Interested in purchasing Monero (XMR) in Canada? We’ve handpicked the best exchanges, including Kucoin, where you can invest in Monero securely and benefit from low trading fees.
Investing in Monero and other cryptocurrencies has never been easier.
Simply sign up on the listed crypto exchanges, complete the identity verification process, and make payments using bank transfers, debit cards, or credit cards, all while ensuring security through crypto wallets.
- Where to buy Monero in Canada
- How to purchase Monero in Canada
- How to safely store Monero
- How to withdraw Monero
Here's a step-by-step guide on how to buy Monero in Canada.
When choosing a crypto exchange to buy Monero in Canada, prioritize platforms with low transaction fees to enhance investment returns, ensure the implementation of robust security protocols to safeguard your assets, and opt for user-friendly platforms with reliable customer support and positive user feedback.
Here are the best crypto exchanges where you can purchase Monero (XMR) in Canada:
+ A well-known crypto exchange platform
+ Low trading and withdrawal fees
+ Secure, many extra features
+ A wide selection of cryptocurrencies
1. Create an account on a crypto exchange
When buying Monero in Canada, the first step is selecting a reputable Monero exchange that operates within the legal framework of the country.
In this tutorial, we will be using KuCoin to purchase Monero (XMR).
2. Secure your account
Ensure stronger protection of your account by setting Google 2FA code, anti-phishing code, and trading password.
3. Verify your account (KYC)
After signing up for the exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process.
4. Add a payment method
Add a credit/debit card or bank account after verifying your KuCoin account.
5. Buy Monero (XMR)
Use a variety of payment options to buy Monero (XMR) on KuCoin.
After creating an account on your preferred exchange, follow these steps below to purchase Monero:
Step 1: Make a deposit or buy Monero (XMR) with a Credit or Debit Card
There are several methods and payment services available for funding a cryptocurrency exchange account. Choose the option that best suits your needs:
Crypto Deposit: If you opt to fund your account through a crypto deposit, you will transfer digital assets from a crypto wallet to your exchange account. Ensure you use the correct address for each supported cryptocurrency on the exchange, as using the wrong address or sending unsupported crypto may lead to a loss of funds.
Bank Deposit (Wire Transfer): Alternatively, you can fund your account through a bank deposit (commonly known as a wire transfer) using supported fiat currencies like USD, EUR, and GBP. Before initiating a bank deposit, it's essential to verify whether the exchange supports your preferred local currency.
Credit Card or Debit Card Purchase: Purchasing Monero via credit card or debit card is not only the easiest but also arguably the most popular option.
Step 2: Go to the trading page and find the relevant crypto trading pair
After funding your account, navigate to the trading page to select the appropriate crypto trading pair. Whether you're looking to trade crypto-to-crypto or crypto-to-fiat, choosing the right pair is crucial for a successful transaction.
Note: In this tutorial, the trading pair used is BTC/USDT, but in this particular case, make sure you choose the correct one (XMR/USDT, XMR/USD, etc.).
Depending on the exchange you’re using, there should be multiple trading pairs available (a trading pair refers to two different assets that can be traded against each other; e.g., XMR/USDT).
As a rule of thumb, most crypto exchanges support both crypto-to-crypto (e.g., XMR/USDT) and crypto-to-fiat (e.g., XMR/USD) trading pairs.
Choose the right trading pair – crypto or fiat – depending on the deposit method you’ve chosen.
Step 3: Make a buy order for XMR
Decide whether to choose Market or Limit order when buying Monero.
Here’s a brief overview of each:
“Limit” order option: set the price at which you want to buy XMR.
“Market” order option: fills out your order at the best price automatically.
If you want to buy XMR when it reaches a certain price, use the Limit order.
Enter the price you desire and the amount of XMR you want to purchase, then click the “Buy” button.
If you want to buy XMR at the latest price, click on the Market tab, then enter the amount of XMR you want to buy. The order should be done almost instantly and the coins will be added to your balance soon.
You are now a proud investor of Monero (XMR)!
Step 4: Store your XMR
The best way to store XMR varies based on your needs and preferences.
While keeping it in your exchange account offers convenience for trading, using non-custodial Monero wallets gives you full control over your private keys and, consequently, your assets.
Store XMR in your KuCoin Account
Holding your crypto in your KuCoin account provides quick access to trading products, such as spot and futures trading, staking, lending, and more. KuCoin serves as the custodian of your crypto assets to help you avoid the hassle of securing your private keys on your own.
Make sure to set up a strong password and upgrade your security settings to prevent malicious actors from accessing your funds.
The crypto community widely acknowledges the rule, "Not your keys, not your coins."
If prioritizing security, consider transferring your XMR to a non-custodial wallet. Opting for a non-custodial or self-custodial wallet ensures you have full control over your private keys. This can include various types of wallets like hardware wallets, Web3 wallets, or paper wallets.
Keep in mind that this option may be less convenient if you frequently trade XMR or want to actively use your assets. Ensure the safekeeping of your private keys, as losing them could lead to the permanent loss of your XMR.
Exchanges offer straightforward methods for cashing out your XMR, allowing you to transfer your assets back into fiat currency or into another digital asset.
Located in North America, Canada is neighbored by the United States to the south and flanked by the Atlantic Ocean in the east and the Pacific Ocean in the west. It stands as the world’s second-largest country in terms of land area and boasts the longest land border globally. With a population of approximately 36.99 million, Canada's currency is the Canadian dollar (CAD), and it officially embraces both English and French languages, which are also supported on the KuCoin app and website.
The country's climate is diverse, with certain regions experiencing severe winters where average daily temperatures can drop to -15°C. The northern parts of Canada are characterized by ice, permafrost, and are inhabited by the Inuit people, an indigenous group also found in Alaska and Greenland. Inuit Nunangat is a notable area where many Inuit communities reside, offering visitors a glimpse into their unique way of life, including homes traditionally made from seal skin.
KuCoin is available to Canadians in cities like Montreal, Calgary, and Vancouver, providing a comprehensive range of cryptocurrency services. Users can purchase Monero (XMR) and access features such as crypto deposits, P2P transactions, spot, and futures trading. Recognized as one of Canada's leading crypto exchanges, KuCoin delivers an array of trading products to meet various investment strategies.
Buying Monero FAQs
Where to buy Monero in Canada?
Nowadays, acquiring and securely storing Monero (XMR) is a straightforward process with a CEX such as KuCoin. You can use your debit/credit card, conduct a bank transfer, or engage in peer-to-peer trading for Monero investing. This can be conveniently done on your computer, tablet, iOS, or Android devices.
How to purchase Monero with a Credit or Debit Card in Canada?
To buy Monero (XMR) with a credit or debit card in Canada, you need to choose a card and an exchange that specifically facilitates Monero online purchases and credit card transactions such as KuCoin.
How to buy Monero with PayPal in Canada?
If you want to buy Monero using PayPal, you can check if Monero is available on your PayPal Crypto Hub or Finances section.
How to buy Monero without KYC in Canada?
You can buy Monero (XMR) without ID verification on a No-KYC crypto exchange such as MEXC.