Monero wallet review 2021 | Experience and costs of the Monero wallet!
More and more people are interested in cryptocurrencies and also more investors choose other coins than the well-known Bitcoin and Ethereum. One of these other well-known coins is Monero. Read on to find out how you can start buying Monero immediately and what you need a Monero Wallet for.
Buying Monero Step-by-step plan
1 - Choose a broker: Find a broker with a wide range of cryptocurrencies (we recommend eToro).
2 - Deposit money: Transfer money to your account using one of the many payment methods.
3 - Choose Monero: Search for Monero or go to the list cryptocurrency to see the current Monero price.
4 - Store Monero in your Monero wallet: Store your Monero in your Monero wallet.
Are you enthusiastic about Monero and do you want to profit from the Monero exchange rate? Then start buying Monero right now!
In this article you can read all about Monero wallets and learn how to use them. You will also find a roadmap to help you buy crypto as soon as possible.
What is the Monero Wallet?
The Monero Wallet is a wallet in which you can store, buy and sell cryptocurrency. You can choose from different pallets as the company offers a mobile Wallet, a hardware Wallet and a desktop Wallet, among others.
The company was launched on 18 April 2014 and was developed by a team of seven developers. Monero was developed primarily with the idea of enabling complete anonymity and Monero is now a currency that functions independently.
How do I buy cryptocurrency?
If you are interested in the Monero Wallet, you will of course have to fill it. How to get started with the Monero Wallet we will explain in a step-by-step plan.
You will also be able to find out in this article how you can save your purchased crypto in your Wallet and how you can buy and sell this currency.
Step 1: Choose an online broker
Step 4: Choose and buy a cryptocurrency
Step 1: Choose an online broker
The first step before getting started in the cryptocurrency world is to find a place where you can buy crypts. For example, there are many different online brokers where you can go to invest in different crypt exchanges.
There are different online brokers and therefore it is important to know what your own strategy is and in which crypto you want to invest. Every online broker has its own offer, so making a choice can sometimes be difficult, that is why it is good to know what you are looking for. This way, you can more quickly choose an online broker that suits your needs.
It's a good idea to start with an online broker with a wide range of products, as this will allow you to invest for a longer period of time with that platform. This way, you don't have to make several accounts and you keep things more manageable for yourself.
To make the choice a little easier, we have listed a few brokers below.
One of the most popular brokers in the world for cryptocurrency is eToro. eToro also has an office in Europe and can therefore serve customers across the continent.
At eToro, you can make use of copy trading. This is a social trading feature where you can watch and take over the trades of other investors, so that you also benefit when they make a profit.
You can also practice without risk at eToro, using the free demo account. With virtual money, you can get started here with investing in crypto and other products.
These other products include trading in stocks and ETFs at 0% commission fees, but you can also invest in CFDs, indices, forex and various commodities. This can be done from the low minimum starting amount of $50 (€42)
eToro is a safe broker because it complies with European regulations and is also licensed by the Cypriot supervisor CySEC.
Start at eToro? Register an account easily and quickly via the green button!
Libertex is also a broker where you invest in CFDs so you do not own the coins themselves.
The difference with Capital.com is that Libertex is a veteran broker, with over 20 years of experience and millions of satisfied users. Libertex also has an office in Cyprus and is regulated by the CySEC, so you can be sure that you as a customer will be handled with care.
You can invest in CFDs of crypto, stocks, forex, ETFs and commodities starting from €100 euro.
Do you want to use the Libertex app? Register for a free account!
You can also go to a crypto exchange. Bitvavo is the best choice for this. At this exchange, you have a wide choice of dozens of different cryptocurrencies.
Bitvavo is the best place to go for the big coins such as Bitcoin and Ethereum, but also for a number of smaller coins. At Bitvavo, you pay a percentage transaction fee for each investment.
Bitvavo is a convenient platform for people because it is completely you can easily deposit money via iDeal. Furthermore, it is a very user-friendly platform so that even as a beginner, you can easily start investing in cryptocurrency.
At this exchange you do invest in the coins themselves so you will own them. You can leave the purchased coins on Bitvavo or choose to send them to a secure wallet.
Register an account with Bitvavo and start using Monero today!
Capital.com is a broker where you invest in CFDs so you do not own the coins themselves.
It is still a young broker, but the company is growing rapidly and is becoming increasingly popular among investors. In order to grow quickly, this broker has several offices across Europe.
For example, it is licensed by the FCA and the CySEC. You can be sure that the platform is safe and regulated.
Besides cryptocurrencies, Capital.com also offers investments in shares, ETFs, commodities and more. This way you can build a very diverse portfolio next to cryptocurrency.
Do you want to use the Capital.com app? Register a free account!
Step 2: Create an account
When you have chosen one of the online brokers, you have to create an account with that platform.
This goes at most online brokers about the same but we will go through the different steps and take eToro as an example. You will first have to go to the website of eToro and then you have to click on "Sign up now". This will take you to the page where you can create an account.
After creating your account, you will be sent a link to your email address to confirm that your entered address is correct and true. Then you get instant access to eToro and you can get started with the free demo account.
With this demo account you can first practice on the platform just fictitious money which allows you to try out the platform without any risk. This is an especially nice feature for novice investors.
If you want to start trading with real money you will have to go through a short verification process. This takes a few minutes and then you can deposit money into your account.
During the verification process, you will need to send a copy of your ID and link your bank account. You will also have to complete a short questionnaire explaining the risks of investing and confirming that you are aware of them.
