“Vintage Altcoins” if there is such a thing…
Did you know?: Japanese television portrayed MONA as a safe alternative to Bitcoin, with a guy purchasing a Shinto shrine with Mona. Since then, Mona Coin developed a strong community in Japan.
This is the quickest and safest way to buy MonaCoin Mona (either if you are a US or NON-US resident).
How to Buy MonaCoin (MONA)
Want to jump straight to the answer? Here’s my 3-Step Process:
STEP 1. Choose a Fiat-to-crypto exchange
Sign up for an exchange that offers fiat-to-crypto purchases. We recommend Bittrex, which accepts both fiat currencies and MonaCoin (MONA).
Alternatives: You can use a non-custodial exchange like Changelly
STEP 2. Buy a Crypto Paired with MONA
Bittrex offers MONA/BTC and MONA/USDT pairs, thus we must fund our account with BTC or USDT.
STEP 3. Buy MONA in a supporting Exchange
We recommend a centralized exchange like Bittrex. To buy MonaCoin we need to search for MONA/BTC or MONA/USDT and place a market/limit order.
STEP 4 (Bonus). Keep your BONE Token safe
This step is often overlooked. “Not your keys, Not your coins.” Keeping your coins in an exchange is never wise (see the recent FTX collapse). The best hardware wallet for MonaCoin is Trezor T. Alternative options are Trezor ONE.
NOTE: If you want a DETAILED description of the process. Keep on reading!
Where to buy MonaCoin (MONA)?
We recommend the following crypto exchanges:
Best US CEX
Bittrex
Payment Methods:
Credit/Debit Card, Wire.
Fees:
0.00% – 0.35%
Account Minimum:
~$3 minimum
Best NON-US CEX
CoinEx*
Payment Methods:
Credit/Debit Card, Bank Transfer (SEPA & SWIFT).
Fees:
~0.20%
Account Minimum:
None
Alternative CEX
BitFlyer
Payment Methods:
Credit/Debit Card, Bank Transfer (SEPA & SWIFT), Sofort, etc.
Fees:
~0.1% – 6.0% Spread
Account Minimum:
None
*Note: It is not clear if CoinEX is available in the US. There is no info on their website.
MonaCoin is Japan’s first altcoin; it was developed following a hard fork from Litecoin (a Bitcoin hard fork itself) with the goal of providing a faster alternative to Bitcoin. It has established a big community in Japan and is regulated by the Japanese Financial Services Agency.
Here’s how to buy MonaCoin (MONA) in a nutshell. If you want a DETAILED, step-by-step guide, here’s what we’ll cover:
- 1. How to buy MonaCoin on Bittrex (In 3 DETAILED Steps)
- 2. STEP 4 – Where to keep MonaCoin SAFE (from human error and online hackers)
- 3. FAQs
1. How to Buy MonaCoin on Bittrex
In this section, you will know EXACTLY (Step-by-Step) how and where to buy MonaCoin (either if you are a US or Non-US resident we got you covered).
Here is our DETAILED step-by-step guide on how to buy MonaCoin (MONA):
STEP 1. Sign Up for a Fiat-to-crypto Exchange
The first step is selecting an exchange that offers a crypto pair with MonaCoin (MONA) and opening an account (signing up).
There are many to choose from. Below we’ve chosen the best global exchange for MonaCoin. It has cheap transaction fees, fiat-to-crypto services to swap your fiat money, and two trading pairings to choose from (MONA/BTC and MONA/USDT).
SIGN UP For Bittrex
Bittrex is an established cryptocurrency exchange that was launched in 2014 by three cybersecurity engineers: Bill Shihara, Richie Lai, and Rami Kawach. Bittrex prioritizes security to protect its client’s funds and has several measures in place, including cold storage, insurance, two-factor authentication (2FA), and IP address whitelisting.
