Monero is a popular privacy-focused cryptocurrency. Even though Coinbase does not offer Monero directly, you can still buy it in a few simple steps. First, you buy a cryptocurrency such as Bitcoin, Ethereum, or Litecoin on Coinbase. Then you swap it for Monero using Goblinswap.io. This guide will show you exactly how to do it.
Step 1: Create and Verify Your Coinbase Account
Go to the Coinbase website and create an account. You will need to provide your email and phone number for verification. Complete the identity verification process as required by Coinbase. After your account is verified, add a payment method such as a bank account or debit or credit card. This will allow you to purchase cryptocurrency.
Step 2: Buy Cryptocurrency on Coinbase
Since Coinbase does not support Monero, you first need to buy a cryptocurrency that Goblinswap.io accepts for swapping. Bitcoin, Ethereum, or Litecoin are recommended.
Log in to Coinbase and go to the Buy/Sell section. Select the cryptocurrency you want to buy. Enter the amount and confirm your purchase. The cryptocurrency will then appear in your Coinbase wallet.
Step 3: Prepare Your Monero Wallet
Before swapping, you need a wallet that supports Monero. Popular options include Cake Wallet, MyMonero, or the official Monero GUI wallet. After setting up your wallet, copy your Monero receive address. You will use this address when sending your cryptocurrency to Goblinswap.io.
Step 4: Swap Your Cryptocurrency for Monero Using Goblinswap.io
Open Goblinswap.io. You do not need to connect a wallet.
- Select the cryptocurrency you want to swap for Monero.
- Enter your Monero wallet address where you want the XMR to be sent.
- Send the cryptocurrency from Coinbase (or your wallet) to the address provided by Goblinswap.io.
- Wait for the swap to complete. Goblinswap.io will automatically send the Monero to your wallet.
The process is straightforward, and the swap is completed once the network confirms the transaction.
Step 5: Keep Your Monero Safe
Once the Monero arrives in your wallet, it is important to store it securely. Keeping Monero in your own wallet gives you full control over your funds. Avoid leaving it on exchanges or temporary wallets.