6 Crypto Exchanges That Still List Monero (XMR)
Reading Time: 4 minutesMonero offers much better privacy than almost all other cryptos—which is precisely why some exchanges won’t list it.
Monero (XMR) is a popular privacy coin known for its heightened anonymity. But as this cryptocurrency has increased in popularity and prevalence, it has faced a good deal of controversy, causing certain exchanges to delist it for trading. But worry not; plenty of popular exchanges still list Monero. So, who’s still open for Monero trading?
Why Monero Is Criticized
A cryptocurrency receiving pushback is nothing new, but Monero is a particularly fragile topic among investors. Some love this asset, while some steer clear. But why is this the case?
It’s important to note that Monero is essentially untraceable. On a regular blockchain, such as Bitcoin, you can mask your identity, but only to a certain extent. While your name and contact details will not be publicly displayed on the blockchain, your public wallet address, which is viewable, can be traced back to you. This isn’t easy to do, but it is possible.
Monero, on the other hand, does not display wallet addresses and employs various protocols, such as ring signatures, to maintain the user’s anonymity. While this sounds great, it can also be used by criminals to hide illegal online activity.
Monero is popular on the dark web as a form of currency because it’s much harder for law enforcement to trace than Bitcoin. As criminals become aware of Bitcoin’s traceability, the demand for Monero payments grows. In this sense, some view it as a dangerous asset. While Monero is by no means illegal, it is commonly used in illegal activities.
There are also regulatory issues surrounding Monero, as it does not provide authorities with a way to uncover identities. As a result, many see this as a security risk, which may lead to further fraud and money laundering.
Because of the controversy surrounding Monero, it was delisted by Huobi, a major exchange, along with several other privacy coins. Huobi delisted Monero so that it could comply with global regulations. Huobi didn’t specifically reference the regulations it was trying to adhere to, but many assume that the nature of privacy coins alone is enough to cause concern.
But Huobi wasn’t alone in its decision. Other big names, such as Bittrex and ShapeShift, also decided to stop supporting Monero. Some exchanges, like Coinbase, never listed Monero or other privacy coins like ZCash to begin with.
Such major exchanges delisting such a major asset caused a lot of discussion around the legal and ethical parameters of privacy coins. But if you’re still interested in Monero, where can you buy it?
1. Binance
Binance is the world’s most popular cryptocurrency exchange. Launched in mid-2017 by Changpeng Zhao, it has quickly risen to become one of the best-known names in the crypto game.
Binance lists over 350 different cryptocurrencies, including ERC-20 tokens, stablecoins, and, of course, Monero. Buying Monero on Binance is quick and easy and only takes a minute or two once you’ve set up your account and verified your identity.
2. Kraken
Kraken is a popular centralized crypto exchange you can use on your desktop or smartphone. Kraken lists over 120 different assets for trading, including Monero. You can buy your chosen amount of XMR instantly on Kraken as long as you’ve verified your identity.
However, it is worth noting that Kraken delisted Monero for UK-based customers in late 2021. So, if you’re a customer within the UK, consider one of the other exchanges listed here.
3. Crypto.com
Founded in mid-2016, Crypto.com has amassed an impressive base of over 60 million users since its launch. And, if you’re looking to trade Monero, this could be the exchange for you.
Crypto.com also provides in-depth statistics and information on its supported assets, including Monero. So, you can get a good idea about Monero’s value, history, and market dominance before you make a purchase.
4. OKX
OKX (formerly known as OKEx) is a Seychelles-based crypto exchange that supports the trade of a wide range of assets. OKX lists all the big names, including Monero, which you can buy or sell on the platform. You can grab some XMR super quickly using OKX once you’ve completed the identity verification process.
It’s important to note that OKX is unavailable to those residing within the US. If this is the case for you, check out the other options. But if you’re not within the US, there’s a good chance you can still use OKX, as it supports over 100 countries worldwide.
5. KuCoin
KuCoin is a centralized cryptocurrency exchange based in Seychelles. You’ve likely heard of KuCoin before, as it’s become very popular in the crypto market. And, if you’re looking to buy your own holding of Monero, KuCoin may be the platform for you.
KuCoin allows you to trade XMR in three trading pairs: Bitcoin/Monero, Ethereum/Monero, and USD Coin/Monero. The exchange provides useful charts to help you understand each pair better if you’re unsure which to choose. You’ll need to create an account and verify your identity first, but then you’ll be all set to make your first purchase.
6. Phemex
Our last choice today is Phemex, a Singapore-based crypto exchange founded in 2019. While Phemex isn’t as popular as some other exchanges mentioned here, it’s still a solid exchange you can use to buy Monero. Like most other exchanges, Phemex uses identity verification, but once this is done, you can buy Monero quickly and easily.
However, like OKX, Phemex is not available to US residents. If you’re based in the US, consider one of the other options listed here that are available in this region.
Monero Is Often Criticized, But Can Still Be Bought
There’s no doubt that Monero has been in hot water over its anonymity. But this is still a legal asset that can be traded. So, if you’re interested in Monero, check out the exchanges listed above to see where you can make your first purchase of the world’s most popular privacy coin.
And remember, there is nothing wrong with wanting to protect your privacy with a privacy-focused crypto like Monero!