Monero is a popular cryptocurrency that allows users to execute their transactions completely anonymously. What is an advantage, however, can also be a disadvantage. Monero and other privacy coins can’t be regulated.
Privacy coins are an advancement of digital forms of money like Bitcoin. Bitcoin exchanges are mysterious as in the proprietor of every wallet is unknown, yet every exchange is communicated openly and visible to all on the public ledger. This implies all exchanges for a given wallet can be seen and inspected. Hence, if someone’s identity is connected to a Bitcoin wallet address then anonymity is bargained.
However, companies like eToro are subject to regulation, they must be careful to act by the rules, otherwise, they face heavy penalties. For example, on 8th August Coinbase UK removed the Privacy coin Zcash from the list. There was no concrete reason for this. It is speculated that it happened because of pressure from the tax authorities. Among other things, the British tax authority HMRC should also have asked eToro to provide some user data. For this reason, many trading platforms do not have privacy coins in their range and it is unlikely that anything will change in the short term.
Buy Monero on other platforms
For many other cryptocurrencies such as Ripple, stocks and commodities you can use eToro, unfortunately not for Monero. Here you can register with eToro . If you want to buy Monero you can use Binance.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
These notes are for educational purposes only and should not be construed as investment advice
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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