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How To Buy Monero (XMR) in Canada in 2023

Looking for where to buy Monero (XMR) in Canada? This guide covers the top two Monero exchanges you can use.

Monero is a cryptocurrency project that takes privacy to the next level by using stealth addresses, transaction mixing, and more to conceal users’ identities.

If you’d like to invest in Monero, we cover how and where to buy it below.

How To Buy Monero

1. Open an Account: You need an account at a crypto exchange that offers Monero.

Since this crypto asset is not as popular as Bitcoin or those seen as its alternatives, you are limited to only a handful of exchanges that support XMR.

2. Fund your account: After verifying your crypto account, fund it using Canadian dollars or crypto deposits from your external wallet.

3. Buy XMR: Place a ‘buy’ order for Monero. Some exchanges allow you to swap between cryptocurrencies, and you may not need fiat for this transaction.

4. Store Monero: After buying Monero XMR, you can leave it on your exchange wallet or move it to an external wallet.

Some examples of wallets that can hold Monero include Ledger (hardware) and Trezor.

Where To Buy Monero (XMR) in Canada

The top two cryptocurrency exchanges for Monero in Canada are:

1. Newton

Newton is a Canada-based cryptocurrency platform that offers Monero directly, alongside 70+ other coins.

Its top features include:

  • Available on all devices 
  • FINTRAC regulated
  • Competitive fees
  • High liquidity
  • Instant verification for new clients
  • One of the widest selections of crypto assets.

The trading fee on Newton ranges between 0.50% and 2%.

There are no fees to deposit or withdraw cash, and network fees are covered up to $5 CAD when you withdraw your crypto.

Offer: Get a $25 bonus when you open an account and trade $100 in crypto.

Newton

newtonlogo

Trade several popular coins

Excellent crypto broker for newbies

Up to 2.20% trading fee

Get a $25 bonus when you trade $100

2. Binance

Binance is the cheapest place to buy Monero (XMR).

That said, it has faced regulatory challenges in Canada and is not available in Ontario (residents of other provinces can still use it).

The platform supports hundreds of cryptocurrencies, including XMR, other altcoins, and stablecoins.

Binance

binance

Trade hundreds of popular coins

Best for advanced crypto trading tools

Up to 0.10% trading fee

Get a 20% lifetime trading fee discount

How To Sell Monero

Selling Monero (XMR) is just as easy as buying it. The steps include:

  1. Sign in to your crypto exchange account and search for your Monero wallet.
  2. Place a ‘Sell’ order for XMR either at the prevailing market price or a specific price you prefer
  3. When the order is filled, the cash proceeds are added to your fiat balance

What is Monero (XMR)?

Monero (XRM) is a cryptocurrency and a decentralized, open-source, opaque blockchain that focuses on privacy and security to make crypto transactions private and anonymous. 

It was launched in 2014 by a group of seven anonymous developers, with rumours that Satoshi Nakamoto invented it.

The team behind Monero prioritizes privacy and security to make the network completely fungible, and ease of use and efficiency to make it quick and less expensive.

Thus, crypto payments can be made quickly at a low cost without any fear of censorship.

Monero blockchain uses advanced cryptography, like ring signatures and stealth addresses, to obscure sender and recipient details, including participants’ addresses, amounts being transferred, wallet balances, and more.

To secure the network and achieve decentralization, Manero uses a proof-of-work (PoW) based mechanism called CryptoNight, where everyday computing equipment can be used to mine XRM. 

How To Store Monero

You can store Monero using a variety of hardware and software wallets.

The best hardware wallets for Monero include:

Software wallet options for Monero include:

  • Exodus Wallet
  • Guarda Wallet
  • MyMonero

Monero Canada FAQ

Is Monero legal in Canada?

Is Monero legal in Canada? Monero is not legal tender in Canada; however, it is legal for anyone to buy it in Canada.

How do I sell my Monero in Canada?

You can use any crypto exchange that supports Monero to sell it, such as Newton.

Is Monero a good Investment?

All cryptocurrencies are speculative investments, and you can lose or make money when you invest in Monero. If the crypto market does well, there’s a chance that Monero will increase in price. If there’s a prolonged bear market or the government bans Monero, its value could go to zero.

Related:

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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