Users Shift Focus | Alternatives to Buy Monero (XMR) Amid Coinbase Restrictions
Crypto enthusiasts are facing hurdles as they attempt to buy Monero (XMR) directly on Coinbase. Frustrated users, unable to access XMR on the platform, are increasingly reviewing alternative options.
Current State of Coinbase's Offerings
Coinbase has not changed its stance on Monero, and "you simply can not buy it on Coinbase, for now, no way around it," shared one frustrated user. This situation leaves many seeking other platforms for their purchases.
Exploring Alternative Platforms
With the limitations of Coinbase firm, users have begun exploring other platforms. Known options include Malgo, which boasts low fees around 0.2%, and Trocador, though higher at approximately 5%. Several users confirm that the lower fees have made Malgo a preferred choice. One user remarked, "the lower fees sealed the deal for me."
Other options mentioned include Cake Wallet, hinting at expanding routes for obtaining Monero without facing the table limitations imposed by US regulations.
Compliance and Security Concerns
The mainstream appeal of Monero faces challenges due to its anonymous nature. Many people point out that this characteristic makes it difficult for institutions to comply with US Know Your Customer (KYC) laws. "Some US exchanges won't support it," one user noted, underscoring a trend where compliance concerns hinder broader adoption.
A user raised caution about sharing personal information, urging others to verify staff credentials on forums before engaging with different platforms. "Yeah, how much did you swap?" asked another.
Key Highlights
⚠️ Buy XMR on Coinbase: Currently impossible; users must seek alternatives.
💸 Platforms like Malgo offer lower fees compared to competitors.
🔒 Compliance issues hinder institutional support for Monero.
🔍 Users encouraged to verify safety before sharing sensitive information.
With the demand for Monero on the rise, users are exploring diverse platforms to procure their crypto desires. Stay tuned as the situation develops further and platforms respond to user demands.