how to buy monero in south africa

Buying Monero in South Africa

Buy Monero in South Africa and pay with Bitcoin (BTC|XBT) or Rand (ZAR). If you would like to buy Monero, the most popular privacy coin since Bitcoin.

If you are new to Monero you can find out exactly what it is in our previous blog post “What is Monero“.

Steps to BUY Monero on iceCUBED-X in South Africa

  1. Register for a trading account on iceCUBED-X;
  2. How to deposit funds to your trading account;
  3. Place a BUY order on the exchange;
  4. Wait for your order to execute;
  5. Withdraw your Monero;

How to buy Monero with Bitcoin?

You can buy Monero directly with Bitcoin by going to the XMR/BTC market on iceCUBED-X. Choose whether you want to buy your Monero using a limit ordermarket order or stop-limit order.

Buying Monero with a Limit Order

In our example, we will say that Monero is trading at 0.0295BTC for 1 .00XMR. You decide that you would like to invest in the XMR market if it drops below 0.004BTC / 1.00 Monero. Decide how much you would like to invest (opening your position). You can enter the amount you want to spend and the price at which you would like to buy Monero or the amount of XMR you want. The choice is yours. The ICE³X platform has a helpful feature that allows you to create your BUY order value, by selecting a percentile of your current portfolio balance for a particular currency. If you did everything correctly, this is how your BUY order slip should look:

buy monero order slip

Once you click on the BUY XMR button, a confirmation window appears.

limit order confirm xmr

Confirm the details and click OK. You should now have a BUY limit order in the order book to BUY Monero. We compare this order with all the other orders and match qualifying orders. Your XMR balance will automatically increase upon order execution.

Buying Monero with a Market Order

To Buy Monero using a market order is quick and easy but beware of slippage. When using the market order type, you simply enter the amount of Monero you want and click on the BUY XMR button.

market order 1 xmr

Once you click on the BUY XMR button, a confirmation window appears.

market order 1 xmr confirm

The trading engine will then run through the order book from the top (lowest available SELL order) until your order is completely filled.

How to safely sell Monero for Bitcoin?

Sell your Monero safely and easily on the iceCUBED-X market in South Africa. Simply deposit your Monero to the Monero deposit address you can get from your account dashboard. Once the funds have cleared into our system you can create limit, market and stop-limit orders to sell your Monero.

You should never deposit and simply leave your Monero on any exchange unless you are planning on creating sell orders.  (This is true when you BUY Monero too). Storing your coins on any exchange is never a good idea. You should also take note of the minimum deposit amounts that apply and do not use an exchange deposit address to receive mining proceeds. It is never a good idea to use an exchange deposit address to take part in an ICO. [We do not believe in ICO’s but that is a whole different discussion for another day.]  

How to TRADE Monero?

Monero is very much like bitcoin in this respect. While, like Bitcoin, there is a supply limit to Monero, it has the advantage of a “tailing emission.” The main Monero supply is about 18.1 to 18.4 million coins to be mined by May 2022. After this, the main supply stops and the tailing supply kicks in at the rate of 0.6 XMR per two-minute block. The idea behind the tailing emission is to create a 0.87% yearly inflation around May 2022, so that miners will still have incentive after the currency is not economically mine-able anymore.

… As a result, current trends are mainly speculation…

As a result, current trends are mainly speculation. Consequently, trading Monero is akin to claiming a gold stake in the early 1900’s. Big profits are always on the horizon but many valleys lie in between. The most relevant indicators for cryptocurrency trading trends are user interest. To get an idea of these trends you can look at google search trends for particular keywords and compare that to actual trading data. Whilst not scientific, it stands to reason that a trend may form and follow through. This is, however, a very generalized approach and qualified traders tend to frown upon this idea. Below is an example of the Monero price over the last 3 months in comparison to the Google search result for the keyword “Monero”.

Principally the trader will look at the charts and find patterns. The examples below is for illustration purposes only.

Here are the google search results for the keyword search “Monero”.

monero searches 3 months

Trading data for the last 90 days. XMR/USDT

xmr usdt 90 days

In Summary

You can be a part of the cryptocurrency revolution and BUY Monero quickly and simply on the iceCUBED-X platform in South Africa. First of all, you create an account, send some funds to your exchange wallet and place a BUY order.

Selling your Monero on ICE³X is quick and easy. You can have great fun day trading and make some money while doing so**

If you need any assistance or have any queries you can get in touch with the service desk. [TIPS for making support requests]

**Remember that your funds are at risk. The value of a token can go up as well as down. DO NOT INVEST FUNDS YOU CAN NOT AFFORD TO LOSE**

0/5 (0 Reviews)
Ledger wallerLedger waller

Disclaimer Notice:

This article is intended to educate and should in no way be seen as investment advice or an enticement to use the platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.


Read more ...