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Monero Day Trading 2025 – Tutorial and Brokers

Written By

Jemma Grist

Written By

Jemma Grist

Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

» Jemma Grist Profile Page

Edited By

Tobias Robinson

Edited By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

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Fact Checked By

William Berg

Fact Checked By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

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Updated

Jul 24, 2024

Monero (XMR) is an open-source cryptocurrency that aims to distinguish itself from its competitors through privacy and decentralisation. Proponents argue it could be the future of blockchain and the rise in value appears to support that. This page will break down precisely what Monero is, including its history, mining and wallets. The page will then conclude with price predictions and details on how to start day trading with Monero coins.

Monero Live Price Chart

What is Monero?

Essentially, Monero forms part of a system that enables direct digital exchanges between parties. In this respect, it is similar to Bitcoin (BTC). However, Monero promises totally private transactions.

This sophisticated cryptocurrency runs on:

• Windows
• MacOS
• Android
• Linux
• FreeBSD

It’s worth mentioning that while many cryptocurrencies have a maximum supply of coins, Monero boasts an unlimited total supply.

History

An air of mystery clouds Monero. Having said that, we do know:

• Monero quite literally means ‘coin’ in Esperanto.
• Monero is built on an underlying CryptoNote Protocol that was launched in October 2013, under the pseudonym Nicolas van Saberhagen.
• The anonymous creator ‘thankful_for_today’ then coded and brought the cryptocurrency to life.
• It was the hard forking of the cryptocurrency in 2014 that resulted in the Monero coin we now know.

September 2014 saw Monero suffer from a flaw in CryptoNote that was exploited. This weakness allowed for the creation of two subchains that would not recognise the validity of transactions. Fortunately, the issue was swiftly remedied by developers.

2016 was a particularly successful year for this cryptocurrency. Market capitalisation jumped along with transaction volume. This is partly thanks to the adoption by the major darknet market AlphaBay.

Another interesting news story has surrounded the alleged interest of North Korea. Using malware, Minero was allegedly mined from a computer and then sent to Kim Il Sung University in Pyongyang.

Technical Makeup

You do not need an in-depth understanding of Monero’s technical architecture to start day trading. However, basic knowledge will allow for more accurate technical analysis and price speculation.

Monero has a ‘view key’ and a ‘spend key’. The view key can be shared for optional transparency. However, the system is engineered for straightforward processing via mobile devices. It is impossible to accurately calculate a wallet balance without a spend key.

Privacy

The CryptoNight proof-of-work hash algorithm is the foundation Monero is built on. It promises important algorithmic nuances in terms of blockchain obfuscation. Usually, public ledger cryptocurrencies allow for addresses with questionable activity to be refused by others. However, Monero obscures details about the sender, recipient and amount of each transaction.

It does this in several ways. Firstly, it replaces the unit of the currency with another unit. The ring signatures then blend the spender’s address with a number of others. This makes it extremely challenging to identify links between transactions. Also, stealth addresses are created, which makes identifying address destinations practically impossible for all but the sender and receiver. Lastly, a ‘ring confidential transactions’ process obscures the transaction value.

Monero Uses

Before you get bogged down in current prices and exchange rates to USD and Euro, it’s important you are aware how Monero is being used.

Some have capitalised on the cryptocurrency’s privacy capabilities to avoid the law. The egalitarian mining process ensures you can distribute mining efforts, exploring avenues of both legitimate online publishers and illicit hackers. The latter has been quietly embedding code into both websites and apps.

Unfortunately, this has meant popular uses for the Monero cryptocurrency include:

• Drugs
• Hacking
• Weapons
• Gambling
• Trafficking
• Prostitution

Both AlphaBay and Oasis are dark web marketplaces that have utilised the anonymity of Monero. While it remains outside of capital control, some in the world may want to hold back.

