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Best Online Broker 2023 / Monero Trading Sites 2023

Monero Trading Sites 2023

COMPARE THE BEST TRADING SITES FOR MONERO IN 2023

Cody Michaels
Cody Michaels
Last Updated on 02/02/2023
Fact checked by: Alexander Foster

Welcome to Strafe.com – where all crypto-related topics come to the fore. If you are after enhanced privacy when buying, selling, or holding crypto then Monero crypto (XMR) might be the digital currency for you.

Our latest guide will outline all you need to know about Monero crypto. From its reputation as a highly-anonymous form of digital currency to the latest use cases. We’ll also provide you with a step-by-step outline on how to trade Monero. All you need to do is keep reading to find out more.

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Monero: Pros & Cons
  • Focus on absolute privacy
  • Extremely secure and fast
  • Monero is fungible
  • Listed on various crypto exchanges
  • Has been linked to illicit use

History of Monero

If you are wondering how Monero crypto has come to be, a short history is always a great eye-opener. Monero crypto has its origins in a white paper that was written back in 2013, in which the concept of what is known today as Monero, was established. The idea centered around complete privacy and the fact that digital currencies should incorporate anonymity beyond compromise.

After the release of this paper, a forum user on Bitcointalk conceptualized the ideas implicit in the above-mentioned white paper into a coin. However, the coin – which was called BitMonero. – did not appeal to the wider community. Thus, it was forked into Monero in 2014. Today, Monero (XMR) continues to gain traction in the crypto community. So much so that Monero has one of the largest communities of developers behind Bitcoin and Ethereum.

Development - What kind of crypto is Monero?

Naturally, coverage of bitcoin trading can be found far and wide on the internet. Bitcoin is synonymous with crypto the world over and it needs little introduction. Monero may be somewhat behind in terms of adoption but this certainly doesn’t mean it isn’t widely used. The development of Monero crypto has been undertaken by a team of core developers since its inception. However, the community has grown exponentially and this is evident in the versatility as well as popularity of the coin today.

As outlined in the previous section, Monero was launched in 2014 and owes its existence to an earlier Bytecoin which didn’t quite capture the hearts and minds of the crypto community. Once forked, it gained traction due to increased block time, enhanced anonymity, and a much better rewards system. In 2019, Monero went through a major change whereby ASIC support was replaced by CPU support. This algorithm change was touted by many to potentially increase the vulnerability of the blockchain but has not materialized as such up until the present day. In May 2020, the team at Monero implemented a new zero-knowledge test which facilitates quicker transactions.

Statistics and major facts - getting to know the technical side of Monero crypto

There are a host of technical details that come with any cryptocurrency. It’s important to have a clear picture of this before you consider buying the asset. This applies across the board when you look to buy crypto coins online. Below, we’ve touched on the statistics that underpin Monero crypto.

Monero crypto has an unlimited supply whereby the maximum number of coins has not been capped. This is obvious in complete contrast with a digital currency such as Bitcoin and Bitcoin Cash, and don't worry if you're asking "what is Bitcoin cash?", we go into that in more detail too. At the time of writing, the supply in circulation exceeds 18 million. This is set to increase considerably as Monero continues to rise in popularity.

The algorithm that has been implemented is known as RandomX which is a proof-of-work algorithm. However, it functions differently to that of other technologies because it is designed to resist ASIC mining. Recently, developers embedded another system, known as zero-knowledge proof. This method ensures that transaction values are obscured – contributing to the notion that Monero crypto provides the utmost privacy from start to finish.

Technologies such as ring signatures and ring confidential transactions also mean that the addresses of users who transact using Monero crypto are private and are not openly-stored on the blockchain. Another feather in the cap of those developers who are committed to maintaining anonymity.

Security, features, and use cases of Monero

We’ve certainly hammered on about the privacy that comes with Monero crypto. However, it is the cornerstone of this cryptocurrency and continues to provide enhanced measures whereby users’ identities and transactions are obfuscated. This in fact, not only ensures a high level of security, but is also seen as the leading ‘use case’. Customers who trade Monero crypto do so because it is possible to remain as anonymous as possible. Yes, transactions are still stored on a decentralized and public ledger. However, all aspects relating to transactions are not transparent.

The latest use cases for Monero crypto are less obvious. However, this isn’t owed to the fact that the blockchain and cryptocurrency itself is unreliable. The fact is that developers seem to have focused on the actual digital coin more than use cases of the underlying technology. Decentralized application and smart contracts simply aren’t at the forefront of Monero. Therefore, you will come to find that that coin, purely from a privacy standpoint, is what has led to its popularity. For those who wish to make use of private transactions which are untraceable, the go-to digital coin would be Monero. Monero does this by creating a multitude of wallet addresses which ensures that details pertaining to a transaction are not recorded. Potential use cases of Monero may well evolve over time as cryptocurrencies become more intertwined in traditional sectors of society.