Bittrex offers a large selection of cryptocurrencies (over 400), low fees (0.00% – 0.35% depending on volume), fiat-to-crypto services (instant credit/debit card options), spot trading, and more.
Bittrex is regulated by the Digital Asset Business Act (DABA) in Bermuda and the Trustworthy Technologies Act in Liechtenstein. Bittrex is globally available except for 4 U.S states (New York, Hawaii, Vermont, and Conecticut).
To open an account with Bittrex follow these steps:
STEP 2: To create an account enter your email address and password, then hit “create account.”
STEP 3: Click on the link sent to your email address to verify your account. Select trust this device and click on “continue.”
STEP 4: Read the legal notices and tick the boxes “I agree to the Bittrex Global Terms and Conditions” and “I confirm that I am the ultimate beneficial owner of the funds…”
STEP 5: To comply with the KYC regulations Bittrex will ask you to complete the identity authentication process.
- Step 1: Fill in your residential address information
- Step 2: Select your Nationality, upload your Passport and pass the biometric assessment
- Step 3: Complete additional information by giving a little bit of information about your source of funds, source of wealth, employment status, and so on.
STEP 6: We recommend securing your account by activating two-factor authentication (2FA). If you want to use the web browser instead of mobile, add the browser extension here.
STEP 2. Buy a crypto paired with MONA
The second step is to fund your account with a crypto paired with MonaCoin (MONA).
To enter the world of crypto by exchanging your fiat currency (USD, EUR, GBP, etc) for crypto. Usually, altcoins are paired with either stablecoins (USDT, BUSD, WBNB, etc) or mega-caps like Bitcoin (BTC) or/and Ethereum (ETH).
In our case, most altcoin exchanges offer the MONA/BTC and MONA/USDT pairs. As a rule of thumb, always go for the most liquid pair (MONA/BTC).
Bittrex is the exchange we recommend for both US and non-US investors. Bittrex offers both MONA/BTC and MONA/USDT pairs.
To fund your account, most exchanges accept credit/debit cards as well as bank deposits via SWIFT, SEPA, or ACH.
If you don’t want to wait, the most convenient option is to use a credit/debit card; otherwise, the bank option is usually cheaper but can take 3-4 or more days for your money to arrive.
How to buy USDT or BTC on Bittrex
Bittrex offers fiat-to-crypto services by debit/credit card or wire transfers. For instant purchases, we recommend buying BTC or USDT with a debit/credit card.
STEP 1: After activating 2FA, head to instant buy & sell in the upper right-hand corner. If you haven’t activated 2FA, you can click on “Buy crypto instantly.”
STEP 2: On “I want to buy” select BTC (the most liquid par), your fiat currency (USD, GBP, JPY, etc), the amount and tick the debit/credit card option. Then, click on “Next, enter card info.”
STEP 3: Enter your card info and billing info and click on “continue.”
STEP 4: Review your Purchase and click on “Buy BTC”
That’s it! Your BTC will be ready to trade it for MONA
Note: If you have issues with your fiat money, you can sign up for a custodial fiat-to-crypto exchange (Gate.io, Mexc Global) or a non-custodial exchange (changelly) and transfer your BTC or USDT to Bittrex.
STEP 3. Buy MonaCoin (MONA) on an Altcoin Exchange
In the third step, we will explain how to buy MonaCoin (MONA) on a Mona-supporting exchange.
To buy MonaCoin (MONA), you must first go to the exchange platform, search for MONA/BTC or MONA/USDT token and place a market or limit order. If you want to purchase MONA at the current market price you will need to place a market order.
How to buy MonaCoin on Bittrex
Bittrex Global presents an intuitive trading platform ideal for beginners with advanced trading features (several order types, advanced charting tools, and live order books).
