How to Buy Monero with the Lowest Fee
Trading cryptocurrencies has become one of the most popular online methods to make a profit. However, to become a successful trader, you need to understand how to swap cryptos successfully. One of the cryptocurrencies that have been traded a lot lately is Monero. At the time of writing, its 24-hour trading volume is $540 million. It uses XMR as its ticker symbol.
If you happen to have Monero or you’re looking for a way to obtain it, you’re on the right page. We’ll explore the best possible option to buy XMR with the lowest fee. Read on.
Why Do Fees Exist?
To buy cryptocurrencies, you need to use an online crypto exchange. The two popular types of exchanges out there are either centralized or decentralized. Centralized ones are great for buying your first crypto, but their fees are usually high, so we’ll not discuss them in this article. Instead, we’ll focus on decentralized exchanges.
You might be wondering — why are decentralized exchanges more affordable than their centralized counterparts? Decentralized platforms don’t really have a central body that makes trading possible and charges for its services. Instead, they are just tools for peer-to-peer transactions.
Where to Buy Monero?
Chances are that most online crypto exchanges, especially decentralized ones, already accept Monero. The only problem with decentralized exchanges is that often, they aren’t very intuitive and can be quite confusing for newbies. That’s why we will go with one of the simplest online exchanges — Godex.
Godex is decentralized, but it’s designed to make the swapping process easy. It accepts Monero, which can be paired with many other cryptocurrencies, including Bitcoin. The site will show you the latest price of the pair you want to trade. In other words, you can use it as a BTC to XMR calculator, or a calculator for any other trading pair that’s available on Godex.
Buying Monero Using Godex
First of all, you need to access the exchange platform via your browser. Since it’s a decentralized exchange, there’s no need to open an account or leave any other sensitive data on the site. All you need is your wallet address, and the exchange will do the rest for you.
The second step is to select the cryptocurrencies you want to swap. You’ll see two fields where you need to select the cryptocurrency you’re buying and the one you’re selling. We’ll assume that you want to sell Bitcoin in order to obtain Monero.
After selecting the cryptos, you need to enter the address of a wallet where you want to store your Monero. This field is located beneath the converter.
Finally, you need to click on the Exchange button and provide the wallet address where you have Bitcoin. Since Godex is an on-the-fly exchange, the process will begin right away. As you can see, you didn’t have to enter any personal data, such as username, password, email, or anything else.
Monero — Price Overview
Monero is traded at approximately $230 at this moment. Like many other cryptos, it’s highly volatile, so the price often changes. This can help you make a profit if you buy XMR at the right time.
The current market cap of Monero is slightly over $4 billion, and the circulating supply is more than 17 million.
Monero reached its all-time high on January 7, 2018, when a single XMR unit was $495. The lowest amount ever recorded for XMR was just 0.213 on January 14, 2015.
If we look at the 52-week period, we’ll notice that the price increased a lot, mainly because BTC’s popularity has been rising lately. The 52-week lowest was just $26, whereas the highest was $288.24.
Final Thoughts: Should You Trade Monero?
Monero has gained popularity throughout 2020, and this trend is still active. Many people and even entire organizations started investing in cryptocurrencies more than ever, with BTC being their primary target. Still, some of them also paid close attention to XMR as well.
We can’t really say whether you should or shouldn’t buy Monero. But there’s one rule that you need to follow when swapping cryptos: buy when low and sell when high. One thing is certain: Monero has the potential to get even higher in the near future. Then again, all cryptos are volatile, and it’s very difficult to predict where the price will go in the future. Whichever crypto you decide to buy or trade, you’re doing it at your own risk.