Step 3: Deposit money into your account
eToro always sends you a message when your verification has been approved. Then you can use all the functions that the platform offers including real money deposits and investments.
To deposit money into your account, you can use various payment methods at eToro. For example, you can choose from PayPal, bank transfer or payment via iDeal.
To be able to deposit money, you have to deposit at least 100 euros the first time. Compared to other online brokers, this is a low starting amount, which makes eToro attractive.
At eToro, you can easily invest with your Euros since the platform deposits them against US dollars. So you can easily invest with your own euros in crypt and the platform automatically converts this into US dollars.
Step 4: Choose and buy a cryptocurrency
If you already know which currency you want to invest in, you can easily look up the abbreviation of this currency in the search bar. Or you can set a filter so you can quickly find crypto that you want to invest in. eToro has a large offer so using the filter while searching makes this a little easier otherwise you have to search through the entire offer for your chosen currency.
While searching for different cryptocurrencies, you can also filter on the best performing coins. This way you can get an even better overview of the crypto market.
When you have found a coin to buy you only need to click on 'Open position' on the product page.
Check now the latest Monero price to know if this is the moment to invest!
Step 5: Store your Monero in the Monero Wallet
When you have bought crypto, you will have to find a place to keep it safe. For example, you can choose the Monero Wallet to keep your coins safe.
You need to make sure that if you suddenly want to use a different Wallet you need to use the right address to send the crypto. If you send the coins to the wrong address, you will simply lose them and that would be a waste of your investment.
Convinced and want to invest in crypto?
How do I use the Monero Wallet?
Monero has developed different locations for the Wallet. This way you can use the Wallet on different devices. There is a desktop Wallet for desktop users but there is also a Wallet for mobile users and there is even a hardware Wallet available.
Which Wallet you use depends on your personal preference. We have listed the three most commonly used options for you.
Desktop Monero Wallet
The desktop Wallet can be used on your laptop or computer and can be downloaded for free from the Monero website.
Of course you can use the Monero Wallet to store your invested crypto in it, but this Wallet has other possibilities as well. You can use the Monero Wallet to buy cryptocurrencies, but also to sell them.
Mobile Monero Wallet
You can also choose to use a mobile wallet for your Monero. You can easily download the Monero wallet from the Apple App store or Google Play Store. The advantage of a mobile Monero wallet is that you can always send or manage Monero.
The mobile wallet is easy to use next to a desktop wallet, you can use these wallets at the same time and use your Monero anytime, anywhere.
Hardware Monero Wallet
You can also choose a hardware wallet to store your Monero. In the field of hardware wallets there are two major brands, you can choose a Ledger or a Trezor wallet Monero.
The Trezor wallet can store Monero and hundreds of other cryptocurrencies. So using a Trezor wallet Monero is ideal for investors who have many different cryptocurrencies.
To be able to store Monero on the Trezor wallet, you first need to make sure that the Trezor wallet supports Monero through an application.
Investing in cryptocurrency? Start at eToro!
Why choose the Monero Wallet?
You can choose for the wallet of Monero itself. This Monero wallet is meant for Monero and you can only store Monero in this wallet, as opposed to many general online or hardware wallets that can store many different coins.
On the right you can see the image you get when you use the Monero wallet developed by the Monero community. Because you can only store one coin, the Monero wallet is very easy to manage.
The only functions you have, and that you need, are sending and receiving Monero.
Details Monero Wallet
The Monero wallet has many different features and many advantages and is therefore a good choice to store your crypto in. It was founded in 2014 and has grown tremendously in the past few years.
When using the Monero Wallet, you should always pay attention when you are going to send or receive cryptocurrency. Make sure the addresses you want to send the coins to or the address you want to receive them are completely correct.
When you enter an invalid address, you can lose these coins and that would be a great waste of your investment.
Tips before using the Monero Wallet
Keep a close eye on the Monero exchange rate to know when it is best to sell the coin. Because you are using the Monero wallet, the coins are not immediately registered at a broker and you cannot sell them right away.
By staying informed of the price of Monero and possible trends in the price of Monero, you can anticipate on this and make sure that you sell at the right moment.
Are you looking for a broker where you can invest in Monero, but also in numerous other trading products? Create an account at eToro and explore the offer!
Monero Review: Frequently Asked Questions
You can store various cryptocurrencies in the Monero Wallet. You can also buy new coins and sell coins in the wallet.
Monero offers a hardware wallet, a desktop wallet and a mobile wallet, among other things.
Yes, the Exodus Wallet is safe as long as you use good login codes and do not share these with anyone. You always have a private key with which you can get your wallet back if you lose a login code.
In total you can store over 130 different cryptocurrencies on the Exodus Wallet. Only smaller unknown cryptocurrencies will not be able to be sent to this wallet.
You can download the desktop wallet or the mobile wallet from the Monero website. This way you can access your wallet wherever you are.
You can easily send and receive coins in the wallet through the address you get with the Monero wallet. Always check if you have the right address when you want to send Monero, this way you prevent losing coins unnecessarily.
Monero Wallet: Conclusion
Monero is one of the most important cryptocurrencies in the world, which managed to set high prices already in 2018 and to repeat this in 2021. That is why more and more investors are interested in Monero and therefore also in the Monero Wallet.
You can store Monero in different ways, you can choose a desktop wallet, mobile wallet, online wallet, offline wallet or hardware wallet. Look carefully to see which one suits your needs best.
Quickly buy your first Monero?
Then create an account at eToro now and fill your Monero Wallet!