Trading cryptocurrencies is now more popular than ever, as it offers a unique way to make a quick profit. There are all kinds of cryptos out there, and some of them proved to be very lucrative for certain traders. One such crypto is Monero (XMR). In this article, we’ll present the best five exchanges where you can swap XMR for other cryptocurrencies or vice versa. Before that, let’s make a quick overview of Monero.
What Is Monero Coin?
One of the best ways to describe XMR is that it’s a privacy-focused crypto based on RandomX, which is a Proof-of-Work algorithm that is resistant to ASICs and compatible with CPUs. Monero’s original author is Nicolas vas Saberhagen.
But where’s Monero today? Let’s take a quick look at how the popular cryptocurrency traded in the past.
Monero has been around since 2014. For a long time, its price didn’t change much, as the crypto was traded at about $0.5. Things started improving in 2016, and the cryptocurrency underwent its first boom in January 2018 when the price reached $495, pretty much when other cryptos were popular, including Bitcoin.
The price then started going down, with occasional fluctuations, until March 2020, which was when the Covid-19 pandemic started. Since then, the price started gradually increasing, making the start of the second peak. The thing is — we still don’t know when the peak will happen, and that’s why Monero is pretty interesting to traders nowadays.
The current price of a single Monero coin is $233, and the current market cap is approximately $3.98 billion. There are approximately 17.8 million XMR circulating at the moment.
Let’s take a look at the best exchanges where you can trade XMR.
Binance is one of the biggest crypto exchange platforms that has been supporting Monero since its start in 2017. Right now you can use XMR and swap it for Bitcoin or Ethereum at Binance. The platform is available for PC, but it also offers an Android and iOS app.
If you’re new to the world of crypto trading, Binance may seem a bit complex to you, and that’s probably because it is. Even though it features a simple view for beginners, the platform is still very difficult to master from the beginner’s point of view.
When talking about Monero, we must mention Godex, which is probably the best decentralized exchange for trading XMR at the moment. If you’re looking for a reliable, anonymous BTC to XMR exchange, you should consider using Godex.
One of the main advantages of this platform is how convenient it is. You don’t even have to open an account to start your trading journey, as everything is done on-the-fly. In other words, you just have to select which units you want to swap, and Godex will do the rest for you.
Godex can be accessed via a mobile browser, as its simple yet intuitive interface loads quickly on a wide array of devices.
Based in Hong Kong, Bitfinex is also a huge online exchange where you can swap Monero for BTC and USD. The platform has been around since 2014 and accepts many other trading pairs, including the ones with fiat currencies. Bitfinex is user-friendly and offers its services for mobile users as well, using a dedicated iOS and Android app.
Kraken probably needs no introduction, as it has been one of the leading crypto exchanges for a long time. If your goal is to trade Monero, you’ll be able to do it by swapping it for USD, BTC, and ETH.
The famous trading platform is best known for its impeccable security protocols that make it very popular among experienced users. Still, the site is considered one of the most difficult to use, so if you’re new to the industry and have no experience trading cryptocurrencies, you might want to avoid Kraken until you master crypto trading.
This is another great option for experienced users as it features plenty of trading pairs and is praised for its quality of service. Still, some caution is required when using Bittrex, especially if you don’t want your account to be frozen for a certain period, which happened with Bittrex before. On the other hand, it’s true that the site has never been successfully hacked (although there have been some allegations). Some of the supported currencies that you can swap with XMR are Bitcoin, Tether, and Ethereum.
To sum up, Monero is more popular than ever, and if you’re looking to make a profit by trading cryptocurrencies, it’s definitely one of the cryptos you should pay attention to and follow its price changes. Feel free to explore the exchanges featured in this article. If you’re new to trading, you might want to start with Godex, as the most beginner-friendly site that makes XMR trading a piece of cake.