At Strafe.com, we have also tailored a guide which answers and explains, Where can I buy Polkadot crypto, and guides on the most notable cryptocurrencies currently in existence. All you need to do is check in with us on a regular basis and you’ll always be at the forefront of the latest crypto developments.

How to trade Monero - get to know the process

Much like our overview on how to buy Dogecoin, we bring you a complete rundown of how you can trade with Monero crypto. This will ease your transition and enable you to set up a trading account in a matter of minutes! See our step-by-step guide below. Bear in mind that the process of trading Monero will be pretty similar across platforms.

Download a wallet

If you wish to buy or sell Monero, you’ll need to get a digital wallet which can store your Monero crypto safely. If you are unsure of how to go about this, Strafe.com provides you with an abundance of up-to-date resources on the matter. It’s important to realize that you will need to use your third-party wallet to make deposits on a number of crypto exchanges. However, it also possible to make deposits using fiat currencies – if accepted on the respective exchange. All in all, having an internal or external crypto wallet is a good idea.

Find an exchange/platform that works for you

There are plenty of exchanges that trade Monero (XMR) today. All you need to do is make sure you find the right online broker or exchange that meets all your trading requirements. Fortunately, all you need to do is take a look at our latest online trading reviews here at Strafe.com. What we can tell you right off the bat is that you should be open to an online trading site such as Plus500.

Create an account

Once you have read our trading reviews, you will need to open a valid account. You can visit the online trading site’s official website and complete the registration process. Once you have made a deposit using an online payment solution or your crypto wallet, you’ll be free to trade Monero crypto. Bear in mind that you can trade Monero crypto and fiat currency pairs, trade Monero and alternative crypto pairs, or buy Monero outright.

Future outlook of Monero - optimistic over the medium term

Based on past movements, Monero crypto has proved resilient. It continues to perform and recoup lost value after major crypto sell-offs. The adoption of enhanced privacy technologies have proven beneficial in ensuring that Monero crypto maintains its brand as being a coin which focuses on confidentiality throughout the process of buying, selling, or transacting. It is a characteristic which may well only become more popular in the medium- to long-term.

The optimistic outlook of this cryptocurrency can also be related to how many companies use Monero crypto today. It is clear that traders are confident about future trends and have taken to the fact that the blockchain retains as much privacy as possible. One of the biggest attractions behind crypto is the autonomy it provides customers and Monero has capitalized on this.

Reputation and customer feedback - gaining significant traction

As with all cryptocurrencies, there has been mixed feedback. However, the general consensus amongst customers who have bought and sold Monero crypto seems to be positive. Users of Monero have been taken by the additional privacy and anonymity that comes with transacting with this digital coin. This means that trades using Monero are pretty much untraceable and many customers use Monero for this exact reason. It has also been noted that mining Monero requires less computational power which has been welcomed by the mining community. Developers within the Monero network have grown considerably.

If you have always wanted to buy XRP, head on over to our latest guide at Strafe.com. We’ll provide you with in-depth coverage of the cryptocurrency so that you know precisely what XRP is and how you can go about trading it.

Overall conclusion - Monero crypto

Monero crypto has revolutionized the concept of what it means to have complete privacy when transacting with digital currencies. XMR is fungible and enables users to utilize the underlying blockchain while obscuring personal details and addresses. This has led to XMR being associated with illicit markets where absolute anonymity is required. However, this should not overshadow the versatile use cases and potential inherent in Monero crypto.

At Strafe.com, our experts have an affinity for crypto and online trading in general. If you ever wish to broaden your perspective regarding online trading, be sure to visit our website. Find out more about the best tether trading amongst a myriad of other insightful and helpful guides, reviews, and tips.

Disclaimer: This is not investment advice. We wanted to highlight the for and against arguments on making Monera a popular digital coin for cryptocurrency enthusiasts. We included the ins and outs of the currency for those who may be interested.

Monero crypto FAQ

👀Where can I trade Monero crypto online?

Once you find a cryptocurrency that you would like to trade, it is important that you know where and how to trade it. There are a large number of different crypto exchanges in 2023. Different exchanges will have a slightly different process whereby you start to trade. At Strafe.com, we strive to bring you the latest coverage of the most popular cryptocurrencies, such as the best EOS trading and much more. Read our guide to Monero crypto to find out where you can trade it.

❓How many companies use Monero crypto?

You’ll come to find that certain cryptos are more popular than others. This comes down to a variety of different factors. For instance, the best Ethereum trading sites continue to gain traction and have a loyal following while new traders are always looking to get involved. In our latest guide to Monero crypto, we’ll be sure to bring you insightful tips and information on this cryptocurrency.

💯Does Monero crypto have a good reputation?

It’s always a good idea to find out whether a particular crypto you wish to trade with has a solid reputation and positive customer feedback. If not, you might want to steer clear of it and possibly look into alternatives. For this reason, we have tailored a Monero crypto guide for your convenience. Find out more about the history, use cases, reputation, and much more simply by reading our guide here at Strafe.com. You can also find a myriad of other resources such as how to buy litecoin and the latest reviews of online brokers.

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