How to Buy Monero (XMR) in the UK (2021)

While it’s possible to buy Monero (XMR) directly with GBP (e.g. LocalMonero) it’s not the cheapest way of getting your hands on it (starting from 5% in fees).

For the absolute cheapest rates, you’ll want to buy it on a cryptocurrency exchange (e.g. Binance) with Bitcoin (BTC).

In this post, I’ll outline the BEST places to buy Monero (XMR) if you’re from the UK.

Cheapest Route: Buy Monero (XMR) with Bitcoin (BTC)

If all you care about is buying Monero (XMR) at the best possible price (i.e. mid-market rate), then I think Binance is a great choice.

Binance doesn’t have an XMR/GBP trading pair, but they support GBP deposits and have a BTC/GBP trading pair. This means that you don’t need to mess around with buying Bitcoin (BTC) somewhere else and sending it over to them. You can do it all in one place.

For UK residents, this is how the process now looks:

  1. Signup to Binance (if you’re not already registered). You’ll need to verify your identity to unlock GBP deposits – but this doesn’t take very long (I was verified in about 30 minutes).
  2. Send GBP funds to your GBP wallet on Binance. This is free. Because it supports Faster Payments (FPS), GBP deposits should be credited within just a few hours. You’ll receive an email when your deposit has been processed.
  3. Buy Bitcoin (BTC) on the BTC/GBP spot market on Binance. You should get quoted the real BTC-to-GBP exchange rate and will pay maximum fees of just 0.1%. If you use Binance Coin (BNB) to pay your fees, you can lower that to 0.075%.
  4. Once that’s sorted, buy Monero (XMR) on the BTC/XMR spot market on Binance. As before, you should get quoted the real BTC-to-XMR exchange rate and will pay maximum fees of just 0.1%.
  5. Withdraw Monero (XMR) to an external wallet. Binance charges low fees (0.0001 XMR) to withdraw Monero (XMR). Whenever possible, I don’t leave significant funds on any exchange. I keep my Monero (XMR) on my Ledger Nano X. If you don’t have a hardware wallet yet, check out my overview of the best hardware wallets.

Whilst I prefer Binance, you can follow the same procedure with Kraken. However, this alternative does have larger trading fees.

ExchangeWithdrawal Fees (XMR)Max Trading Fees (%)
Binance0.00010.1
Poloniex0.00010.125
Kraken0.00010.26
Bittrex0.00010.35

ShapeShift seems like a popular recommendation, even though they blend a fee of about 1% into their exchange rate. I have used it in the past, but I’ve found that it’s simpler and cheaper to just use Binance.

Fastest Route: Buy Monero with GBP

I couldn’t find any exchange which had XMR/GBP pairs. However, you can use brokers or a P2P service if you want to buy Monero with GBP.

Whilst going through these platforms is easier and more convenient, you’ll pay a significant premium over the mid-market rate on exchanges.

From my research, these seemed like your best options:

 LocalMonero.coLiberalCoins.comCryptoMate.co.ukMoneroForCash.com
Fees & Markup (Approx.)5%7%9%10%
PlatformP2PP2PBrokerP2P

When I checked, LocalMonero.co was the cheapest option. Interestingly, you don’t need to verify your identity to access these rates.

Summary: Best Place to Buy Monero?

If you want the absolute cheapest rates, then I’d buy Monero (XMR) with Bitcoin (BTC) on a cryptocurrency exchange like Binance. In total, it’d take about 3-4 hours to complete this process and you’d pay maximum fees of about 0.2%.

Although you could use something like LocalMonero.co, you’ll be charged a premium (more than 5% fees) for the convenience it offers. I don’t think that’s worth the tradeoff, but the option is there if you want to use it.

What Do You Think?

Thanks for checking out this guide to buying Monero (XMR) in the UK.

Have a question? Or want to share other places where you can buy Monero (XMR)?

Let us know in the comments below!

11 thoughts on “How to Buy Monero (XMR) in the UK (2021)”

  1. Hi Dean, currently the BTC transaction fees are really high. Does this mean a cheaper route to get to XMR would be to use a different ‘intermediate’ coin in Binance? i.e. GBP -> USDT -> XMR (or something different?)

