How to Exchange Monero Cryptocurrency

Monero is an open-source, decentralized cryptocurrency that runs on its blockchain and allows anonymous transactions. It is based on CryptoNote technology (ring signatures). Monero is a fork of Bytecoin and launched in 2014. The main difference from many other cryptocurrencies is the inability to track transaction information on the blockchain. In the article, we will talk about the prospects of the currency or ways to exchange XMR to ETH.

Currency Outlook

Monero is highly valued not only by investors and traders but also by blockchain technology experts. It is considered the best anonymous cryptocurrency. And even though its rate can go up or down, like all digital assets (and not only digital ones), the potential is quite good. It would be even better if the coin had a limited supply. Monero's privacy enhancement technology is truly one of the best. Monero is sometimes accused of centralization because almost the entire network hash rate belongs to only three mining pools. This is an undesirable situation. The more distributed the power, the safer. And the leading Monero pool includes almost 40% of all capacities.

Cryptocurrency Exchanges

Exchanges are well suited for buying Monero for fiat or another cryptocurrency and actively trading this coin. They are equipped with the functionality of trading orders, allowing you to conduct the most profitable and fastest transactions. Fiat deposits and withdrawals vary by trade. Cryptocurrency can be deposited and withdrawn usually without any questions, but on some sites, for any action, it is necessary to pass identity verification.

Here is the shortest way to swap your cryptocurrency:

Choose an exchange.
Send your Monero to an account on this service.
Pay transaction fee Money icon.
Switch your XMR to a trader's account.
Exchange Monero for Ethereum at the market price.
Pay exchange fee Money icon.
Switch your ETH to an exchange account.
Pay out your cryptocurrency.
Pay a payout fee.

Crypto Exchangers

Exchangers are considered the easiest and fastest way to buy and swap Monero cryptocurrency, such as Dai to Matic. Although you have to wait a little longer for the operation's completion than on the exchange, the process does not require verification and often registration. It is enough to indicate your email and create a swap request by filling in all its fields: the details from which you will send the payment, the amount, and the wallet address.

Bots in Telegram

This method can be called an alternative solution for working with exchanges. Several exchangers are launching their bots to offer more functionality to users and expand the circle of potential audiences.