The reason behind Monero’s popularity is not difficult to grasp: it offers privacy-enhancing features. Monero operates on an opaque blockchain, which makes it almost impossible for third-person parties to track a transaction. Its tokens are referred to as XMR, and the transactions are conducted on its own blockchain.

When it comes to exchanging your Monero tokens for fiat currency, there are several ways you can do it. Each of these methods will be discussed below in detail, so you can decide for yourself which method you want to use.

Use Monero Cryptocurrency Exchanges
1

Use Monero Cryptocurrency Exchanges

Exchanging your tokens at a cryptocurrency exchange is one of the most common ways of getting fiat currency for your crypto tokens. To be able to exchange your tokens for traditional money, you need to follow these steps:

  • Create an account at the cryptocurrency exchange of your choice.
  • Link a bank account to this account. This would facilitate the easy transfer of the traditional money to your bank account.
  • From your crypto wallet, transfer the amount of XMR tokens you want to exchange.
  • Seek out the fiat currency of your region, and exchange your XMR tokens for that.
  • You will receive the money in your platform account, so you transfer it to your bank account.
  • Once it is finally in your bank account, you can withdraw it as cash or keep the balance in your bank.
Sell Monero to Another Person
2

Sell Monero to Another Person

Another common way of exchanging your Monero tokens for traditional money is selling them to another person. There are two ways to carry out the transaction.

P2P platforms allow you to buy and sell your tokens directly to another person. You just need to register on any of the numerous P2P platforms to be able to carry out the transactions. You can find the best buyer for your tokens and transfer them to their wallet. The buyer will transfer fiat money to your account in return.

Brokerages are third-party institutions that mediate transactions on behalf of both parties involved. You don’t have to worry about anything else once you have assigned a broker to the task. It is the broker who finds the best buyer and the best time to sell the tokens, and you receive the due amount in your account.

Use Monero ATMs
3

Use Monero ATMs

This might sound like the last option, but it is only so because Monero ATMs are a comparatively newer concept. Monero ATMs are similar to regular ATMs but deal in Monero transactions. But you can easily use them to exchange your tokens for traditional money. To complete the process successfully, follow these steps:

  • The process starts with the ATM kiosk asking for a mobile number. Provide the mobile number you wish to use.
  • A verification code will be sent to your mobile number. Enter the verification code on the screen.
  • On the next page, you will get the option, Sell Monero. Click on that.
  • Enter the buyer’s wallet address, and transfer the required number of tokens to their wallet.
  • Once the transaction goes through, you will receive the due amount of cash. The machine will dispense the money immediately, so you don’t have to wait to withdraw it.

FAQ

How to sell Monero to another person?

What are Monero ATMs?

Monero ATMs are similar to regular ATMs, except they deal with Monero. You can use the kiosk to buy and sell XMR tokens for traditional money. It is one of the latest ways to carry out the exchange. You directly deposit traditional money into the machine and receive it from the kiosk.

Is it safe to exchange Monero for other currencies? 

Whenever you conduct transactions using any cryptocurrency, even Monero, there is always a certain risk because everything is online. To save yourself from any mishap, it’s better to practice safety measures like using secured networks, regularly changing your passwords and not keeping all your crypto balance in the same wallet. 

Also a question? Ask it here:

Rating

Click to rate