Benefits

• Security – Despite questionable usage, there is no denying Monero promises an impressive level of encryption and anonymity. This is certainly one of the biggest factors behind the rise in historical and live prices.
• Accessibility – Day trading when you don’t have market knowledge can be risky. However, there is a wealth of information online that ensures you can get all components of Monero’s offering explained. You can find white papers, yearly charts, price graphs, 5-year predictions and detailed price analysis.
• Transaction time – The cryptocurrency promises staggering transactions per second speeds (TPS) of 1700.
• Wallets – There is a growing number of ways you can store your cryptocurrency, including Android and iOS wallets.
• Node list – The official Monero website makes it easy to obtain full nodes and even walks you through the process.

There are a number of benefits to this new cryptocurrency. However, is this all enough to make Monroe a good investment?

Drawbacks

Before you make your mind up, you should also consider the following:

• Mining difficulty – Javascript miners and those employing other mining algorithms need to be wary. Dishonest pool managers, depreciation and wallet complications all pose a risk.
• Trust – Some Monero explorers will already have come across misleading information. There is a serious risk of pump and dumps, so you must consider the accuracy of price forecasts. Just because it’s at its highest price now, doesn’t mean it won’t plummet shortly.
• Competition – The cryptocurrency market is booming. As a result, Monero will have a tough job of gaining and even maintaining market share.

How to Buy Monero

There aren’t too many exchanges where you can buy Monero. For example, Coinbase is not an option, despite it being the most popular digital currency exchange.

Fortunately, there are still a number of cryptocurrency exchanges and websites you can turn to:

• Kraken
• Bitfinex
• Poloniex
• LocalMonero
• MoneroForCash

It is worth checking reviews, price quotes and transaction fees before you make a purchase. Some of these websites will also provide prices live, latest news, long-term outlooks, as well as guidance on spotting potential opportunities.

Alternatively, you could find an individual who will sell you these altcoins directly.

Momentum is growing on forums as technical questions are being answered. As a result, more investors are starting to buy Monero. This should mean there will be less difficulty buying these cryptocurrency coins in the future.

Client Software & Wallets

A user will require client software, also known as a wallet, to connect with the Monero network. Fortunately, the Monero Project has created the necessary implementation. The primary software daemon is called Monerod. This will read the blockchain and claim your transactions. Monero-wallet-cli will manage your account, wallet address and process new transactions. Lastly, Money GUI enables you to connect with the previously mentioned components via a graphical interface.

It is also worth noting third-party implementations of Monero clients exist. For example, Monerujo facilitates Monero use on Android. Online web wallets will allow you to network through the browser via a third party website. In addition, light wallets and keeping your coins on Ledger Nano S are popular options.

Overall, there are hardware, desktop, mobile, and offline paper wallets to choose from. On top of that, users will have an increasing choice as developers continue to deliver updates.

Mining

Monero coin mining (XMR) allows for users to benefit from reward blocks by joining mining pools. Alternatively, you can start solo mining. No specific hardware or software, including application-specific integrated circuits, are required. This means Mac, Windows and Android mining is all available.

In fact, the following consumer grade hardware should all be up to the task:

• X86
• X86-64
• ARM
• GPUs

Having said that, mining rigs will encounter difficulties, regardless of whether your GPU, CPU or cloud mining. All will require a considerable amount of costly electricity.

So before you join a team, decide whether you want to be a web browser miner or USB miner. You can then find free, detailed mining guides online that even come with XMR mining calculators.

A useful tip is to search by benchmarks when trying to find the right system.

What’s Next for Monero?

According to stats and price charts, the Monero cryptocurrency is experiencing considerable growth and may even be undervalued. This is perhaps unsurprising when you consider the anonymity prevents those you pay, such as a landlord, having access to your overall financial picture.

Even Litecoin founder, Charlie Lee has expressed an interested in working with this cryptocurrency. It also boasts the fastest block generation speed, one minute, of all CryptoNotes. However, scalability and profit calculators remain ambiguous at best, particularly if the cryptocurrency remains primarily in illicit markets.

For further crypto guidance, you can also see our cryptocurrency page.