Would you like to buy Monero from within the UK or another country using PayPal or other payment methods? If you are interested in investing in the cryptocurrency called Monero, you are in luck because we will be explaining everything that you will need to know about doing so. If you are in a hurry, you can click this link to buy and sell Monero CFDs with the online broker Plus500. It is a CFD broker which is regulated by European bodies and which does not charge any commissions. If you would like to learn more about Monero, get comfortable because we are about to begin our explanation (80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money).
The upward trend in cryptocurrency value these last few years has been unequivocal. Cryptocurrencies are continually becoming more widely used and as a result, their value keeps increasing. It is in this context that Monero was created in 2014 and has continued to increase in value ever since. Focused especially on privacy and scalability, this cryptocurrency – based on the CryptoNote protocol – now occupies a large niche within the overall cryptocurrency market. Now that we have briefly introduced Monero, we will move on to describing it in more detail and teaching you how to buy it. But, before doing so, we would just like to remind you that although this cryptocurrency’s value has increased up until now, there are no guarantees that it will continue to do so; therefore, you should be aware of the risks of trading with this cryptocurrency – it is always possible that you may lose money.
What determines Monero’s price?
Although, generally speaking, changes in an asset’s market value are always due to the same factors, in reality, it is impossible to accurately predict how the value of a particular cryptocurrency will evolve. Many studies have been conducted on how the value of a cryptocurrency is determined and how to estimate a cryptocurrency’s price and predict its trend. However, predicting the value of Monero or any other cryptocurrency is not an exact science. So, what factors are involved in the evolution of Monero’s (XMR) price? Simply put, supply and demand.
Virtually all changes to market value are based on supply and demand. The greater the supply, the lower the price of an asset will be; the greater the demand, the higher the price will be. In other words, when many people want to sell (high supply), sellers are required to lower the price since very few people are willing to buy (low demand). Conversely, when many people want to buy, prices go up since there are not enough people selling the particular asset. Therefore, to be successful at investing with XMR, you will need to try to figure out, among other things, Monero’s current supply and demand.
By the year 2022, the total supply of Monero coins will be 18 billion 132 million. Therefore, the supply side of the equation is easy to quantify. We know that the mining of Monero coins will be limited to that amount, due to restrictions imposed by the coin’s algorithm, meaning that it is possible to know the exact supply. Now we need to figure out what the demand will be.
Demand is always the hardest part of the equation to determine, as it depends on the actions of millions of people and companies around the world. If for example, many companies or financial institutions decide that they want to take advantage of blockchain technology and choose Monero to be their reference currency, the demand will be very high and it is probable that Monero’s price will increase. Likewise, if many individuals were to begin using Monero for their transactions and were to use it to buy and sell products and services, its price would also be expected to rise. The opposite could also occur. If blockchain technology fails, or if the market loses confidence in it, Monero’s price could drop.
Another element that affects Monero’s price is the market value of other cryptocurrencies such as Ethereum, Bitcoin, NEM, Dash, Zcash, Bitcoin Cash, Litecoin, or Ripple. Curiously enough, all of these cryptocurrencies evolve more or less simultaneously, and as a result, if good news is announced concerning one of these currencies, they will likely all increase in value – the opposite is also true: bad news about one of these currencies will tend to lower all of their values. Of course, each of these cryptocurrencies has its own separate evolution. For example, in the case of Monero, although it is currently a secondary cryptocurrency, many people feel that it has the potential to become the new Bitcoin. If Monero ends up becoming the new reference digital currency, its price would increase significantly, relative to what it is at the moment. While this is a possibility, the opposite could also occur.
As you can see, the possible factors that can determine Monero’s demand are almost infinite since they depend on the decisions taken by a vast number of people. Generally speaking, people who consider that blockchain technology will dominate in the future, feel that buying Monero is a good idea since they consider that its value will likely rise in the future. People who do not have confidence in the blockchain feel that they are better off not investing in Monero or are perhaps better off short-selling Monero via CFDs – in order to take advantage of its eventual drop in value.
Brokers that accept PayPal and other payment methods
There may come a time when cryptocurrencies become standard and everyone uses them for making sales and purchases. However, these days, we are still using fiat money – that is to say euros, dollars, and other national currencies. That is why, in order to buy Monero, it is necessary to use one of these fiat currencies – CFD brokers require that you deposit funds in euros, dollars or the currency of the country in which you live, in order to be able to trade cryptocurrencies.
Among the CFD brokers that allow trading with Monero, we have chosen to speak about Plus500 in the context of this article. We have selected this broker, among other reasons because it does not charge any commissions and above all because it allows its users to make deposits via PayPal. In addition to PayPal, users can also deposit and withdraw funds via Skrill, credit and debit cards, as well as bank transfers.
Although being able to use PayPal is very convenient, it should not be your main reason for choosing a broker. There is no point in choosing an inexpensive broker with many available payment methods if it turns out to be unreliable. How can you figure out if an investment broker is trustworthy? In our opinion, the best way to do so is to take a look at how the broker is regulated. What does this mean? It means that in order to operate within a particular country, a broker must be regulated and obtain a license from the body that will be overseeing it. For this reason, in order for us to consider a broker to be reliable, we require that it be regulated by a country within the European Union.
In terms of the CFD broker, Plus500UK Ltd is authorised & regulated by the FCA (#509909) in the UK as well Plus500CY Ltd is authorized & regulated by CySEC. This regulation by European bodies inspires us with confidence and in our opinion, Plus500 satisfies the safety requirements and conditions that we look for in a broker. It should also be noted that Plus500 Ltd is listed on the Main Market of the London Stock Exchange. This means that it is also supervised by bodies which oversee the exchange and that it is under the control of independent investors and auditors – another reason which makes us think that Plus500 is a reliable company.
How and where to buy Monero from within UK and other countries
By now you should have a pretty good idea of how Monero works. This cryptocurrency – abbreviated by the letters XMR – has grown in importance in the last few months because many investors have decided to begin trading with it in order to take advantage of its volatility and trends. We consider Plus500 to be a good option for trading with Monero since this CFD broker is regulated by European bodies since it accepts PayPal as a payment method, and since it does not charge any commissions. Moreover, it allows its users to begin trading after an initial deposit of only 100 euros/dollars. Click here to go directly to the section on Plus500’s website regarding Monero, and begin trading without paying any commissions (80.6% of retail CFD accounts lose money).