchange. A record of withdrawals will be kept. .
Previously, the most private way to buy Monero with fiat currency was LocalMonero, a platform that facilitates peer-to-peer trading between XMR buyers and sellers. Although LocalMonero has been shut down, there are many alternatives to LocalMonero that you can use to get Monero privately.
How can I buy Monero with a credit card?
Now that you understand the privacy implications of purchasing Monero using a credit or debit card, let's take a look at the best options currently available on the market for purchasing XMR with a credit card.
kraken
Kraken launched in 2013 and is one of the most established cryptocurrency exchanges in the industry. With over 10 years of operation, we have built a strong reputation as one of the safest and most reliable cryptocurrency trading exchanges. With its competitive pricing structure and wide range of listed cryptocurrencies, Kraken is a solid choice for both beginners and experienced users.
Kraken offers users the ability to purchase cryptocurrencies, including Monero, directly using a debit or credit card. This exchange supports Visa and Mastercard cards with 3D Secure enabled. Minimum purchase limit is $10, maximum purchase in 7 days is $5,000.
Please note that Kraken does not list Monero in all jurisdictions. Depending on your location, you may not be able to purchase or trade XMR on Kraken.
Buy Monero with Kraken
Kucoin
KuCoin is a cryptocurrency exchange founded in 2017 that is well known for offering a huge variety of cryptocurrencies, including many low market capitalization coins that are difficult to find on other major exchanges. Masu. With the ability to trade over 800 cryptocurrencies, KuCoin has established itself as a popular platform for altcoin enthusiasts.
More than just a marketplace for low-cap altcoins, KuCoin has grown to become one of the largest crypto exchanges by trading volume, making it a solid choice for those looking for a complete crypto trading experience.
One of the features that KuCoin offers is the ability to purchase cryptocurrencies (almost) instantly using a credit or debit card. This feature also supports Monero, allowing users to pay with over 30 different fiat currencies.
Buy Monero with KuCoin
Change now
ChangeNOW is a cryptocurrency exchange platform that allows you to easily exchange between different types of tokens and purchase a wide range of cryptocurrencies with your debit or credit card.
Please note that ChangeNOW does not directly facilitate the purchase of cryptocurrencies by credit card. The platform integrates with various cryptocurrency onboarding solutions (such as Simplex) that actually process the transactions. However, from the user's perspective, the experience is very seamless.
If you're looking for a quick way to buy Monero with minimal hassle, ChangeNOW is definitely an option worth considering. However, if you are looking for a more traditional cryptocurrency exchange experience, there are better options on the market.
Buy Monero with ChangeNOW
atomic wallet
Atomic Wallet is a popular multi-currency cryptocurrency wallet that offers users the convenient ability to purchase cryptocurrencies instantly with a credit card.
Similar to what we have seen with ChangeNOW, Atomic Wallet does not directly handle exchanges between fiat currencies and Monero. Instead, we integrated a third-party cryptocurrency onboarding solution that processes credit card transactions and sends purchased Monero to users' Atomic Wallet accounts.
If you are interested in using Monero as a multi-cryptocurrency wallet as well, Atomic Wallet is a solid choice for purchasing Monero. On the other hand, if you are only interested in Monero, you are better off using a dedicated Monero wallet, which offers more features.
Buy Monero with Atomic Wallet
Purchasing virtual currency with a credit card can be expensive
Buying cryptocurrency with a credit card is quick and convenient, but be aware that there are usually higher fees compared to other payment methods such as bank transfers. In fact, buying cryptocurrencies with a credit card is probably the most expensive way to buy cryptocurrencies (other than Bitcoin ATMs) considering the fees involved.
If you want to buy Monero but are not in a hurry and want to save on fees, we recommend depositing fiat currency into Kraken from your bank account and buying Monero using the exchange's spot market. It's more time consuming than using a credit card (the deposit takes longer to hit your account), but you'll earn more XMR for your money.
Ultimately, you'll have to weigh whether the convenience of using a credit or debit card is worth the additional cost.
conclusion
While it is certainly possible to purchase Monero with a credit card, you should keep in mind that there are trade-offs in terms of privacy and spending. The bottom line is that buying Monero using a credit card is fast and convenient, but it's expensive and not very private.
If you want to learn more about what makes Monero unique, be sure to read our introduction to privacy coins.
