Monero (XMR) is a privacy-focused cryptocurrency that allows for anonymous transactions.
Unlike Bitcoin, Monero hides the sender, receiver, and amount of each transaction. However, many cryptocurrency exchanges require identity verification (KYC) before allowing users to purchase or withdraw Monero.
For those seeking more privacy when acquiring XMR, here are several methods to buy Monero anonymously or with no/minimal KYC:
Use a Decentralized Exchange
Exchanges like Bisq and LocalMonero allow peer-to-peer XMR trading without needing to provide personal information or ID verification. Trades are conducted directly between buyers and sellers.
Swap Other Cryptos for XMR
The Cake Wallet app features Trocador, a decentralized XMR exchange built into the wallet. Users can easily swap Bitcoin (BTC), Litecoin (LTC) or other cryptos for private Monero funds.
Buy BTC First, Then Trade for XMR
Exchanges like Kraken allow buying BTC without full identity disclosure. You can then swap the BTC for XMR using a decentralized exchange to avoid direct KYC for the XMR transaction.
In-Person and P2P Trading
Websites like LocalMonero and Monero meetup groups facilitate finding someone local to trade XMR with directly. This avoids centralized exchange requirements but may still require ID verification.
Recommended Wallets
For securely storing, sending, and receiving XMR, Cake Wallet (mobile-only) and the Feather wallet (desktop) are ideal for beginners. Both are open source, easy to use, and offer additional privacy features. The key requirements for buying Monero anonymously are avoiding KYC-requiring centralized exchanges and sellers, and using secure, private wallets. With the right platform choices, you can acquire and transact with XMR while preserving your transaction privacy. But always conduct thorough exchange research and due diligence first.