    Maybe I’m misunderstanding fees etc. (new to this).

    Reply
    • Thanks for the comment, Randy!

      If you want to buy Monero (XMR) with Bitcoin (BTC) that you’ve already purchased elsewhere, then it might be cheaper to just exchange it for a stablecoin like Tether (USDT). However, you’ll have to check the exchange fees of wherever you have it stored. This could make it cheaper to just swallow the BTC transaction fees.

      Alternatively, you can now buy BTC with GBP on Binance. If you do this, you won’t pay any transaction fees to exchange it into XMR (just the max 0.1% trading fees).

      Does that make sense? Let me know if you need any more clarification.

      Reply
  2. Hi Dean, i’m new to all of this, it’s overwhelming, glad I found your site!
    I’ve followed your suggested steps and now not sure where to transfer bitcoin too in Binance?
    I made a mistake and bought the bitcoin on coinbase… doh… transferred that to coinbase pro and now want the funds in binance to get monero…
    I will get more bitcoin and actually do that how you suggested!
    Quite a learning curve.
    Many thanks. Tom.

    Reply
    • Thanks for commenting, Tom! Glad you’re finding the site useful 🙂

      I’ll be updating this post shortly, as it’s now possible to deposit GBP directly into Binance. This means you don’t have to mess around with buying Bitcoin (BTC) elsewhere with GBP and then transferring it over.

      If you still want to deposit BTC into Binance, then (on desktop) click wallet in the navigation bar and deposit. You’ll then be able to choose what you want to deposit and it’ll give you an address that you can send it over to (see this screenshot).

      Hope that helps!

      Reply
      • Hi Dean,

        (Apologies for hijacking your post Tom but I am also new to all of this)

        Dean, can I please check my understanding…

        – Sign up to Binance and add a GBP balance
        – purchase BTC on Binance with the GBP funds
        – Use this BTC fund then to purchase Monero

        and that’s where I became unstuck. Your recommendation that you shouldn’t leave your funds on an exchange threw me. What is a hard wallet? How do I watch my crypto then increase/decrease, can you do that in a hard wallet and sell at the most appropriate time. I have a little experience buying and selling crypto on Blockchain. Is that considered a Hard wallet?

        So many questions!

        Thanks in advance

        Dee

        Reply
        • Thanks for commenting, Dee!

          Yes, that process would be correct – it just seems easier and cheaper than buying elsewhere and sending over.

          You absolutely could just leave your money on Binance. This is a custodian wallet, which means you’re trusting them to look after your cryptocurrency. It’s in their continued interest to keep it as safe as possible, but they will remain an attractive target for hackers.

          In contrast, hardware wallets allow you to take ownership and complete control of your cryptocurrency. They’re well-recommended across the crypto space, because they make it simple and easy to securely store cryptocurrency. If you check out the Ledger Nano S, Ledger Nano X, or Trezor Model T pages – they’ll explain how it works in more details. The downside is that these are all products you’ll need to buy (starting from about £55 for the Ledger Nano S). But with all them, you can monitor how the value of your cryptocurrency changes over time.

          Blockchain.com is another custodian wallet and wouldn’t be considered a hardware wallet. However, the principle is the same – hardware wallets allow you to send, store, and receive cryptocurrency just like this.

          Hope this helps a little. Please follow-up if you need more clarity, as I can point you towards further reading.

          Reply
  3. With Binance now accepting GBP & EUR, would you recommend buying Monero using only their platform for all transactions? For example, depositing GBP, then exchanging GBP>BTC>XMR, all through Binance. It would simplify the process, or are there reasons to avoid this approach? Thanks

    Reply
    • Hi Pete!

      No reason to avoid doing this, as it looks like you can deposit via a UK bank transfer (with no fees)

      Alternatively, you can deposit GBP via a UK bank transfer (with no fees) and buy XMR on Kraken – but it will work out slightly more expensive.

      Thanks for the comment though, I need to get this updated!

      Reply

Leave a comment