STEP 1: Go to markets to open the trading platform next to instant Buy & Sell option
STEP 2: Click on any crypto to open the trading platform
STEP 3: Search for MONA and click on MONA/BTC
STEP 4: On the right-hand side of the chart you will see a trading box. Select Buy, Market (to place a market order), the amount of Bitcoin you want to trade for MONA, and click on “Place Buy Order (MONA).” Confirm your purchase and your Mona will arrive on your account.
Note: Simply put, a Limit order allows you to place an order at a specific price or better to set better entries and take-profit targets. A Market order executes an order at the current market price. A Stop-limit order is a type of stop-loss that becomes a limit order at the stop price (only executing at the limit price or better).
Where to buy MonaCoin? – Alternative Options: If Bittrex doesn’t work for you, CoinEx and BitFlyer (Japan-only) are two alternative options to buy MonaCoin (MONA).
STEP 4. Keep MonaCoin Token SAFE
Have you heard about Lehman Brothers, Celsius, Voyager, and BlockFi?
What about the most recent? FTX exchange collapse (the next “big short movie?”)
We are talking about people losing retirement savings. People losing pensions. People losing homes. People losing health. People losing faith. People going bankrupt.
Crypto was invented to mitigate these risks (counterparty risk).
Centralized Exchanges (CEX) are the most convenient option for newcomers, but they are also the least secure for keeping your coins safe (you are injecting counterparty risk).
Centralized solutions suffer from corruption, mismanagement, censorship, and fragility (target for both hackers and government litigations).
There is a mantra in the crypto world: “Not your keys, Not your coins.”
Once you’ve bought your MonaCoin Token from the chosen exchange, be sure to transfer it to your personal crypto wallet. The safest option is a cold/hardware wallet.
What is a cold/hardware wallet?
A cold/hardware wallet is a physical device or object that does not have an internet connection. A cold wallet stores the keys offline (hacker-proof). Cold Wallets are non-custodial wallets (you hold your keys at all times) and are considered the safest option.
The best hardware wallets for MonaCoin (MONA) are:
Trezor T
Type:
Cold (Hardware Wallet)
Coins Supported: 1456+ Coins
Color touchscreen
Shamir Back up: Safe from theft & destruction
Cross-Platform: Browser, Desktop (W, OS, L)
Trezor ONE
Type:
Cold (Hardware)
Coins Supported: 1000+ Coins
Simple to use
Secure & Affordable
Cross-Platform: Browser, Desktop (W, OS, L)
3. Frequently Asked Questions (FAQs)
What is MonaCoin?
MonaCoin (MONA) is a 2013 altcoin (a hard fork of Litcoin) and the first to be created in Japan. It began as a meme coin named after a popular ASCII cat character called Mona.
It was conceived as an alternative to Bitcoin, a faster payment network for peer-to-peer transactions without the need for third parties. MonaCoin employs the Lyra2REv2 algorithm, SegWit protocol, and has just integrated the Lightning network.
Is MonaCoin on Coinbase?
No, MonaCoin is not supported by Coinbase. If you want to buy MonaCoin we recommend the exchange Bittrex.
Where can I buy Mona tokens?
You can buy Monacoin (MONA) on a centralized exchange like Bittrex (recommended), CoinEx, or BitFlyer.
What is MonaCoin used for?
MonaCoin is mostly used for tipping in online word games and making payments on Japanese retail stores such as BitcoinMaill (e-commerce online platform) and Ark (electronics store). The MonaCoin is also the primary currency of the Monappy, a non-official MonaCoin community that operates as an online community and marketplace akin to e-bay.
The information provided in this guide is not investment advice, financial advice or trading advice. It is recommended that you practice due diligence (including consultation with a professional financial advisor before investing or trading securities and cryptocurrencies). Bear in mind that small caps ($10M - $100M or 250 - 2500 BTC market cap) with $66k trading volume are volatile. None can predict the future (who says so is lying to you). Do not get cold feet by FOMO or go all-in on a project. Never invest money you can’t afford to lose. The author, at the time of writing, does not hold positions on MonaCoin (MONA).
