Monerocryptocurrency (XMR) is a popular because of its privacy-enhanced blockchain. Due to its anonymity, it’s a favoured cryptocurrency worldwide.

Monero’s website claim that Monero transactions are untraceable and confidential. They also claim that it is the only cryptocurrency hiding the sender, receiver, and transaction amount information. They protect users’ privacy by using ring confidential transactions (RingCT), ring signatures, and stealth addresses.

This article will discuss what Monero is, how it works, how to buy Monero in Canada, and how to store it.

What Is Monero (XMR)?

Monero is a cryptocurrency launched in 2014. Cryptocurrencies are digital currencies that users use for trading and spending using blockchain technology.

The goal of Monero is to allow transactions to take place with privacy and anonymity. It also aims to allow users quick and cheap payments without fear of censorship. Transactions with Monero are quick and inexpensive due to the absence of wire transfer or clearing fees, fraudulent chargebacks, and multi-day holding periods.

How Does Monero Work?

Monero uses the RandomX algorithm to prevent application-specific integrated circuit mining equipment. It also uses ring signatures to ensure absolute privacy and anonymity of finance and personal information.

Aside from Monero’s privacy features, it works similarly to other cryptocurrencies. It uses proof-of-work mining to manage the issuance of XMR and encourage miners to add blocks to the blockchain.

Users can use Monero to buy goods and services, pursue a long or short-term trading strategy, and transact with their suppliers privately.

How to Buy Monero in Canada?

Investing in cryptocurrencies is legal and has been popular in Canada over the past years. However, before buying your Monero, it is essential to know that the Canadian Revenue Agency is taxing cryptocurrencies. You have to keep in mind that cryptocurrency transactions are subject to Canadian tax rules.

Some exchanges may not keep your record correctly, so you cannot rely on them for your trading history. Before we discuss the steps on buying Monero, remember to keep a record of the following:

  • Transaction dates
  • Units bought or traded
  • Buy, sell, and trade values

If possible, you will also want to keep records of the following:

  • Digital wallet records
  • Receipts of purchase
  • Exchange records
  • Cryptocurrency addresses when trading with other people

If you are now ready to buy Monero in Canada, below are the steps you can follow:

1.   Create an Account

Monero is one of the easiest to buy cryptocurrencies in Canada because certain local exchanges can directly sell Monero.

To create an account, you can directly buy Monero on Newton. Newton is a trading pair that allows users to buy it with the Canadian dollar. If you don’t have a Newton account, you can also use a Binance or Changelly account.

2.   Buy Monero

The steps of buying Monero depend on the account you have.

  • Buying Monero with a Newton Account. If you have a Newton account, you can directly place an order.
  • Buying Monero with a Changelly account. If you buy and sell Monero regularly, you can save some money with a Changelly account. Changelly has the closest to market price and lowest fees.
  • Buying Monero with other accounts. If you want to trade Monero actively, below are the steps you can follow:
    • Step 1: Buy XRP (Newton) or BTC (Shakepay).
    • Step 2: Log in to your Binance account and look for the “Fiat and Spot” wallet.
    • Step 3: Find the currency you bought on other services (Shakepay or Newton) and click Deposit.
    • Step 4: Using the service you used in step 1, withdraw the cryptocurrency and send it to the Deposit address on your Binance account.
    • Step 5: Wait for the transaction to finish until you see the funds appear on your global exchange account.
    • Step 6: Trade Monero on Binance. You can use XMR/XRP trading pair or XMR/BTC trading pair.

How to Store Monero?

If the value of your Monero is small, you can store it on the platform where you bought it. However, if you have a significant amount of Monero, it’s best to transfer the cryptocurrency to a wallet.

Software Wallets

You might use a software wallet if you are new to Monero trading. Software wallets are free and more secure than leaving your cryptocurrency on the exchange. You can search the web for available wallets.

Hardware Wallets

A hardware wallet is not connected to the internet. It is the safest way to store any cryptocurrency.

To transfer your Monero into your wallet, you can follow the instructions to set up your wallet account. After setting up your wallet, you can now withdraw your Monero from your exchange account and transfer it to your wallet.

Conclusion

Monero is one of the best cryptocurrencies to protect your privacy and maintain your anonymity. Buying Monero in Canada is easy due to the availability of various exchange platforms. You can store your Monero where you bought it from or transfer it to a wallet to secure your cryptocurrency.

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