Table of Contents
- What is Monero?
- What are Monero exchanges?
- 1) Poloniex – Low fee Cryptocurrency Exchange
- 2) HitBTC – Real-time clearing cryptocurrency exchange
- 3) Bittrex – US-based cryptocurrency exchange
- 4) Novaexchange – 24/7 trading cryptocurrency exchange
- 5) ShapeShift – fastest cryptocurrency exchange
- Other Cryptocurrency Exchange Guides
What is Monero?
Monero is simply a private and untraceable currency that is open-source and freely available to all. You are your bank, you control your funds, and your transfers are untraceable. Using the power of a distributed peer-to-peer consensus network every transaction is cryptographically secured. Individual accounts have a 25-word mnemonic seed displayed when created, and can be written down to back up the account. Account files are encrypted with a passphrase to ensure they are useless if stolen. The cryptocurrency uses a cryptographic system to allow you to send and receive funds without your transactions being revealed on the blockchain (the distributed ledger of transactions). This ensures that your purchases, receipts, and all transfers remain absolutely private by default.
Originally launched in April 2014 as BitMonero, Monero (symbol XMR) means money in Esperanto. Monero, a fork of Bytecoin, is a secure, private and untraceable currency, built on the Cryptonote protocol. The focus on privacy has attracted illicit use by people interested in evading law enforcement. The egalitarian mining process made it viable to distribute the mining effort opening new funding avenues for both legitimate online publishers and malicious hackers who covertly embed the mining code into websites and apps.
Monero Mining Pools
What are Monero exchanges?
XMR is the short form of the Monero cryptocurrency. Just as other cryptocurrencies, Monero can be exchanged as a currency for another currency (mostly bitcoin).
Below is a list of actual websites (or even web-resources) that allow exchanging of Monero for BTC (a “ticket” for bitcoin) or vice versa.
Now let’s take a look at the top five (5) Monero exchanges there are;
Top 5 Monero Exchanges of 2018
Here are the top 5 places for Monero Exchanges.
1) Poloniex – Low fee Cryptocurrency Exchange
Poloniex is crypto to crypto exchange based in the United States. It went through a major restructuring in 2015 and had added a wealth of features to provide a fully immersive trading experience. The use of technical analysis charts and live chat makes it easy to stay up to date on what is going on in the market as well as price trends before you can take a stand. With Poloniex, security would not be an issue as they take pride in the limited risk factors available. The trading fees are flat at 0.25%, and deposit and withdrawal fees are subject to the blockchain’s specific minimum transaction fee.
2) HitBTC – Real-time clearing cryptocurrency exchange
HitBTC is a leading European bitcoin exchange which provides cryptocurrency trading services to institutions, merchants and individual traders worldwide. HitBTC is a trading platform that commenced in 2013. It is also under the control of Ullus Corporation. HitBTC provides trading operations for the most popular digital currencies including BTC, LTC, DOGE, QCN, NXT, FCN, BCN, and XMR. HitBTC also provides trading functions for prevailing fiat currencies (EUR, USD). When dealing with fiat deposits/withdrawals within the European Union, SEPA transfers are available, and wires from other countries are accepted as well. HitBTC focuses mainly on implementing cutting-edge technologies to cryptocurrency trading. Its core matching engine is the most advanced technological product in its class. It implements real-time clearing (T+0 settlement), advanced order matching algorithms and has been acclaimed for its fault-tolerance, uptime and high availability. HitBTC also provides easy office integration. It is compatible with HFT set-ups, and algorithmic trading systems as well.
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3) Bittrex – US-based cryptocurrency exchange
Bittrex provides individuals and businesses a world-class experience to buy and sell cutting-edge cryptocurrencies and digital tokens. Based and fully regulated in the USA, Bittrex is the go-to spot for traders who demand fast trade execution, stable wallets, and the best security practices in the industry. Bittrex.com is convenient for to use for both novices and experienced users. Bittrex doesn’t only work for Monero, but also NeuCoin and Ethereum as well. The exchange has a very high turnover cryptocurrency. This has made some customers accuse it of allowing pump and dump schemes that erode confidence in the cryptocurrency ecosystem as a whole. Apart from that, they have very good security with two-factor authentication and are the United States based. Trading fees are 0.25% with no reductions and withdrawals are completely free and subject only to the transaction fee specified in the blockchain of the particular cryptocurrency.
4) Novaexchange – 24/7 trading cryptocurrency exchange
Novaexchange is a Sweden-based cryptocurrency exchange that started by offering three base currencies in 2016 (BTC, LTC, and ARI). Today, novaexchange offers a wide range of currencies, fast deposits and withdrawals, and a growing user base. Novaexchange is best-known as an exchange where you can trade coins you won’t find anywhere else. At the time of writing, the most popular pairs by 24-hour trading volume included ATCC/BTC, BDL/BTC, BCC/BTC, and FAL/BTC. Novaexchange has also resurrected dead coins in the past. Recently, Novaexchange made the headline for finally adding support for Ethereum. Previously, most Novaexchange pairs were traded with BTC. You can also pay Novaexchange a fee (1 BTC) to list your digital token on the exchange. The developer will scan your coin for viruses and malware, or anything else that could disrupt the exchange, and then your coin will be listed and available for trade.
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5) ShapeShift – fastest cryptocurrency exchange
ShapeShift is referred to by most people as the fastest way to exchange cryptocurrencies and blockchain assets there is. An interesting part of ShapeShift is that it can be put to use in all countries excluding New York and North Korea. A great advantage is that they do not collect personal data of customers and your funds are not taken by the company. It also offers global trading of a wide range of digital assets using its user-friendly web and mobile platforms. They also offer super speed in that you can swap cryptocurrencies in mere seconds. However, it has a strict “no fiat” policy so you cannot use actual money, neither can you use your credit or debit cards in buying cryptocurrencies. Shapeshift has a unique style among the myriad of digital currency trading companies available and that is exactly what makes them one of the best.
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