How to Buy XMR In Nigeria On Remitano
How to Buy XMR on Remitano
Remitano is a popular peer-to-peer cryptocurrency exchange that allows you to buy and sell major cryptocurrencies like Bitcoin, Ethereum, and XMR (Monero) using various local payment methods.
Buying XMR on Remitano is quite easy if you follow these step-by-step instructions:
Step 1: Create an Account on Remitano
The first step is to create your Remitano account which only takes a few minutes.
- Go to remitano.com and click on “Register”
- Enter your email address and password
- Agree to Remitano’s Terms of Service
- Complete the captcha verification
Once your account is created, you’ll have your own digital wallet on Remitano to store, send and receive cryptocurrencies.
Step 2: Complete the KYC Verification Process
In order to buy and sell cryptocurrencies on Remitano, you need to complete their Know-Your-Customer (KYC) verification process. This is to comply with anti-money laundering regulations.
The verification involves submitting:
- A photo of your government-issued ID (passport, national ID card or driver’s license)
- A selfie photo of you holding the ID
The verification usually completes within a few hours. Once verified, you’ll be able to buy and sell crypto without limits on Remitano.
On Remitano.com, you can Buy and Sell Bitcoin and 15 other Altcoins worldwide. It is the Top one P2P marketplace.
Step 3: Deposit Funds
Before buying XMR, you first need to deposit some funds into your account. Remitano supports various payment methods depending on your country:
- Bank transfer
- Credit/debit cards
- Cash deposit
- Mobile money
- Gift cards
- Online wallets
On the dashboard, click “Buy Currency” and select your desired payment method. Follow the instructions to complete the deposit. The funds will reflect in your account wallet once the deposit is cleared.
Step 4: Find an XMR Seller
With funds in your account, you’re now ready to buy XMR. Here are the steps:
- On the dashboard, click “Buy Currency” and search for XMR
- Enter the amount of XMR you wish to buy denominated in your local currency
- Click “Search Offers”. You’ll see a list of XMR sellers, their prices and terms.
- Browse through the list and select a seller that suits your requirements
Pay attention to factors like the seller’s feedback score, online status, payment terms, exchange rate etc. before choosing one.
Tips for Choosing an XMR Seller:
- Check their feedback score – higher is better
- Give preference to verified sellers
- Check if they are currently online for quick trade execution
- Compare exchange rates and select the best rate
Step 5: Open Trade with the XMR Seller
Once you’ve identified a suitable seller, click on “Buy from [Seller’s name]” to open up a trade with them.
- The seller’s XMR balance will move into an escrow wallet controlled by Remitano to prevent fraud
- A chat interface will open up allowing you to discuss terms with the seller
- You’ll see the seller’s payment details. Read through their terms carefully
If you’re satisfied, enter the amount of XMR you want to buy and click “Buy Now”. This will initiate the transaction.
Step 6: Pay the Seller
With the trade initiated, you now have to send your payment to the seller using the method and details they provided. This could be:
- Bank account number for bank transfer
- Phone number for mobile money transfer
- Gift card code
Note: If making a bank transfer, include a payment reference as required by the seller.
Once paid, click the “I Have Paid” button on Remitano to notify the seller. Attach proof of payment if needed.
The seller has a limited time to release the escrowed XMR balance to you. If they don’t, the trade is reversed.
Step 7: Receive Your XMR
The seller will check that your payment has been received successfully at their end. They will then release the escrowed XMR to your Remitano wallet to complete the transaction.
You can check your XMR wallet on the dashboard to verify.
And that’s it! You have now successfully bought XMR on Remitano using the peer-to-peer method.
What to do after buying XMR:
- Transfer the XMR to an external wallet you control for secure storage
- Spend the XMR at merchants that accept Monero payments
- Hold the XMR as a long-term investment
Buying XMR on Remitano offers some key benefits summarized below:
Key Benefits of Buying XMR on Remitano
- Simple account creation and KYC process
- Wide range of local payment methods to buy XMR
- Competitive XMR exchange rates
- Secure peer-to-peer escrow system
- Large pool of verified XMR sellers
- Excellent customer service
In conclusion, Remitano provides a trusted platform for easily purchasing XMR using your local currency. Just create an account, complete KYC verification, deposit funds, find an XMR seller, and pay them to receive your XMR securely.
Frequently Asked Questions
Q: Is Remitano safe for buying XMR?
A: Yes, Remitano implements robust security measures including trader reputation scores, escrow protection and dispute resolution to ensure a safe P2P marketplace. Over 2 million happy users trust Remitano already.
Q: Can I sell XMR on Remitano too?
A: Certainly! Remitano allows seamless XMR buying and selling with a large pool of potential counterparties. If you hold XMR, you can easily sell it for your local currency.
Q: How long does XMR purchase take?
A: Most XMR purchases complete within minutes if the seller is online. In some cases, it may take 1-2 hours for the seller to process payments received and release the XMR.
Q: Can I buy XMR anonymously?
A: No, to comply with anti-money laundering laws, buying any crypto on Remitano requires ID verification confirming your identity. However, privacy-focused coins like XMR offer more anonymity for transactions.
Q: Is there a minimum/maximum amount when buying XMR?
A: Most sellers set their own limits but you can generally buy as little as $5 worth of XMR. There’s no maximum limit but substantial buys may require enhanced verification.
Q: What fees does Remitano charge?
A: Remitano charges no trading commissions. However, your bank, payment provider or seller’s bank may have minor fees applicable per transaction which is usually borne by the buyer.
These are typically very small in percentage terms compared to centralized exchanges that charge trading fees.