If you were able to seize the opportune moments when the Monero price hit a favorable low and swiftly purchased Monero, chances are you have already reaped some significant profits. However, if buying Monero, the crypto asset that took the concept of privacy to another level, might have appeared straightforward, selling it directly for USD can be more challenging and less readily available.
When looking to sell Monero, you will find that the coin is paired against BTC, USDT, and ETH on most exchanges. But if you are a new trader looking to exchange Monero with fiat money, you will find fewer options to sell Monero to USD.
However, there are still some exchanges where you can sell XMR for a US dollar or, in other words, convert XMR to USD. So, in this article, we will delve into some of the best Monero exchanges to sell XMR securely.
Besides, you will also find out where you can buy Monero if you are just starting, as on these platforms, you can also buy XMR or other crypto assets. Enjoy!
Best Exchanges to Sell Monero (XMR)
Kraken – The Best Exchange to Sell Monero Overall
Kraken is one of the most popular exchanges on the market, supporting many crypto-to-fiat options, as well as contract and margin trading. This San Francisco exchange, which was launched in 2011, complies with US regulations and thus offers around 20 cryptos for trading, including Monero. Traders worldwide and in the USA, except those based in New York, can use the platform and its services.
The exchange also supports direct USD/XMR trading. Users can fund their accounts with US dollars by wire or bank transfer. But while it is convenient to sell XMR to USD or vice versa, Kraken has a disadvantage as it has relatively low trading volumes on this pair. According to CoinMarketCap, the 24-hour trading volume at the time of writing this article was $1,053,001 for the XMR/USD pair.
If you plan on placing small orders of several hundred dollars, there won’t be much of a problem. But the issue of slippage might occur for larger orders and XMR trades.
Fees are based on the maker-taker model, with higher monthly trading volumes benefiting from lower fees. If you trade below $50,000 in monthly volume, the maker-taker fees are 0.16% and 0.26%, respectively. The higher your trading volume is, the more discounted your fees will be. The highest amount you can reach is $10,000,000 a month, where the maker fee is zero, and the taker fee becomes 0.10%.
While you can open an account on Kraken and trade Monero or other cryptocurrencies without passing the KYC or AML, the withdrawal limits are low, and you cannot deposit or withdraw in any of the available fiat options if you have not completed your KYC.
Other fiat currencies supported by Kraken are GBP, EUR, CHF, AUD, and CAD.
The withdrawal fee for Monero is 0.0001 XMR, with a minimum amount set at 0.01 XMR.
The USD withdrawal fees vary based on the method or processor selected, as well as the processing times:
(MVB Bank)20 USD4 USD0-1 business days (cutoff at 4 pm EST)US onlyFedWire
(Etana Custody)150 USD35 USD1-5 business days
or instantUS only*FedWire
(Synapse)20 USD5 USD1-2 business daysWorldwide*SWIFT (Etana Custody)150 USD35 USD3-5 business days or instantWorldwide*SWIFT (Bank Frick)100 USD13 USD1-5 business days
Bitfinex – Best Option for Non-US Users
Bitfinex is among the most established cryptocurrency exchange companies where you can buy Monero, sell XMR, trade XMR, and other cryptocurrencies. The platform boasts one of the highest USD liquidity for Bitcoin and offers diverse trading and ordering options. Currently, Bitfinex has the second-highest XMR/USD volume, with $129,847 traded in the last 24 hours.
The exchange has more than 450 market pairs that can be traded against USD, as well as EUR, BTC, ETH, and many other crypto assets and fiat assets. The XMR/USD pair is also supported on the site.
There are several ways in which deposits and withdrawals can be carried out on the platform. You can convert Monero to USD and withdraw via debit or credit cards and bank wire.
Bank wires can have a deposit and withdrawal fee of 0.100%, with a minimum fee of 60 (USD/Euro).
The maker is between 0.100% and 0.0%, while the taker fee ranges between 0.200% and 0.055% depending on your 30-day trading volume. However, the platform also has a USD converter, so you can see exactly how much USD you will get for your currency.
Trading under USD 500,000 has higher rates, and to be able to get the lowest fees, you would have to trade at least 30 million dollars in a month.
LocalMonero – Best P2P Trading Platform for XMR
While not exactly an exchange, LocalMonero is a P2P trading platform that allows the exchange of Monero for fiat currencies. The website has been active for several years now, having quite a developed user base of sellers and buyers.
There are many ways people can sell Monero to USD by using the platform. The first option would be to meet in person with the buyer and receive a fiat currency for your XMR.
Another method is to receive cash from the buyer via the USPS mail system. This payment method is rather risky for the buyer (even if there is no complete control), but if they trust you, maybe they will go for this option.
There are also several online payment methods, such as Western Union, MoneyGram, PayPal, etc., that can be used to receive USD to your account.
How Do I Sell My Monero?
In order to sell your Monero, you must follow these steps:
Choose a reputable cryptocurrency exchange that supports Monero trading.
Create an account on the chosen exchange and complete the necessary verification process.
Deposit your Monero into the exchange’s wallet.
Place a sell order specifying the amount of Monero you want to sell and the desired price.
Once a buyer matches your sell order, the transaction will be executed, and you will receive the corresponding funds in your chosen currency.
Is It Illegal to Sell Monero?
No, it is not illegal to sell Monero or any other cryptocurrency. Monero is a legitimate digital asset that can be bought, sold, and traded on various cryptocurrency exchanges. However, it is essential to comply with the laws and regulations of your jurisdiction regarding cryptocurrency transactions and taxation.
Can You Cash Out Monero?
Yes, you can cash out Monero by selling it on a cryptocurrency exchange and converting it into a fiat currency such as USD, EUR, or another supported currency. The process involves finding a reliable exchange that offers Monero-to-fiat trading pairs and following their procedures for selling and withdrawing funds. You can use for this process Kraken, Bitfinex, or LocalMonero.
Where Can I Sell Monero Crypto?
Monero can be sold on various cryptocurrency exchanges that support XMR trading. Some popular exchanges for selling Monero include Kraken and Bitfinex. Choosing an exchange with a good reputation, high liquidity, and secure trading infrastructure is advisable.
In conclusion, when it comes to selling Monero (XMR) and converting it to dollars, there are a few notable exchanges that offer reliable services, and if this is your first purchase of this type, or if you want to buy cryptocurrencies including XMR in the future, this article will help you.
However, when considering converting XMR to US dollars from your cryptocurrency portfolio, it’s important to assess factors such as trading volumes, fees, and available withdrawal options by doing your own research. By carefully evaluating these exchanges, you can make informed decisions to efficiently sell your Monero and navigate the world of different cryptocurrencies.
The post Best Monero (XMR) Exchanges | Easiest Ways to Sell Monero For USD appeared first on Coindoo.