For another method, you can check the Monero website. Here you can download the program Monero GUI which can be used with various operating systems. You should also exercise caution with the software when it comes to security. Choose a highly secure password and try to prevent criminals from accessing your computer to the best of your ability. Since Monero coins for this wallet type are not stored in the cloud but are instead stored directly on your device, the security of your hardware is also important. If your laptop is stolen or your hard drive dies, your money will be lost.
If you choose Monero's official program, you will also become a full node. This means that the entire Monero blockchain is stored on your device. This requires a lot of storage space and bandwidth. That is why many users use a virtual private server (VPS). There are already hardware wallets for other cryptocurrencies. At the moment, there is no specific solution available for Monero, but the manufacturer Ledger is busy working on one. This type of wallet is a small device with a secure chip which you can connect to your PC or laptop via USB to transfer coins.
If you already have a digital wallet for XMR, you can start buying Monero. To do this, you must go to an exchange service. There are quite a few to choose from. CoinMarketCap, an analysis website for everything to do with cryptocurrencies, lists almost 100 different websites. On this list you can see an important piece of information: which currencies you can exchange for Monero. While some platforms allow you to exchange euros or US dollars, others require you to exchange Bitcoins. This means that you must first purchase Bitcoins, if you do not already have coins in this cryptocurrency, before you can purchase Monero coins.
To choose the best exchange service for your situation, you need to consider various factors: Which cryptocurrencies and fiat currencies can be exchanged? How secure is the platform? The country in which the company is located may also be a factor. And finally, how high are the fees? Most marketplaces keep a percentage of the transaction to cover their own costs.
If you would like to exchange dollars directly for XMR, there you can use marketplaces like the well-known Kraken. This website allows you to work with Monero along with the other major cryptocurrencies: Bitcoin and Bitcoin Cash, Ethereum and Ethereum Classic, Litecoin, Dash, EOS and even Dogecoin. To use it, you must first create an account on the platform. The second step involves a bit more effort as Kraken requires verification before you can start exchanging currencies. This is to guarantee the security of everyone involved.
There are several verification tiers. The first tier defines the limits of what you can do. To purchase Monero, you will need at least Tier 2 verification and to provide your name, date of birth, phone number and address. The verification process may take several days. You can then transfer dollars to your Kraken account via a domestic wire and ACH transfers.
You can then use this money to buy Monero. You will then have Monero coins in your exchange account. From there you can and should transfer the coins to your wallet. To do this, enter the address of your digital wallet on the exchange platform and initiate a payout.