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)
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:
- 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).
- 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.
- 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%.
- 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%.
- 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.
|Exchange||Withdrawal Fees (XMR)||Max Trading Fees (%)|
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:
|Fees & Markup (Approx.)||5%||7%||10%|
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)?
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